TORONTO , Jan. 17, 2012 /CNW/ – Scotiabank announced today the following
changes to its residential mortgage rates(*), effective January 18 ^th, 2012.

Scotiabank is introducing a four-year special 2.99% fixed rate mortgage offer. This is in addition to the three-year special
2.89% fixed rate mortgage offer, previously announced.

* The rate is subject to change without notice. Offers may be withdrawn
or extended without notice and cannot be combined with any other rate
discounts, offers, or promotions. Other conditions may apply.