Financial Resilience and Provisioning

Inverlat: Strong Financial Position Increased ownership from 10% to 55% ➤ total investment: US$215MM ■ Total Assets: $16 billion ☐ Strong capital ratios - Tier 1: 9.9% Fully reserved impaired loans 102% coverage Expected EPS contribution: 2001: 6-10 cents ➤ 1 month earnings included in Q1/01 19 Diversified Earnings from Scotia Capital Net income, $ millions 163 114 Q1/00 Q4/00 120 Q1/01 ■ Broad-based revenue growth: +37% derivatives, forex, fixed income Lending operations T - Institutional equities, underwriting T ■ Credit quality ➤ higher loan losses & impaired loans in U.S. ➤ stable in Canada & Europe 20

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