Investor Presentaiton

Scotiabank Risk summary Credit quality ➤ Domestic retail - excellent ➤ Domestic commercial - stable ➤ International - stable ➤ U.S. - continuing challenges ■ Steady provisioning at high levels Continued focus on U.S. credit quality in 2003 Scotiabank 39 Outlook Peter Godsoe Chairman & C.E.O. 40 40

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