/NOT FOR RELEASE OR DISSEMINATION IN THE UNITED STATES/

    TORONTO, Jan. 22 /CNW/ - Scotiabank today announced that it has completed
the domestic offering of $1 billion of 6.65% Subordinated Debentures due 2021
(the "Debentures"). The Debentures will qualify as Tier 2B capital of the Bank
for regulatory purposes and are 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 Debentures 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 Debentures in the United States.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 69,000 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 $508 billion in assets (as at October 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.

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