Outlook

Grade Scotiabank Lower cable & telecom exposure Loans & acceptances, $ millions Sector Investment Non-Investment Grade Total Q4/03 Q3/03 Q4/03 Q3/03 Q4/03 Q3/03 Cable operators 131 256 1,441 1,580 1,572 1,836 Regulated telephone 420 612 113 142 533 754 Unregulated telephone 56 60 186 258 242 318 Wireless 172 204 501 654 673 858 Long-haul fibre cable 47 60 47 60 CLECS 50 76 50 76 Total 779 1,132 2,338 2,770 3,117 3,902 Gross Impaired Loans: $386mm, Net $300mm 33 5 Lower power & energy trading exposure Scotiabank Loans & acceptances, $ millions Sector Investment Non-Investment Grade Grade Total Q4/03 Q3/03 Q4/03 Q3/03 Q4/03 Q3/03 Regulated Utilities 542 551 494 565 1,036 1,116 Diversified Generation 25 24 338 585 363 609 Independent Power 437 476 272 340 709 816 Projects with PPAs* Other Power Projects 45 48 631 851 676 899 Total 1,049 1,099 1,735 2,341 2,784 3,440 Impaired Loans: Gross $294mm, Net $156mm * Power Purchase Agreements 34

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