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SCOTIABANK ANNOUNCES US$26M PURCHASE PRICE FOR MOCATTA BULLION AND BASE METALS

Toronto - Scotiabank announced today that it has finalised the price of the purchase of Mocatta Bullion and Base Metals from Standard Chartered Bank of the UK. The acquisition, which closed on November 30 1997, has established Scotiabank as one of the world's leading metals trading and bullion banks by global coverage. Scotiabank received all necessary regulatory approvals. The final purchase price was U.S dollars 26 million.

"Mocatta's expertise and world standing has enhanced our overall capabilities," said Peter Godsoe, Scotiabank chairman and CEO. "Through Scotia Capital Markets, the addition of ScotiaMocatta has enabled us to strategically position ourselves to take advantage of opportunities in expanding markets such as commodities trading in the Middle and Far East, mining sector project finance and other structured transactions."

Established in 1671, Mocatta is the oldest and one of the world's largest metals trading businesses. The combined entity of ScotiaMocatta has retained Mocatta's prestigious standing as only one of five London Gold Fixing Members, one of three Silver Fixing Members, and as one of 15 Ring Dealing Members of the London Metals Exchange. The acquisition has included membership in a number of exchanges such as the London International Financial Futures Exchange Limited (LIFFE), The International Petroleum Exchange, The Tokyo Commodity Exchange (TOCOM), Commodity Exchange Inc. (COMEX) a division of the New York Mercantile Exchange, and ownership of Iron Mountain, one of six recognised delivery warehouses for COMEX.

With more than Canadian dlrs 211 billion in assets, Scotiabank is one of North America's largest financial services companies. It is also Canada's most international bank, with more than 1,700 branches and offices in 53 countries around the world. The Scotia Capital Markets banner represents the capital markets businesses of The Bank of Nova Scotia and ScotiaMcLeod Inc. ScotiaMcLeod Inc. is a subsidiary of The Bank of Nova Scotia. The Scotiabank website can be found at http://www.scotiabank.ca while Scotia Capital Markets' is located at http://www.scotiacapital.com.

SOURCE Mocatta



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