Scotiabank Announces Redemption of Scotiabank Trust Securities - Series 2002-1 (Scotia BaTS II) by Scotiabank Capital Trust

Note to Editors: Not for dissemination or distribution in the United States

TORONTO, May 16, 2012 /CNW/ - Scotiabank (BNS: TSX, NYSE) today announced that Scotiabank Capital Trust, an open-end trust and wholly owned subsidiary of Scotiabank, intends to redeem all issued and outstanding Scotiabank Trust Securities Series 2002-1 (Scotia BaTS II) on June 30, 2012.  The redemption price per share will be equal to $1,000.00 per Scotia BaTS II plus unpaid indicated distributions to the June 30, 2012 redemption date.  Formal notice will be delivered to the trust unit holders in accordance with the terms of the offering.

The redemption of the Scotia BaTS II will be financed out of the general funds of Scotiabank Capital Trust.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 77,000 employees, Scotiabank Group 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 above $637 billion (as at January 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

Media Contact: Andrew Chornenky, Scotiabank Media Communications, [phone] or [email protected]