Q1 2005 Performance Review

Scotiabank Domestic - continued asset growth, net income available to common shareholders, $ millions 289 248 expenses well controlled Net income: 329 - up 14% yr/yr, 33% qtr/qtr Revenue up 4% yr/yr Good retail asset growth yr/yr residential mortgages up 16% - revolving credit up 17% Q1/04 Q4/04 Q1/05 - core deposits up 13% Lower interest margin yr/yr Expenses down qtr/qtr lower performance and stock-based compensation, severance and advertising Provisions down $16 mm yr/yr 17 Scotiabank Scotia Capital – record trading results, good credit quality net income available to common shareholders, $ millions 190 237 247 Q1/04 Q4/04 Q1/05 Net income - up 30% yr/yr, 4% qtr/qtr Low provisions - net recovery of $9 mm vs. $25 mm Q4/04, net provisions of $71 mm Q1/04 Revenue down 3% yr/yr, up 14% qtr/qtr - higher revenues in several areas lower lending volumes Expenses up 8% yr/yr, 29% qtr/qtr - higher performance-based compensation 18

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