Scotiabank Earnings Growth and Risk Review

Scotiabank Leader in customer satisfaction Customer Satisfaction - % Excellent vs. Peer Group 22.8% 19.8% 27.1% Scotiabank Scotia Advantage Peer Group 1999 2000 2001 1998 Market Facts CSI (2001) 17 #1 22.7% Scotiabank Scotia Capital - choppy credit conditions Net income, $ millions $192 $146 $120 ■ Revenues up 7% yr/yr ■ Credit Quality A large provision for one telecom account provisions stable qtr/qtr ➤ uneven U.S. credit conditions Expenses A growth mostly performance based compensation Q2/01 Q1/02 Q2/02 18

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