Scotiabank Risk Review Performance Highlights

Scotiabank Performance highlights ■ Record earnings - EPS: $0.75 vs. $0.56 - ROE: 21.8% vs. 17.2% Strong contributions from all business lines Large securities' gains this quarter ◉ Improving credit quality net impaired loans $(104) mm ◉ Strong capital ratios - Tangible Common Equity (TCE): 9.4% ■ Dividend increase - +5 cents/quarter to 30 cents 3 Scotiabank Continued upward trend in earnings EPS, $ adjusted for 100% stock dividend 0.75 0.67 0.63 0.60 0.56 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 4

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