Scotiabank Issues Statement on Exposure to Asset Backed Commercial Paper

    TORONTO, Aug. 20 /CNW/ - Scotiabank announced today that its Scotia Money
Market Mutual Funds do not hold any Asset Backed Commercial Paper (ABCP)
issued by non-bank sponsored multi-seller conduits. Furthermore, these funds
do not have any exposure to U.S. sub-prime, collateralized debt obligations or
derivatives markets.
    Scotiabank is committed to working with its clients; any clients with
issues related to current market concerns can contact their advisor or
relationship manager.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 58,000 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 $412 billion in assets (as at April 30, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

For further information:

For further information: Frank Switzer, Director, Public Affairs, (416)

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