Scotiabank Earnings Report

€ Scotiabank Margin up slightly from Q2 Q3/03 vs. Q2/03 vs. Q3/02 Net interest margin 2.28% 3 bps (5) bps Funding (N.A. & Europe) Other 9 2 (5) 1 3 bps (5) bps Scotiabank Broad-based growth in other income Change Q3/03 vs. Q2/03 $ millions $ % 44 5 Reported 26 Securities gains Change Q3/03 vs. Q3/02 $ |ཙ % 37 13 1 Effect of sales of Argentine operations 77 30 & merchant acquirer business 70 8 Underlying 120 14 18 10 Deposit, payment & cards 22 12 13 9 Investment, brokerage & trust (7) (4) 10 6 Credit fees 9 5 16 6 Investment banking 57 24 23 100+ Securitization revenue 8 23 (10) (9) Other 31 44 10

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