Investor Presentation Q4 2005

Scotiabank 60 55 59 50 Maintaining strong productivity expenses as % of revenues Scotiabank 12 10 99 99 56.3 00 00 01 02 80 03 04 05 50 15 Continued strong capital ratios % of risk-adjusted assets 11.5 11.1 11.1 Tier 1 8 9.7 9.3 9.3 Tangible Common 6 Equity 4 2 ○ Q4/04 Q3/05 Q4/05 16

View entire presentation