Investor Presentaiton

Scotiabank Large items in Q4/02 Gain on sale of merchant acquirer business Investment tax credits - expenses: $66mm - other income: $4mm Pre-tax After-tax EPS ($) ($mm) ($mm) Impact 99 80 0.16 70 70 40 0.08 Additional provisions - U.S. corporate (125) (77) (0.15) 9 Scotiabank Argentina: nil net income impact in Q4/02 $ millions Provision for credit losses Other income Q4/02 Q1/02 2002 46 (500) (454) - Forex translation 4 4 - · Loss on investment securities (20) (20) - Other (87) (87) Non-interest expenses Loss on disposal of subsidiary (237) (237) operations Net income before taxes (187) (607) (794) Income tax recovery Net income 187 67 254 (540) (540) 10

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