Investor Presentaiton

Scotiabank % 1.97 All Bank 1.97 Scotiabank Appendix 37 Net interest margin 1.98 1.89 1.91 Domestic 2.78 2.74 2.67 2.62 2.58 International 4.19 4.20 4.15 4.09 4.06 Scotia Capital All-Bank margin: +2 bps qtr/qtr higher margins in Group Treasury ■higher proportion of International assets Domestic margin: - 4 bps qtr/qtr ■primarily from strong mortgage growth at relatively narrower spreads, higher deposit rates International margin: - 11 bps qtr/qtr ■ narrower spreads in C&CA, Chile ■ partly offset by higher spreads in Mexico, Asia Scotia Capital margin: flat qtr/qtr tighter loan spreads offset by interest recoveries 0.73 0.76 0.72 0.71 0.71 ☐ Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 38

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