Scotia Capital Economist Ranked No. 1 in the UK

LONDON, June 10, 2011 -

Scotia Capital, the wholesale banking division of Scotiabank, today
announced that the firm's new economist Alan Clarke has been ranked No. 1 in
the 2011 Thomson Reuters Extel Pan-European survey.

"Alan Clarke's strong background as an economic expert for the UK and
Euro zone will be important in our building a first-class business
franchise," said Sunay Yildiz, Managing Director, Head Interest Rate Sales
and Trading Europe.

Mr. Clarke joined Scotia Capital's European Fixed Income Strategy Team as
Director, UK and Euro zone economist, following a 10-year run as Chief UK
economist with a major London-based financial services company. He has a
Masters in Finance from the London Business School, and Economics and Finance
degrees from the University of Southampton. He has accumulated many awards in
his career, including No. 3 rankings in the 2009 and 2010 Thomson Reuters
Extel Pan-European surveys. In 2010, Mr. Clarke was ranked No. 3 among the
most accurate UK forecasters by the Sunday Times. A year earlier, he was
listed in the Top 100 Rising Stars in London by efinancial News.

"Scotia Capital is focused on the expansion of its Global Fixed Income
platform and adding Alan Clarke to our team demonstrates our commitment to
the expansion in Europe," said Mark Caplan, Managing Director and Head of
Scotia Capital Europe.

Mr. Clarke is joined on Scotia Capital's European Fixed Income Strategy
Team by Frederic Pretet, who specializes in inflation linked bond market
strategy. Mr. Pretet's experience as a eurozone economist complements Mr.
Clarke's background.

"Moving to Scotia Capital is a fantastic opportunity to work with a
dynamic team of experienced professionals in London and Europe," said Mr.
Clarke. "I am extremely grateful to all the investors that took the time to
vote for me and whom I have had the pleasure of working with over the last 12
months. I look forward to doing an even better job over the coming year and
doing my bit to help our clients have a profitable year."

Thomson Reuters Extel market surveys are designed to help all three sides
of the investment community to identify excellence and inform investment
decisions.

Scotia Capital is the global corporate and investment banking and capital
markets division of the Scotiabank Group. We help corporate, institutional
and government clients in Canada and around the globe seize opportunities,
unlock value, and achieve their financial goals. Scotia Capital has 29
offices and more than 300 relationship managers organized around industry
specialties. For more information, please visit www.scotiacapital.com.

Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 70,000 employees, Scotiabank
Group and its affiliates serve some 18.6 million customers in more than 50
countries around the world. Scotiabank offers a broad range of products and
services including personal, commercial, corporate and investment banking.
With assets above $571 billion (as at April 30, 2011), Scotiabank trades on
the Toronto (BNS) and New York Exchanges (BNS). For more information please
visit www.scotiabank.com.

For further information:

Alan Clarke at +44-207-826-5986, or alan_clarke@scotiacapital.com; or
Joe Konecny at +1(416)933-1795 or joe_konecny@scotiacapital.com

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