Scotiabank Announces Completion of Preferred Share Offering



    /NOT FOR RELEASE OR DISSEMINATION IN THE UNITED STATES/

    TORONTO, Jan. 21 /CNW/ - Scotiabank today announced that it has completed
the domestic offering of 13 million, non-cumulative 5-year rate reset
preferred shares Series 26 (the "Preferred Shares Series 26") at a price of
$25.00 per share. The gross proceeds of the offering were $325 million.
    The offering was made through a syndicate of investment dealers led by
Scotia Capital Inc. The Preferred Shares Series 26 commence trading on the
Toronto Stock Exchange today under the symbol BNS.PR.T.
    Holders of Preferred Shares Series 26 will be entitled to receive a
non-cumulative quarterly fixed dividend for the initial period ending April
25, 2014 yielding 6.25% per annum, as and when declared by the Board of
Directors of Scotiabank. Thereafter, the dividend rate will reset every five
years at a rate equal to 4.14% over the 5-year Government of Canada bond
yield. Holders of Preferred Shares Series 26 will, subject to certain
conditions, have the right to convert all or any part of their shares to
non-cumulative floating rate preferred shares Series 27 (the "Preferred Shares
Series 27") of Scotiabank on April 26, 2014 and on April 26 every five years
thereafter. Holders of the Preferred Shares Series 27 will be entitled to
receive a non-cumulative quarterly floating dividend at a rate equal to the
3-month Government of Canada Treasury Bill yield plus 4.14%, as and when
declared by the Board of Directors of Scotiabank.
    The Preferred Shares Series 26 and Preferred Shares Series 27 have not
been and will not be registered under the United States Securities Act of
1933, as amended, or under any state securities laws, and may not be offered,
sold, directly or indirectly, or delivered within the United States of America
and its territories and possessions or to, or for the account or benefit of,
United States persons except in certain transactions exempt from the
registration requirements of such Act. This release does not constitute an
offer to sell or a solicitation to buy such securities in the United States.

    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 12.5 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 $508 billion in assets (as at October 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.

    %SEDAR: 00001289EF




For further information:

For further information: Michael Lomas, Managing Director, Capital and
Mid-Term Funding, Scotiabank, (416) 866-5734, or
michael_lomas@scotiacapital.com


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