Q3/06 Earnings Report

Scotiabank 287 279 Strong growth in assets and earnings Total Assets ($ billions) Net Income* ($ millions) 12.8% CAGR 357 365 325 301 309 318 314 727 701 928 13.0% 887 CAGR 844 822 803 784 775 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 * available to common shareholders Scotiabank 31 ☐ Outlook Investing for future revenue growth Organic growth . expanding branch network in Mexico (100+), Canada(50) ☐ ☐ • • upgrading technology to drive sales growth in investment products as well as personal and commercial banking hiring 300+ sales staff in Canada training, marketing, sponsorships/brand development Acquisitions • 6 in the past 12 months, with a total investment of more than $1 billion • strong pipeline, looking at several potential opportunities Maintaining our cost control culture and productivity advantage 32

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