Investor Presentaiton

9 Scotiabank Margins down slightly Change Change Q4/02 vs. Q3/02 2002 vs. 2001 2.28% (5) bps Net interest margin 2.34% (3) bps (1) (5) 15 Due to: Canadian $ spreads (2) Foreign currency margins 2 1 Other (3) 13 Scotiabank $ millions Higher underlying other income Q4/02 Q4/01 change 1,019 989 3.0% Reported 2002 2001 change 3,942 4,071 (3.2)% Less: (16) 28 - Security gains 179 217 99 65 - Gains on sale of businesses 99 92 4 53 - Quilmes/Argentina charges (33) 190 77 84 - Inverlat 309 225 855 759 12.6% Underlying 3,388 3,347 1.2% 14

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