Outlook

Scotiabank Domestic-strong platform ■ Increased market share, yr/yr growth - Sept. 30/03 ↑ - Mortgages 22 bps - Savings & chequing deposits ↑ 69 bps Highest growth rate for fee-based assets among major brokerages ■ Achieved highest rating for overall customer service for fourth consecutive year ▪ Excellent employee morale Scotiabank 23 Scotia Capital - rising earnings Net income, $ millions 58 193 221 ◉ Major improvement in credit quality Q4/02 Q3/03 Q4/03 ☐ ◉ - provisions down $344mm yr/yr down $110mm qtr/qtr Revenue down 18% yr/yr stronger Canadian dollar decrease in corporate lending assets lower U.S. funding margins Expenses stable 24

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