Trading Revenue and Financial Performance Analysis

9 Scotiabank Net income, $ millions International 146 53* 212 ■ 128 " Caribbean ➤ net income: +7% vs. Q4/01 Latin America ➤ solid contribution from Inverlat ➤lower PDI revenues vs. Q3 Asia ➤ higher credit losses vs. Q3 Q4/01 Q3/02 Q4/02 after-tax charges related to Argentina Scotiabank 25 Caribbean - another record year Net income, $ millions 221 252 290 00 00 01 02 20 Excellent earnings growth ➤ +15% year-over-year Strong asset & deposit growth ➤ assets: +11% ➤ deposits: +7% Higher revenue: +7% ➤ 15% increase in transaction revenues Good credit quality ➤ credit losses down 14% 26

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