Investor Presentaiton

Scotiabank Performance highlights ■ Solid earnings ☐ ◉ - - EPS: $0.71 vs. $0.60 - ROE: 19.4% vs. 17.7% Earnings well diversified across business lines Improving credit quality net impaired loans $(227) mm - specific provisions $100 mm Scotiabank - reduction in general allowance of $50 mm Strong capital ratios - Tangible Common Equity (TCE): 9.5% 3 EPS, $ adjusted for 100% stock dividend Solid earnings 0.75 0.71 0.67 0.63 0.60 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 4

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