Investor Presentation Q4 2001

Scotiabank Risk Overview Met net impaired loans target ► $259 million in Q4/01, down $136 million from last quarter Aggressive provisioning in 2001 ■ No material impact of September 11 Argentine risks manageable ➤ $100 million reserve established against Argentine risk • $50 million in specific provisions • $40 million in securities writedown ⚫$10 million other 27 Scotiabank Met net impaired loans target Net impaired loans, $ millions 1,084 696 395 259 Q1/01 Q2/01 Q3/01 Q4/01 28

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