Scotiabank Supports Federal Government's Call for a Single Canadian
Securities Regulator

TORONTO, May 26 /CNW/ - Scotiabank President and Chief Executive Officer Rick Waugh today acknowledged his support for the federal government's move to introduce legislation to create a national securities regulator.

"The bank has been a vocal supporter of a single securities regulator for many years and we welcome this as a progressive step which provides leadership for both national and international best practices," said Mr. Waugh. "This builds on Canada's reputation as having the most stable banking sector in the world.

"Thirteen securities commissions simply are not in a position to assess, regulate and coordinate internationally on system-wide risks," added Mr. Waugh. "The single regulator provides a clear and comprehensive response to the imperatives of efficient capital markets in a global setting and best positions Canada for future success. We also believe that a single accountability will address systemic risks in the capital markets."

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $507 billion in assets (as at January 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information: Ann DeRabbie at [phone], or [email protected]