Scotiabank Announces Redemption of 4.99% Debentures due March 27, 2018

/NOTE TO EDITORS: NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/

TORONTO, Feb. 25, 2013 /CNW/ - Scotiabank (BNS: TSX, NYSE) today announced that the Bank, subject to the final approval of the Office of the Superintendent of Financial Institutions (OSFI), intends to redeem all outstanding 4.99% debentures due March 27, 2018 (the "Debentures") for 100% of their principal amount plus accrued and unpaid interest to the redemption date. The redemption will occur on March 27, 2013.

The redemption of the Debentures will be financed out of the general funds of Scotiabank.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 81,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $668 billion (as at October 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE: Scotiabank - Financial Releases

For further information:

Jake Lawrence, Managing Director, Group Treasury, at (416) 866-5712, or jake.lawrence@scotiabank.com

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