Scotiabank Earnings Growth and Risk Review

Scotiabank Tight control of base expenses Q2/02 vs. Q1/02 Q2/02 vs. Q2/01 $MM % $MM % (7) (1)% Change in expenses 111 8% 16 1% Performance-based compensation 95 7% (37) (3)% Quilmes (devaluation) (37) (3)% 14 1% Change in base expenses 53 4% 11 Scotiabank 62 Continued productivity leadership expenses as % of revenues 58 54 54.3% 50 00 97 98 99 00 01 Q1/02 Q2/02 12

View entire presentation