Scotiabank Risk Review

$ Scotiabank Scotiabank Outlook Peter Godsoe Chairman & C.E.O. 37 Outlook for 2002 ■ Economic outlook ■ ■ ■ A - Expect North American pick-up second half of 2002 · Expect global recovery in 2003 Aggressively managing credit portfolios Argentina - monitoring closely Expect to meet performance targets (ex. Argentina) A EPS: 7-12% ► ROE: 15-17% A 38

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