Earnings Performance Review Q3/05

Scotiabank Core margin remains unchanged Q3/05 vs. Q2/05 vs. Q3/04 Net interest margin 1.97% (10) bps (12) bps Canadian $ loans & deposits Lower dividends ACG 13 Other 9 (7) (1) (3) (7) 714 (4) (10) bps (12) bps Scotiabank $ millions Other income Broad-based growth vs. Q3/04 Change Q3/05 vs. Q2/05 Change Q3/05 vs. Q3/04 $ % $ % (14) (1) Underlying 131 13 6 Impact of Canadian dollar (38) (8) (1) Reported 93 9 8 Trading revenues 32 (9) 10 160 Retail brokerage 21 16 Deposit & Payment services 15 Card revenues 8 3 Mutual funds 7 1 Securitizations revenues 4 (25) 25 Securities' gains 3 Credit fees (10) 2 (8) Underwriting fees & other (2) (9) Other 15 (8) (1) 93 9 10

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