Financial Review Q2 2010

Stable Net Interest Margin (%) 1.76 1.76 1.71 1.74 1.73 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q2 margin benefited from... • Wider spreads on retail assets in Canadian Banking Offset by... • Lower spreads in International & Corporate Banking • Increase in low yielding DWBs Scotiabank 29 Canadian Banking: Strong Y/Y Performance in Retail & Wealth Mgmt. Revenues (TEB) ($ millions) Q2/10 vs. Q2/09 Revenues Retail & Small Business 1,951 1,921 + Higher margin 1,671 1,192 1,201 1,045 408 407 382 + Asset & deposit growth Commercial Banking + Net gain on investment securities + Widespread growth in fee based revenues Wealth Management + Full service brokerage & mutual fund fees + Increased contributions from CI & DW Q2/10 vs. Q1/10 Revenues +5 bps increase in margin, asset growth 321 343 244 + Higher wealth management revenues: Q2/09 Q2/10 Q1/10 + Increased contribution from CI, benefiting from tax recovery Retail & Small Business Commercial Banking Wealth Management Scotiabank 30

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