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2a6Z SLOil AB ANK ANNUAL PCPOR{ ~Qnsolidated Financial Stateman Financial information Management's Responsibility for nagement of The Bank of Fbva Scota (u1e BarTk) s respon' sb for the inte9rdY and Rf¢ctrvdY of the onsolidaited«nar'ctal Led ~ Ann n. Ta once wim Ganadian gen- presen in v's ual azed in as tfre accounting e been PieP including statements ~ aceouninng principlos. erally seep f dTe Superintendent of Financial Institutions nt of Financial Insthutwre Canada examines affairs of the Bank, to the The SuPariniertde ovisiors of ~ enquires into [he business and If tnat the lx ~a55ary, to saUSfy nimse interests of exterrt~ pet~navrng reference to the safety of tlTe being duty fine Iders of the Bank, are rtwn. deposieors, credK«s and ~ i~ a sound financial cond~ ors. observed and inat the ~ entirely of outsido maraga- Tne Pudic Gommittee. comPa with both reviews tna consolidated financial statements statemartu~ar~ requirenr+ents o irdo erdent audROrs before sucn where necessary. and submitted to the Canada. racial statements, matt and tyre Pard of Directors Tne consolidated fine be,,t estim~att aaed~ ~re approved by the Bo amounts wfrich are based on the iwn pros twulers of the Bank. of the Board of Directors. linen of rranagen1e'tt' Finartcai inforrra~i sYgwn in the accorn- The Conduct Revww Committee rs• reviews and reports its intent witn of outside directo uansaciwns R s cons cr~~p entirely on an related Pant in finis Annual Repo ial statem zed ttre , mporLance of the s co the 0oard of Directors ponying consolidated fpianc ds of finding the Bank. ndent ent nos always recogn L passible standar havnMJ a materal impact on ns ttP, the indePo Mana9ern thetiigfws ndpissem- PricewatertwuseCooPo eram- 8ank maintaining and reinforcing aiwn a KPMG LLP and ~ sharetwlders of the Bank, have In ions. incwd'mg the Proper IMed by cal statenents of tFie Bank nesenting the frnancial condition nF auditors appo Led auditing starrdazds conduct in aft of its ~ fairy P eni nos 6evelpped and main- .nom the consolidated finartc inacwn of statemen urg whicfr Provides for the naraAy aFp ItploCwn of wcft exam- the Bank. In trail regard, rhena9~^ accordance with Canadian go to Lem of accounting artd teP°rt twrs are PrOp01- ~ have expressed them opiniontoP°n shareholders. In order refits a sys ore that transac a ainst racial statements. ~mternal cpMroK to errs are safeguarded 9 matron ro the folbwin9 ~° 1 controls necessary fled. Tne it o inion on these conSOlidat ~ Q interne ty authorized and recorded. assess rovitle the P ropri- unautfrorized use rx disposition and IiabilitwS are recogn consider app and Procedures' [he care- Pine Shareholders Auditors reJ~ethetry t tttay tA. artd ~n~p by written policies and conduct [}rein work to the ve Full antl freo access system is au9 uslifred staff. the eswblshmenWell- Auditors ha to d'acuss their aud+t ful selection and veining of 4 ~ approprate and ate. Tne Sharefwidazs drt Committee ftnarYial ro~rdin9 ~ communicatwn of erwd'xzllY with. the Au ~ orating. organizaironal structures P meet p Inc city of the Bank's acrd pNSwn of responsibitilies. and ~ tMOUgtwut the Bank. antl fmdincy as to the o9 defined of ousiness coed a o- and related matters. policies and guidelines troll is further supported ~ ~ of reportiri9 The system of internal con rpnduct py[lodre and fesswnat Staff OF internal auditors wtw eriodicatly wRh, of the Bantlt's operations. As well fine Bank's Chief a0 aspects free access ta, and meets p Aud'Rdr has full and gpard of Directors' tfre Audit Cgrpmrttee of the Sarabjit S. Marv Vwo president Senwr Executive and Ctiwf Finarncial Offrcer Peter C. God th e goartl Chairman Officer and Chief Executive Toronto. Decemnen 3. 2~2 Shareholders Auditofs' Report THE BANK OF NOVA SCOTIA Bank Of the Consolidated Baartce Sheets of Tnx:~ the TO THE SHARENOtOERS Or and 200'1 We have audited 2t October 31. 2002 ~ In Sharetwlders Nova Scoia as ~ of Income, Cnarg i Statenwn of ttte years nn tfre three-Year Pat . Conwrulated are the Equrcy and Cann Fbws for earn frranciai y.LaLemerrts [ 3t, 2002- These eM. Our resporsrbdity .s to od ended Octobe ganKS mara9do'r on Wn r~porsibilrty of the e financial statements based express an opwrion on ores r ucted our audio in suordante with Canadian gone audits, uine That wa We cord standards. Those standards req rarce cep autlibrg rid to obtain reasonable also ally accep atemerrt. plan acrd P fr~~ialastaterrrerrts are freo of n'aterial miss[ lodes examining, on a test basis, evidence wpportin9 drsclosunes in the financial statements. An audR An audfi inc inciPles used and the amwnrs and55essirrg the arxountirg PT also inciudes de ray managoment. as weN as evaluating significant estimates nnaement preseNatwn. tt~ overall fnarrciat sta rrcial statements Present In our opinion. these cortsolid f nancial p of the Barrie as osftwn results of as operations fairly, in act materat respects. the three-Year pates at October 3t. 2002 and 2007. and tl»e in the eneralry flows for each of ttre Yea with Cared"an 9 and tts tarn rdarwe requim- enped October 3t. 2002 in acco LtTe accounting accepted accoun{nn9 Principles, irrclud ~ UstRrrtirms Canada. meats of the SuPerxttendent of Finarw wlTetner tyre r ens LIP PnicevvatedwusoC°op Chartered Accountants KPMG tip Chartered Accountants Toronto. December 3. 2002