Q1 2005 Performance Review

Scotiabank millions Other income - good growth Change Q1/05 vs. Q4/04 Change Q1/05 vs. Q1/04 $ 126 13 293 % % Underlying 97 9 (11) Impact of stronger Canadian dollar (26) 115 12 Reported 71 7 92 221 ± E ∞ E I Trading revenues 58 28 Retail brokerage 17 7 Deposit & payment services 13 34 Underwriting fees & other 13 (7) Securitization revenues 8 Securities' gains (7) (40) Credit fees Other (9) (8) (10) (3) 9 Moderate rise in expenses Scotiabank $ millions Change Q1/05 vs. Q4/04 Change Q1/05 vs. Q1/04 $ % $ % 10 1 Underlying 80 60 (14) Impact of stronger Canadian dollar (29) (4) Reported जु 51 4 56 ❁ 。$ Performance/stock-based compensation 45 (6) Professional fees 13 (54) Other (7) 10

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