Investor Presentaiton

Scotiabank Continued superior customer service Customer Satisfaction - % Excellent vs. Peer Group 22.8% #1 31.3% Scotiabank 1 Peer Group 24.0% I 19.8% T 1998 1999 2000 2001 2002 Market Facts CSI (2002) 21 Scotiabank Net income, $ millions 176 56 58 Scotia Capital Two well-performing business units ➤ Global Trading ➤ Canadian Capital Structuring Revenues maintained year-over-year ➤ net interest income down 18% ➤ other income up 32% Challenges in U.S. lending ➤ provisions up significantly from Q4/01 Expenses well controlled ➤ down 6% year-over-year Q4/01 Q3/02 Q4/02 22

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