Outlook

Higher underlying other income... Scotiabank Change Q4/03 vs. Q4/02 $ MM % Change 2003 vs. 2002 $ MM % (12) (1) Reported 73 2 60 Impact of stronger Canadian dollar 185 114 Sale of merchant acquirer business 175 (4) Sale of Quilmes/Argentine charges (20) 158 18 Underlying 413 11 Scotiabank 11 ...due to the following Change Q4/03 vs. Q4/02 Change 2003 vs. 2002 $ MM % $ MM % 158 18 Underlying 413 11 32 Investment Banking 128 20 Trading 91 10 10 Deposit & Payment services 65 4 Credit Fees 53 18 Card Revenues 36 76 Security Gains (19) (39) Securitization Revenues (22) 37 Other 81 158 18 413 11 12

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