Financial Overview and 2012 Outlook

34 Net Interest Margin 1.75% 1.75% 1.68% 1.67% 1.63% Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Appendix Scotiabank Scotiabank • Q4 margin impacted by Higher volumes of non-interest earning assets • Higher volumes of low spread deposits with banks 17

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