Trading Revenue and Financial Performance Analysis

Scotiabank 2002-performance highlights Q4/02 ☐ Diluted EPS: $1.09 - up 4% vs. Q4/01 ROE: 16.5% vs. 17.0% in Q4/01 Deconsolidated Quilmes (Argentina): nil net income impact Provision for credit losses: $429mm vs. $350mm in Q4/01 2002 ☐ Scotiabank Reported Ex. Argentina Net income $1,797mm $2,337mm ➤ EPS $3.30 $4.35 ➤ ROE 13.0% 16.6% Excellent capital ratios ➤ Tier 1: 9.9%; TCE: 8.3% 3 Consistent earnings growth Net income, $ millions 676 305 291 2,337 540 92 93 94* 95 96 97* 98 99 00 01 02* * 1994/1997 include unusual charges/credits; 2002 includes charges related to Argentina 4

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