Investor Presentaiton

Scotiabank Growth across all business lines net income, $ millions Scotiabank 289 272 218 193 196 175 Q3/03 Q3/04 30 (14) Domestic International Scotia Capital Other 5 ROE Exceeding 2004 targets to date Q3/04 YTD/04 Target 19.4% 20.2% VS. 16-19% EPS Growth 18% 25% VS. 10-15% Productivity 57.3% 55.3% VS. <58% 6

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