Investor Presentation Third Quarter 2001

€ Scotiabank Domestic Solid earnings Net income, $ millions - 234 223 44* 212 Q3/00 Q2/01 Q3/01 * gain on sale of stock transfer business ■ Interest profit up $32MM yr/yr ➤ strong growth in retail assets: +$3B Lower brokerage fees - 19 Expenses down $56MM yr/yr ➤ savings from programs/ network realignments ➤ sale of businesses Higher commercial credit losses qtr/qtr 5 Steady performance from Scotia Capital Scotiabank Net income, $ millions 211 198 ■ Revenue up 8% yr/yr 192 ➤ record global trading +41% record underwriting +44% ➤ lending -9% Expenses up $41MM ➤ mostly higher performance- related compensation ■ Credit losses stable qtr/qtr Q3/00 Q2/01 Q3/01 20 20

View entire presentation