Scotiabank Risk Review

Scotiabank Impaired loan formations in Q1/02 $ millions Scotia Capital (mostly U.S.) 308 Domestic 65 International 100 473 Argentina Scotiabank Quilmes* 621 Cross-border 309 930 Total * Before impact of devaluation and pesofication ($124 million) 1,403 29 Scotiabank Trend in impaired loans Net impaired loans, $ millions 1084 696 Q1/01 Q2/01 * Argentine net impaired loans 670 395 475* 259 105* Q3/01 Q4/01 Q1/02 30

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