2004 Performance Highlights

Scotiabank $ millions Higher expenses Q4/Q3 Q4/Q4 2004 / 2003 (11) (33) Reported 131 2% 20 37 Impact of stronger Canadian dollar 227 9 4 Underlying 358 6% (11) 18 Pension & employee benefits 88 (37) (12) Stock & performance-based comp. 70 Mortgage costs/Advertising/Dominican 12 13 47 Republic 14 8 Technology 34 9 (20) Severance (25) 2 (40) Other (83) (11) (33) 131 2% 13 Scotiabank 60 55 59 Strong productivity expenses as % of revenues 50 T 99 00 01 02 03 04 14 56.0

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