Outlook

Scotiabank $ millions Lower specific provisions... Q4/03 Q3/03 2003 2002 48 71 Domestic 272 282 58 21 International 137 69 Scotia Capital: 49 85 - U.S. 270 1,131 (27) 47 - Other 279 116 5 I Other (1) (23) 133 224 957 1,575 (13) (24) Argentina (64) 454 120 200 Total 893 2,029 29 Scotiabank ...with a downward trend specific provisions, $ millions 475* 325 275* 224* ☐ Other ■Scotia Capital 133* Q4/02 Q1/03 Q2/03 Q3/03 Q4/03 excluding Argentina 30

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