Q3/06 Earnings Report

Scotiabank revenues (TEB), $ millions 1,500 1,200 900 Domestic Banking Revenue growth 227 221 203 219 211 600 1,155 1,176 1,162 1,158 1,191 300 0 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Commercial Banking Personal Banking Personal Banking Yr/Yr - up 3% ■ 12% increase in retail assets, driven by organic growth and acquisitions of Maple/NBG good personal and small business deposit growth good growth in transaction-based revenues and mutual funds Qtr/Qtr up 3% - ▪ asset growth partly offset by lower Wealth Mgt revenues Commercial Banking Yr/Yr-up 9% ■higher net interest income and fee revenues Scotiabank 15 Domestic Banking Excellent retail asset growth retail lending assets, $ billions 12.1% CAGR 114 108 106 104 101 99 97 94 90 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 16 Q1/06 Q2/06 Q3/06

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