Scotiabank Announces Exercise of Preferred Share Over-allotment Option


    TORONTO, April 12 /CNW/ - Scotiabank today announced that a syndicate of
investment dealers led by Scotia Capital Inc. have fully exercised the
over-allotment option to purchase an additional 1.8 million, 4.50%
non-cumulative Preferred Shares Series 15 of the Bank at a price of $25.00 per
share. It is expected that the closing for the additional 1.8 million shares
will occur on April 17, 2007. After the closing of the additional shares, when
combined with the existing 12 million shares, there will be a total of 13.8
million of the Preferred Shares Series 15 trading on the Toronto Stock
Exchange under the symbol BNS.PR.M.
    The Preferred Shares Series 15 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 close to 57,000 employees, Scotiabank
Group and its affiliates serve approximately 12 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 $396 billion in assets (as at January 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York (BNS) Stock Exchanges. For more information please

    %SEDAR: 00001289E

For further information:

For further information: Michael Lomas, Managing Director, Capital and
Mid-Term Funding, Scotiabank, (416) 866-5734,

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