TORONTO, ON - December 30, 2013 /CNW/ -

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

Scotiabank (TSX: BNS) (NYSE: BNS) today announced the applicable dividend rates for its Non-cumulative 5-Year Rate Reset Preferred Shares Series 22 of Scotiabank (the "Preferred Shares Series 22") and Non-cumulative Floating Rate Preferred Shares Series 23 of Scotiabank (the "Preferred Shares Series 23").

With respect to any Preferred Shares Series 22 that remain outstanding after January 26, 2014, commencing as of such date, holders thereof will be entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Scotiabank and subject to the Bank Act (Canada). The dividend rate for the five-year period commencing on January 26, 2014 and ending on January 25, 2019 will be 3.830%, being equal to the 5-Year Government of Canada bond yield determined as at December 27, 2013 plus 1.88%, as determined in accordance with the terms of the Preferred Shares Series 22.

With respect to any Preferred Shares Series 23 that may be issued on January 26, 2014, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Scotiabank and subject to the Bank Act (Canada), based on a dividend rate equal to the 90-day Canadian Treasury Bill yield plus 1.88%, on an actual/365 day count basis, subject to certain adjustments in accordance with the terms of the Preferred Shares Series 23. The dividend rate for the period commencing on January 26, 2014 and ending on April 25, 2014 will be equal to 2.782%, as determined in accordance with the terms of the Preferred Shares Series 23.

Beneficial owners of Preferred Shares Series 22 who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to ensure that they meet the deadline to exercise such right, which is 5:00 p.m. (Toronto time) on January 13, 2014.

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
Paula Cufre
Media Communications
(416) 866-4833
paula.cufre@scotiabank.com