Growing Earnings and Risk Review

Scotiabank Domestic - steady upward performance Net income, $ millions 256 Q4/00 212 Q3/01 292* Q4/01 * Includes gain on sale of Corporate Trust Scotiabank 19 ◉ Net income up 14% yr/yr Higher margins Strong yr/yr growth in assets mortgage volume +5% ScotiaLine VISA: market share +100bps Lower retail brokerage fees ➤ down 22% yr/yr Excellent expense control 1000 staff savings Superior customer service Customer Satisfaction % Excellent vs. Peer Group - #1 27.1% 22.8% Scotia Advantage 22.7% 19.8% 1998 1999 2000 2001 20

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