Scotiabank Earnings Overview

Scotiabank Continued decrease in cable & telecom exposure Loans & acceptances, $ millions Sector Investment Non-Investment Grade Grade Q2/04 Q1/04 Q2/04 Total Q1/04 Q2/04 Q1/04 Cable operators 20 27 1,251 1,443 1,271 1,470 Regulated telephone 397 416 96 91 493 507 Unregulated telephone 53 47 148 164 201 211 Wireless 92 115 453 502 545 617 Long-haul fibre cable 17 30 17 30 CLECS 28 48 28 48 Total 562 605 1,993 2,278 2,555 2,883 Impaired Loans: Gross $320mm, Net $235mm 29 Scotiabank Large decrease in power & energy trading exposure Loans & acceptances, $ millions Sector Investment Grade Non-Investment Grade Total Q2/04 Q1/04 Q2/04 Q1/04 Q2/04 Q1/04 Regulated Utilities 577 757 174 445 751 1,202 Diversified Generation 0 63 249 192 249 255 Independent Power 309 314 294 305 603 619 Projects with PPAs* Other Power Projects 46 45 373 517 419 562 Total 932 1,179 1,090 1,459 2,022 2,638 Impaired Loans: Gross $456mm, Net $289mm * Power Purchase Agreements 30

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