Outlook

Scotiabank 2003 - performance highlights Q4/03 Results (vs. Q4/02) ◉ EPS: $1.26-up 15.6% ROE: 18.6% vs. 16.5% Provision for credit losses: $120mm vs. $429mm 2003 Results (vs. 2002 ex. Argentina) EPS: $4.69 up 7.8% ROE: 17.6% vs. 16.6% Provision for credit losses: $893mm vs. $1,575mm Capital Ratios Tier 1: 10.8% TCE: 8.9% Dividend increase +6 cents to 50 cents/quarter 3 Significant improvement in Scotia Capital Scotiabank solid results in Domestic & International Net income, $ millions 1200 1,094 80* 1000 1,062 800 600 400 200 0 Domestic 540** 125 669 2002 2003 380 721 International Scotia Capital * after-tax gain on sale of merchant acquirer business charges related to Argentina 4

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