Q1/06 Business Line Results and Risk Review

Scotiabank $ millions Scotia Capital - record trading revenues Net income of $258 million - up 4% yr/yr, up 13% qtr/qtr ROE of 32.3% Revenue up 12% yr/yr, 15% qtr/qtr - record revenues from derivatives, equity trading Expenses down 3% yr/yr up 28% qtr/qtr mainly due to higher performance-based compensation Lower new provisions and continued recoveries % Net income* ROE 300 50 45 250 40 ◉ 35 200 30 150 25 20 100 15 50 10 50 5 ■ 0 0 Q1/05 Q4/05 Q1/06 * net income available to common shareholders 19 ด Scotiabank Risk Review Brian Porter Chief Risk Officer 20 20

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