Scotiabank Risk Review

Scotiabank Scotia Capital - solid quarter Net income, $ millions $120 $176 $146 Q1/01 Q4/01 Q1/02 " ◉ " Revenues up 12% yr/yr Global Trading up 52% ➤ Underwriting up 50%+ Lending down 6% Provision for credit losses up vs. Q4/01 mainly U.S. Expenses higher performance-related compensation 23 International - good earnings ex. Argentina Scotiabank Net income, $ millions * $115 $175* ■ Caribbean net income up 10% yr/yr ◉ Asia $93 improved performance ◉ Latin America A Q1/01 Q4/01 Q1/02 net loss of $(365) million after charges for Argentina 24 Inverlat contributed $23 million

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