Investor Presentaiton

Scotiabank $ millions General Allowance Released to Income 50 General Allowance 1,475 1,425 Q2/04 Q3/04 % of risk-assets 0.95% 0.92% 27 Continued decrease in cable & telecom exposure Scotiabank Loans & acceptances, $ millions Investment Non-Investment Sector Grade Grade Total Q3/04 Q2/04 Q3/04 Q2/04 Q3/04 Q2/04 Cable operators 18 20 1,188 1,251 1,206 1,271 Regulated telephone 388 397 123 96 511 493 Unregulated telephone 11 53 126 148 137 201 Wireless 194 92 220 453 414 545 Long-haul fibre cable 15 17 15 17 CLECS 28 28 28 28 Total 611 562 1,700 1,993 2,311 2,555 Impaired Loans: Gross $299 mm, Net $218 mm 28

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