Investor Presentation Q4 2005

Year-over-year growth across all businesses Scotiabank net income available to common shareholders, $ millions Q4/05 Q3/05 Q4/04 Domestic 326 319 248 International 174 234 159 Scotia Capital 229 200 237 Other 74 22 22 57 Total 803 775 701 19 Scotiabank Domestic Banking - strong performance $ millions % Net income* ROE Net income of $326 million 350 50 45 - up 31% yr/yr, 2% qtr/qtr 300 40 250 35 ■ ROE of 30.1% 30 200 25 Revenues up 10% yr/yr, 3% qtr/qtr 150 20 15 100 Expenses: moderate increase 10 50 5 Credit quality remains strong 0 0 Q4/04 Q3/05 Q4/05 * net income available to common shareholders 20

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