Q3/06 Earnings Report

Scotiabank Performance Review Luc Vanneste Executive Vice-President & Chief Financial Officer 7 Scotiabank Strong revenue growth year over year revenues (TEB), $ millions 11% 2,989 2,830 2,689 1,816 1,644 1,561 1,128 1,186 1,173 Q3/05 Q2/06 ☐ Net Interest Income (TEB) Q3/06 Net interest income up $255 mm yr/yr ■ Strong asset growth in all businesses - average earning assets up 15% Net interest margin up slightly: 1 bp Other income: up $45 mm yr/yr ■ Positive impact of acquisitions Higher credit card and transaction-based banking revenues: $26 mm ■ Higher retail brokerage, mutual fund revenues: $24 mm ■Lower trading results: ($34) mm ■Lower securitization revenues: ($16) mm Other Income 8

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