Q1 2005 Performance Highlights

Scotiabank 65 99 60 55 50 Strong productivity expenses as % of revenues 55.7 45 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Scotiabank 12 11 Very strong capital ratios % of risk-adjusted assets 10.9 10 11.5 11.2 Tier 1 8 9.5 9.7 Tangible 9.2 Common CO 6 Equity 4 2 ○ Q1/04 Q4/04 12 Q1/05

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