Third Quarter 2002 Earnings Report

Scotiabank ROE Still on track to meet 2002 targets Q3/02 2002 YTD Target 16.2% 16.8%* VS. 15-17% EPS Growth 1% 9%* VS. 7-12% Productivity 51.1% 54.0% VS. <58% Tier 1 9.8% 9.8% VS. 8%+ * excluding Q1/02 charges relating to Argentina Scotiabank 7 Performance Review Sabi Marwah Senior Executive Vice-President & Chief Financial Officer 8

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