Q4 Financial Performance

寫 Scotiabank $ millions Higher securities surplus Q4/03 Q3/03 Q4/02 Securities Surplus (Deficit) - Emerging Market Debt 512 477 219 - Fixed Income 27 27 (113) - Equities 164 155 (131) 703 659 (25) Scotiabank 19 Business Line Results 20 20

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