Scotiabank Tier 1 Trust, a closed-end trust wholly owned by Bank of Nova Scotia, plans to redeem on June 30 all outstanding 7.802% Scotiabank Tier 1 Securities – Series 2009-1 due June 30, 2108.

The securities will be redeemed for 100% of their principal amount, together with accrued and unpaid interest to the redemption date, using Scotiabank Tier 1 Trust's general funds.

The principal amount of the Scotia BaTS III Series 2009-1 securities is currently C$650 million.