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Irwin Now Exits Direct Leasing Business--- Unit sold to Sociabank

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Scotiabank Enters into Agreement with Irwin Commercial Finance Canada

July 23, 2008 - On July 23, 2008 Irwin Commercial Finance Canada entered into a definitive agreement to sell its assets to Roynat Inc., a wholly-owned subsidiary of Scotiabank, subject to regulatory approval.

The management team will continue to operate and grow the business, led by Joseph LaLeggia, President of Irwin Commercial Finance.

It is anticipated that the operations of Irwin Commercial Finance Canada will eventually become a part of Roynat Inc.

"Our business has certainly flourished as part of the Irwin group and this will truly be an exceptional opportunity for our company to reach new heights. The cultural synergy is a definite fit for our people," remarked Mr. LaLeggia. He added that, "The strength of Scotiabank and Roynat Inc. will allow us to expand our capabilities in new markets as well as deepen our penetration in current market segments."

"This transaction demonstrates our ongoing commitment to growing our business and meeting the financing needs of small to medium-sized enterprises," said Dieter Jentsch, Executive Vice President, Domestic Commercial Banking, Scotiabank. "We look forward to the opportunity to welcome the Irwin Commercial Finance Canada operations to the Scotiabank Group at the close of the agreement."

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