Financial Overview and Performance

Scotiabank $ millions Change Q4/04 vs. Q4/03 Lower deduction for non-controlling interest 1 Non-controlling interest Issuance of BaTS securities Inverlat Change 2004 vs. 2003 14 (69) (4) Other (16) (3) Total (71) 1 Preferred dividends* (23) * excluding redemption premiums Scotiabank 12 15 Very strong capital ratios % of risk-adjusted assets 10.8 10 11.3 11.5 Tier 1 8 9.7 9.5 8.9 Tangible Common CO 6 Equity 4 2 ○ Q4/03 Q3/04 16 Q4/04

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