/NOTE TO EDITORS: NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/
TORONTO, Sept. 19, 2013 /CNW/ - Scotiabank (BNS: TSX, NYSE) today announced that it does not intend to exercise its right to redeem the currently outstanding Non-cumulative 5-Year Rate Reset Preferred Shares Series 20 of Scotiabank (the "Preferred Shares Series 20") on October 26, 2013 and, as a result, subject to certain conditions, the holders of Preferred Shares Series 20 have the right to convert all or part of their Preferred Shares Series 20 on a one-for-one basis into Non-cumulative Floating Rate Preferred Shares Series 21 of Scotiabank (the "Preferred Shares Series 21") on October 26, 2013. Holders who do not exercise their right to convert their Preferred Shares Series 20 into Preferred Shares Series 21 on such date will retain their Preferred Shares Series 20.
The foregoing conversions are subject to the conditions that: (i) if Scotiabank determines that there would be less than one million Preferred Shares Series 20 outstanding after October 26, 2013, then all remaining Preferred Shares Series 20 will automatically be converted into Preferred Shares Series 21 on a one-for-one basis on October 26, 2013, and (ii) alternatively, if Scotiabank determines that there would be less than one million Preferred Share Series 21 outstanding after October 26, 2013, no Preferred Shares Series 20 will be converted into Preferred Shares Series 21. In either case, Scotiabank shall give a written notice to that effect to holders of Series 20 Preferred Shares no later than October 19, 2013.
The dividend rate applicable to the Preferred Shares Series 20 for the five-year period commencing on October 26, 2013 and ending on October 25, 2018, and the dividend rate applicable to the Preferred Shares Series 21for the three-month period commencing on October 26, 2013, and ending on January 25, 2014, will be determined and announced by way of a press release on September 27, 2013.
Beneficial owners of Preferred Shares Series 20 who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to ensure that they meet the deadline to exercise such right, which is 5:00 p.m. (Toronto time) on October 11, 2013.
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 21 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 $743 billion (as at July 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
For further information:
For further information please contact Peter Slan, Senior Vice-President, Investor Relations, at (416) 933-1273, or [email protected].
For media inquiries please contact Paula Cufre, Media Communications at (416) 866-4833, or [email protected]