Scotiabank Earnings Report

Scotiabank Expenses well controlled $ millions Change Q3/03 vs. Q2/03 Change Q3/03 vs. Q3/02 $ % 24 2 Reported $ 58 % (31) Settlement with Quilmes creditors I Effect of sales of Argentine operations & merchant acquirer business 28 86 6 55 4 40 Stock & performance-based compensation 85 15 1 Base expenses 1 11 Scotiabank 62 Continued productivity leadership expenses as % of revenues 58 54 54.0% 50 50 98 99 00 01 02 YTD/03 12

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