Investor Presentaiton

Scotiabank Cable & telecom exposure Loans & acceptances, $ millions Sector Investment Grade Non-Investment Grade Total Q4/02 Q3/02 Q4/02 Q3/02 Q4/02 Q3/02 Cable operators 223 180 1,666 1,523 1,889 1,703 Regulated telephone 1,112 1,193 249 211 1,361 1,404 Unregulated telephone 69 42 374 387 443 429 Wireless 167 177 782 715 949 892 Long-haul fibre cable 87 108 87 108 CLECS 93 158 93 158 Total 1,571 1,592 3,251 3,102 4,822 4,694 Scotiabank Gross Impaired Loans: $690mm, Net $529 mm 33 Cable & telecom - coverage on higher-risk sectors Gross Loans Oct. 31, 2002 & BAs Gross Impaired Write-offs, Net Reserve Provisions Impaired Coverage Sector (before write-offs) $MM $MM (before write-offs) % $MM $MM % Unregulated 537 195 36% 135 60 69% telephone Wireless 949 107 11% 17 90 16% Long-haul 276 262 95% 210 fibre cable 42 52 80% CLECs 231 172 74% 170 2 99% Sub-total 1,993 736 37% 532 204 72% Cable 1,920 404 21% 79 325 20% operators Total 3,913 1,140 29% 611 529 54% 34

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