2004 Performance Highlights

Scotiabank Continuing positive trend in net impaired loans $ millions, after general allowance 47 12 (104) (227) Q4/03 Q1/04 Q2/04 27 Q3/04 (496) Q4/04 Scotiabank $ millions Q4/04 Significant reduction in specific provisions in 2004 Q3/04 2004 2003 74 70 Domestic 317 272 43 2 International 70 137 Scotia Capital: (10) (15) 280 20 - U.S. 54 270 - Other 52 279 (2) Other (3) (1) 90 100 490 957 Argentina (64) 90 100 Total 490 893 28

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