TORONTO, ON -- (Marketwired) -- 06/25/15

ScotiaFunds today announced that it is proposing to change the investment objective of Scotia U.S. $ Bond Fund to broaden it and allow it to invest in bonds and treasury bills that are denominated in U.S. dollars and issued by governments, corporations or supranational entities around the world. ScotiaFunds are managed by 1832 Asset Management L.P. (the "Manager"). The Manager believes the interests of unitholders will be better served by modifying the language in the investment objective of the fund to improve portfolio diversification and liquidity.

A special meeting of unitholders, is expected to be held (the "Special Meeting") on or about August 27, 2015 to consider the proposed change. The record date for the purpose of determining which unitholders are entitled to receive notice and vote at the Special Meeting will be the close of business on or about July 17, 2015. The information circular containing a complete description of the matter to be considered at the Special Meeting will be sent to unitholders shortly thereafter. The change is subject to the receipt of all necessary approvals.

Other Changes

ScotiaFunds Advisor Series

Effective July 24, 2015, the manager will lower the management fee on the Advisor Series of the following funds:

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Fund                                         New Management      Current    
                                                   Fee       Management Fee 
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Scotia Diversified Monthly Income Fund            1.25%           1.50%     
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Scotia Balanced Opportunities Fund                1.75%           1.95%     
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Scotia Canadian Dividend Fund                     1.50%           1.75%     
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Scotia Canadian Growth Fund                       1.85%           1.95%     
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Scotia Selected Balanced Income Portfolio         1.60%           1.80%     
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Scotia Selected Balanced Growth Portfolio         1.75%           1.95%     
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Scotia Selected Growth Portfolio                  1.90%           2.10%     
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Scotia Selected Maximum Growth Portfolio          2.10%           2.20%     
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The Manager has capped all Advisor Series on ScotiaFunds to new purchases. All ScotiaFunds with an Advisor Series are available for purchase in an equivalent no load Series A version.

Scotia CanAm Index Fund

Effective July 24, 2015, the Manager will be lowering the fixed administration fee on Series A and Series F of the Scotia CanAm Index Fund to 0.17% and capping the fund to new purchases.

Scotia Short Term Yield Class

The Manager also announced today that Scotia Short Term Yield Class will be terminated on or about July 20, 2015. Effective immediately, the fund has ceased distributing its shares.

About 1832 Asset Management L.P.
1832 Asset Management L.P. offers a range of wealth management solutions, including mutual funds, and investment solutions for private clients, institutional clients and managed asset programs. 1832 Asset Management L.P. is a limited partnership, the general partner of which is wholly owned by Scotiabank.

About Scotiabank
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, and capital markets. With a team of more than 86,000 employees and assets of $837 billion (as at April 30, 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 more information, please contact:

Devinder Lamsar
Public and Corporate Affairs
(416) 933-1171
Devinder.lamsar@scotiabank.com