Investor Presentaiton

Telecom & Cable Exposure $ millions, October 31, 2000 Investment Non-Investment Sector Grade Grade Total Cable Operators 764 784 1,548 Regulated Telephone 718 718 Unregulated telephone/wireless 920 1,103 2,023 Other communications 199 199 Total 2,402 2,086 4,488 Telecom & cable high yield trading portfolio 28 Net Impaired Loans <5 27 Low Trading Risk #days net trading revenue, fiscal year 2000 50 10-day VaR: $23 million 40 Low variability in trading revenues 30 5th percentile 95th percentile 20 20 10 10 ☐ -12 -10 -8 -6 -4 -20 2 4 6 8 10 Daily Trading Profit & Loss ($ millions) 28

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