Scotiabank Investor Presentation Q2 2001

Risk Overview ■ Lower net impaired loans: $0.7 billion at April 30 " ➤ down $388 million from Q1/01 Aggressive provisioning ➤ $250 million specifics in Q2/01 ➤ $1.1 billion specific provisions estimate for 2001 • of which $650 million taken to date Higher general provision ➤ added $100 million in Q2/01 Improved coverage ratio ➤ 85% vs. 78% in Q1/01 21 Impaired loan formations down in Q2/01 $ millions Scotia Capital - loan sales (502) - net new formations 371 (131) Domestic International Net formations 1 34 (96) 22

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