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Scotiabank Acquires Travelers Leasing Corporation

December 4, 2006

TORONTO — Scotiabank today announced the acquisition of Travelers Leasing Corporation (TLC), a leading Canadian automobile financing company.

“Scotiabank’s acquisition of Travelers Leasing Corporation demonstrates our commitment to finding opportunities to drive revenue growth,” said Chris Hodgson, executive vice president, head of domestic personal banking for Scotiabank. “With over 50 years in the business and a national dealer finance sales network, this is an excellent opportunity to build on Scotiabank’s strong position as the leading bank in automobile financing for Canadians.”

TLC has provided auto financing to Canadians since 2001. It is one of three business units operated by Travelers Financial Group, a financial solutions provider based in British Columbia. TLC currently has $255 million in loans under administration.

According to Ron Porter, senior vice president of automotive finance and indirect lending at Scotiabank, TLC and Scotiabank will together provide a wide range of dealer financing products and high quality service for dealership customers.

“This transaction will ultimately improve overall service levels for customers at both institutions,” said Jim Case, TLC’s president and CEO.

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