Scotiabank Quarterly Performance Review

Expenses well controlled Scotiabank $ millions Change Q3/05 vs. Q2/05 Change Q3/05 vs. Q3/04 $ % $ % 9 1 Underlying 51 3 14 Impact of new subsidiaries 14 4 Impact of Canadian dollar (20) 27 2 Reported 45 3 5 Professional fees / legal expenses 17 00 6 Advertising and promotion 8 3 Premises & technology 5 (9) Salaries & employee benefits (1) 8 Appraisal & acquisition fees (7) 14 Other 23 27 2 45 3 Scotiabank 65 60 55 50 60 11 Industry-leading productivity expenses as % of revenues 56.4 45 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 12

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