Outlook

€ Scotiabank # days 10 Low variability of trading revenue... Trading revenue, Q4/03 6 8 7 6O 5 4 3 2 1 0 (4) (3) (2) (1) 01 2345678 9 Λ 14 $ millions 35 9 Scotiabank Risk summary ■ Significant improvement in Scotia Capital in 2003 ■ Domestic & International stable Expect lower credit losses in 2004 36

View entire presentation