Trading Revenue and Financial Performance Analysis

Scotiabank Scotiabank Inverlat - solid progress Growing retail business ➤ 30% automobile and mortgage loans in 2002 ■ Very good penetration of commercial & corporate market ➤ loans up 16% year-over-year Increased market share ➤ loans: +70 bps to 5.9% ➤ deposits: +150 bps to 6.1% Record use of alternative delivery channels in 2002 ➤ 2.7 million visits to Inverweb and 6.5 million calls W VOLKSWAGEN TELMEX 27 Scotiabank $ millions MAGNA U.S. GAAP reconciliation 2002 2002 Net income Common equity Canadian GAAP 1,797 Canadian GAAP 13,502 - FAS 133 - Available-for-sale securities (223) (164) - retained earnings adj. (390) - accumulated OCI* 428 - Quilmes goodwill (76) - other (60) U.S. GAAP 1,274 U.S. GAAP 13,540 other comprehensive income 28

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