Scotiabank Employee Fellowship Program offers volunteerism
                    opportunities in developing countries

TORONTO, Jan. 27 /CNW/ -

WHAT:   On Monday February 1st, Scotiabank will announce a partnership
            with CUSO-VSO, an international development organization.

            As the only bank in North America to enter into a partnership
            with CUSO-VSO, the Scotiabank Employee Fellowship program will
            provide opportunities for employees to volunteer in career-
            related placements in developing countries.

            Alongside speeches from Scotiabank executives, Prashant Matta, a
            CUSO-VSO - Deloitte Canada Business Partnership volunteer, will
            give a presentation on his recent CUSO-VSO experience in Ghana.

    WHO:    Derek Evans, Executive Director, CUSO-VSO

            Sylvia Chrominska, Group Head, Global HR & Communications,
            Scotiabank

            Dieter Jentsch, Executive Vice President for Latin America,
            International Banking, Scotiabank

            Kaz Flinn, Vice President, Corporate Social Responsibility,
            Scotiabank

    WHEN:   Monday, February 1, 2010 from 2:30 p.m. to 3:30 p.m.

    WHERE:  Schooner Room
            4th Floor, 44 King St.
            Toronto, ON M5H 1H1 (Please follow signs after exiting elevator)

    WHY:    This new partnership will provide an opportunity to apply
            Scotiabank's international expertise to projects throughout the
            developing world. The Scotiabank Employee Fellowship Program
            will allow employees to share international experience and
            business skills where the need is greatest.

PHOTOS AND INTERVIEW OPPORTUNITIES AVAILABLE

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 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 $496 billion in assets (as at October 31, 2009), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

Scotiabank is committed to supporting the communities in which we live and work, both in Canada and abroad. Recognized as a leader internationally and among Canadian corporations for its charitable donations and philanthropic activities, in 2009 the Bank provided about $39 million in sponsorships and donations to a variety of projects and initiatives, primarily in the areas of healthcare, education, social services and arts and culture. Visit us at www.scotiabank.com.