Third Quarter 2002 Earnings Report

Scotiabank Scotia Capital - difficult credit conditions Net income, $ millions $198 $120 ■ Revenues down 8% yr/yr lower trading revenue ■ Increased provisions $56 ◉ ➤ mainly telecom ■ Expenses tightly controlled ➤ down 9% yr/yr Q3/01 Q2/02 Q3/02 19 Scotiabank International - good earnings Net income, $ millions $212 $150 $132 Q3/01 Q2/02 Q3/02 20 Caribbean ➤ another strong quarter Latin America ➤ Inverlat: continued good earnings higher Brady bond. revenues Asia ➤ lower loan loss provisions

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