Investor Presentaiton

Scotiabank $ millions Lower specific provisions Q3/04 Q2/04 Q3/03 Domestic: 70 81 71 International: 2 18 (3) Scotia Capital: - Canada - U.S. - Europe €222 (11) 18 32 2862 (2) 20 22 85 16 25 132 Other (1) Total 100 130 200 25 Scotiabank $ millions Scotia Capital - positive trend in net formations and provisions 300 250 200 150 100 50 50 0 Net Formations PCL -50 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 26

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