Q1 2005 Performance Review

Scotiabank $ millions Reported Solid underlying revenue growth Change Q1/05 Q1/04 $ % 2,538 2,468 70 293 Less: Impact of stronger Canadian $ (69) New CICA standard-loss on impaired loan (23) Premium on preferred shares redeemed (15) Impact of VIES Underlying 2,630 2,483 147 Co 6 Other income 1,162 1,040 122 12 Net interest income 1,468 1,443 25 2 7 Scotiabank Continued pressure on margins Q1/05 vs. Q4/04 vs. Q1/04 Net interest margin 2.00% (6) bps (11) bps Canadian currency (ex ACG 13) (3) (7) Foreign currency (ex ACG 13) 1 ACG 13/VIES (3) (5) (6) bps (11) bps 8

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