Investor Presentaiton

Scotiabank Solid earnings excluding Argentina Net Income $MM EPS ROE (Diluted $) (%) Reported $52 $0.05 0.8% 540 1.05 16.5% Special charges for Argentina Excluding Argentine charges $592 $1.10 17.3% Growth vs. Q1/01 +16% $0.15 +0.3% Scotiabank $ millions 9 Argentina charges Provision for credit losses Cross-border Scotiabank Quilmes Q1/02 2001 Total 187 - 187 313 50 363 500 50 550 Other income Loss on securities 20 40 60 Other (pesofication) 87 10 97 607 100 707 Taxes Total (67) (38) (105) 540 62 602 10

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