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Scotiamocatta Pgm Marketwatch PGM Market Commentary Tuesday 15 April 08.30 GMT Previous Trading Day data: Platinum (Spot) Palladium (Spot) Rhodium (Prompt) Open 621/626 168/173 510 High 627.50/632.50 169/174 Low 620/625 158/163 Close 625/630 163/168 AM Fix 623.00 161.00 PM Fix 622.00 164.00 Today’s Trading data: TOCOM Trading Month 24th FEBRUARY 2004: Open 15 Apr. Close 15 Apr. Volume kgs High Low Platinum 2,224 (625/630) 2,195 (621/626) 17,084.50 2,450 2,133 Palladium 642 (163/168) 630 (160/165) 240.00 950 629 Indicated Forward Swap Rates: Platinum Palladium Rhodium 1 month -9.00/-6.00 +0.50/+1.50 -3.5/+1.5 2 month -9.50/-6.50 +0.50/+1.50 -4/+1 3 month -10.00/-7.00 +0.50/+1.50 -4/+1 6 month -10.00/-7.00 +0.25/+1.25 -4.5/+0.5 12 month -10.00/-7.00 +0.25/+1.25 -5/-0 MARKETS: Monday saw Platinum open the week at 621/626, but with Nikkei hitting another 20 year low, Platinum took a back seat, spot closing at 622/627. Light selling in Europe pushed Platinum down to 620/625, but buying from the New York opening lifted Platinum to 627.50/632.50 at the European close. Platinum closed the day at 625/630. Platinum opened Tuesday unchanged at 625/630, but persistent selling on Tocom dragged spot down to close in Tokyo at 621/626. Palladium took another knock, struggling to hold $160. Rhodium continued to slide on the annual April Russian sales. EDITORIAL: Platinum for now is clinging to the $626.50 retracement line, which could become a resistance or a support. However with continued economic woes in Japan, Platinum should regain the higher ground. The Nikkei continues to set new lows measured in decades, particularly losing value on banks and pension funds. With Japanese Government Bonds looking likely to yield less than one per cent on the next 20-year bond auction, after the 10-year cash JGB slipped to 0.655%. Platinum is the obvious gainer of the other markets losses. Expected range for Tuesday: 620/627. Palladium shows very little sign of avoiding $77.75, last seen in the early 1990’s. Unless the suppliers can convince consumers that Palladium supplies can be consistent, there will be no large scale switching back to Palladium. +852-2861-4788 Hong Kong 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 Scotiabank 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. 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