Risk and Performance Review

9 Consistent record of dividend growth Scotiabank Annual dividend per share, cents 160 40 140 120 100 00 80 80 60 60 40 56¢ 20 20 168* Quarterly dividend up 19% yr/yr ■ Dividend payout range increased to 35-45% 1993 1995 1997 1999 2001 2003 *based on Q3/03 rate Scotiabank 7 Performance Review Sabi Marwah Senior Executive Vice-President & Chief Financial Officer 8

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