Scotiabank Completes Acquisition of TradeFreedom

    TORONTO, Oct. 1 /CNW/ - Scotiabank today announced that it has obtained
regulatory approval and completed the transaction announced June 26, 2007 to
acquire TradeFreedom Securities Inc. The acquisition complements product
offerings currently available through Scotiabank's direct investment arm,
ScotiaMcLeod Direct Investing (SMDI). Terms of the acquisition were not
    "This acquisition is an excellent strategic fit for our wealth management
business and we are pleased to welcome the TradeFreedom team to Scotiabank,"
said Barb Mason, Executive Vice-President, Wealth Management. She noted
TradeFreedom will continue to operate under its current brand, as previously
announced. "We believe our two brands - SMDI and TradeFreedom - allow us to
offer a broader, more competitive range of online brokerage products and high
quality customer service."
    Established in 1999, TradeFreedom is a leading online broker that
provides a sophisticated bundle of services for active traders and investors.
TradeFreedom facilitates trading of Canadian and US equities, options, futures
and foreign exchange.

    ScotiaMcLeod Direct Investing is a member of the Scotiabank Group. With
industry-leading ratings for customer service and investment research, SMDI's
services include: equity, option, fixed income and mutual fund trading.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With almost 60,000 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 $408 billion in assets (as at July 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

    %SEDAR: 00001289E          %CIK: 0000009631

For further information:

For further information: Frank Switzer, Director, Public Affairs,
Scotiabank, (416) 866-7238,

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