Trading Revenue and Financial Performance Analysis

Scotiabank Strength in diversification % of net income, excluding Other 2001 2002 International Scotia Capital International Scotia Capital| 30%* 18% 23% 32% 45% Domestic 19 52% Domestic excluding charges related to Argentina 5 Domestic - steady upward performance Scotiabank Net income, $ millions 347 ■ 292 80* 262 52* ◉ Reported net income up 19% year- over-year ➤ +11% excluding gains Strong retail asset growth ➤ retail residential mortgages up 9% ➤ revolving credit up 20% ➤ higher market share Industry-leading retail credit quality ➤ annual provision 20 bps #1 in customer service Q4/01 Q3/02 Q4/02 • after-tax gains on sale of merchant acquirer business in Q4/02 and corporate trust in Q4/01 20

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