Q3/06 Earnings Report

Scotiabank Scotiabank • • International Banking Q3/06 Highlights Announced purchase of Corporacion Interfin for $330 million - largest private bank in Costa Rica -$1.3 billion in assets - 24 branches, 36 ABMs - combined 13% loan market share ■ Jamaica, Dominican Republic receive Euromoney Award of Excellence ■ Scotiabank Mexico rated #1 employer among banks in Mexico by Great Place to Work Institute 39 Scotiabank Mexico Strong underlying revenue growth Contribution of Scotiabank Mexico ($ millions) Q3/06 Net income in pesos, excluding inflation accounting MXP/CAD exchange rate 1,487 9.9 Net income in CAD, excluding inflation accounting $151 BNS' share (97%) $147 Canadian GAAP and acquisition adjustments 13 Total contribution in CAD* $160 * Excluding impact of loans booked through representative office Total revenue (excluding f/x impact) up 23% yr/yr on strong customer-driven asset growth; personal loans up 34%, commercial loans up 10% Non-interest expenses up 16% yr/yr (excluding tax recovery, f/x impact) due to higher salaries and premises costs related to branch openings, higher profit sharing, increased appraisal and acquisition costs (mainly for credit cards) 40

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