2005 Financial Overview

Scotiabank $ millions Domestic - continued strong retail asset growth Year/Year Net-interest income Non-interest income ◉ 1,400 1,200 1,000 800 600 400 200 Revenues up 10% ◉ Strong retail asset growth ■ Margin compression Higher fees in several areas: -retail brokerage mutual funds card revenues Quarter/Quarter 0 ◉ Revenues up 3% Q4/04 Q3/05 Q4/05 21 Higher brokerage and mutual fund fees Scotiabank International - good underlying growth impacted by forex $ millions Net income of $174 million % Net income* -ROE 250 40 35 200 150 100 50 50 30 25 20 ◉ 15 10 up 10% yr/yr, down 25% qtr/qtr up 17% yr/yr, ex. forex translation Expenses up 22% yr/yr, 9% qtr/qtr Banco de Comercio acquisition Inverlat: higher marketing expenses & performance-based compensation Caribbean & Central America strong retail asset growth lower loan losses 5 Latin America 0 0 Q4/04 Q3/05 Q4/05 * net income available to common shareholders 22 strong revenue growth yr/yr solid results at Scotiabank Inverlat

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