Scotiabank Investor Day

RBC Capital Markets, 19 October 2007We expect management will continue to balance organic growth with acquisitions.� International Banking's contribution to earnings grew from 27% in 2004 to 30% in 2006 (in spite of the stronger Canadian dollar, which appreciated 30% since the beginning of 2004) with 75% of the growth coming from organic initiatives. We estimate the contribution to earnings will