Scotiabank Risk Review

Scotiabank Strong underlying performance Net income, $ millions +20% 279 233 Domestic Q1/01 Q1/02 +52% 175* +22% 146 120 115 Scotia Capital * net loss of $(365) million after charges for Argentina Scotiabank ROE 5 International Performance versus targets Q1/02 Q1/02 Reported ex. Argentina Target 0.8% 17.3% VS. 15-17% EPS Growth (95)% 16% VS. 7-12% Productivity 56.7% 54.5% VS <58% Tier 1 9.2% 9.5% VS. 8%+ 6

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