First Quarter 2011 Earnings Report

Record Quarter Q1/11 Q4/10 Q/Q Q1/10 Y/Y 1,174 1,092 8% Net Income ($MM) 988 19% $1.07 $1.00 7% EPS $0.91 18% 18.7% 17.9% 80 bps ROE 17.4% 130 bps 54.5% 54.4% (10) bps Productivity Ratio 50.5% (400) bps Year-over-Year Comparison Q1 earnings benefited from... • Asset growth; record net interest income • Record other income, higher underwriting fees • Wealth management performance Scotiabank Partly offset by... • Growth in operating expenses • Lower net gains on securities • Foreign currency translation Consistent Growth in Revenues 3,981 Revenues (TEB) ($ millions) 4,012 4,196 1,825 1,759 1,699 2,222 2,313 2,371 Q1/10 Q4/10 Q1/11 Other Income Net Interest Income (TEB) Scotiabank Year-over-Year ■ Net interest income up 7% + Asset growth, including impact of acquisitions Modestly lower margin ■ Other income up 4% + Higher mutual fund revenues + Higher underwriting fees - Lower net gains on securities Quarter-over-Quarter 7 ■ Net interest income up 3% + Asset growth + Stable margin ■ Other income up 7% + Higher trading revenues + Higher mutual fund revenues and underwriting fees - Lower securitization revenues and net gains on securities 8

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