Q1/06 Business Line Results and Risk Review

Scotiabank Margin unchanged from Q4/05 Q1/06 vs. Q4/05 vs. Q1/05 Net interest margin 1.97% (3) bps Canadian currency margin Foreign currency margin 9 1 2 (1) (5) (3) bps Scotiabank $ millions Broad-based growth in other income - led by record trading revenues Change Q1/06 vs. Q4/05 $ % 75 6 Underlying (4) Impact of stronger Canadian dollar 71 6 Change Q1/06 vs. Q1/05 $ % 125 11 21 17 14 13 (5) (6) (30) 25 114 (11) 114 10 33 32 ༄༄ ལྷ8ས➢ ་ °@®8* 10 10 117 (15) 8 6 8 50% (6) (17) (35) Reported Trading revenues Net gain on investment securities Deposit & Payment services Retail brokerage Mutual funds Card revenues Credit fees Securitization revenues Underwriting fees & other Other 71 6

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