2004 Performance Highlights

Scotiabank Scotiabank Inverlat - growing contribution earnings contribution, $ millions 43 Q4/03 71 T ด Scotiabank 83 " ◉ Net contribution rose to $83 mm Q4/04 Underlying revenues up 10% qtr/qtr - growth in retail lending & deposits - - higher margins Expenses relatively flat Q3/04 Q4/04 23 Risk Review Warren Walker Executive Vice-President Global Credit Risk Management 24 24

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