First Quarter 2011 Earnings Report

Global Wealth Management: Strong Performance Net Income ($ millions) 216 183 182 Q1/10 Q4/10 Q1/11 Scotiabank Year-over-Year ■ Revenues up 14% + Widespread growth in Canadian wealth management + Growth in AUM and trading volumes + Higher insurance revenues Expenses up 14% - Increased volume related expenses Quarter-over-Quarter ■ Revenues up 9% + Higher mutual fund fees and brokerage revenues + Higher insurance revenues + Growth in AUM Expenses up 3% - Volume related expenses, including performance based compensation Scotia Capital: Solid Trading Revenue 381 Net Income ($ millions) 308 273 Year-over-Year ■ Revenues down 11% - Impact of more normalized market conditions on trading - Decline in corporate lending volumes ■ PCLs down $17MM to a net recovery of $3MM ☐ Expenses up 26% – Higher expense from growth initiatives - Higher stock-based compensation Quarter-over-Quarter ■ Revenues up 11% + Higher trading revenues in institutional equity and precious metals + Higher investment banking revenues ■ PCL net recoveries down $5MM Q1/10 Q4/10 Q1/11 " Expenses up 20% - Higher performance and stock-based compensation (largely seasonal) Scotiabank 13 14

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