The Bank of Nova Scotia Jamaica Ltd. (BNSJ)- Bonus Issue

At the AGM on February 18, 2005, the Directors passed the following resolutions: 1. That the Authorized Capital of the Company be increased to $3,000,000,000 by the creation of an additional 1,500,000,000 ordinary shares of $1.00 each to rank pari passu in all respects with the existing ordinary stock in the capital of the Company. 2. That on the recommendation of the Directors and pursuant to Article 123 of the Articles of Association of the Company, the sum of $1, 463,616, 000 being part of the retained earnings reserve of the Company, be capitalized and accordingly that such sum be set free for distribution amongst the shareholders on record as at March 10, 2005, in the proportions in which they would have been entitled thereto if distributed by way of dividend and on condition that the same be not paid in cash but be applied in paying up in full at par 1,463,616,000 ordinary shares of $1.00 each to be allotted, distributed and credited as fully paid up to and amongst the said members in the proportions aforesaid; and that the shares so issued shall rank for all dividends declared subsequent to the passing of this resolution by the members. 3. That the 1,463,616,000 fully paid up bonus shares, when issued, be converted into ordinary stock transferable in units of $1.00 each and that the directors be and are hereby authorised to carry the said conversion into effect.