Third Quarter 2002 Earnings Report

Scotiabank Telecom - good coverage on higher-risk sectors Gross Loans & BAs Gross Impaired Write-offs, Provisions Net Reserve Impaired Coverage (before write-offs) (before write-offs) $MM $MM % $MM $MM % Unregulated 540 181 33% 111 70 61% telephone Wireless 909 21 2% 17 17 4 81% Long-haul 320 266 83% 212 fibre cable 54 54 80% CLECs 310 208 67% 152 56 73% Total 2,079 676 32% 492 184 73% Scotiabank 22 27 Power & energy trading exposure Loans & acceptances, $ millions, July 31, 2002 Sector Investment Non-Investment Grade Grade Total Regulated Utilities 757 330 1,087 Independent Power Projects with PPAs* 343 376 719 Other Power Projects 320 878 1,198 Diversified Generation 206 696 902 Total 1,626 2,280 3,906 Impaired loans: gross $118; net $85 * Power Purchase Agreements 28

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