Manulife Deal led by Scotia Capital recognized as Equity Deal of the Year in the Americas



    TORONTO, May 7 /CNW/ - Scotia Capital today announced that the equity
deal it led for Manulife Financial Corporation in December 2008 has received
the prestigious award for Equity Deal of the Year in the Americas for 2008 by
The Banker magazine. The deal was executed by way of both a private and public
placement, for which Scotia Capital acted as the Sole Bookrunner and amounted
to a placement of $2.275 billion of common equity.
    "We are proud to receive this award. The Scotia Capital Equity and
Investment Banking Teams worked closely with Manulife Financial Corporation
and put together an innovative two-tranche private placement and public bought
deal to achieve their objectives in a cost-effective way," said Steve
McDonald, Co-CEO of Scotia Capital and Group Head of Global Corporate and
Investment Banking. "This deal was put together in very difficult and volatile
times, showing our equity team's strength and breadth of experience in getting
the job done successfully."
    The judging panel for the Deals of the Year, made up of the senior
editors of The Banker, focused on client objectives and how they were met; the
complexity of the deal and the challenges of the execution environment. In
sum, the appropriateness of solutions for the client's objectives, the
pricing, performance and execution quality were the major factors for the
winning deals.
    This week, Scotia Capital was also named the 2008 Best Underwriter of the
Year in North America by Acquisition Finance Magazine. Winners for this award
are nominated by a panel of industry peers put together by Acquisition Finance
Magazine and winners are selected by the magazine's subscribers through an
independent poll.
    "These two awards, combined with other recent industry recognition, are a
testament to the emphasis and resources that Scotia Capital has invested in
our global investment banking platform and underscore our capabilities and
commitment to serve clients at the highest level," concluded Mr. McDonald.
    As a member of the Scotiabank Group, Scotia Capital offers corporate and
investment banking and capital markets products to corporate, government and
institutional clients. It provides full-service coverage across the NAFTA
region, as well as a niche focus in select markets globally. Scotia Capital
has 28 offices and more than 300 relationship managers organized around
industry specialties.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 69,000 employees, Scotiabank
Group and its affiliates serve approximately 12.8 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 $509 billion in assets (as at January 31, 2009), Scotiabank
trades on the Toronto (BNS) and New York Exchanges (BNS). For more information
please visit www.scotiabank.com or www.scotiacapital.com.





For further information:

For further information: For media inquiries: Paula Cufre, Scotiabank
Public Affairs, (416) 933-1093, paula_cufre@scotiacapital.com


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