Scotiabank Risk and Credit Portfolio Overview

Scotiabank Scotiabank Positive Operating Leverage Domestic Year-to-Date 5% International (ex. VAT) 4% Scotia Capital All Bank (ex. VAT) 4% 13 Effective Capital Management YTD 2007 Strong internally generated capital $1.8 billion Robust growth in RWA 12% Increasing share buybacks Dividend payout ratio $629 million 42% - maintaining 35-45% target range Strong TCE ratio 14 7.7%

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