Investor Presentaiton

Scotiabank Credit risk overview ■ Net impaired loans down $61 million vs. Q4/02 ➤ some successful restructurings in U.S. ➤formations in Europe ■ Specific provisions: $325 million ➤ down $150 million from Q4/02 (ex. Argentina) Scotiabank 23 Net formations by region $ millions, Q1/03 Scotia Capital - Europe 406 - U.S. (97) - Canada (32) Sub Total 277 Domestic 84 International Total 14 375 24

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