Outlook

€ Scotiabank Lower margins Change Change Q4/03 vs. Q3/03 2003 vs. 2002 2.22% (6) bps Net interest margin 2.23% (11) bps Due to: 1 Funding margins (N.A./Europe) (5) Canadian $ margin (3) Trading 1 Other (8) (4) (3) 4 13 Higher expenses in 2003... 19 Scotiabank $ millions Change Q4/03 vs. Q4/02 $ MM % Change 2003 vs. 2002 $ MM % (68) (4) Reported (243) (4) 90 Impact of stronger Canadian dollar 270 237 Sale of Quilmes/Argentine charges 311 15 Sale of merchant acquirer business 54 (63) 211 Expense recoveries/tax settlement 15 Underlying (63) 329 6 14

View entire presentation