March 20, 2007 15:49 ET

Scotiabank Announces Preferred Share Offering

TORONTO, ONTARIO--(CCNMatthews - March 20, 2007) -


Scotiabank (TSX:BNS)(NYSE:BNS) today announced a domestic public offering of 12 million, 4.50% non-cumulative preferred shares Series 15 (the "Preferred Shares Series 15") at a price of $25.00 per share, for an aggregate amount of $300 million.

The Bank has agreed to sell the Preferred Shares Series 15 to a syndicate of underwriters led by Scotia Capital Inc. on a bought deal basis. The Bank has granted to the underwriters an over-allotment option to purchase up to an additional $45 million of the Preferred Shares Series 15. This over-allotment option is exercisable at any time up to 30 days after closing.

Closing is expected to occur on or after April 5, 2007. This domestic public offering is part of Scotiabank's ongoing and proactive management of its Tier 1 capital structure.

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 visit

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