Third Quarter 2002 Earnings Report

9 Scotiabank Performance highlights ■ " Solid earnings ➤ Net income of $564 million, up 2% from Q3/01 ➤ EPS: $1.05 vs. $1.04 ➤ ROE: 16.2% vs. 17.3% Continued difficult U.S. credit environment ➤ Net impaired loans: up $504 million from Q2/02 ➤ Specific provisions: $400 million; up $50 million from Q2/02 Strong domestic and international earnings ■ Excellent capital ratios ➤ Tier 1: 9.8% 3 Scotiabank Solid earnings despite challenging Net Income, $ millions credit environment 592 598 539 554 566 564 510 Q1/01 52 Q2/01 Q3/01 Q4/01 Q1/02 Q2/02 Q3/02 * charges for Argentina ($540MM) 4

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