TORONTO, Jan. 31 /CNW/ - Scotiabank today announced that it completed the
domestic offering of 5.30% Subordinated Debentures due 2018 (the
"Debentures"). The gross proceeds of the offering were $300 million. The
Debentures will qualify as Tier 2b capital of the Bank for regulatory purposes
and is part of Scotiabank's ongoing and proactive management of its capital
structure.
    The offering was made through a group of agents led by Scotia Capital
Inc.
    The Notes 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, subject to certain exceptions, may not be offered, sold,
or delivered directly or indirectly, within the United States of America, its
territories and possessions or to, or for the account or benefit of, U.S.
persons. This release does not constitute an offer to sell or a solicitation
to buy the Notes 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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