Third Quarter 2002 Earnings Report

Scotiabank Domestic - another strong quarter Net income, $ millions $212 $262 $254 Q3/01 Q2/02 Q3/02 Scotiabank ■ Net income: +24% yr/yr ■ Good asset growth ➤ mortgages up 11% ➤ revolving credit up 20% Strong retail credit quality Expenses tightly controlled ➤ up 3% yr/yr 17 Domestic - business highlights ■ Increased market share year-over-year ➤ mortgages +28 bps ➤ personal loans +29 bps ➤ mutual funds +24 bps Approved 60% more financing for small business vs. Q3/01 ■ Successful integration of Charles Schwab Canada into Scotia McLeod Direct Investing (SMDI) 18

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