2004 Performance Highlights

Scotiabank ...reflecting moderate market risk $ millions, November 1, 2003 to October 31, 2004 20 Actual P&L VAR 1 day 10 -10 -20 Scotiabank Average 1 day VAR = $8.8 mm 31 Risk summary ■ Much improved credit quality ■ Market risk well controlled ■ Expect further release of general allowance 32

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