Risk and Performance Review

Scotiabank Lower power & energy trading exposure Loans & acceptances, $ millions Investment Non-Investment Q2/03 Q1/03 Sector Grade Grade Total Total Regulated Utilities 665 630 1,295 1,392 Diversified Generation 777 777 879 Independent Power 439 389 828 936 Projects with PPAs* Other Power Projects 150 829 979 1,209 Total 1,254 2,625 3,879 4,416 Power Purchase Agreements Impaired Loans: gross $290; net $150 27 Scotiabank Modest airlines exposure Loans & acceptances, $ millions April 30, 2003 Sector Investment Grade Non-Investment Grade Total Operating airlines 28 81 109 Aircraft finance 124 154 278 Total 152 235 387 Impaired loans: gross $160; net $61 28

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