Earnings Performance Review Q3/05

Scotiabank $ millions Domestic Banking % ◉ Net income* --ROE 350 50 45 300 40 250 35 30 200 25 150 20 15 100 10 50 50 5 ◉ 0 0 Q3/04 Q2/05 Q3/05 * net income available to common shareholders 17 Net income of $319 million up 13% yr/yr, 14% qtr/qtr ROE of 31.2% Revenues up 5% yr/yr and qtr/qtr Expenses well controlled - 2% increase yr/yr 1% increase qtr/qtr Credit quality remains strong - lower provisions yr/yr, qtr/qtr - improvement in commercial Scotiabank Domestic - strong retail asset growth $ millions Year/Year ◉ Net-interest income Non-interest income Strong retail asset growth ■ 1,400 Retail market share gains: 13 bps 1,200 • 1,000 800 600 400 200 0 " Higher fees in several areas: -full-service brokerage · mutual funds cards Qtr/Qtr Revenue up 5% 3 more days in quarter Q3/04 Q2/05 Q3/05 ■ Retail asset growth 18

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