Scotiabank Performance Review

✔ Domestic - continuing solid performance Scotiabank net income, $ millions 294 264 299 " Net income growth: 13% vs. Q4/03 Revenue up 4% year over year Good retail asset and core deposit growth - residential mortgages up 13% vs. Q1/03 revolving credit up 16% vs. Q1/03 core deposits up 17% vs. Q1/03 Net interest margin compression Good growth in retail brokerage revenues Expenses well controlled Higher loan losses - mainly 2 accounts in Commercial Q1/03 Q4/03 Q1/04 19 Scotiabank Domestic – increased emphasis on - saving & investing Highly successful Money Master® High Interest Savings Account multi-billion dollar increase in balances in two years, mostly new to bank expanded to include small business, RSPS and RIFS ■ New The Ultimate® GIC lengthening term, flexible reinvestment options ▪ican Invest™ Program · helps customers identify financial goals regular investment in "one-stop" mutual fund solutions through Scotia Partners Portfolios® and Scotia Selected™ Funds ■ Increase in market share market share of personal core deposits above 10% for first time, up 67 bps yr/yr - higher market share for commercial current accounts 20

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