Mr. Peter Slan reports

SCOTIABANK PROVIDES UPDATE ON ACCOUNTING IMPACT OF SALE OF SHARES OF CI FINANCIAL CORP.

Bank of Nova Scotia will record a gain in its third quarter of approximately $150-million after tax on the reclassification to available-for-sale securities of the approximately 22 million common shares of CI Financial Corp. that the bank continues to hold. This gain is in addition to the previously announced realized gain of approximately $400-million after tax on the portion of the bank's investment in CI that was sold, resulting in a total gain of approximately $550-million after tax.