July 25, 2012

The Bank of Nova Scotia (the Bank) has issued notice that in accordance with the terms attaching to the Preferred Shares Series W (the “Preferred Shares”) of The Bank of Nova Scotia (the “Bank”), the Bank intends to redeem and will redeem on July 29, 2012 (the “Redemption Date”) all of the outstanding Preferred Shares on the Redemption Date for a cash price per Preferred Share equal to $25.00 ("Redemption Price").

As the Redemption Date is not a Business Day (as defined in the terms of the Preferred Shares), the Redemption Price will be paid on the Business Day immediately following the Redemption Date.

All trades up to and including July 27th will settle July 27, 2012. The Shares will be halted at 12:00 pm on July 27th and delisted after the close.

Specific details of the Shares and the Notice of Redemption are available in the Listings Disclosure Hall.

Effective Date: Wednesday, July 25, 2012
Symbol: BNS.PR.W

For further information please contact Radhika at (416) 572-2000 X 2435 or E-mail: radhika@cnsx.ca