Q1 2005 Performance Review

Scotiabank Low variability of trading revenue... trading revenue, first quarter 2005 # days 10 98%+ days = positive 9 8 7 6 5 ++ 4 3 2 1 0 (4) (3) (2) (1) 01234 lu 5 6 7 8 9 10 11 12 13 14 $ millions 27 Scotiabank ...reflecting moderate market risk $ millions, November 1, 2004 to January 31, 2005 20 10 -10 - Actual P&L - VaR 1 day -20 Average 1 day VaR = $8.4 mm 28

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