Scotiabank Reports Results of Conversion Privilege of Preferred Shares Series 18

/NOTE TO EDITORS: NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/

TORONTO, April 16, 2013 /CNW/ - Scotiabank (BNS: TSX, NYSE) today announced that 6,302,337 of its 13,800,000 Non-cumulative 5-Year Rate Reset Preferred Shares Series 18 of Scotiabank (the "Preferred Shares Series 18") have been elected for conversion on April 26, 2013, on a one-for-one basis, into Non-cumulative Floating Rate Preferred Shares Series 19 of Scotiabank (the "Preferred Shares Series 19"). Consequently, on April 26, 2013, Scotiabank will have 7,497,663 Preferred Shares Series 18 and 6,302,337 Preferred Shares Series 19 issued and outstanding. The Preferred Shares Series 18 and Preferred Shares Series 19 will be listed on the Toronto Stock Exchange under the symbols BNS.PR.P and BNS.PR.A, respectively.

Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 82,000 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. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $736 billion (as at January 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE: Scotiabank - Financial Releases

For further information please contact Peter Slan, Senior Vice-President, Investor Relations, at [phone], or [email protected].

For media inquiries please contact Andrew Chornenky, Media Communications at [phone], or [email protected]