Trading Revenue and Financial Performance Analysis

Scotiabank Strong performance in Global Trading Revenue, $ millions $541 $925 $813 Revenues: +14% in 2002 ➤ seven years of continued growth Strong performance in derivatives ➤ +33% year-over-year #1 Canadian Dollar Bank by Asia EuroMoney 2000 2001 2002 23 Scotiabank Scotia Capital: U.S. repositioning Exit relationships that fall below threshold ROEE Disciplined proactive approach to lending reduce single name exposures ➤ reduce industry limits ➤ reduce overall level of capital ■ Increase business/deepen relationships with clients that offer an acceptable ROEE ➤ grow non-credit revenues 24

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