Investor Presentaiton

Scotiabank - Scotia Capital – improving results net income, $ millions Lower provisions 146 58 ➤ down $36 million vs. Q1/02 138 ➤ down $142 million vs. Q4/02 Record underwriting and advisory fees ➤up 40% year-over-year • Lower expenses ➤ down 13% from Q1/02 ➤ down 8% from Q4/02 Narrower funding spreads U.S. repositioning underway Q1/02 Q4/02 Q1/03 21 Scotiabank Risk Review Warren Walker Executive Vice-President Global Credit Risk Management 222 22

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