Scotiabank Momentum Visa "Makes Every Dollar Count," Offering Two Per
    Cent Cash Back on Gas Station, Grocery Store, Drug Store and
    Recurring-Payment PurchasesTORONTO, March 16 /CNW/ - Scotiabank today launched the Scotia Momentum
Visa card, providing Canadians with a convenient payment method for everyday
purchases, and offering a full two per cent cash back on gas station, grocery
store, drug store and recurring-payment purchases across Canada.
    "In a consumer environment where every dollar counts, Scotia Momentum
Visa is the right card for these times," said Robin Hibberd, Executive
Vice-President, Personal Lending and Insurance, Canada, Scotiabank. "Scotia
Momentum Visa card is a payment method option that not only provides Canadians
with a safe, convenient way to pay for their basic needs, but also a simple,
practical approach to stretching their dollars by generating full cash back
rewards."
    The new Scotia Momentum Visa card takes its place in a credit card market
where 45 per cent of Canadians say they have not changed their spending habits
in the last six months, 36 per cent say they are spending more and 19 per cent
spending less, according to a Harris/Decima poll of 1,016 Canadians. About
half (53 per cent) of those who have not changed their spending habits say it
is because they still have the same basic needs, expenses and lifestyle.
    Scotia Momentum Visa - which replaces the discontinued Scotia Moneyback
Visa product - offers a full two per cent cash back not only on purchases at
gas stations, grocery stores and drug stores, but also with recurring payments
on the card. The new card offers a full one per cent cash back on all other
purchases. Cardholders will receive their cash back rewards every November.
    As a special three-month introductory offer, Scotiabank is offering new
and existing customers a full two per cent cash back reward on all items
purchased with the card. Customers must apply by July 31, 2009 to take
advantage of this offer. Almost half (48 per cent) of Canadians would use a
credit card more if a two per cent cash back incentive was available,
according to the Harris/Decima poll.
    "Two per cent cash back is significant when you consider how much
Canadians spend on everyday gas station, grocery store, drug store and
recurring-payment purchases," said Rubina Havlin, Managing Director, Credit
Cards, Scotiabank. "The alternative, of course, is that you make these
everyday purchases and get nothing back. That is the choice we are giving
consumers."
    Other key features of the new Scotia Momentum Visa card include: full
cash back rewards, as opposed to a tiered system of rewards; two per cent cash
back can be earned at any merchant classified by Visa as a gas station, a
grocery store, a drug store, or as a recurring payment merchant; purchase
security and extended warranty protection applies to all purchases made with
the card; interest free grace period of up to 21 days when you pay in full for
the current and previous month; no inactive fee; and cash back reward payouts
every November.
    "Scotia Momentum Visa focuses on everyday spending needs and gives real
value back to our customers," added. Ms. Havlin. "While only 24 per cent of
Canadians use a credit card for everyday purchases, Scotiabank is the first
bank to offer a compelling reason for the other 76 per cent of Canadians to
consider using a credit card for everyday purchases."
    Consumers can apply for a Scotia Momentum Visa card by calling
1-800-575-8888, or visiting their local Scotiabank branch. For more
information about the new Scotia Momentum Visa card visit our Web site at www.
scotiabank.com/momentum and try out the Scotia Momentum Visa savings
calculator.
    The 2009 Scotia Momentum survey was conducted using the Harris/Decima
teleVox telephone Omnibus. A total of 1,016 interviews were completed between
February 19, 2009 and February 23, 2009. The results are considered accurate
to within plus-or-minus 3.1 percentage points, 19 times out of 20.
Harris/Decima is one of Canada's most established names in public opinion and
market research, with a 25-year track record of innovation and client
satisfaction. Today, Harris/Decima is among Canada's largest full-service
research firms.

    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 12.8 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 more than $509 billion in assets (as at January 31, 2009), Scotiabank
trades on the Toronto (BNS) and New York Exchanges (BNS). For more information
please visit www.scotiabank.com.2009 Scotia Momentum Visa Poll
    ------------------------------

    -  Results of the 2009 Scotia Momentum Visa Poll, conducted by
       Harris/Decima, have confirmed that the features of the new card meet
       Canadians' everyday spending needs.

    -  Other key features of the new Scotia Momentum Visa card include: full
       cash back rewards, as opposed to a tiered system of rewards; two per
       cent cash back can be earned at any merchant classified by Visa as a
       gas station, a grocery store, a drug store, or as a recurring payment
       merchant; purchase security and extended warranty protection applies
       to all purchases made with the card; interest free grace period of up
       to 21 days when you pay in full for the current and previous month; no
       inactive fee; and cash back reward payouts every November.

    Key findings of the 2009 Scotia Momentum Visa Poll include:

    -  Across Canada, 45 per cent of Canadians say they are spending the same
       as six months ago, while 19 per cent are spending less and 36 per cent
       are spending more.

    -  53 per cent of those who are spending the same say they are spending
       the same compared to six months ago because there has been no change
       in their lifestyle and they have the same basic needs and expenses.

    -  Among the 19 per cent who are spending less, 27 per cent say they are
       spending less because they are on a budget, spending more carefully,
       or choosing cheaper alternatives.

    -  One-quarter (24 per cent) of Canadians use their credit card for day-
       to-day purchases.

       -  Among the following three types of retailers - gas stations,
          grocery, or drug stores - credit card usage is highest at gas
          stations.

    -  Nearly half (48 per cent) would use their credit card more than other
       payment types if a two per cent cash back was provided on purchases
       among select retailers including gas stations, grocery stores, drug
       stores, or on preauthorized payments.

    -  Nearly one-third (32 per cent) would use their credit card more than
       other payment types if a one per cent cash back incentive was provided
       on all purchases.

    -  26 per cent of Canadians say they use their credit card for all gas
       purchases, while 11 per cent use their credit card for all grocery
       store purchases and 13 per cent use their credit card for all drug
       store purchases.

    For more information, or regional breakouts, please contact Joe Konecny
    at (416) 933-1795, or joe_konecny@scotiacapital.com.