Scotiabank Investor Presentation Q2 2001

Q2/01 Performance Highlights ■ Excellent earnings growth ➤ EPS up 16% year-over-year ➤ ROE 17.9% vs. 17.7% ☐ ■ First full quarter of Inverlat ➤ added $17 million to net income (3 cents/share) Improved productivity: 53.7% vs. 58.0% last year ■ Lower net impaired loans ➤ down $388 million from Q1/01 $100 million addition to general provision Strong capital ratios and reserves 3 Record of consistent earnings growth Net Income, $ millions 539 510 495 497 465 416 397 402 384 Q2/99 Q3/99 Q4/99 * excludes unusual items Q1/00 Q2/00 Q3/00* Q4/00 Q1/01 Q2/01 4

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