Investor Presentation Q4 2005

Scotiabank Credit risk overview ■ Lower specific provisions: - 2005: $275 mm - down $215 mm vs. 2004 - Q4/05: $81 mm - down $4 mm vs. Q3/05 ■ Lower net impaired loans: $681 mm (after specific allowance) ■ - down $198 mm vs. Q4/04 - up $108 mm vs. Q3/05 $45 mm release of general allowance in Q4/05 Scotiabank $ millions 27 Significant reduction in specific provisions in 2005 Q4/05 Q3/05 2005 2004 69 63 Domestic 274 317 16 21 International 70 70 Scotia Capital: (20) 1 - U.S. (93) 54 13 1 - Other 22 52 3 (1) Other 2 (3) 81 85 Total 275 490 28

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