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Risk and Performance Review

9 Scotiabank Performance highlights Solid, consistent earnings ➤ EPS: $1.12 vs. $1.11 ➤ ROE: 17.2% vs. 18.3% Credit quality stabilizing ➤ Net impaired loans: $378 million, down $181 million from Q1/03 ➤ Specific provisions: $248 million, down $77 million from Q1/03 Lower revenues ➤ mainly due to stronger Canadian dollar and sale of businesses Strong capital ratios ➤ Tier 1: 10.3% ➤ Tangible Common Equity (TCE): 8.4% Dividend increase ➤ +4 cents/quarter Scotiabank 3 Consistent earnings EPS (diluted), $ 1.10 1.11 1.11 1.12 1.05 1.09 1.04 1.05 1.01 Q2/01 Q3/01 0.05 Q4/01 Q1/02 Q2/02 Q3/02 Q4/02 Q1/03 Q2/03 * charges relating to Argentina of $1.05/share 4

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