Strategy in action

31 32 Core Banking Margin (TEB)' 2.37% 2.30% 2.31% 2.26% 2.25% Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 . Quarter-over-Quarter Impact of Colpatria +8 bps Lower volumes of DWBS +3 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 Canadian Banking: Strong Results Revenues (TEB) ($ millions) 1,549 1,517 1,439 391 377 330 1,109 1,158 1,140 Q2/11 Q1/12 ■Commercial Banking Retail & Small Business Scotiabank • Q2/12 Year-over-Year Retail & Small Business + Solid residential mortgage and deposit growth - Lower margin and FX revenues + Higher card revenues and GWM referral fees Commercial Banking - Lower margin + Strong volume growth in commercial banking and auto loans + Higher credit fees Quarter-over-Quarter Retail & Small Business + Growth in fixed rate mortgages + Solid deposit growth - Shorter quarter Commercial Banking - Lower credit fees - Shorter quarter

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