Q2 2003 Earnings Highlights

Scotiabank $ millions Scotiabank Major items in Q2/03 Pre-tax After-tax Argentina Release of specific provisions Payment to Quilmes creditors 27 17 (31) (20) (4) (3) Gains (losses) on securities Sale of Panama PDI bonds LBO & other write-downs 63 (50) 13 322 (32) 8 Compensation Higher stock-based compensation (20) (13) Other Impact of lower tax rate n/a 30 Impact of stronger Canadian dollar (30) (20) 9 Net interest margin Margins up vs. Q1/03 Q2/03 vs. Q1/03 vs. Q2/02 2.25% 8 bps (9) bps Funding (N.A. & Europe) 1 (11) U.S. Corporate 2 3 Other 5 (1) 8 bps (9) bps 10

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