Scotiabank Risk Review Performance Highlights

寫 Scotiabank International - improved earnings net income, $ millions 171 163 200 " Caribbean net income up 39% yr/yr and 37% qtr/qtr - higher asset volumes · good credit quality - partly offset by foreign currency translation Q2/03 Q1/04 Q2/04 Latin America - Inverlat up 25% vs. Q1/04 - partly offset by lower securities gains vs. last year 21 Scotiabank Inverlat - growing contribution Scotiabank $ millions 20 20 62 52 65 Q2/03 Q1/04 Q2/04 ■ Net contribution rose to $65 million up 25% qtr/qtr ☐ Strong asset growth (yr/yr): - retail loans up 46% - high-margin credit card and auto loans up 67% - commercial lending up 9% 22

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