Outlook and Business Line Results

Negative net formations this quarter Scotiabank $ millions Domestic - Retail 53 - Commercial 5 58 International (24) Scotia Capital - Canada (10) - U.S. (30) - Europe (1) (41) Total (7) Scotiabank $ millions 317 23 Positive trend in net impaired loans Q3/03 Q4/03 Q1/04 Q2/04 (227) Q3/04 24

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