Q1 2005 Performance Review

Scotiabank International – improved credit quality, strong retail loan growth net income available to common shareholders, $ millions 159 154 206 " Net income ◉ " · up 34% yr/yr, 30% qtr/qtr - foreign currency translation reduced net income by $17 mm yr/yr Caribbean - growth in retail lending volumes lower provisions qtr/qtr higher insurance, foreign exchange and credit card revenues Latin America - Inverlat & Chile up yr/yr Asia 19 net income up yr/yr Q1/04 Q4/04 Q1/05 ◉ Scotiabank contribution, $ millions Scotiabank Inverlat - another strong quarter 52 52 83 79 Q1/04 Q4/04 Q1/05 Contribution of $79 mm ■ Underlying revenues up 11% yr/yr - growth in retail & commercial lending - - higher margins Expenses well controlled 20

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