Risk and Performance Review

9 Scotiabank Strength from core businesses net income, $ millions. 290 264 254 240 190 140 90 ㅎㅎ -10 40 Scotiabank ROE 171 169 150 120 Q2/02 Q2/03 74 -8 Domestic International Scotia Capital Other 5 Meeting most 2003 targets Q2/03 YTD/03 Target 17.2% 16.9% VS. 15-18% EPS Growth* 1% 1% VS. 5-10% Productivity 55.6% 53.4% VS. <58% Tier 1 10.3% 10.3% VS. 8%+ * *excluding 2002 charges relating to Argentina 6

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