First Quarter 2011 Earnings Report

Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-09 Avg. 2010e 2011F 2012F Mexico 1.9 5.5 4.3 3.8 Peru 5.1 8.5 6.8 7.2 Chile 3.7 5.0 6.0 5.5 Jamaica 0.9 (0.7) 1.0 1.5 Trinidad & Tobago 6.4 0.3 2.3 3.0 Costa Rica 4.0 3.5 3.0 3.3 Dominican Republic 5.2 4.5 4.0 4.0 Thailand 4.0 7.0 4.8 4.5 2000-09 Avg. 2010e 2011F 2012F Canada 2.1 3.1 3.1 2.6 U.S. 1.8 2.8 3.0 2.7 Source: Scotia Economics, as of March 3, 2011 Scotiabank Unrealized Securities Gains ($ millions) Q1/11 Q4/10 Q1/10 Emerging Market Debt 315 378 383 Other Debt 450 765 672 Equities 399 274 190 1,164 1,417 1,245 Net Fair Value of Derivative Instruments and Other Hedge Amounts (106) (228) (217) Total 1,058 1,189 1,028 Scotiabank 37 38

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