Q4 Financial Performance

5 International - leverage group strengths Scotiabank ■ Sales & Service focus on sales and customer satisfaction - aggressive product launches - leverage distribution network Improve productivity - use best practices from Canada - upgrade banking systems and processes ■ Expand in key markets Mexico - Spanish Caribbean and Central America (e.g. Dominican Republic, Costa Rica, El Salvador) 41 9 Scotiabank Deliver consistent earnings growth ■ 2004 targets - EPS growth: 10-15% - ROE: 16-19% - productivity ratio - below 58% - maintain strong capital ratios and credit ratings 42

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