First Quarter 2011 Earnings Report

Scotiabank Financial Review Luc Vanneste Executive Vice-President & Chief Financial Officer Corporate Reorganization 2010 Net Income ($ millions) Canadian Banking International Banking Global Wealth Management Scotia Other Total Capital Reported 2,315 1,262 1,350 (688) 4,239 Impact of (546) (173) 785 (66) Reorganization Adjusted 1,769 1,089 785 1,350 (754) 4,239 Reported % of 2010 Total* Adjusted % of 2010 Total* ■Canadian Banking 27% 27% 35% ■International Banking 47% ■Global Wealth Management ■Scotia Capital 16% 22% 26% * Excluding Other Scotiabank 6

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