Q1/06 Business Line Results and Risk Review

Scotiabank Scotiabank $ millions Business Line Results 15 Domestic Banking – - strong retail asset growth " Net income of $329 million % Net income* -ROE 350 50 " 45 300 40 250 35 30 200 25 150 20 100 15 10 50 5 0 0 Q1/05 Q4/05 Q1/06 " ROE of 30.5% ◉ Revenues up 3% yr/yr, down 2% qtr/qtr - strong retail asset growth, up 10% yr/yr - lower interest margin - higher wealth revenues Expenses - - up 6% yr/yr; higher performance-based compensation down 4% qtr/qtr; seasonal declines in several categories Loan loss provisions lower provisions in commercial * net income available to common shareholders 16

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