Outlook and Business Line Results

Scotiabank Market share gains in Canada Canadian bank market share June vs. June 2004 2003 (%) (bps) Residential mortgages 16.0 +60 Chequing & savings 13.5 +70 Business current accounts 13.8 +140 Scotiabank 17 Scotia Capital - credit quality continues to improve ■ Lower provisions net income, $ millions 211 193 196 Q3/03 Q2/04 Q3/04 - down $104 million vs. Q3/03 Revenues down 17% yr/yr, 9% qtr/qtr - - lower drawn loan asset levels good capital markets revenues ◉ Decline in expenses - lower performance-related compensation ROE 19% in Q3/04 Best Investment Bank in Canada - Global Finance magazine 18

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