Scotiabank’s Joint Venture with Bank of Beijing Receives Regulatory Approval

Scotiabank, a Toronto-based financial services provider, announced that along with its China-based joint venture partner,
Bank of Beijing, the Bank of Beijing Scotiabank Asset Management Co. Ltd. has received regulatory approval for a license
to operate as a fund management company in China.

This is the first fund management license issued in China under a new round of pilot programs allowing commercial banks to set up fund management companies. As part of this joint venture, Bank of Beijing holds a majority interest in the fund management company while Scotiabank and China-based General Research Institute for Nonferrous Metals hold minority stakes (Scotiabank).

For information on Scotiabank, go to: http://www.scotiabank.com/ca/en/0,,2706,00.html.