The Bank of Nova Scotia Completes $345 Million Preferred Share Offering

On March 25, 2008, The Bank of Nova Scotia completed a domestic public offering of 12 million non-cumulative five-year rate reset preferred shares Series 18 (the “Preferred Shares Series 18”) at a price of $25.00 per share, for gross proceeds of $300 million. The Bank sold the Preferred Shares Series 18 to a syndicate of underwriters led by Scotia Capital Inc. on a bought deal basis. On March 27, 2008, the underwriters fully exercised an over-allotment option to purchase an additional 1.8 million of Preferred Shares Series 18 at a price of $25.00 per share, resulting in aggregate gross proceeds from the offering of $345 million.

McCarthy Tétrault LLP acted for the Bank under the direction of Executive Vice President, General Counsel and Secretary Deborah Alexander, and Senior Legal Counsel Martha Hundert, with a team consisting of Jonathan Grant, Robert Hansen and Barry Ryan (business law), and Gabrielle Richards and Gwendolyn Watson (tax).

Fasken Martineau DuMoulin LLP acted for the underwriters with a team consisting of Richard Steinberg, Georges Dubé, Geoff Clarke, Adam Inglis and Charles Todd (corporate/securities), Robert McDowell and Robert Elliott (regulatory), and Mitchell Thaw (tax).


Richard J. Steinberg Robert O. Hansen Deborah M. Alexander Geoff Clarke Gwendolyn G. Watson Adam M. Inglis Martha R. Hundert Georges Dubé Charles Todd Robert E. Elliott Robert W. McDowell Mitchell L. Thaw Jonathan R. Grant