Third Quarter 2002 Earnings Report

Scotiabank $ millions Relatively stable other income Q3/02 Q2/02 change Q3/02 Q3/01 change 996 1,058 (6)% Reported 996 1,054 (6)% 105 102 Security gains 105 7 95 114 Trading revenue 95 135 16 Tax settlement 82 3 14 Quilmes 3 57 793 812 (2)% Underlying 793 773 3% Scotiabank $ millions 11 Continuing focus on expense control Q3/02 vs. Q2/02 Q3/02 vs. Q3/01 (110) (7)% Change in expenses (123) (8)% (25) (2)% Performance-based compensation (6) (1)% (52) (3)% Stock-based compensation (61) (4)% (11) (1)% Quilmes (devaluation) (49) (3)% (22) (1)% Change in base expenses (7) 0% 12

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