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Investor Presentaiton

Net Interest Margin (%) 909 1.76 1.75 1.75 1.73 1.68 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q1 margin benefited from... . Higher loan origination fees • Lower volume of low margin assets Partially offset by... Higher volumes in fixed income and institutional equity Scotiabank Canadian Banking: Solid Quarter Revenues (TEB) ($ millions) 1,545 1,568 1,592 1,142 1,171 1,189 403 397 403 Q1/10 Q4/10 Retail & Small Business ■Commercial Banking Scotiabank Year-over-Year ■ Retail & Small Business + Asset growth, primarily in mortgages + Deposit growth ■ Commercial Banking + Securities gains and higher credit fees - Lower loan balances Quarter-over-Quarter ■ Retail & Small Business + Continued growth in residential mortgages ■ Commercial Banking + Securities gains Q1/11 + Credit card fees 30 29
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