Q4 Financial Performance

Scotiabank International results impacted by foreign currency translation Net income, $ millions 128 175 156 ■ Caribbean - lower earnings yr/yr due to stronger Cdn $ local currency earnings up 14% yr/yr lower earnings vs. Q3 due to credit losses timing of expenditures on initiatives ■ Latin America - higher earnings yr/yr in Inverlat lower PDI revenues vs. Q3/03 ☐ Asia lower credit losses yr/yr Q4/02 Q3/03 Q4/03 25 Scotiabank Inverlat – growing contribution Scotiabank - Strong growth in assets and deposits yr/yr - retail up 62%, commercial up 21% core deposits up 12% ■ Purchased US$350mm retail auto portfolio "Best Bank for 2003" - Latin Finance ■ Purchase price equation: - goodwill · tax-loss carry forward 26

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