2006 Financial Overview and 2007 Priorities

Scotiabank Overview Rick Waugh President & Chief Executive Officer Scotiabank 2006 - Continued earnings momentum EPS ($) 2.82 3.15 3.55 2006 Results vs. 2005 ☐ EPS: $3.55 up 13% 2.34 2.18 18 17 ROE (%) 20 22 21 Dividends/Share ($) 1.50 1.32 1.10 0.84 0.73 2002* 2003 2004 2005 2006 * Excludes charges related to Argentina 4 ■ ROE: 22.1% vs. 20.9% Q4/06 Results vs. Q4/05 ◉ EPS: $0.89 up 11% Dividend Increase +3 cents to 42 cents/quarter effective Q1/07

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