Investor Presentaiton

Scotiabank International - diversified earnings net income, $ millions 175* 128 167 " Caribbean ➤ net income: +11% vs. Q4/02 ➤ highly-rated customer service ➤ broad based asset growth Latin America ➤ Inverlat up 56% vs. Q1/02 ➤ improved results from Sud Americano in Chile Q1/02 Q4/02 Q1/03 Asia ➤ assets up 12% vs. Q1/02 * Including after-tax charges related to Argentina, net loss was $365 million 19 Scotiabank Scotiabank Inverlat - rising contribution net income, $ millions 25 25 23 Q1/02 37 36 Q2/02 Q3/02 Q4/02 Q1/03 Strong loan growth ➤ personal up 38% year over year ➤ corporate and commercial up 16% year-over-year ■ Increase core deposits ➤ market share up 140 bps to 6% over 15 months ■ Tied for #1 in customer service Negotiating with Mexican government to purchase remaining stake 20

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