Scotiabank Performance Review

寫 Scotiabank ■ Performance highlights Record earnings - EPS: $1.33 vs. $1.11 ROE: 19.4% vs. 16.6% Good underlying revenue growth, excluding foreign exchange impact Improvement in credit quality - Specific provisions: $170 mm, down $155 mm vs. Q1/03 Leading productivity ratio: 54.3% - lower expenses vs. Q4/03 Strong capital ratios and reserves - Tier 1: 10.9% - Tangible Common Equity (TCE): 9.2% Unrealized Securities' Surplus: $1.157 billion 3 Scotiabank EPS, $ Continued upward trend in earnings 1.33 1.26 1.20 1.11 1.12 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 4

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