Scotiabank Investor Presentation Q2 2001

50 50 99 55 Expenses held basically flat Q2/01 vs. Q1/01 Q2/00 10.7% 4.7% Change in expenses Less: - Inverlat 14.1 13.3 - performance-related (2.8) (4.2) - writedown of property & equipment (3.4) - sale of stock transfer business/ (2.1) Quebec branches Base expenses (0.6) 1.1 Q2/01 includes Inverlat's expenses of $177 million 11 Improved productivity expenses as % of revenues 60 58.6 Q1/00 Q2/00 Q3/00* Q4/00 Q1/01 Q2/01 excluding special items 12 53.7

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