2004 Performance Highlights

Scotiabank $ millions Scotia Capital - positive trend in net formations and provisions 275 Net Formations PCL 225 175 125 75 25 -25 -75 -125 -175 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 29 Scotiabank # days Low variability of trading revenues ... trading revenues, 2004 = 92%+ days positive 40 35 30 25 20 15 10 5 0 (7) (6) (5) (4) (3) (2) (1) 0 1 2 3 4 5 6 $ millions 30 7 8 9 10 11 12

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