Q4 Financial Performance

Scotiabank Domestic strong platform - ■Increased market share, yr/yr growth - Sept. 30/03 - Mortgages - Savings & chequing deposits ↑ 22 bps 169 bps ■ Highest growth rate for fee-based assets among major brokerages ■ Achieved highest rating for overall customer service for fourth consecutive year ■Excellent employee morale 23 Scotiabank Scotia Capital - rising earnings Net income, $ millions 58 221 ☐ Major improvement in credit quality 193 Q4/02 Q3/03 Q4/03 - provisions down $344mm yr/yr - down $110mm qtr/qtr ■ Revenue down 18% yr/yr stronger Canadian dollar - decrease in corporate lending assets lower U.S. funding margins Expenses stable 24

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