Scotiabank Earnings Report

Scotiabank International - solid underlying earnings net income, $ millions 212 171 175 Q3/02 Q2/03 Q3/03 ■ Q3 results impacted by stronger Canadian dollar ■ Caribbean ➤ net income up 17% qtr/qtr ■ Latin America ➤ Inverlat higher earnings ➤ lower emerging market bond revenues ■ Asia ➤ lower net income yr/yr due to fluctuation in credit losses 19 Scotiabank Inverlat - increased contribution Scotiabank ■ Inverlat contribution up 80% vs. Q2/03 ➤ BNS share of earnings = 80% (equal to 91% ownership for 2 months) Strong growth in assets & deposits yr/yr ➤ retail loans up 37% ➤ commercial loans up 13% ➤ core deposits up 14% 20

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