First Quarter 2011 Earnings Report

International Commercial: Lending Portfolio Q1/11 = $36 billion Peru 13% Other 6% Mexico 12% • Well secured Chile 15% Asia/Pacific -(10 countries) 26% Caribbean & -Central America 28% Portfolios in Asia/Pacific, Mexico, Chile, Peru and Central America performing well Closely monitoring Caribbean hotel exposures Scotiabank Q1 2011 Trading Results Within One-Day VaR 32 40 30 20 10 0 (10) (20) Scotiabank -Actual P&L 1-Day VaR 47 Average 1-Day VaR Q1/11: $11.7MM Q4/10: $9.3MM 48

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