Scotiabank Earnings Growth and Risk Review

Scotiabank Specific provisions unchanged vs. Q1 $ millions Q2/02 Q1/02 Q2/01 Scotia Capital 269 260 153 Domestic 67 65 54 International 14 25 43 350 350 250 Argentina - 500 - 350 850 250 Scotiabank 27 Cable & Telecom exposure Loans & acceptances, $ millions, April 30, 2002 Sector* Investment Non-Investment Total Grade Grade Cable operators 428 1,315 1,743 Regulated telephone 1,035 71 1,106 Unregulated telephone/wireless 362 1,122 1,484 Long-haul fibre cable 129 129 CLECS 198 198 Total 1,825 2,835 4,660 Impaired loans: gross $287; net $87 * no Paging exposure 28

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