Investor Presentation

Scotiabank Lower power & energy trading exposure Loans & acceptances, $ millions Sector Investment Grade Non-Investment Grade Total Q1/04 Q4/03 Q1/04 Q4/03 Q1/04 Q4/03 Regulated Utilities 757 542 445 494 1,202 1,036 Diversified Generation 63 25 192 338 255 363 Independent Power 314 437 305 272 619 709 Projects with PPAs* Other Power Projects 45 45 517 631 562 676 Total 1,179 1,049 1,459 1,735 2,638 2,784 Impaired Loans: Gross $439mm, Net $268mm * Power Purchase Agreements 31 9 Scotiabank # days 12 Low variability of trading revenue... trading revenue, first quarter 2004 93%+ days = positive 10 10 8 60 4 2 wlw.. 0 (2) (1) 01 2 3 4 $ millions 32 56789 10 11

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