2004 Performance Highlights

Scotiabank Credit risk overview ■ Lower gross impaired loans: $2.2 B - down $815 mm vs. Q3/04 ■ Lower net impaired loans: $(496) mm (after general allowance) - down $269 mm vs. Q3/04 - down $543 mm vs. Q4/03 ■ Lower specific provisions: $90 mm - down $10 mm vs. Q3/04 - down $30 mm vs. Q4/03 ■ $100 mm release of general allowance in 2004 25 Negative net formations this quarter Scotiabank $ millions Domestic - - Retail 72 - Commercial སལ (2) International @སྦྱ 70 (3) Scotia Capital - - Canada (47) - U.S. - Europe (88) (19) (154) Total (87) 26

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