Financial Review Q3/11

29 30 Net Interest Margin 1.75% 1.75% 1.68% 1.68% 1.67% Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Scotiabank Q3 Margin impacted by Higher volumes of low spread deposits • Higher trading profit in Scotia Capital ⚫ Wider spreads in Chile, Mexico and Asia ⚫ Lower gains from financial instruments Canadian Banking: Competitive Environment Revenues (TEB) ($ millions) 1,549 1,577 1,498 390 406 352 1,143 1,146 1,187 Q3/10 Q2/11 ■Commercial Banking Retail & Small Business Q3/11 • Scotiabank Year-over-Year Retail & Small Business + Deposit growth + Growth in residential mortgages and consumer auto loans - Ongoing shift in mortgage portfolio to lower margin variable rate mortgages Commercial Banking - Lower net interest income + Deposit growth Quarter-over-Quarter Retail & Small Business + Higher volume of residential mortgages - Continued competitive pressures Commercial Banking + Higher credit fees + Longer quarter 15

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