Financial Overview and Performance

Scotiabank Continued pressure on margins Q4/04 vs. Q3/04 2004 vs. 2003 2.12% (3) bps Net interest margin 2.16% (7) bps Due to: (1) Canadian currency (ex. AcG 13) (9) (3) Foreign currency (ex. AcG 13) w 1 ACG 13/Other (1) Scotiabank 11 Solid growth in other income $ millions Q4/Q3 Q4/Q4 2004 / 2003 (39) (11) Reported 305 8% 21 19 Impact of stronger Canadian $ 212 7 3 Impact of AcG 13 (20) (11) 11 Underlying 497 12% (52) (12) Securities Gains 318 (6) (4) Retail/Discount Brokerage 55 (8) 13 Deposit & Payment services 53 1 Card Revenues 27 (7) (15) Credit Fees (101) 33 6 Other (47) (39) (11) 12 305 8%

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