Investor Presentaiton

Scotiabank Cable & telecom - coverage Jan. 31, 2003 Gross Loans & BAs (before write-offs) Gross Impaired (before write-offs) Write-offs, Net Reserve Provisions Impaired Coverage $MM $MM % $MM $MM % Unregulated 508 202 40% 151 51 75% telephone Wireless 978 123 13% 24 99 20% Long-haul fibre 214 185 86% 155 30 84% cable CLECs 183 121 66% 121 100% Cable 2,184 505 23% 82 423 16% operators Sub total 4,067 1,136 28% 533 603 47% Regulated 862 telephone Total 4,929 1,136 23% 533 603 47% 29 Scotiabank Lower power & energy trading exposure Loans & acceptances, $ millions Sector Investment Grade Non-Investment Total Grade Q1/03 Q4/02 Q1/03 Q4/02 Q1/03 Q4/02 Regulated utilities 751 1,213 641 630 1,392 1,843 Diversified generation 46 833 789 879 789 Independent power 557 558 379 475 936 1,033 projects with PPAs* Other power projects 184 202 1,025 1,005 1,209 1,207 Total 1,538 1,973 2,878 2,899 4,416 4,872 By region: U.S. 77% Canada 14% Europe & other 9% Power Purchase Agreements 30

View entire presentation