TORONTO, ON - March 06, 2014 /CNW/ -

NOTE TO EDITORS: NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES

Scotiabank (TSX: BNS)(NYSE: BNS) today announced that it intends to exercise its right to redeem all outstanding Non-cumulative Preferred Shares Series 26 ("Series 26 Shares") and Non-cumulative Preferred Shares Series 28 ("Series 28 Shares") of Scotiabank on April 26, 2014 at a price equal to $25.00 per share (the "Redemption Price"). As April 26, 2014 is a Saturday, the Redemption Price will be paid on Monday, April 28, 2014. Formal notice will be issued to shareholders in accordance with the share conditions.

The redemptions have been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank.

On March 4, 2014, the Board of Directors of Scotiabank declared quarterly dividends of $0.390625 per Series 26 Share and $0.390625 per Series 28 Share. These will be the final dividends on the Series 26 Shares and Series 28 Shares, respectively, and will be paid in the usual manner on April 28, 2014 to shareholders of record at the close of business on April 1, 2014, as previously announced. After April 28, 2014, the Series 26 Shares and the Series 28 Shares will cease to be entitled to dividends.

Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $783 billion (as at January 31, 2014), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using CNW. For more information please visit www.scotiabank.com.

For further information please contact:
Peter Slan, Senior Vice-President, Investor Relations
(416) 933-1273, or peter.slan@scotiabank.com

For media inquiries please contact:
Paula Cufre, Media Communications
(416) 866-4833, or paula.cufre@scotiabank.com