Q3/06 Earnings Report

Scotiabank Significant asset growth average earning assets (incl. acceptances), $ billions 15% 289 99 66 332 C82: 74 93 75 72 22 Q3/05 83 Q3/06 Other ■Business & government (includes acceptances) Securities Residential mortgages Scotiabank % All Bank 1.97 1.97 Residential mortgages up 16% ■ Securities up 24% ■ Business & government up 12% 9 All-Bank margin stable 1.97 1.97 1.98 Domestic 2.88 2.89 2.78 2.74 International 3.98 3.93 2.67 4.15 4.19 4.06 Scotia Capital ■ All-Bank margin up 1 bp qtr/qtr ■ Underlying Domestic margin stable (excluding impact of Maple acquisition, ACG 13) ■ International - margin increases in several countries Scotia Capital margin benefited from interest recoveries 0.70 0.70 0.72 0.73 0.76 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 10

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