Third Quarter 2002 Earnings Report

Scotiabank Steady trend in top-line revenue $ millions (TEB) 2,738 2,728 2,772* 2,770 2,729 2,598 2,437 Q1/01 Q2/01 Q3/01 Q4/01 * excluding Argentina charge of $107 million Scotiabank Net interest margin 9 Q1/02 Q2/02 Q3/02 Margin holding up Lower Latin America spreads Canadian $ spreads Other 10 Decrease Q3/02 vs. Q2/02 vs. Q3/01 2.33% (1) bps (10) bps (4) (11) 1 (2) 2 3 (1) bps (10) bps

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