Q1 2005 Performance Review

Scotiabank Increase in unrealized securities' gains $ millions Q1/05 Q4/04 Q1/04 - Emerging Market Debt 575 507 554 - Fixed Income 45 39 67 - Equities 554 502 536 1,174 1,048 1,157 13 Change in CICA accounting standards Reclassification of liabilities & equity and Deconsolidation of VIES Scotiabank $ millions Change Balance Sheet Q1/05 Q1/04 Deposits 1,500 Subordinated debt & capital instruments 750 2,250 Non-controlling interest (2,000) (2,000) Preferred shares (250) (250) Net Impact Nil Nil Income Statement Q1/05 Q1/04 Interest expense 37 52 Provision for income taxes (2) (2) Non-controlling interest (33) (34) Preferred dividends (2) (16) Net Impact Nil Nil 14

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