Investor Presentation Q4 2001

Solid earnings in Q4 Scotiabank Reported net income $MM EPS ($) $566 $1.05 Includes: Corporate Trust gain ($65MM pre-tax) (52) (0.10) Argentina: - higher provision for credit losses ($50MM pre-tax) ― reserve against bonds ($40MM pre-tax) 29 0.06 24 0.04 $567 $1.05 Scotiabank $ billions 10 8 6 9 Strong top-line revenue growth 4 18% 2 Other Income Net Interest Income 0 Q4/00 Q4/01 10 16% 2000 2001

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