TORONTO, ON --(Marketwired - March 30, 2015) -

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

The Bank of Nova Scotia ("Scotiabank") (TSX: BNS) (NYSE: BNS) today announced the applicable dividend rates for its Non-cumulative 5-Year Rate Reset Preferred Shares Series 30 of Scotiabank (the "Preferred Shares Series 30") and Non-cumulative Floating Rate Preferred Shares Series 31 of Scotiabank (the "Preferred Shares Series 31").

With respect to any Preferred Shares Series 30 that remain outstanding after April 26, 2015, commencing as of such date, holders thereof will be entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Scotiabank and subject to the Bank Act (Canada). The dividend rate for the five-year period commencing on April 26, 2015 and ending on April 25, 2020 will be 1.82%, being equal to the 5-Year Government of Canada bond yield determined as at March 27, 2015 plus 1.00%, as determined in accordance with the terms of the Preferred Shares Series 30.

With respect to any Preferred Shares Series 31 that may be issued on April 26, 2015, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Scotiabank and subject to the Bank Act (Canada), based on a dividend rate equal to the 90-day Canadian Treasury Bill yield plus 1.00%, on an actual/365 day count basis, subject to certain adjustments in accordance with the terms of the Preferred Shares Series 31. The dividend rate for the period commencing on April 26, 2015 and ending on July 25, 2015 will be equal to 1.528%, as determined in accordance with the terms of the Preferred Shares Series 31.

Beneficial owners of Preferred Shares Series 30 who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to meet the deadline to exercise such right, which is 5:00 p.m. (EDT) on April 13, 2015.

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.

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