Financial Overview and Performance

Scotiabank Results negatively impacted by stronger Canadian dollar $ millions Q4/Q3 Q4/Q4 2004 / 2003 (28) (49) Net Interest Income (321) (21) (19) Other Income (212) (49) (68) Total Revenue (533) ༠།8 20 37 Expenses 227 (22) (22) Net income (210) (2c) (2c) EPS impact (cents) (21c) Scotiabank 9 Underlying revenue growth in 2004 $ millions Change 2004 2003 $ % Reported 10,185 10,165 20 Impact of Stronger Canadian dollar 533 533 Impact of ACG 13 49 49 Underlying 10,767 10,165 602 6 Other Income Net Interest Income 4,512 4,015 497 12 6,255 6,150 105 2 10

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