First Quarter 2011 Earnings Report

Scotia Capital: 2011 Outlook • Trading revenues performing well ➤ Benefit from diversification of products ➤ Growth initiatives are starting to produce • Stable loan volumes . ➤ Expectations for loan growth are relatively modest ➤ Portfolio quality is strong; PCLs expected to be modest Pipeline for equity new issue and M&A reasonably strong • Expenses continue to be closely managed Scotiabank Scotiabank Appendix 27

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