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Q4 Financial Performance

Scotiabank $ millions ... due to the following Change Q4/03 vs. Q4/02 $ MM % 211 15 Underlying Stock & performance-based 95 Change 2003 vs. 2002 $ MM % 329 114 compensation 4 Pension & post-employment benefits 42 25 Litigation 25 220 25 Technology 60 62 Other 88 211 15 329 60 15 Scotiabank 60 55 Maintaining productivity leadership expenses as % of revenues 50 99 00 16 54.9% ך 01 02 03

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