Third Quarter 2002 Earnings Report

Scotiabank Risk overview ■ Credit condition in the U.S. more difficult than expected ■ Net impaired loans up $568 million (ex. Argentina) mainly telecom Specific provisions of $400 million ➤ increase of $50 million vs. Q2/02 Scotiabank 23 Net formations - mainly telecom Scotia Capital net formations: $835 million U.S. Telecom 70% 24 Other Net Formations 20% Other Telecom 10%

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