Scotiabank Announces Completion of Subordinated Debenture Offering

/NOT FOR RELEASE OR DISSEMINATION IN THE UNITED STATES/

TORONTO, Oct. 18, 2012 /CNW/ - Scotiabank today announced that it has completed the domestic offering of $1.75 billion of 3.036% Subordinated Debentures due October 2024 (the "Debentures").

The offering was made through a group of agents led by Scotiabank Global Banking & Markets.

The Debentures have not been and will not be registered under the United States Securities Act of 1933 (the "Act"), as amended, or under any state securities laws and, subject to certain exceptions, may not be offered, sold, or delivered directly or indirectly, within the United States of America, its territories and possessions or to, or for the account or benefit of, U.S. persons. This release does not constitute an offer to sell or a solicitation to buy the Debentures in the United States.

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: Scotiabank

Jake Lawrence, Managing Director, Group Treasury, Scotiabank,
[phone], or [email protected]