Investor Presentation Q4 2005

Scotiabank Scotia Capital - 2006 key priorities ■ Global Corporate & Investment Banking - remain in top 3 position in products in Canada - acquisitions in niche sectors - continue to actively manage risk ■ Global Capital Markets - target growing client segments with new product offerings ■ Continue integration of Mexico wholesale business, creating NAFTA platform 39 2006 objectives Scotiabank ■ EPS growth: 5-10% ROE: 18-22% Productivity ratio - below 58% ■ Maintain strong capital ratios & credit ratings 40

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