Scotiabank Risk Review

Scotiabank ...reflecting moderate market risk $ millions, November 1, 2001 to January 31, 2002 Scotiabank 20 10 -10 -20 35 Actual P&L VaR 1 day Risk management summary Domestic Retail and commercial in excellent shape International Caribbean & Asia: good ■ Latin America: stable excluding Argentina Argentina: reserved Scotia Capital ■ Canada & Europe: good shape U.S. softness for most of 2002 Specific Provisions Forecasting same level as 2001 (excluding Argentina) 36

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