Scotia Capital joins international multi-dealer Web-based foreign exchange service "FXall"

TORONTO, November 27, 2000 – Scotia Capital today announced that it has joined an alliance of leading global foreign exchange (FX) dealers, FXall, to provide its clients with a low-cost, one-stop online FX trading platform. Services that will be provided range from the online execution of trades to accessing FX research reports and forecasts of participating firms.

"As Canada's most international bank, we are proud to be part of an alliance of some of the world's most reputable FX dealers," said Barry Wainstein, Managing Director & Global Head, Foreign Exchange and Money Markets, Scotia Capital. "By joining FXall, we are ensuring that our clients, who are increasingly using e-commerce, have convenient 24-hour access to the single largest source of online currency trading and research in the world."

Wainstein continued, "Our participation in FXall will complement Scotia Capital's proprietary web-based trading service, ScotiaFX.com, and allow our clients greater choice of delivery options."

The international FX market is an over-the-counter market where clients trade with their dealers directly as principals. With FXall, many of the trading activities that were previously done over the telephone will be conducted more efficiently electronically. The FXall trading process will be automated so that clients have a single point of access to all participating dealers with whom they have a business relationship.

FXall's clients will be able to trade online with participating dealers, as well as view FX research and other information. FXall will also offer clients online order entry, routing and monitoring, and straight-through processing on a technology platform that is both cost-effective and secure.

"We are delighted to welcome Scotia Capital to FXall," said Paul Kimball, chairman of FXall. "Scotia Capital's participation in this alliance will enable us to further expand and enhance FXall as we develop an online service for the global FX market that will be launched early next year."

Further information on FXall is available at www.fxall.com.

Scotia Capital is a leader in the corporate and investment banking industry, with a presence in both major and regional financial centres around the world. Scotia Capital is a member of the Scotiabank Group.

For more information visit www.scotiacapital.com or www.scotiabank.ca.Or contact:

Jane Shannon, Public Affairs - tel: (416) 933-1795 - e-mail: jane_shannon@scotiacapital.com