Investor Presentation

S Positive trend in specific provisions Scotiabank specific provisions, $ millions 325 275* 224* Other ■Scotia Capital 170 133* Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 excluding Argentina 29 Lower cable & telecom exposure Scotiabank Loans & acceptances, $ millions Investment Sector Grade Non-Investment Grade Total Q1/04 Q4/03 Q1/04 Q4/03 Q1/04 Q4/03 Cable operators 27 131 1,443 1,441 1,470 1,572 Regulated telephone 416 420 91 113 507 533 Unregulated telephone 47 56 164 186 211 242 Wireless 115 172 502 501 617 673 Long-haul fibre cable 30 47 30 47 CLECS - 48 50 48 50 Total 605 779 2,278 2,338 2,883 3,117 Gross Impaired Loans: $360mm, Net $283mm 30

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