Growing Earnings and Risk Review

Scotiabank Tight control of expenses Q4/01 vs. Q4/00 $MM % $199 15.4% Change in expenses (178) (13.8) Inverlat/Chile 15 1.2 Performance-related (mainly SARS*) (12) (0.9) Business restructuring/divestitures 2001 vs. 2000 $MM % $543 10.6% (563) (11.0) (30) (0.6) 151 2.9 $24 1.9% Change in base expenses $101 1.9% * Stock appreciation rights 13 Scotiabank 60 60 55 55 Continued productivity leadership expenses as % of revenues 50 97 40 98 14 99 53.9% 00 00 01

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