Outlook and Business Line Results

Scotiabank - International – growing contribution net income, $ millions 218 200 175 ◉ Caribbean net income up 21% yr/yr - growth in retail loans and deposits - offset by foreign currency translation · Latin America - Inverlat up significantly yr/yr © partly offset by lower securities gains Asia net income up yr/yr due to lower credit losses - Q3/03 Q2/04 Q3/04 19 Scotiabank $ millions Scotiabank Inverlat - continued growth 36 65 99 71 ☐ " Net contribution rose to $71 million - nearly double Q3/03 levels - – recognition of tax loss carry forwards High ROE 25% - ■ Strong asset growth (yr/yr): - retail loans up 42% – high-margin credit card and auto loans up 54% commercial lending up 6% Deposits up 6% yr/yr Q3/03 Q2/04 Q3/04 ☐ 20

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