Q3/01 Performance Highlights

€ Scotiabank Risk Overview ■ Lower net impaired loans: $395 million at July 31 ➤ down $301 million from Q2/01 ➤ continued loan sales ■ Higher general provision ◉ ➤ added $75 million in Q3/01 Improved coverage ratio ➤ 91% vs. 85% in Q2/01 23 Scotiabank $ millions Further impaired loan sales in Q3/01 Scotia Capital Domestic International Net formations - loan sales (214) - new formations 103 (111) 40 24 154 83 83

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