Scotiabank Financial Overview

Scotiabank * Domestic Banking Market share growth Year /Year Residential Mortgages: Personal Deposits: +120 basis points* 3rd in market share +34 basis points* 3rd in market share Impact of Maple Trust & National Bank of Greece acquisitions: - residential mortgages: 117 basis points - personal deposits: 17 basis points 19 Scotiabank $ millions Domestic Banking Expenses well controlled Total Non-Interest Expenses 900 870 817 825 833 845 750 600 450 300 150 0 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Year/Year: up 3% Higher salaries & benefits ■ Higher technology and marketing expenses ■ Increased appraisal and acquisition fees ▪ Partly offset by lower business and capital taxes Quarter/Quarter: up 1% ▪ Higher benefit, technology, premises and marketing costs Partly offset by lower stock- based compensation 20

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