Trading Revenue and Financial Performance Analysis

9 Scotiabank $ millions Decrease in net impaired loans General U.S. Other Argentina Provision Total Q3/02 1,271 955 268 (1,475) 1,019 Net formations 311 72 (75) 308 Deconsolidation of Quilmes (223) (223) Provisions (326) (149) 46 (429) Other (31) (33) 9 (55) Q4/02 1,225 845 25 (1,475) 620 Decrease (46) (110) (243) - (399) 31 Aggressive provisioning Scotiabank Specific provisions, $ millions Q4/02 2002 2001 71 Domestic 282 283 46 International 69 200 Scotia Capital: 326 - U.S. 1,131 671 40 - Other 116 83 (8) Other (23) (37) 475 Sub-total 1,575 1,200 (46) Argentina 454 50 429 Total 2,029 1,250 32

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