Scotia Capital Expands Global Fixed Income Rates Team Into Europe

LONDON and NEW YORK and TORONTO, November 5, 2010 - Scotia Capital, the wholesale banking division of Scotiabank, today
announced an expanded Global Fixed Income Rates platform, leveraging its
solid Canadian operations to build new capabilities in London. This move is
supported by the acquisition of Primary Dealer status in Germany and France
earlier this year, and in the UK starting November 8, 2010. Additional
applications for Primary Dealer status are currently underway in other key
jurisdictions.

"Scotiabank and its fixed income business have fared well through extreme
market turbulence in recent years, and we are now well positioned to expand
Scotia Capital's fixed income franchise by developing a long-term, top-tier
presence in the European fixed income markets," said Mike Durland, Group
Head, Global Capital Markets, and Co-Chief Executive Officer, Scotia Capital.
"Scotiabank has a long history of operating a top fixed income franchise in
Canada and the expansion into Europe and other key jurisdictions is a natural
extension of its core strength."

The Global Fixed Income Rates expansion into Europe significantly adds to
Scotia Capital's distribution capability, while supporting its origination,
emerging markets, infrastructure, energy and prime brokerage initiatives. It
also enhances Scotia Capital's existing franchise in Canadian fixed income
products which are increasingly being traded internationally. Scotia
Capital's clients will receive an enhanced and expanded service offering
through the new platform, as more automated client interfaces for trade
execution and client reporting - such as trade activity, settlement tracking
and account opening - are developed.

"At Scotia Capital, we have leveraged our traditional strengths in fixed
income and the Bank's international reach to expand our franchise globally,"
said Michael Zych, Managing Director and Head, Global Fixed Income, Scotia
Capital. "Scotia Capital has a new Global Fixed Income platform incorporating
rates, origination and underwriting, credit sales and trading, credit cross
markets, and a team specializing in emerging markets, which enables us to
better serve our clients."

Leading the bank's European Operations, Mark Caplan, CEO of Scotiabank
Europe Plc, added: "We are very grateful for the confidence shown in us by
the authorities in Germany, France and now the UK. Our intention is to be an
enduring positive presence in the major European Debt markets."

In addition to the European rates expansion, significant work is being
done in the US for a rollout of US dollar products.

The global rates business reports to Vikram Rao, Managing Director, Head,
Global Rates Sales and Trading. Scotia Capital's rates business involves the
sales and trading of government debt, including inflation bonds, interest
rate derivatives, rates volatility, repo and money market products.

Leading the European Rates expansion is Sunay Yildiz, Managing Director &
Head of Rates Sales and Trading, Europe. Mr. Yildiz previously worked for a
major US bank where he spent 13 years in the European liquid products market
running the rates trading desk. Martin Ball, Managing Director and Head of
Rates Sales, Europe, recently joined from a global dealer where he spent 8
years leading their UK sales desk. Mr. Ball has also held various sales and
buy-side roles and brings over 20 years of experience to the desk. Mr. Ball
will be working closely with Iqbal Khan-Cheema, Managing Director and Head of
UK Trading. Mr. Khan-Cheema has spent many years managing various trading and
sales desks in London, and will be acting as the bridge between the Rates
Sales and Trading groups. Jeremy Palliser, Managing Director, will lead the
team's Investment Managers & Central Bank coverage.

Scotia Capital is the wholesale banking arm of the Scotiabank Group,
offering a wide variety of corporate and investment banking and capital
markets products and services to corporate, government and institutional
clients. Scotia Capital provides full-service coverage across North America,
and also serves selected niche markets globally. It 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 close to 70,000 employees, Scotiabank
Group and its affiliates serve approximately 14.6 million customers in some
50 countries around the world. Scotiabank offers a diverse range of products
and services including personal, commercial, corporate and investment
banking. With more than $523 billion in assets (as at July 31, 2010),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more
information please visit www.scotiabank.com.

Contact: Joe Konecny at +1(416)933-1795, or
joe_konecny(at)scotiacapital.com

Contact: Joe Konecny at +1(416)933-1795, or joe_konecny(at)scotiacapital.com