Investor Presentaiton

Scotiabank Continued pressure on margins Q3/04 vs. Q2/04 vs. Q3/03 Net interest margin 2.15% (6) bps (13) bps Canadian currency (ex AcG 13) (6) (20) Foreign currency (ex ACG 13) (1) 7 ACG 13/Other 1 (6) bps (13) bps Scotiabank $ millions 9 Other income Change Q3/04 vs. Q2/04 Change Q3/04 vs. Q3/03 $ % $ IGA % (214) (17) Reported 26 3 6 Impact of stronger Canadian dollar (29) (220) (18) Underlying 55 5 (145) Investment securities' gain 77 8 Deposit & payment services 19 5 Card revenues 11 (16) Retail brokerage 7 LO 5 Credit fees (28) (22) Securitization revenues (26) (21) Underwriting fees & other (22) (34) Other 17 10

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