TORONTO, Jan. 31 /CNW/ - Scotiabank today announced that it completed the
domestic offering of 9.2 million, 5.60% Non-cumulative Preferred Shares Series
17 (the "Preferred Shares Series 17"), including the full exercise of the
over-allotment option, at a price of $25.00 per share. The gross proceeds of
the offering were $230 million.
    The offering was made through a syndicate of investment dealers led by
Scotia Capital Inc. Following the successful sale of the initially announced
8 million Preferred Shares Series 17, the syndicate fully exercised the
over-allotment option to purchase an additional 1.2 million shares. The
Preferred Shares Series 17 commence trading on the Toronto Stock Exchange
today under the symbol BNS.PR.O.
    The Preferred Shares Series 17 have not been and will not be registered
under the United States Securities Act of 1933 (the "Act"), 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 the 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 60,000 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 October 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.

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