Earnings Performance Review Q3/05

Scotiabank Inverlat - another strong quarter Scotiabank contribution, $ millions ■ Contribution of $97 million 110 - up 36% yr/yr ■ROE of 29% Underlying revenues up 30% yr/yr - growth in retail & commercial lending - – higher margins and retail banking fees - partly offset by lower trading revenues Improving productivity ratio 62% vs. 69% in Q3/04 100 90 80 ☐ 70 60 50 40 30 20 10 0 Q3/04 Q2/05 Q3/05 Scotiabank 21 ☐ Consolidation of Banco de Comercio in El Salvador $1.4 billion in assets ■ 1,700 employees ■ Distribution network - 47 branches - 80+ ABMS - 18 remittance branches in the U.S. ■ Combined market share: 17%+ 22

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