Investor Presentaiton

Scotiabank Scotiabank Business Line Results 15 Domestic another solid quarter - net income, $ millions Net income: up 6% vs. Q3/03 293 289 - down 1% qtr/qtr 272 Revenue up 3% yr/yr Strong retail asset and core deposit growth residential mortgages up 17% vs. Q3/03 - revolving credit up 16% vs. Q3/03 Q3/03 Q2/04 Q3/04 - core deposits up 22% vs. Q3/03 Higher expenses yr/yr - merit-based salary growth, higher pension costs higher mortgage acquisition & processing costs 16

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