Investor Presentaiton

$ Scotiabank Scotiabank Risk Review John Crean Senior Executive Vice-President Global Risk Management 27 Risk Overview Large provisions against Argentina specific provisions of $500 million net impaired loans of $475 million ■ Net impaired loans (ex. Argentina) up slightly ➤ $195 million in Q1/02 vs. $154 million in Q4/01 ■ Continued high level of provisioning $350 million in specific provisions (ex. Argentina) ➤ mainly U.S. 28

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