Investor Presentation

€ Scotiabank Credit risk overview Specific provisions: $170mm - down $155 mm vs. Q1/03 - up $50 mm vs. Q4/03 ■ Net impaired loans: $12 mm - down $547 mm vs. Q1/03 - down $35 mm vs. Q4/03 25 Scotiabank Net formations by business line net formations, $ millions - Q1/04 Domestic - Retail - Commercial $$ 56 69 125 International 51 Scotia Capital - Canada - U.S. 20 20 66 - Europe Total (79) 7 183 26

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