Investor Presentaiton

Scotiabank $ millions 250 200 Scotia Capital – steady revenues, - lower loan loss recoveries Net income of $200 million up 6% yr/yr, down 16% qtr/qtr ROE of 24.7% Lower loan loss recoveries qtr/qtr % - Net income* ROE 300 50 ◉ 45 40 ◉ 35 30 25 20 15 ◉ 10 5 0 0 Q3/04 Q2/05 Q3/05 150 100 50 net provision of $2 million vs. net recovery of $57 million Revenue down 2% yr/yr, 7% qtr/qtr Expenses down yr/yr and qtr/qtr lower performance-based compensation * net income available to common shareholders Scotiabank 23 Acquisition of Waterous & Co. Leading global energy advisory firm ■ Advised 24 of the world's 30 largest private sector oil & gas companies over past three years ■ Involved in more than US $15 billion in transactions since 2002 Synergies - expanded client relationships - one-stop financing for M&A clients 24

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