Investor Presentaiton

Scotiabank Jan. 31, 2003 Power & energy trading - coverage Gross Loans Gross Impaired & BAs (before w/o) (before w/o) Write-offs, Provisions Impaired Coverage Net Reserve $MM $MM % $MM $MM % Diversified generation 973 280 29% 176 104 63% Independent power 959 160 17% 78 82 49% projects with PPAs* Other power projects 1,209 102 8% 53 53 49 49 52% Sub total 3,141 542 17% 307 235 57% Regulated utilities 1,393 4 1% 1 3 25% Total 4,534 546 12% 308 238 56% * Power Purchase Agreements Scotiabank # days 14 12 10 8 00 9 4 31 Low variability of trading revenue... trading revenue, first quarter 2003 = 95%+ days positive 2 0 (4) (3) (2) (1) 01 2 3 4 5 6 7 8 9 10 11 12 $ millions 32

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