Trading Revenue and Financial Performance Analysis

Scotiabank Tight control of expenses Q4/02 vs. Q4/01 2002 vs. 2001 $MM % $MM % 72 4.8% Change in expenses 312 5.5% Less: n/a n/a Inverlat (full-year impact) 293 5.2 237 15.9 (70) (4.7) Loss on disposal of Quilmes Lower Quilmes expenses 237 4.2 (158) (2.8) (57) (3.8) Performance-based compensation (12) (0.2) (66) (4.4) Expense recoveries/tax settlement (66) (1.2) 28 1.8% Change in base expenses 18 0.3% 15 Scotiabank 60 60 55 59 Continued productivity leadership expenses as % of revenues 54.9% 50 50 97 98 99 00 01 02 16

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