TORONTO, ON - January 16, 2014 /CNW/ -

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

Scotiabank (TSX: BNS) (NYSE: BNS) today announced that 2,623,056 of its 12,000,000 Non-cumulative 5-Year Rate Reset Preferred Shares Series 22 of Scotiabank (the "Preferred Shares Series 22") have been elected for conversion on January 26, 2014, on a one-for-one basis, into Non-cumulative Floating Rate Preferred Shares Series 23 of Scotiabank (the "Preferred Shares Series 23"). Consequently, on January 26, 2014, Scotiabank will have 9,376,944 Preferred Shares Series 22 and 2,623,056 Preferred Shares Series 23 issued and outstanding. The Preferred Shares Series 22 and Preferred Shares Series 23 will be listed on the Toronto Stock Exchange under the symbols BNS.PR.R and BNS.PR.C, respectively.

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. Scotiabank distributes the Bank's media releases using CNW. With assets of $744 billion (as at October 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

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

For media inquiries please contact 
Devinder Lamsar
Media Communications 
(416) 933-1171
devinder.lamsar@scotiabank.com