Investor Presentation

Scotiabank 10 Strong capital ratios - particularly Tangible Common Equity % of risk-weighted assets 10.9 10.8 Tier 1 10.0 8 + 2 0 8.5 A Q1/03 Scotiabank $ millions 9.2 8.9 Tangible Common Equity Q4/03 15 Q1/04 Significant improvement in securities' surplus Q1/04 Q4/03 Q1/03 Securities' Surplus (Deficit) - Equities 536 164 (114) - Emerging market debt 554 512 343 - Fixed income 67 27 15 1,157 703 244 16

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