Investor Presentation

€ Scotiabank Results negatively impacted by stronger Canadian dollar Foreign exchange impact, $ millions Q1/04 vs. Q4/03 Q1/04 vs. Q1/03 (29) Net interest income (143) (14) Other income (96) (43) Total revenue (239) 22 Expenses 106 (16) Net income (95) 9 Scotiabank Underlying revenue growth - adjusting for impact of Canadian dollar $ millions (TEB) 2,645 Impact of Stronger Canadian dollar Reported Revenue 239 2,588 Q1/03 Q1/04 10

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