Investor Presentation Third Quarter 2001

€ Scotiabank Base expenses relatively flat Change in expenses Less: - Inverlat - performance-related (mainly SARS*) - initial computer outsourcing costs - sale of stock transfer business/ Quebec branches Change in base expenses * Stock appreciation rights € Scotiabank 60 60 55 99 50 50 Q3/01 vs. Q2/01 Q3/00 $MM % $MM % $124 8.9% $208 15.9% 13 186 14.2 83 6.0 49 3.7 15 1.1 15 1.2 (58) (4.4) $26 1.8% $16 1.2% Productivity running at 55% expenses as % of revenues 58.6 55.4 T Q1/00 Q2/00 Q3/00* Q4/00 Q1/01 Q2/01 Q3/01 adjusted for one-time gains 14

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