Scotiabank Risk Review

Scotiabank $ millions Changes in other income Q1/02 Q4/01 change Q1/02 Q1/01 change 869 989 (12)% Reported 869 1,014 (14)% (107) (40) Argentina charges (107) 8 68 Gain on securities 8 73 Gains on sale of 65 businesses 37 40 Securitization revenues 37 ON 27 82 70 84 Inverlat 70 3 861 772 12% Underlying 861 829 4% Scotiabank 13 Tight control of base expenses Change in expenses Inverlat Performance-based compensation Change in base expenses 14 Q1/02 vs. Q1/01 $MM % 252 20% 208 16% 37 3% 7 1%

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