/Note to Editors: Not for dissemination or distribution in the United States/

TORONTO, Oct. 16, 2013 /CNW/ - Scotiabank (BNS: TSX, NYSE) today announced that 5,960,732 of its 14,000,000 Non-cumulative 5-Year Rate Reset Preferred Shares Series 20 of Scotiabank (the "Preferred Shares Series 20") have been elected for conversion on October 26, 2013, on a one-for-one basis, into Non-cumulative Floating Rate Preferred Shares Series 21 of Scotiabank (the "Preferred Shares Series 21"). Consequently, on October 26, 2013, Scotiabank will have 8,039,268 Preferred Shares Series 20 and 5,960,732 Preferred Shares Series 21 issued and outstanding. The Preferred Shares Series 20 and Preferred Shares Series 21 will be listed on the Toronto Stock Exchange under the symbols BNS.PR.Q and BNS.PR.B, respectively.

Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 21 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $743 billion (as at July 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE Scotiabank