Scotiabank Risk Review Performance Highlights

Scotiabank $ millions Higher expenses - mainly due to performance- based compensation and pensions & benefits Change Q2/04 vs. Q1/04 Change Q2/04 vs. Q2/03 $ % $ 117 8 Reported 94 7 (7) Impact of stronger Canadian dollar 62 110 8 Underlying 156 11 48 Performance/stock-based compensation 17 Pension & staff benefits Mortgage acquisition/Dominican 3 Republic 13 Salaries 29 Other 13 Scotiabank 60 59 55 58 46 24 19 6 Continued productivity leadership expenses as % of revenues 54.3% 50 99 00 01 02 03 YTD/04 14

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