Performance Review Q3

€ Q3/01 Performance Highlights Scotiabank ■ Continued earnings momentum ◉ ➤ EPS up 12%* year/year ➤ ROE 17.3% Strong top-line revenue growth ➤ up 13% year/year ◉ Sharp drop in net impaired loans ➤ down $301 million in Q3 to $395 million ➤ continued asset sales ■ $75 million addition to general provision in Q3 ➤ general provision = 0.91% of risk-assets Strong capital ratios and reserves ➤ Tier 1 9.1% = adjusted for one-time gains in Q3/00 3 5 Record of consistent earnings growth Scotiabank Net Income, $ millions 18% CAGR 554 539 495 497 510 465 416 397 402 Q3/99 Q4/99 Q1/00 Q2/00 Q3/00* Q4/00 Q1/01 Q2/01 Q3/01 * excludes gains on sale of stock transfer business & Solidbank ($53MM) 4

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