Scotiabank Risk Review Performance Highlights

ོ Scotiabank Gaining market share in Canada Canadian bank market share VS. VS. March March December 2004 2003 2003 (%) (bps) (bps) Residential mortgages 15.76 +41 +3 Chequing & savings 13.52 +92 +33 Lending to Canadian 13.65 +14 +13 businesses Business current accounts 14.19 +155 +36 Scotiabank 19 Scotia Capital - benefiting from lower loan losses net income, $ millions 211 Lower provisions 203 169 Q2/03 Q1/04 Q2/04 down $139 million vs. Q2/03 Revenues down 9% yr/yr: lower asset levels - non-lending revenues up 16% Higher expenses - performance- related compensation ROE 20% in Q2/04 20

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