Q1 2005 Performance Highlights

Scotiabank Scotiabank Risk Review Warren Walker Executive Vice-President Global Credit Risk Management 21 Credit risk overview ■ Lower gross impaired loans: $2.0 B - down $172 mm vs. Q4/04 ■ Lower net impaired loans: $762 mm (after specific allowance) - down $117 mm vs. Q4/04 - down $725 mm vs. Q1/04 ■ Lower specific provisions: $74 mm - down $16mm vs. Q4/04 - down $96mm vs. Q1/04 22

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