Outlook

Scotiabank - A record of consistent dividend growth - two increases this year Annual dividend, cents/share 2003 increase: +16% $2.00* 200 180 160 140 120 100 00 80 60 60 58¢ 40 1994 1996 * based on current rate Scotiabank 1998 2000 2002 2004 7 Performance Review Sabi Marwah Senior Executive Vice-President & Chief Financial Officer 8

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