TORONTO, ON -- (Marketwired) -- 04/17/15

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

The Bank of Nova Scotia ("Scotiabank") (TSX: BNS) (NYSE: BNS) today announced that 4,457,262 of its 10,600,000 Non-cumulative 5-Year Rate Reset Preferred Shares Series 30 of Scotiabank (the "Preferred Shares Series 30") have been elected for conversion on April 27, 2015, on a one-for-one basis, into Non-cumulative Floating Rate Preferred Shares Series 31 of Scotiabank (the "Preferred Shares Series 31"). Consequently, on April 27, 2015, Scotiabank will have 6,142,738 Preferred Shares Series 30 and 4,457,262 Preferred Shares Series 31 issued and outstanding. The Preferred Shares Series 30 and Preferred Shares Series 31 will be listed on the Toronto Stock Exchange under the symbols BNS.PR.Y and BNS.PR.D, respectively.

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.

For further information:

Investor Relations
Jake Lawrence
(416) 866-5712
jake.lawrence@scotiabank.com

Corporate Communications
Myra Reisler
(416) 866-6443
myra.reisler@scotiabank.com