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Press release from CNW Group

Scotiabank Announces Redemption of Trust Subordinated Notes by Scotiabank Subordinated Notes Trust

Wednesday, September 26, 2012

Scotiabank Announces Redemption of Trust Subordinated Notes by Scotiabank Subordinated Notes Trust17:16 EDT Wednesday, September 26, 2012/NOTE TO EDITORS: NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/TORONTO, Sept. 26, 2012 /CNW/ - Scotiabank (BNS: TSX, NYSE) today announced that Scotiabank Subordinated Notes Trust, a closed-end trust wholly owned by the Bank, intends to redeem all outstanding 5.25 % Trust Subordinated Notes - Series A due November 1, 2017 (the "Scotiabank TSNs") for 100% of their principal amount plus accrued interest to the redemption date. The redemption will occur on November 1, 2012. Formal notice will be delivered to Scotiabank TSNs holders in accordance with the terms of the offering.Scotiabank TSNs constitute Tier 2B capital of the Bank. The principal amount of Scotiabank TSNs is currently $1,000,000,000. The redemption of the Scotia TSNs will be financed out of the general funds of Scotiabank Subordinated Notes Trust.Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 81,000 employees, Scotiabank and its affiliates serve some 19 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. With assets of $670 billion (as at July 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.SOURCE: ScotiabankFor further information: please contact Jake Lawrence, Managing Director, Group Treasury, at (416) 866-5712, or jake.lawrence@scotiabank.com.