Risk and Performance Review

Scotiabank Hotel exposure manageable Loans & acceptances, $ millions April 30, 2003 Investment Non-Investment Geographic Distribution Grade Grade Total Canada 392 285 677 USA 286 525 811 Caribbean & Central America 201 689 890 Other Total 323 623 946 1,202 2,122 3,324 Impaired Loans: gross $49; net $41 29 Scotiabank # days 14 12 10 8 Low variability of trading revenue... trading revenue, Q2/03 = 96%+ days positive 4 2 0 (1) 0 1 2 3 $ millions 4 5 6 7 8 30

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