Growing Earnings and Risk Review

Scotiabank International - Good growth in underlying earnings Net income, $ millions 132 89 99 Q4/00 Q3/01 53* 93 3 ◉ Q4/01 Caribbean ➤ net income: +18% vs. Q4/00 Latin America growing contribution from Inverlat ➤ extra reserves of $100MM against Argentina ($90MM in Q4) Asia A steady earnings growth $53MM after-tax reserves against Argentina Scotiabank 23 Caribbean another record year - Net income, $ millions CAGR = 18% 109 252 96 97 98 99 00 01 ◉ 14% increase in net income ➤ 11th record year Top-line revenue growth: +11% - nearly all countries contributed • 70% had double-digit asset growth Expanded network/electronic technology A 7 new branches 14% growth in ABMs 24/7 telephone banking Jamaica & Trinidad 24

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