Risk and Performance Review

Scotiabank net income, $ millions 254 Domestic - solid quarter 294 264 Net income up 4% yr/yr ➤ qtr/qtr decline primarily due to 3 fewer days & moderately higher expenses Continued growth in retail assets & core deposits yr/yr ➤ residential mortgages up 9% ➤ revolving credit up 20% ➤ core deposits up 14% ■ Very good credit quality Q2/02 Q1/03 Q2/03 Scotiabank 17 International - diversified earnings net income, $ millions 171 167 150 Q2/02 Q1/03 Q2/03 ◉ Net income up 14% yr/yr ◉ Latin America ➤ Inverlat up 20% yr/yr ➤ gain on sale of PDI bonds " Caribbean ➤ lower earnings contribution primarily due to stronger Canadian dollar ■ Asia 18 ➤ unchanged results yr/yr

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