Scotiabank Announces Preferred Share Offering


    TORONTO, Sept. 25 /CNW/ - Scotiabank today announced a domestic public
offering of 12 million, 5.25% non-cumulative preferred shares Series 16 (the
"Preferred Shares Series 16") 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 16 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 16 at any time up to 30
days after closing.
    Closing is expected to occur on or after October 12, 2007. This domestic
public offering is part of Scotiabank's ongoing and proactive management of
its Tier 1 capital structure.
    The Preferred Shares Series 16 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 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 $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

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For further information:
For further information: Michael Lomas, Managing Director, Capital and
Mid-Term Funding, Scotiabank, (416) 866-5734, or