Outlook and Business Line Results

Scotiabank Stable power & energy trading exposure Loans & acceptances, $ millions Investment Sector Grade Non-Investment Grade Total Q3/04 Q2/04 Q3/04 Q2/04 Q3/04 Q2/04 Regulated Utilities 705 577 146 174 851 751 Diversified Generation 176 249 176 249 Independent Power 361 309 291 294 652 603 Projects with PPAs* Other Power Projects 46 380 373 380 419 Total 1,066 932 993 1,090 2,059 2,022 Impaired Loans: Gross $444 mm, Net $258 mm * Power Purchase Agreements 29 Scotiabank # days Low variability of trading revenue... trading revenue, third quarter 2004 95%+ days = positive 14 12 10 8 CO 6 4 2 0 (4) (3) (2) (1) 01 2345678 $ millions 30

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