Third Quarter 2002 Earnings Report

Scotiabank ...reflecting moderate market risk $ millions, May 1, 2002 to July 31, 2002 20 Actual P&L 10 0 -10 -20 31 VaR 1 day Scotiabank Risk management summary Credit quality ➤ strong credit quality in Domestic Retail stable portfolios: Domestic Commercial and International (ex. Argentina) ■ Managing Scotia Capital U.S. closely ■ U.S credit conditions to remain challenging in the fourth quarter 32

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