Q1 2005 Performance Review

Scotiabank $ millions Negative net formations this quarter Domestic - - Retail 75 - Commercial 10 85 12 International Scotia Capital - U.S. - Other Total (156)* (1) (157) (60) *Includes $103 mm transfer to Other Assets as a result of the new CICA accounting standard effective November 1, 2004 23 Continuing positive trend in impaired loans Scotiabank $ millions 3,269 3,199 3,015 Gross Impaired Loans Net Impaired Loans* 2,200 2,028 1,487 1,371 1,198 879 762 Q1/04 after specific allowance Q2/04 Q3/04 Q4/04 Q1/05 24

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