Outlook

5 International - leverage group strengths Scotiabank ■ Sales & Service - focus on sales and customer satisfaction aggressive product launches - leverage distribution network ■ Improve productivity - use best practices from Canada upgrade banking systems and processes ■ Expand in key markets Mexico - Spanish Caribbean and Central America (e.g. Dominican Republic, Costa Rica, El Salvador) 41 Scotiabank Deliver consistent earnings growth ■ 2004 targets - EPS growth: 10-15% ROE: 16-19% - productivity ratio - below 58% maintain strong capital ratios and credit ratings 42

View entire presentation