Canadian and International Banking Performance Overview

Scotiabank Net Interest Margin (%) Appendix 1.74 1.76 1.75 1.73 1.68 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q4 margin benefited from... • Mark-to-market gains • Lower volume of low margin assets Partially offset by... Lower spreads in Scotia Capital Scotiabank 32

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