Investor Presentaiton

Scotiabank ...reflecting moderate market risk $ millions, May 1, 2004 to July 31, 2004 20 10 -10 -20 Actual p&l VaR 1 day Average 1 day VaR = $10.2 mm 31 Risk summary Scotiabank ☐ Improving credit performance Domestic Retail - Excellent Domestic Commercial - Stable International - Good Scotia Capital - Continues to improve ■ Market risk well contained ■ Possible future reduction in general allowance 32

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