Scotiabank Earnings Overview

€ Scotiabank Net interest margin Margin Canadian currency (ex AcG 13) Foreign currency (ex ACG 13) ACG 13/Other Q2/04 vs. Q1/04 vs. Q2/03 2.21% 3 bps (4) bps 11 (4) (11) 7 7 3 bps (4) bps Scotiabank - $ millions Growth in other income large investment gains this quarter Change Q2/04 vs. Q1/04 Change Q2/04 vs. Q2/03 $ 209 % $ 20 Reported 284 29 22 % (10) Impact of stronger Canadian dollar 79 199 19 Underlying 363 38 175 Investment securities' gain 216 18 Underwriting fees & other 42 11 Retail brokerage 34 6 Deposit & payment services 24 12 Securitization revenues 20 (9) Card revenues (4) Credit fees Nō 15 (21) 40 (50) Other Trading revenue (20) 53 12

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