Outlook

Scotiabank $ millions Results negatively impacted by stronger Canadian dollar Q4/03 vs. Q4/03 vs. 2003 vs. Q3/03 Q4/02 2002 (30) (190) Total Revenue (550) 10 90 Expenses 270 (15) (65) Net income (160) (0.03) (0.13) EPS impact ($) (0.31) 9 Underlying revenue growth in 2003 Scotiabank $ millions (TEB) Reported Change 2003 2002 $ % 10,443 10,885 (442) (4) Impact of Stronger Canadian dollar 550 550 Sale of merchant acquirer business Sale of Quilmes/Argentine charges Underlying (10) (185) 175 19 (17) 36 11,002 10,683 319 3 Other Income 4,209 3,796 413 11 Net Interest Income 6,793 6,887 (94) (1) 10

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