Scotiabank Announces Completion of Preferred Share Offering


    TORONTO, Sept. 9 /CNW/ - Scotiabank today announced that it has completed
the domestic offering of 12 million, non-cumulative 5-year rate reset
preferred shares Series 22 (the "Preferred Shares Series 22") at a price of
$25.00 per share. The gross proceeds of the offering were $300 million.
    The offering was made through a syndicate of investment dealers led by
Scotia Capital Inc. The Preferred Shares Series 22 commence trading on the
Toronto Stock Exchange today under the symbol BNS.PR.R.
    Holders of Preferred Shares Series 22 will be entitled to receive a
non-cumulative quarterly fixed dividend for the initial period ending January
25, 2014 of 5.00% 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 1.88% over the 5-year Government of Canada bond yield.
Shareholders will, subject to certain conditions, have the option to convert
all or any part of their shares to non-cumulative floating rate preferred
shares Series 23 (the "Preferred Shares Series 23") of Scotiabank. Holders of
the Preferred Shares Series 23 will be entitled to receive a non-cumulative
quarterly floating dividend equal to the 3-month Government of Canada Treasury
Bill yield plus 1.88%, as and when declared by the Board of Directors of
    The Preferred Shares Series 22 and Preferred Shares Series 23 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 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 $462 billion in assets (as at July 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

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For further information:

For further information: Marc Durocher, Managing Director and Head,
Capital and Mid-Term Funding, Scotiabank, (416) 945-4506, or

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