Investor Presentaiton

Scotiabank Performance highlights ■ Net income of $52 million ■ $540 million after-tax charges for Argentina Excluding Argentine charges: ➤ Net income: $592 million ➤ EPS: $1.10 up 16% from Q1/01 ROE: 17.3% A Specific provisions: $850 million $350 million excluding Argentina Strong capital and reserves Tier 1: 9.2% ■ Dividend increase ➤ +3 cents to 37 cents/share Scotiabank 3 Argentina update Extremely difficult and uncertain environment Strong action taken this quarter ➤ $540 million after-tax charges A Goodwill of $76 million written off ➤ -70% reserved against cross-border exposure of $1.1 billion ■ Continue to closely monitor situation 4

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