Growing Earnings and Risk Review

Scotiabank Scotia Capital - solid quarter Net income, $ millions 198 114 176 ☐ Revenue up 10% yr/yr Q4/00 Q3/01 Q4/01 21 Scotiabank Global Trading +28% Expenses well controlled down 4% yr/yr Credit quality stabilizing falling NILS Strength in Global Trading Revenue, $ millions $812 CAGR 25% $415 Revenues: +45% vs. 2000 derivatives/fixed income +74% foreign exchange: record year #1 dealer in Canadian fixed income Euromoney: top Canadian performer for foreign exchange 1998 1999 2000 2001 22

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