Performance Highlights Q3/03

Scotiabank Performance highlights Strong growth in earnings ➤ EPS of $1.20 - up 14% from Q3/02 ➤ ROE: 17.7% vs. 16.2% Earnings well diversified across business lines ■ Credit quality continues to stabilize ➤ Net impaired loans: $317 million; down $61 million from Q2/03 ➤ Specific provisions: $200 million; down $48 million from Q2/03 Stronger capital ratios ➤ Tier 1: 10.6% ➤ Tangible Common Equity (TCE): 8.7% Scotiabank 3 Upward earnings trend EPS (diluted), $ 1.05 1.09 1.11 1.12 1.20 Q3/02 Q4/02 Q1/03 Q2/03 Q3/03 4

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