Third Quarter 2002 Earnings Report

Scotiabank High levels of provisioning - mainly in Scotia Capital U.S. Specific Provisions, $ millions 350 350* 350 Q4/01 Q1/02 *excluding Argentina Scotiabank 400 Q2/02 Q3/02 25 Cable & telecom exposure Loans & acceptances, $ millions, July 31, 2002 Other Scotia Capital Sector* Investment Non-Investment Total Grade Grade Cable operators 180 1,523 1,703 Regulated telephone 1,193 211 1,404 Unregulated telephone 42 387 429 Wireless 177 715 892 Long-haul fibre cable 108 108 CLECS 158 158 Total 1,592 3,102 4,694 Impaired loans: gross $756; net $563 * no Paging exposure 26

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