Investor Presentaiton

Scotiabank Slight decrease in net impaired loans this quarter C$ billions 2.5 1.5 % of loans & acceptances 2.50% 1.50% 559 mm 0.5 0.50% 0.0 0.00% -0.5 -0.50% 1990 1992 1994 1996 1998 2000 2002 Q1/03 27 Lower cable & telecom exposure Scotiabank Loans & acceptances, $ millions Investment Non-Investment Sector Total Grade Grade Q1/03 Q4/02 Q1/03 Q4/02 Q1/03 Q4/02 Cable operators 486 223 1,667 1,666 2,153 1,889 Regulated telephone 663 1,112 199 249 862 1,361 Unregulated telephone 66 69 338 374 404 443 Wireless 179 167 799 782 978 949 Long-haul fibre cable 79 87 79 87 CLECs 84 93 84 93 Total 1,394 1,571 3,166 3,251 4,560 4,822 By region: U.S. 53% Canada 10% Europe & other 37% 28

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