Prospectus excerpt:  The holders of Non-cumulative Preferred Shares Series 15 (the ‘‘Preferred Shares Series 15’’) of The Bank of Nova Scotia (the ‘‘Bank’’) will be entitled to receive fixed non-cumulative preferential cash dividends, payable quarterly as and when declared by the Board of Directors on the third last business day of January, April, July and October in each year. The initial dividend, if declared, will be payable July 27, 2007 and shall be $0.34829 per share, based on the anticipated closing date of April 5, 2007. Thereafter, quarterly dividends shall be at a rate of $0.28125 per share. Reference is made to ‘‘Details of the Offering’’. Subject to the provisions of the Bank Act (Canada) (the ‘‘Bank Act’’) and the prior consent of the Superintendent of Financial Institutions Canada (the ‘‘Superintendent’’), on and after July 27, 2012, the Bank may redeem the Preferred Shares Series 15, in whole or in part, at the Bank’s option without the consent of the holder, by the payment in cash of a sum equal to $25.00 per share plus, if redeemed before July 27, 2016, a premium, together with declared and unpaid dividends to the date fixed for redemption.