Investor Presentation

(6) Reported Impact of stronger Canadian dollar Scotiabank $ millions Lower expenses versus Q4/03 Increase versus Q1/03 mitigated by foreign exchange translation Change Q1/04 vs. Q4/03 $ (88) 22 % Change Q1/04 vs. Q1/03 $ 51 4 106 (66) (4) Underlying 157 12 18 300 Performance/stock-based compensation 56 Pension & employee future benefits 21 (24) Technology 19 (29) Severance costs (25) Litigation (6) Business growth - mortgage acquisition, Dominican Republic, business taxes Reclassification of card reward points 18 8 (3) Other 35 Scotiabank 60 60 13 Continued productivity leadership expenses as % of revenues 55 559 50 50 99 99 -54.3% 00 01 02 03 Q1/04 14

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