2005 Financial Overview

Scotiabank Strong underlying asset growth average assets, $ billions Domestic Banking International Banking Scotia Capital 112 2004 123 2005 * before impact of foreign currency translation Scotiabank 49 115 109 53 2004 2005* 2004 2005* 11 Margin unchanged on the quarter Q4/05 vs. Q3/05 2005 vs. 2004 1.97% Net interest margin 2.00% (10) bps Due to: 1 Canadian currency (10) (1) Foreign currency 12

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