With US$246 billion in assets (as at April 30, 2005),
Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges.
Today Denis O'Brien, Chairman, Digicel, stated "This is a most significant
milestone for Digicel.

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com


About CapitalStream

Established in 1995, CapitalStream provides software and consulting
services that enable commercial banks and finance companies to collaborate,
integrate and operate more effectively across their front office
operations.

Digicel Signs $408 Million Agreement to Increase Capital and Fund Aggressive Growth

, Europe, and Caribbean

KINGSTON, Jamaica and NEW YORK, Digicel Group, the
fastest growing mobile telecommunications company in the Caribbean, today
announced that it has completed a $408 million syndicated funding agreement
led by Citigroup (NYSE: C) in New York."
Banks involved in the new funding include Nordea Bank AB, EDC (Export
Development Canada), Allied Irish Bank, Bank of Ireland, Deutsche Bank AG,
Bank of N. Major brand names under Citigroup's trademark
red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney,
Banamex, and Travelers Life and Annuity .

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A leader in front office automation
solutions for commercial finance operations, CapitalStream today announced
Scotiabank is using its FinanceCenter 8 platform to accelerate day-to-day
banking operations, such as credit applications. Due to the limited availability of
commercial credit scores in many Caribbean countries, Scotiabank is now
able to use FinanceCenter to implement custom score cards that improve risk
management, even when credit bureau information is limited or non-existent .capitalstream.
Kitts and Nevis, St. Virgin Islands. The Bank also has
minority interests in Venezuela and Peru, plus a representative office in
Brazil. In those four countries, Scotiabank has nearly 60 branches and
about 100 automated banking machines (ABMs).
The company is the lead sponsor of Caribbean sports teams including the
West Indies Cricket Team, Special Olympics teams across the Caribbean and is
title sponsor of the Digicel Caribbean Football Union Cup, which involves over
30 Caribbean countries and is an important qualifier towards the CONCACAF Gold
Cup.

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It is now the leading bank in the region, with operations in 25 countries,
including Anguilla, Antigua, Bahamas , Barbados, Belize, Cayman Islands,
Costa Rica, Dominica, Dominican Republic, El Salvador, Grenada , Guyana,
Haiti, Jamaica, Netherland Antilles and Aruba, Panama, Puerto Rico, St. Vincent and the Grenadines, and is
the largest GSM mobile operator in the region with an average market share of
60 percent. (International Finance
Corporation) through a bond offering partially tied to the Jamaican and
Trinidad and Tobago capital markets. The company's customer base grew 33 percent in 2004 and was recently
ranked number one in customer satisfaction in Jamaica.

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"
"The syndicated funding which Citigroup has led involves major banks
across the globe and it signals the exciting growth opportunities which exist
for Digicel in an increasing number of rapidly developing markets .
Digicel, with a current workforce of over 1,000, has enjoyed rapid growth
by aggressively winning significant market share in every market it has
entered.

haiti caribbean

"

CapitalStream FinanceCenter 8 allows Scotiabank to rapidly evaluate,
originate and manage financial transactions, using Web-based process
automation and business analysis. Citigroup Leads Syndicated Deal; Digicel Financial Profile Recognized by
Institutional Banks and Investors Across U. In three years, Digicel has
become renowned for competitive rates, unbeatable coverage, superior customer
care, and a wide variety of products and services, and state-of-the-art
handsets. Lucia,
St.

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"This puts
Scotiabank and its international customers in a unique and leading edge
position in a very competitive commercial banking market.S. The Company is currently planning to extend its footprint into
other Caribbean countries and is currently one of five operators involved in a
telecom license selection process in Trinidad and Tobago.
The funding agreement includes US$120 million in (new) debt capital to
fund its growth and acquisition strategy.
"This transaction provides Digicel with a financial profile that allows it
to invest further in its existing operations as well as execute on further
expansion plans throughout the region.
By offering innovative mobile services and community support, Digicel has
become a leading brand in the Caribbean and has placed the region at the
cutting edge of mobile communications.

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F.

Includes sites that reflect the make up of the Caribbean community.

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Grupo Financiero Scotiabank Inverlat SA is the country's sixth
largest commercial bank, with about 6,700 employees, some 430 branches and
a network of about 1.

Scotiabank is one of North America 's premier financial institutions and
Canada's most international bank. Scotiabank offers a diverse range of
products and services including personal, commercial, corporate and
investment banking .scotiabank. Lucia, St.

About Citigroup
Citigroup (NYSE: C), the leading global financial services company, has
some 200 million customer accounts and does business in more than 100
countries , providing consumers, corporations, governments and institutions
with a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance , securities
brokerage, and asset management.

aruba guadeloupe

About Scotiabank

Scotiabank has been part of the Caribbean and Central America since 1889.
For more information please visit www.

About Digicel
Since its launch in 2001, Digicel has become the fastest growing mobile
telecommunications operator in the Caribbean.com for more information on Digicel.

The people , history, resources, and institutions that serve the people.

anguilla dominica

"We are pleased to help Scotiabank leverage FinanceCenter's administration
tools to quickly and easily roll out our platform in 20 countries ," said
Kevin Riegelsberger, president and CEO of CapitalStream.

antigua dominica

"Scotiabank is now able to respond to more customers, more quickly," said
Jonathan Deletsu, director of business banking, Scotiabank . Maarten, St. The Company has also streamlined its
corporate structure, including restructuring debt and completing the buyout of
minority equity holders including the I.

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CapitalStream, Inc. With approximately 48,000 employees,
Scotiabank Group and its affiliates serve about 10 million customers in
some 50 countries around the world.
Visit http://www.citigroup.

barbuda dominica

com.com.

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and Scotiabank are teaming
up to enhance the speed and efficiency of bank services in 20 Caribbean,
Central and Latin American countries.scotiabank. Butterfield + Son Limited, Trinidad and Tobago Unit Trust
Corporation , The Bank of Nova Scotia Limited, National Commercial Bank and FMO
Financierings-Maatschappij voor Ontwikkelingslanden N.

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"





www.

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PRESS RELEASE CapitalStream FinanceCenter Helps Scotiabank Accelerate Customer Service Process in 20 Caribbean Central and Latin American Countries

For more
information, visit us at www.V. Additional information may be found
at http://www.

barbados caicos

CapitalStream transforms
the paper-based operations of mid-market , small business, equipment leasing
and commercial real estate groups by reducing costs, risk and processing
times to grow their portfolios without increasing headcount. Lucia, St.
Digicel operates in seven countries, including Aruba, Barbados, The Cayman
Islands, Grenada, Jamaica, St . The transaction was very well received
by both international and regional investors in recognition of Digicel's
impressive performance to date in the Caribbean region," said Julie Siskind,
Citigroup 's senior transactor for the financing.
Digicel is incorporated in Bermuda and operates in seven countries
including Aruba, Barbados, The Cayman Islands, Grenada, Jamaica, St.

antilles grenada

CapitalStream solutions streamline data gathering, deal
structuring, credit analysis, document generation, booking, account
monitoring and ongoing risk management to more effectively originate
transactions and manage commercial relationships.S.

barbados grenada

025 ABMs.C. We are now strategically positioned to move to the next
phase of our expansion.T. Vincent and the Grenadines.

anguilla aruba

Vincent, Trinidad and Tobago,
Turks and Caicos, British Virgin Islands, and the U. The
bank has some 8,760 employees in the region, serving more than two million
customers, with nearly 300 branches and about 650 automated banking
machines.digicelgroup .

lucia anguilla

guadeloupe aruba

Scotiabank has been in Mexico
since 1967.

lucia guadeloupe

"We believe
this initiative will not only generate more business, but also enhance our
ability to reduce overhead and manage risk. Outside of Mexico , Scotiabank's Latin America operations
are concentrated in Chile, with Scotiabank Sud Americano.

The funding provides for capital enlargement for Digicel and for the rapid
acceleration of the Company's aggressive expansion strategy in the Caribbean. It is the largest GSM mobile operator in the
region and plans to extend its footprint into other Caribbean countries.

caribbean cayman

Scotiabank 's Latin America operations include Mexico, Chile, Venezuela,
Peru and Brazil.com.

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