Outlook and Business Line Results

Scotiabank Scotiabank Very strong capital ratios % of risk-weighted assets 11.2 11.3 10.6 Tier 1 9.4 9.5 8.7 $ millions Q3/03 Q2/04 Q3/04 13 Tangible Common Equity Large securities' surplus Securities' Surplus (Deficit) Q3/04 Q2/04 Q3/03 - Equities 438 518 155 - Emerging market debt 451 489 477 - Fixed income (2) 27 887 1,007 659 14

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