Scotiabank Investor Presentation Q2 2001

Improved margins Increase Q2/01 vs. Q1/01 vs. Q2/00 Net interest margin 2.34% +11 bps +9 bps Increase due to: Inverlat Other 9 8 8 3 1 11 bps 9 bps Underlying Other Income maintained $ millions Reported Less: Gain on sale of securities Change Q2/01 Q2/00 $ % 1,014 988 26 3% (109) (147) 38 Inverlat (73) (73) Stock transfer business sold in Q3/00 (20) 20 ■ Underlying 832 821 11 1% Comprised of: Underwriting & other commissions Deposit & payment services Credit fees Retail & discount brokerage Trading & other investment banking Other 35 52% 12 8 10 7 (40) (32) (7) (5) 1 1 11 1% 10

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