Scotiabank First Quarter Overview

Scotiabank Domestic - continuing strong performance net income, $ millions 279 267* 294 Net income increase ➤ up 5% vs. Q1/02 ➤up 10% vs. Q4/02 Good retail asset and core deposit growth ➤ residential mortgages up 11% ➤ revolving credit up 20% ➤ core deposits up 18% ■ Expenses well controlled Q1/02 Q4/02 Q1/03 • excludes $80 million after-tax gain on sale of merchant acquirer business 17 Scotiabank Leveraging strengths in retail lending Unique bundled products ■ Increased market share ☐ ➤ Mortgages: up 33 bps year-over-year ➤ Personal lending: up 49 bps year-over-year Risk profile - best of class ➤ Provision for credit losses: 23bps High and increasing proportion of portfolio secured 55% of ScotiaLine and Scotia Line VISA secured 18

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