Investor Presentaiton

Expense reduction in 3rd Quarter Scotiabank $ millions Change Q3/04 vs. Q2/04 Change Q3/04 vs. Q3/03 $ % $ (51) (3) Reported 19 1 2 Impact of stronger Canadian dollar 30 (49) (3) Underlying 49 3 (17) Pension & other staff benefits 21 24 9 Mortgage acquisition/Dominican Republic 15 Salaries (23) Performance/stock-based compensation (18) Other 10 (9) 12 Scotiabank 60 60 55 11 Continued productivity leadership expenses as % of revenues 50 50 99 00 01 02 60 12 55.3% 03 YTD/04

View entire presentation