Scotiabank
TSX : BNS
NYSE : BNS

Scotiabank

January 08, 2007 08:38 ET

Scotiabank Announces Preferred Share Offering

TORONTO, ONTARIO--(CCNMatthews - Jan. 8, 2007) -

NOT FOR RELEASE OR DISEMINATION IN THE UNITED STATES

Scotiabank (TSX:BNS)(NYSE:BNS) today announced a domestic public offering of 12 million, 4.50% non-cumulative preferred shares Series 14 (the "Preferred Shares Series 14"). The shares are offered at a price of $25.00 per share, for an aggregate amount of $300 million with an option to issue up to an additional 1.8 million shares.

The offering will be underwritten by a syndicate of investment dealers led by Scotia Capital Inc. Closing is expected to occur on or after January 24, 2007. This issue is part of Scotiabank's ongoing and proactive management of its Tier 1 capital structure.

The Preferred Shares Series 14 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 $379 billion in assets (as at October 31, 2006), Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges. For more information please visit www.scotiabank.com.

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