Scotiabank Financial Performance Update

Scotiabank $ millions High level of unrealized securities' gains Scotiabank Q3/06 Q2/06 Q3/05 Emerging Market Debt 536 534 579 Fixed Income (142) (158) 1 Equities 454 519 504 848 895 1,084 $86 mm in unrealized gain on Shinsei investment 37 Domestic Banking Q3/06 Highlights ■ continued gains in market share ✓ residential mortgages up 114 bp* yr/yr ✓ personal term deposits up 68 bp* yr/yr ✓ business lending up 28 bp qtr/qtr ■ retail delinquency improved 15 bp qtr/qtr ■ 81% of Private Client Group clients rate our overall performance as excellent or very good * Including impact of Maple/NBG acquisitions 38

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