Investor Presentation Q4 2001

Scotiabank Q4/01 2001 – record performance - ■ Diluted EPS $1.05 - up 13% vs. Q4/00 ■ ROE 17.0% unchanged from Q4/00 2001 ■ Record results ➤ Net income: +13% year over year ■ ROE 17.3% ☐ Top-line revenue growth: +16% Improved productivity: 53.9% vs. 56.5% Aggressively managed credit quality ➤ achieved year end target for net impaired loans Strong capital and reserves 3 5 Over a decade of record earnings growth Scotiabank Net income, $ millions 633 CAGR 13% 91 92 93 94 95 96 97 40 94 & 97 exclude unusual items 4 98 2,169 99 00 01

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