TORONTO, ON - December 12, 2013 /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 24 of Scotiabank on January 26, 2014 at a price equal to $25.00 per share, together with all declared and unpaid dividends. Formal notice will be issued to shareholders in accordance with the related share conditions.

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

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 $744 billion (as at October 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (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
peter.slan@scotiabank.com

For media inquiries please contact 
Ann DeRabbie
Media Communications
(416) 933-1344
ann.derabbie@scotiabank.com