TORONTO, June 11 /CNW/ - Scotiabank today announced its intention to
redeem all of the $425 million aggregate principal amount of 5.65 per cent
Debentures due July 22, 2013 on July 22, 2008 at par plus accrued and unpaid
interest. Formal notice will be delivered to the debenture holders in
accordance with the terms and conditions of the trust indenture.
    The redemption has been approved by the Office of the Superintendent of
Financial Institutions and is part of the Bank's ongoing management of its
Tier 2 capital.

    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 12.5 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 $453 billion in assets (as at April 30, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.

    This press release does not constitute an offer to purchase securities in
the United States. The Debentures have not been registered under the United
States Securities Act of 1933, as amended.

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