Scotiabank Earnings Growth and Risk Review

Scotiabank Performance highlights ■ Net income of $598 million, up 11% from Q2/01 ■ EPS: $1.11 up 10% ROE: 18.3% vs. 17.9% Specific provisions: $350 million unchanged from Q1/02 Productivity ratio: 54.3% Strong capital and reserves A Tier 1: 9.9% Scotiabank 3 Argentina update ■ Minimal impact on Q2/02 earnings ■ Well provisioned against Argentine risks ➤ 90% on cross-border (ex. Brady Bonds, tax-effected) ■ Continue to monitor situation closely 4

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