Investor Presentaiton

2 1.5 $ billions 1 0.7 0.5- $ millions Higher Reserves Substantial Unrealized Gains 1.6 Oct-98 Oct-99 13 2.2 Oct-00 Marketable Securities Surplus General Provision Business Line Earnings Summary Q4/00 Q4/99 change 2000 1999 change 256 167 53% Domestic 882 649 36% 89 83 7% International 364 296 23% 114 158 (28)% Scotia Capital 650 745 (13)% 38 (6) Other 30 (139)* 497 402 24% Total 1,926 1,551 24% * Primarily due to addition to general provision ($150 million pre-tax) 14

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