2005 Financial Performance and Outlook

Scotiabank Moderate market risk $ millions, November 1, 2004 to October 31, 2005 20 10 -10 Actual P&L VAR 1 day -20 Average 1 day VAR = $7.6 mm 33 Scotiabank Risk summary Credit quality remains stable ■ Potential for further release of general allowance ■ Market risk remains well controlled 34

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