New deposit note by Scotiabank and CI Investments offers double the exposure with principal protection



    /NOT FOR DISSEMINATION TO U.S. WIRE SERVICES/

    TORONTO, Aug. 20 /CNW/ - CI Investments Inc. ("CI") today announced the
launch of The Bank of Nova Scotia - CI 2X(TM) Deposit Notes, Series 2 ("the
Notes"), which offer investors double the exposure to a broadly diversified
and actively managed balanced fund, along with the peace of mind of principal
protection.
    The Notes, issued by The Bank of Nova Scotia, provide a return linked to
the performance of Signature Income & Growth Fund from CI Investments. The
fund invests in a broad range of asset classes, including income trusts,
preferred shares and dividend-paying common stocks. This diversification
reduces risk and gives the managers more flexibility to respond to changing
market conditions, so that they can take advantage of new opportunities as
well as preserve capital. The lead portfolio managers are Eric Bushell, Chief
Investment Officer, and James Dutkiewicz of Signature Global Advisors.
    The innovative option-based strategy of the Notes ensures that they have
continuous 200% exposure to the fund throughout their seven-year life. Fund
distributions are automatically reinvested into the Note structure to maximize
tax-deferred growth, while the principal amount is 100% guaranteed by The Bank
of Nova Scotia if held to maturity.
    "The Notes are designed for investors who want the security of protecting
their capital, while enhancing the returns of their investments," said
David R. McBain, CI Senior Vice-President. "The Notes' structure controls risk
through principal protection and the fund's broad diversification, while
maximizing performance potential with 200% exposure to the fund at all times
regardless of fund returns."
    The Bank of Nova Scotia - CI 2X Deposit Notes, Series 2, are available
for sale until September 30, 2008, through registered dealer representatives,
and are eligible for registered plans. The minimum purchase is $5,000. A
complete description of the Notes can be found in the Information Statement
describing the issue.
    The Notes have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "1933 Act"), or under any state
securities laws and, subject to certain exemptions, may not be offered for
sale, sold or delivered, directly or indirectly, in the United States, its
territories or possessions to or for the account or benefit of U.S. persons
within the meaning of regulations under the 1933 Act. No securities commission
or similar authority has reviewed or in any way passed on the Notes described
and any representation to the contrary is an offence. In addition, the Notes
may not be offered or sold to residents of any jurisdiction or country of
Europe.

    About The Bank of Nova Scotia

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 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 $453 billion in assets (as at April 30, 2008), Scotiabank trades
on the Toronto (BNS) and New York Exchanges (BNS). For more information please
visit www.scotiabank.com.

    About CI Investments

    CI Investments Inc. is one of Canada's largest investment fund companies
with over $55 billion in assets under management. CI offers a broad range of
investment products and services, including an industry-leading selection of
investment funds, and is on the Web at www.ci.com. CI is controlled by CI
Financial Income Fund (TSX: CIX.UN), an independent, Canadian-owned wealth
management firm with $99.3 billion in fee-earning assets as of July 31, 2008.





For further information:

For further information: David R. McBain, Senior Vice-President, CI
Investments Inc., (416) 364-1145


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