Scotiabank First Quarter Overview

Scotiabank $ millions (TEB) Steady top-line revenue 2,738 2,728 2,770 2,665* 2,729 2,721 2,598 2,645 2,437 Q3/02 Q4/02 Q1/03 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 * including charges relating to Argentina of $107 million Scotiabank 7 Lower margins this quarter Net interest margin Funding (N.A. & Europe) U.S. corporate Latin America Canadian margin Other Q1/03 vs. Q4/02 vs. Q1/02 2.17% (11) bps (24) bps (3) (13) (4) (3) (6) 2 (3) (3) (11) bps (24) bps 8

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