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The Bank of Nova Scotia completes US$345 million 5-year rate reset preferred share offering

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Scotia Capital Inc.

On March 25, 2008, The Bank of Nova Scotia completed a domestic public offering of 12 million non-cumulative 5-year rate reset preferred shares Series 18 (the "Preferred Shares Series 18") at a price of $25.00 per share, for gross proceeds of $300 million. The Bank sold the Preferred Shares Series 18 to a syndicate of underwriters led by Scotia Capital Inc. on a bought deal basis. On March 27, 2008, the underwriters fully exercised an over-allotment option to purchase an additional 1.8 million of Preferred Shares Series 18 at a price of $25.00 per share, resulting in aggregate gross proceeds from the offering of $345 million. Fasken Martineau acted for the underwriters with a team consisting of Richard Steinberg, Georges Dubé, Geoff Clarke, Adam Inglis and Charles Todd (corporate/securities); Robert McDowell and Robert Elliott (regulatory); and Mitchell Thaw (tax).



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