Q1 2005 Performance Highlights

Scotiabank Performance highlights ■ Record earnings ☐ ◉ - · EPS: $0.77 vs. $0.67 last year - ROE: 21.0% vs. 19.4% last year Earnings well diversified across business lines Improving credit quality net impaired loans down $725 mm vs. last year - specific provisions $74 mm this quarter ☐ Strong capital ratios - Tangible Common Equity (TCE): 9.5% 3 Growth across major business lines Scotiabank net income available to common shareholders, $ millions 329 289 Q1/04 Q1/05 206 190 154 247 Domestic International Scotia Capital 4

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