Q4 Financial Performance

Scotiabank Higher BaTS expense offset by lower preferred dividends $ millions Change Change Q4/03 vs. Q4/02 2003 vs. 2002 Non-controlling interest 12 Issuance of BaTS securities (21) Inverlat 4 Other (5) Total 58 (10) 16 64 (14) Preferred dividends* (53) * excluding redemption premium 9 Scotiabank 17 Very strong capital ratios. % of risk-adjusted assets 12 10.8 9.9 10 9.3 Tier 1 8 8.9 8.3 6 7.8 Tangible Common 4 2 000 0 2001 2002 2003 Equity 18

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