Scotiabank Earnings Growth and Risk Review

Scotiabank Gross impaired loan formations in Q2/02 $ millions Scotia Capital Domestic International Total mainly from one large telecommunications account 25 198* 89 72 359 Scotiabank Downward trend in net impaired loans (ex. Argentina) Net impaired loans, $ millions 696 395 259 670 515 475* 332* 195 183 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 * * Argentine net impaired loans 26

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