Trading Revenue and Financial Performance Analysis

Scotiabank Domestic & International – solid results, - challenges in Scotia Capital: U.S. Net income, $ millions 19% 1200 1,142 960 1000 800 600 400 200 0 2001 2002 36% 45% 686 665 489 380 540* 125 Domestic International * charges related to Argentina 5 Scotiabank ROE Scotia Capital Met or exceeded performance targets Q4/02 2002 Target 16.5% 16.6%* VS. 15-17% EPS Growth 3.8% 7.4%* VS. 7-12% Productivity 57.4% 54.9% VS. <58% Tier 1 9.9% 9.9% VS. 8%+ excluding Q1/02 charges relating to Argentina 6

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