Investor Presentation Third Quarter 2001

€ Second dividend increase this year Scotiabank 120 100 Annual dividend, cents/share 80 60 60 60 40 40 20 20 38¢ 1988 24% increase over 2000 $1.24 1990 1992 1994 1996 1998 2000 2001 5 € Scotiabank On track vs. targets ROE Q3/01 2001 YTD Target 17.3% 17.4% VS. 16-18% EPS Growth 12%* 16%* VS. 12-15% Productivity 55.4% 53.7% VS. <60% Tier 1 9.1% 9.1% VS. 7.5%+ I adjusted for one-time gains in Q3/00 6

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