Financial Overview and Performance

Scotiabank 2004 - performance highlights Q4/04 Results (vs. Q4/03) ■ EPS: $0.69 - up 9.5% ■ ROE: 18.8% vs. 18.6% 2004 Results (vs. 2003) ■ EPS: $2.82 - up 20.5% ■ ROE: 19.9% vs. 17.6% ■ Provision for credit losses: $390 mm vs. $893 mm Strong Capital Ratios TCE: 9.7% vs. 8.9% Another Dividend Increase ■ +2 cents to 32 cents/quarter effective Q1/05 3 Scotiabank Growth across all business lines Net income, $ millions 1,136 1,094 854 746 721 669 Domestic Scotia Capital 4 2003 2004 195 (7) International Other

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