Trading Revenue and Financial Performance Analysis

9 Scotiabank Q1/02 Taxes Q4/02 NIBT Taxes Rate ($mm) ($mm) NIBT Taxes ($mm) ($mm) Rate 241 146 61% Reported 662 7 1% Argentina charges 607 67 (see slide #10) 187 187 Gain on sale of merchant acquirer business (99) (19) 848 213 25% Underlying 750 175 23% Scotiabank 11 Revenues maintained in a difficult year $ millions (TEB) 2,738 2,728 2,598 2,665 2,770 2,729 2,721 2,437 Q1/01 Q2/01 Q3/01 Q4/01 12 Q1/02 Q2/02 Q3/02 Q4/02

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