BNS Split Corp. II Announces Completion of Class B Preferred Share Offering

TORONTO, Sept. 22 /CNW/ - BNS Split Corp. II (the "Company") announced today that it has completed its public offering of 1,238,954 Class B Preferred Shares, Series 1 ("Series 1 Preferred Shares"), raising approximately $23.4 million. The Series 1 Preferred Shares were offered to the public by a syndicate of agents led by Scotia Capital Inc. In addition, the Company has redeemed all of its outstanding Class A Preferred Shares and 1,105,950 of its Class A Capital Shares.

The Series 1 Preferred Shares were offered in order to maintain the leveraged "split share" structure of the Company following the successful reorganization of the Company approved at a special meeting of holders of Class A Capital Shares on July 5, 2010, which among other things, extended the redemption date of the Class A Capital Shares for an additional five year term. At the close of business on September 22, 2010 there will be 2,477,908 Class A Capital Shares and 1,238,954 Series 1 Preferred Shares issued and outstanding.

BNS Split Corp. II is a mutual fund corporation created to hold a portfolio of common shares of The Bank of Nova Scotia. Class A Capital Shares and Series 1 Preferred Shares of the Company are listed for trading on The Toronto Stock Exchange under the symbols BSC and BSC.PR.B respectively.

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For further information: BNS Split Corp. II, [phone], E-mail: [email protected], Web site: www.scotiamanagedcompanies.com