Scotia Capital Welcomes Cesare Roselli to Expanded Global Fixed Income Team in Europe

LONDON, January 28, 2011 - Scotia Capital, the wholesale banking arm of Scotiabank, today announced
that Cesare Roselli has joined the firm's fixed income team in London as
Managing Director and Head of Sovereign, Supranational and Agency (SSA)
Origination in Europe.

"Cesare Roselli's strong ties with European public borrowers will be
important to build a first-class business franchise," said Greg Greer,
Managing Director and Head of Capital Markets, EMEA.

Mr. Roselli holds an MBA from the MIT Sloan School of Management, in
Cambridge, a Master in Economics from Bocconi University, in Milan, and a BA
in Economics from La Sapienza University, in Rome. He joins the firm after 10
years managing public sector debt and derivatives origination at Morgan
Stanley.

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

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 Group, and its affiliates, has more than 70,000 employees
serving 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
$526 billion (as at October 31, 2010), Scotiabank trades on the Toronto (BNS)
and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.

For further information: please contact Joe Konecny, Scotiabank
Media Communications, +1(416)933-1795, or joe_konecny@scotiacapital.com.

(BNS. BNS)

For further information: please contact Joe Konecny, Scotiabank Media Communications,
+1(416)933-1795, or joe_konecny at scotiacapital.com.