First Quarter 2011 Earnings Report

International Banking: Improving Environment Revenues (TEB) ($ millions) 1,248 1,294 1,311 263 287 301 488 471 422 525 543 553 Q1/10 ■Mexico Q4/10 Q1/11 ■Caribbean & Central America Latin America & Asia ■ Mexico Year-over-Year + Improved commercial volumes - Lower commercial banking fees ■ Caribbean & Central America + Impact of R-G Premier acquisition ■ Latin America & Asia + Loan volume growth in Asia and Peru + Higher contribution from Thanachart Bank ■ Mexico Quarter-over-Quarter + Improved spreads ■ Caribbean & Central America + Higher margins - Lower revenues in Trinidad, Puerto Rico and Curaçao ■ Latin America & Asia + Solid loan growth in Peru and Asia - Lower margins Scotiabank Global Wealth Management: Strong Performance 33 Revenues (TEB) ($ millions) 603 555 528 119 112 111 484 443 417 Q1/10 Q4/10 Q1/11 Insurance Year-over-Year ■ Wealth Management + Growth in all businesses with increased net sales, higher asset balances and trading revenue + Organic growth in Chile and Peru ■ Insurance + Expansion of Scotia Life Financial Quarter-over-Quarter ■ Wealth Management + Growth in all businesses with increased net sales, higher asset balances and trading revenue Insurance + Sales growth through Scotiabank international contact centres Wealth Management Scotiabank 34

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