Outlook

寫 Scotiabank Risk Review Warren Walker Executive Vice-President Global Credit Risk Management 27 Scotiabank - Credit quality – continued improvement Specific provisions: down $80mm from Q4/03 vs. Q3/03 - down $1,136mm 2003 vs. 2002 ▪ Net impaired loans in Q4/03: $47mm - down $270mm* from Q3/03 - - down $573mm* from Q4/02 ■ Progress in Scotia Capital portfolios * includes $114mm transferred to other assets as a result of a new CICA standard on foreclosed assets 28

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