Scotiabank Financial Overview

Scotiabank High level of unrealized securities' gains $ millions Qtr/Qtr decline of $195 mm due to: Fixed income down $112 mm · market value declined due to rising interest rates - ■ EM debt down $64 mm - decrease in value of Mexican government bonds due to higher interest rates Equities down $19 million realized gain of $48 mm on Shinsei investment, offset by price increases Q2/06 Q1/06 Q2/05 ■ Fixed Income (158) (46) 28 Emerging 534 598 540 Market Debt Equities 519 538 420 895 1,090 988 ต Scotiabank 15 Business Line Results 16

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