Earnings Performance Review Q3/05

Scotiabank Low variability of trading revenue trading revenue, third quarter 2005 # days 16 14 12 10 8 6 4 2 0 0 1 2 3 $ millions 31 98%+ days = positive 4 5 6 7 8 Scotiabank Low market risk $ millions, May 1, 2005 to July 31, 2005 20 10 -10 -20 Actual P&L VaR 1 day ummum Average 1 day VaR = $7.7 mm 32

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