Investor Presentaiton

Scotiabank Scotiabank Risk Review Warren Walker Executive Vice-President Global Credit Risk Management 21 Credit risk overview ■ Lower net impaired loans: $(227) mm - down $123 mm vs. Q2/04 - down $544 mm vs. Q3/03 ■ Lower specific provisions: $100 mm - down $30 mm vs. Q2/04 - down $100 mm vs. Q3/03 Release of $50 mm from general allowance 22

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