Scotiabank Performance Review

€ Scotiabank Compression in Canadian currency margin Q1/04 vs. Q4/03 vs. Q1/03 Net interest margin 2.18% (4) bps 1 bps Canadian currency (ex. AcG-13) (4) (8) Global funding 1 6 Other (1) 3 (4) bps 1 bps 11 Scotiabank $ millions Strong underlying growth in Change Q1/04 vs. Q4/03 other income Change Q1/04 vs. Q1/03 $ % $ % 33 3 Reported 6 1 14 Impact of stronger Canadian dollar 96 12 47 5 Underlying 102 10 8 Investment securities' gain 62 44 Trading revenue 24 8 Retail brokerage 21 7 Underwriting fees & other 9 2 Securitization revenues (23) (9) Credit fees (7) (13) Other 16 12

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