Outlook

Scotiabank $ millions Minimal net formations in Q4/03 Scotia Capital - - Canada 89 - U.S. (45) - Europe/Asia (36) 8 Domestic 42 International 41 Transfer re foreclosed assets (114) Total (23) 31 9 Scotiabank $ millions 450 Positive trend in net formations 350 394 383 250 150 50 50 153 II. -50 50 -150 Q4/02 Q1/03 32 193 Other ■Scotia Capital re foreclosed assets 91 (114) Q2/03 Q3/03 Q4/03

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