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UPDATED ON: Friday, January 30, 2004


Luc A. Vanneste,
Vice-President and Chief Auditor

From The Globe and Mail

Scotiabank is pleased to announce the appointment of Luc Vanneste to the position of Executive Vice-President and Chief Auditor. In this position, Mr. Vanneste has responsibility for producing independent, objective assurance over the quality and effectiveness of internal controls and risk management processes for Scotiabank and its subsidiaries.

Mr. Vanneste joined Scotiabank in 1999 as Senior Vice-President and Chief Auditor, and was instrumental in developing and introducing new strategies to execute the Audit Groupís mandate in a constantly changing environment.

Mr. Vanneste holds a Bachelor of Arts degree from the University of Toronto and a Masters degree in Business Administration from the Richard Ivey School of Business, University of Western Ontario. He has been a member of the Institute of Chartered Accountants of Ontario since 1977 and has been active with the Heart and Stroke Foundation of Ontario, including serving as Chairman of the Board from 1994 to 1996. He is currently a member of the Foundationís Audit Committee and the Centre for Stroke Recovery Advisory Board.

Scotiabank is one of North Americaís premier financial institutions and Canadaís most international bank. With approximately 48,000 employees, Scotiabank Group and its affiliates serve about 10 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With C$286 billion in assets (as at October 31, 2003), Scotiabank trades on the Toronto (BNS), New York (BNS) and London (BNV) Stock Exchanges. For more information please visit


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