SOURCE: Scotiabank

Scotiabank

March 05, 2015 17:00 ET

Scotiabank Announces Conversion Privilege of Preferred Shares Series 30

TORONTO, ON--(Marketwired - March 05, 2015) -

NOTE TO EDITORS: NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES

Scotiabank (TSX: BNS) (NYSE: BNS) 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 30 of Scotiabank (the "Preferred Shares Series 30") on April 26, 2015 and, as a result, subject to certain conditions, the holders of Preferred Shares Series 30 have the right to convert all or part of their Preferred Shares Series 30 on a one-for-one basis into Non-cumulative Floating Rate Preferred Shares Series 31 of Scotiabank (the "Preferred Shares Series 31") on April 26, 2015. Holders who do not exercise their right to convert their Preferred Shares Series 30 into Preferred Shares Series 31 on such date will retain their Preferred Shares Series 30.

The foregoing conversions are subject to the conditions that: (i) if Scotiabank determines that there would be less than one million Preferred Shares Series 30 outstanding after April 26, 2015, then all remaining Preferred Shares Series 30 will automatically be converted into Preferred Shares Series 31 on a one-for-one basis on April 26, 2015, and (ii) alternatively, if Scotiabank determines that there would be less than one million Preferred Share Series 31 outstanding after April 26, 2015, no Preferred Shares Series 30 will be converted into Preferred Shares Series 31. In either case, Scotiabank shall give a written notice to that effect to holders of Series 30 Preferred Shares no later than April 17, 2015.

The dividend rate applicable to the Preferred Shares Series 30 for the five-year period commencing on April 26, 2015 and ending on April 25, 2020, and the dividend rate applicable to the Preferred Shares Series 31 for the three-month period commencing on April 26, 2015, and ending on July 25, 2015, will be determined on March 27, 2015 and announced by way of a press release on March 30, 2015.

Beneficial owners of Preferred Shares Series 30 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 meet the deadline to exercise such right, which is 5:00 p.m. (EDT) on April 13, 2015.

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.

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