Strategic Economic and Financial Overview

30 Strategy in action Appendix Core Banking Margin (TEB)' 2.37% 2.31% 2.33% 2.26% 2.25% Scotiabank Quarter-over-Quarter Lower spreads in several international countries: -3 bps • Higher volumes of DWBs: -2 bps Lower spreads in Canadian Banking: -1 bps . Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Full quarter impact of Colpatria: +2 bps (1) Represents net interest income (TEB) as a % of average earning assets excluding bankers acceptances and total average assets relating to the Global Capital Markets business within Global Banking and Markets. Scotiabank

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