Scotiabank Earnings Overview

Scotiabank International – improved earnings - net income, $ millions. 171 163 200 Q2/03 Q1/04 Q2/04 Caribbean net income up 39% yr/yr and 37% qtr/qtr - higher asset volumes - good credit quality - partly offset by foreign currency translation ◉ Latin America Inverlat up 25% vs. Q1/04 - partly offset by lower securities gains vs. last year 21 Scotiabank Inverlat - growing contribution Scotiabank $ millions 20 20 65 52 52 Q2/03 Q1/04 Q2/04 Net contribution rose to $65 million - up 25% qtr/qtr Strong asset growth (yr/yr): retail loans up 46% - high-margin credit card and auto loans up 67% - commercial lending up 9% 22

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