First Quarter 2011 Earnings Report

Global Wealth Management: Key Metrics ($ billions) Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Assets Under Administration 181 188 188 197 205 Assets Under Management Mutual Funds Market Share in Canada* 42 44 44 46 6 48 8.84% 9.10% 9.18% 9.23% 9.25% Scotiabank *Mutual Funds market share is based on a comparison with total Schedule I banks. Source: IFIC. Excludes Scotiabank's investments in DundeeWealth and Cl. Scotia Capital: Strong Trading Revenues Revenues (TEB) ($ millions) 35 900 804 724 503 446 385 397 339 358 Q1/10 Q4/10 Q1/11 Global Capital Markets Global Corporate & Investment Banking Scotiabank Year-over-Year ■ Global Capital Markets + Higher precious metals revenues - Lower trading revenues in fixed income ■ Global Corporate & Investment Banking - Lower lending volumes, primarily in the U.S. Quarter-over-Quarter ■ Global Capital Markets + Higher revenues in institutional equity and precious metals ■ Global Corporate & Investment Banking + Higher investment banking revenues + Higher loan origination fees and lending margins 36

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