WTH STOCKS Performance Highlights

10-1360-64 ARD-7 17-208383208 WTH STOCKS 19.5-20.50 Good Top-Line Revenue Growth $ millions 1999 1998 change Q4/99 Q3/99 change 1,226 1,193 3% Net interest income (TEB) 4,835 4,506 7% 840 808 4% Other income* 3,128 2,833 10% 2,066 2,001 3% Total revenues 7,963 7,339 9% 1,196 1,196 870 805 8% Non-interest expenses* 4,716 4,446 6% Operating income (TEB) 3,247 2,893 12% * Excludes: real estate write-down: ($22MM, Q3/99); gain on sale of business ($25MM, 1998); special one-time gain ($77MM, Q1/99); net restructuring cost ($40MM, Q4/99) 5 Scotiabank

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