Q4 Financial Performance

Scotiabank Diversified earnings base % of net income, excluding Other 2003 Scotia Capital International 29% 27% 44% Domestic 21 Scotiabank Domestic steady performance Net income, $ millions 347 Significant growth in retail products yr/yr - mortgages up 10% revolving credit up 17% core deposits up 16% 80* 272 264 " Lower margin 267 Q4/02 Q3/03 Q4/03 Underlying other income up 22% yr/yr retail brokerage up 26% Expenses up $133mm yr/yr - higher stock-based compensation technology initiatives mortgage acquisition costs Lower credit losses 22 after-tax gain on sale of merchant acquirer business

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