Growing Earnings and Risk Review

Scotiabank Cable & Telecom exposure Loans & acceptances, $ millions, October 31, 2001 Investment Non-Investment Sector* Grade Grade Total Cable operators 396 1,392 1,788 Regulated telephone 1,003 51 1,054 Unregulated telephone/wireless 270 1,278 1,548 Long-haul fibre cable 165 135 300 CLECS 227 227 1,834 3,083 4,917 Net impaired loans: $93 million * no Paging exposure 31 No material impact of September 11 Scotiabank Loans & acceptances, $ millions, October 31, 2001 Investment Non-Investment Sector Grade Grade Total Airlines operating airlines 162 162 - aircraft finance 234 183 417 - airport operations 54 67 121 Insurance 97 91 188 Hotels/Leisure - hotels 1,171 1,950 3,121 - cruise ships 20 158 178 - - tour operators 2 38 40 1,578 2,649 4,227 2.3% of total loans & acceptances 32

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