Earnings Performance Review Q3/05

Scotiabank $ millions International - strong asset growth % ◉ Net income* -ROE 250 40 200 150 100 50 35 30 25 20 20 15 10 Net income of $234 million up 11% yr/yr, 26% qtr/qtr up 21% yr/yr, excluding forex translation ROE of 24.1% Caribbean & Central America · strong retail asset growth 5 Latin America 0 0 Q3/04 Q2/05 Q3/05 * net income available to common shareholders 19 net income up yr/yr strong results at Scotiabank Inverlat Scotiabank $ millions International - revenues trending higher ◉ Total revenues up Net-interest income Non-interest income 800 700 600 500 400 300 200 100 0 Q3/04 Q2/05 Q3/05 ◉ - up 15% yr/yr - 21% excluding forex translation Net Interest Income - - - up 14% yr/yr excluding forex translation - higher margin and volumes in Inverlat - strong underlying growth in retail assets and deposits Other Income up 31% yr/yr, 36% qtr/qtr: 20 • higher Inverlat revenues • higher gains from bond sales

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