Scotiabank Outlook Presentation

Expenses well controlled Scotiabank 5 millions Change Q1/06 vs. Q4/05 Change Q1/06 vs. Q1/05 $ % $ % (9) (1) Underlying 118 8 (8) Impact of stronger Canadian dollar (13) (17) (1) Reported 105 7 (17) Salaries 24 19 Pension & employee benefits 24 71 Performance & stock-based compensation 16 (21) Premises & technology 8 (34) Advertising & business development 4 (35) Other 29 (17) (1) 105 7 Scotiabank 65 60 55 50 50 11 Industry-leading productivity expenses as % of revenues 55.2 45 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 12

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