Third Quarter 2002 Earnings Report

9 Scotiabank Mexico - good momentum BNS share of Inverlat earnings, $ millions $25 $25 $21 Q3/01 Q2/02 Scotiabank Q3/02 Earnings momentum ➤ up 19% yr/yr Strong lending & deposit growth ➤ retail lending +25% ➤ commercial/corporate loans +18% ➤ personal chequing deposits +30% 21 Risk Review John Crean Senior Executive Vice-President Global Risk Management 222 22

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