PGM Market Commentary Monday 10 Feb 09.00 GMT Previous Trading Day data: Platinum (Spot) Palladium (Spot) Rhodium (Prompt) Open 676/681 250/256 620 High 690/695 252/258 Low 676/681 248/254 Close 680/684 248/256 AM Fix 690.00 252.00 PM Fix 686.00 252.00

Today’s Trading data: TOCOM Trading Month DECEMBER 2003: Open 10 Feb. Close 10 Feb. Volume kgs High Low Platinum 2,458 (684/689) 2,450 (683/688) 21,754.00 2,474 2,143 Palladium 982 (250/256) 968 (248/256) 241.00 1,029 912

Indicated Forward Swap Rates: Platinum Palladium Rhodium 1 month -11.00/-7.00 +0.50/+1.50 -3.5/+1.5 2 month -11.00/-7.00 +0.50/+1.50 -4/+1 3 month -11.00/-7.00 +0.50/+1.50 -4/+1 6 month -10.50/-6.50 +0.50/+1.50 -4.5/+0.5 12 month -9.50/-5.50 +0.50/+1.50 -5/-0

MARKETS: Friday saw Platinum open unchanged at 676/681, but with the Yen slipping back through 120, Platinum jumped again hitting 688/693, closing in Tokyo at 685/691. Europe opened with a flurry of buying, taking spot to 690/695. The morning fixing at $690.00 capped the rise, triggering a steady sell-off throughout the rest of the day. Platinum closed at 680/685. Platinum opened Monday firmer at 684/689, but was sold off during the Tokyo morning session to 679/684. However with the Yen testing 120.50, Platinum recovered rapidly to 685/690, closing in Tokyo at 683/688. Palladium once more got caught up in the drop in the other precious metals, despite having avoided their run up in the first place and now hovers around $250.

EDITORIAL: Platinum has lost some of it’s recent volatility and is seeing it’s range narrow to 678/50/693.50. Continued intervention by the Bank of will see the Yen remain under pressure, helping to support Platinum, or even encourage another round of Tocom buying. With physical demand expected to pick-up after the Chinese New Year holidays, the outlook for Platinum still seems to be firm, despite most technical indicators showing Platinum to be over bought and over due a correction lower. Expected range for Monday: 676/686. Although Palladium has slipped away from the recent up trend, it has also successfully ditched the downward pressure from the long term down trend and will continue to do so if it can hold around 250 (see chart). A long sideways move around 260 as the long and short-term trends diverge is desirable. +852-2861-4788 Reuters Code – MHKK Alastair McIntyre +44-207-4895120 London Reuters Code – SMGO Tony Dobra +1-416-866-7572 Toronto Reuters Code – GOLD Dayle Peters +1-212-225-6200 New York Reuters Code – MMCN Stephen Abbriano TM Trademark of The Bank of Nova Scotia. The ScotiaMocatta trademark represents the bullion business of The Bank of Nova Scotia, operating under the marketing name of Scotia Capital. The Scotia Capital trademark represents the corporate and investment banking businesses of The Bank of Nova Scotia, Scotia Capital Inc. and Scotia Capital (USA) Inc. – all members of the Group. The Bank of Nova Scotia is incorporated in Canada with limited liability. Issued in the UK by The Bank of Nova Scotia. The Bank of Nova Scotia, Scotiabank Europe plc and Scotia Capital Inc. are each regulated by the Financial Services Authority (FSA). This report has been prepared by The Bank of Nova Scotia (Scotiabank) as a resource for the clients of ScotiaMocatta, Scotiabank and Scotia Capital Inc. Opinions, estimates and projections contained herein are our own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which The Bank of Nova Scotia or its affiliates or any of their employees incur any responsibility. Neither Scotiabank nor its affiliates accepts any liability whatsoever for any loss arising from any use of this report or its contents. This report is not, and is not to be construed as, an offer to sell or solicitation of any offer to buy any of the metals referred to in this report. Scotiabank, its affiliates and/or their respective officers, directors or employees may from time to time take positions in the metals mentioned herein as principal or agent. Directors, officers or employees of Scotiabank and its affiliates may serve as directors of corporations referred to herein. Scotiabank and/or its affiliates may have acted as financial advisor and/or underwriter for certain of the corporations mentioned herein and may have received and may receive remuneration for same. Information in this report regarding services and products of Scotiabank is applicable only in jurisdictions where such services and products may lawfully be offered for sale and is void where prohibited by law. All Scotiabank products and services are subject to the terms of applicable agreements. This research and all the information, opinions and conclusions contained in it are protected by copyright. This report may not be reproduced in whole or in part, or referred to in any manner whatsoever nor may the information, opinions and conclusions contained in it be referred to without in each case the prior express consent of Scotiabank.