Financial Overview and Performance

Scotiabank Net income, $ millions 264 Domestic - strong asset growth offset by lower margins " Net income 289 255 " ■ Q4/03 Q3/04 Q4/04 ◉ Scotiabank - down 3% yr/yr, 12% qtr/qtr Revenue up 4% yr/yr Strong asset growth - residential mortgages up 15% vs. Q4/03 - revolving credit up 17% vs. Q4/03 core deposits up 18% vs. Q4/03 Lower interest margin Expenses up 5% qtr/qtr - higher performance-based compensation, technology, severance and advertising Provisions up $26 mm yr/yr 19 Market share gains in Canada All industry market share VS. September September 2004 2003 (%) (bps) Residential mortgages 12.1 +52 Chequing & savings 10.1 +26 Business current accounts 20 13.8 +70

View entire presentation