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24 Appendix Core Banking Margin (TEB)1 2.37% 2.33% 2.35% 2.30% 2.25% Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Scotiabank Quarter-over-Quarter ING DIRECT acquisition: -6 bps Canadian dollar margin relatively stable Foreign currency margin stable - higher margins in Mexico and Chile, offset by lower margins in Peru and Pacific region (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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