Third Quarter 2002 Earnings Report

Scotiabank Strong Domestic and International offset by weakness in U.S. lending Net income, $ millions 212 262 132 Q3/01 Q3/02 212 198 11 Domestic 56 International Scotia Capital Scotiabank 5 Argentina update ■ No impact on Q3/02 earnings ▪ In final stages of transaction to exit Quilmes – minimal financial impact 6

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