Investor Presentation - First Quarter, 2007

Scotiabank Scotiabank Outlook Rick Waugh President & Chief Executive Officer 35 Strong start to 2007 ■ Billion dollar quarter, earnings up 20% vs. Q1/06 ☐ High ROE of 23% ■ Growth in all three business lines ☐ Strong organic asset and deposit growth, as well as growth in fee-based businesses ■ Positive contribution from acquisitions; continue to pursue acquisition opportunities ■ Well positioned to achieve 2007 performance objectives 36

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