Outlook

Scotiabank $ millions ...due to the following Change Q4/03 vs. Q4/02 $ MM % 211 15 Underlying Change 2003 vs. 2002 $ MM % 329 Stock & performance-based 95 114 compensation 4 Pension & post-employment benefits 42 25 Litigation 25 25 Technology 60 62 Other 88 211 15 329 6 15 Scotiabank 60 60 55 559 Maintaining productivity leadership expenses as % of revenues 50 50 99 00 16 54.9% ך 01 02 03

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