Q4 Financial Performance

Scotiabank ROE Met our performance targets 2003 Target 17.6% VS. 15-18% EPS Growth* 7.8% VS. 5-10% Productivity Tier 1 54.9% VS. <58% 10.8% VS. 8% + excluding 2002 charges relating to Argentina Scotiabank 5 A record of consistent earnings growth Net income, $ millions 482 540 2,477 94 95 96 97 98 99 00 01 02* 03 * includes charges related to Argentina 6

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