Investor Presentaiton

Scotiabank Power & energy trading exposure Loans & acceptances, $ millions Sector Investment Grade Non-Investment Grade Total Q4/02 Q3/02 Q4/02 Q3/02 Q4/02 Q3/02 Regulated Utilities Diversified Generation 1,213 757 630 330 1,843 1,087 206 789 696 789 902 Independent Power Projects with PPAs 558 343 475 376 1,033 719 Other Power Projects 202 320 1,005 878 1,207 1,198 Total 1,973 1,626 2,899 2,280 4,872 3,906 Gross Impaired Loans: $348mm, Net $186 mm 35 9 Power & energy trading - coverage Scotiabank Oct. 31, 2002 Gross Loans Sector $MM $MM Gross Write-offs, Net Reserve & BAs Impaired Provisions Impaired Coverage (before w/o) (before w/o) % $MM $MM % Regulated Utilities 1,843 3 1 2 33% Diversified Generation 883 306 35% 182 124 59% Independent Power 1,057 Projects with PPAs S 53 5% 44 9 83% Other Power Projects 1,207 104 9% 53 53 51 51% TOTAL 4,990 466 9% 280 186 60% 36

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