Performance Highlights Q3/03

S Scotiabank Decrease in specific provisions specific provisions, $ millions 475* 400 Q3/02 325 275* 224* Other Q4/02 Q1/03 *excluding Argentina 25 Q2/03 Q3/03 Scotia Capital 5 Lower power & energy trading exposure Scotiabank Loans & acceptances, C$ millions Sector Investment Grade Non-Investment Grade Total Q3/03 Q2/03 Q3/03 Q2/03 Q3/03 Q2/03 Regulated Utilities 551 665 565 630 1,116 1,295 Diversified Generation 24 585 777 609 777 Independent Power 476 439 340 389 816 828 Projects with PPAs* Other Power Projects 48 150 851 829 899 979 Total 1,099 1,254 2,341 2,625 3,440 3,879 Impaired Loans: Gross $291mm, Net $141mm Power Purchase Agreements 26

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