Investor Presentation Q4 2001

Scotiabank Capital ratios - best in industry % of risk-adjusted assets 14 11.9 12 13.0 12.2 Total 10 9.3 Tier 1 8 8.6 8.1 CO 6 4 Tangible Common 6.7 7.0 7.8 Equity 2 0 1999 2000 2001 15 Scotiabank $ billions Strong reserves maintained Govt/Corp bonds 0.3 Emerging Mkt. Bonds 0.2 2.2 Q3/01 16 0.5 2.0 Marketable 0.5 Securities General 1.5 Provision Q4/01

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