Q1 2005 Performance Review

Scotiabank $ millions Lower specific provisions Q1/05 Q4/04 Q1/04 Domestic: 76 74 92 International: 7 43 7 Scotia Capital: - Canada (1) (20) 18 - U.S. (19) (10) 26 - Europe 11 5 27 (9) (25) 71 Other I (2) I Total 74 90 170 25 Scotiabank $ millions - Scotia Capital – positive trend in net formations and provisions 275 225 175 125 75 25 -25 -75 -125 -175 Net Formations Provisions IT Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 26

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