Scotiabank Financial Overview

Scotiabank Strong asset growth average earning assets (incl. acceptances), $ billions 12% 282 76- 65 55 71 314 C80: O Residential mortgages up 11% 69 87 Securities up 22% - trading: $9 billion - purchased asset-backed securities: $6 billion Business & government up 5% 78 70 ☐ Other up 7% Q2/05 Other Q2/06 ■Business & government (includes acceptances) Securities Residential mortgages Scotiabank 2.07 All Bank 11 All-Bank margin stable 1.97 1.97 1.97 1.97 All-Bank margin stable qtr/qtr 2.89 2.88 2.88 Domestic 2.78 International 2.74 4.15 4.04 4.06 3.93 3.98 Scotia Capital ▪ Interest rate gap has been well managed Margin pressures remain ■ Opportunity to leverage strong asset growth 0.84 0.70 0.72 0.73 0.70 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 12

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