Scotiabank First Quarter Overview

Scotiabank Scotiabank Strong capital provides flexibility High Capital Levels Financial Flexibility $ millions 13 ■ Business expansion Well positioned for Canadian bank consolidation ■ Cushion to handle ◉ unforeseen risks Dividend increases ■ Share buybacks Significant improvement in securities' surplus Securities' Surplus (Deficit) Q1/03 Q4/02 Emerging Market Debt 343 219 - Fixed Income 15 (113) - Equities (114) (131) 244 (25) 14

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