NOVA SCOTIA

U.S. $500,000,000

NOVA SCOTIA

5.125% Bonds due January 26, 2017

TERMS AGREEMENT

January 18, 2007

Province of Nova Scotia
Deputy Minister of Finance
X.X. Xxx 000
1723 Xxxxxx Street
Halifax, Nova Scotia
Canada B3J 2N3

Ladies and Gentlemen:

On behalf of the several underwriters named in Schedule I (the “Underwriters”) hereto and for their respective accounts, we offer to purchase on and subject to the terms and conditions of this Terms Agreement and the Province of Nova Scotia (“Nova Scotia”) Underwriting Agreement Standard Provisions (Debt Securities), dated January 18, 2007 (the “Underwriting Agreement Standard Provisions”), the following Designated Securities on the following terms. All of the provisions of the Underwriting Agreement Standard Provisions attached hereto are herein incorporated by reference in their entirety and shall be deemed to be a part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Except as otherwise indicated, capitalized terms used herein have the meanings specified in the Underwriting Agreement Standard Provisions:

Title of Securities: 5.125% Bonds due January 26, 2017

Fiscal Agent: The Bank of New York

Fiscal Agency Agreement: Fiscal Agency Agreement, to be dated as of January 26, 2007, the between you, The Bank of New York, as fiscal agent, registrar, principal paying agent and The Depository Trust Company custodian, and DEXIA Banque International á Luxembourg, Luxembourg listing, paying, and transfer agent

Currency of Denomination: U.S. Dollars

Aggregate Principal Amount: U.S.$500,000,000

Purchase Price: 99.34% (plus accrued interest from January 26, 2007, if settlement occurs after that date)

Expected Public Offering Price: 99.59% (plus accrued interest from January 26, 2007, if settlement occurs after that date)

Expected Selling Concession: 0.167%

Maturity: January 26, 2017

Interest Rate:5.125%

Interest Payment Dates: January 26 and July 26 of each year, commencing on July 26, 2007

Denominations: $5,000 and integral multiples of $1,000 in excess thereof

Redemption Provisions: No early redemption unless certain events occur involving Canadian taxation

Sinking Fund Provisions: None

Applicable Time: 3:45 P.M., on January 18, 2007

Pricing Disclosure Package: Prospectus, dated June 6, 2002; Preliminary Prospectus Supplement, dated January 17, 2007; and Final Term Sheet, dated January 18, 2007

Selling Restrictions: The Designated Securities are offered for sale in North America, Europe and Asia in places where it is legal to make such offers

Each of the Underwriters severally represents and agrees that (i) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Xxx 0000 (the “FSMA”)) received by it in connection with the issue and sale of the Designated Securities in circumstances in which Section 21(1) of the FSMA does not apply to Nova Scotia or any Underwriter; and (ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Designated Securities in, from or otherwise involving the United Kingdom.

In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (as defined below) (each, a “Relevant Member State”), each Underwriter has represented and agreed that with effect from and including the date on which the Prospectus Directive was implemented in that Relevant Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of any Designated Securities to the public in that Relevant Member State except that it may, with effect from and including the Relevant Implementation Date, make an offer of any Designated Securities to the public in that Relevant Member State at any time:

(a) to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

(b) to any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts;

(c) to fewer than 100 natural persons or legal persons (other than qualified investors as defined in the Prospectus Directive) in any Relevant member State subject to obtaining the prior consent of Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated for any such offer; or

(d) in any other circumstances falling within Article 3(2) of the Prospectus Directive;

provided that no such offer of Designated Securities shall require Nova Scotia or any Underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Directive.

For the purposes of this section, the expression an “offer to the public” in relation to any Designated Securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Designated Securities to be offered so as to enable an investor to decide to purchase or subscribe the Designated Securities, as the same may be

varied in that Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member State, and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

The Designated Securities have not been and will not be registered under the Securities and Exchange Law of Japan, and offers and sales, direct or indirect, of Designated Securities may not be made in or to residents of Japan or to any persons for reoffering or resale, directly or indirectly, in Japan or to any resident of Japan except pursuant to an exemption from the registration requirements of the Securities and Exchange Law of Japan available thereunder and in compliance with other relevant laws of Japan.

Each Underwriter represents, warrants and severally agrees that:

	(i)		it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any notes other than (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in circumstances which do not result in the document being a “prospectus” as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and

	(ii)		it has not issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the notes, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to notes which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the Securities and Futures Ordinance and any rules made thereunder.

Underwriters: Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated, TD Securities (USA) LLC and Scotia Capital (USA) Inc, National Bank Financial Inc., CIBC World Markets Corp. and RBC Capital Markets Corporation

Representative: Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated

Stabilizing Manager: Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated will be Coordinating Stabilizing Manager on IPMA (International Primary Market Association) terms.

Notices: All communications to the following Underwriters hereunder shall be effective only on receipt, and shall be delivered or sent by letter, facsimile transmission or telephone (but in the case of communication by telephone, with subsequent confirmation by letter or facsimile transmission) as follows:

Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated
0 Xxxxx Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Tel.: (000) 000-0000
Fax: (000) 000-0000
Attention: Corporate Syndicate Department

TD Securities (USA) LLC
00 Xxxx 00^xx Xxxxxx, 00^xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Tel.: (000) 000-0000
Fax: (000) 000-0000
Attention: US Debt Capital Markets Desk
CC: Legal and Compliance Department

Scotia Capital (USA) Inc.
Xxx Xxxxxxx Xxxxx, 00^xx Xxxxx

000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Tel: (000) 000-0000
Fax: (000) 000-0000
Attention: Debt Capital Markets Desk
CC: Legal and Compliance Group

National Bank Financial Inc.
The Exchange Tower
000 Xxxx Xxxxxx Xxxx,
Xxxxx 0000, X.X. Xxx 00
Xxxxxxx, XX
X0X 0X0
Attention: Xxxxx Rusheleau, Managing Director 000-000-0000
Xxxxx Xxxxxx, Senior Vice President 000-000-0000

CIBC World Markets Corp.
000 Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, XX 00000
Tel: (000) 000-0000
Fax: (000) 000-0000
Attn: Debt Capital Markets

RBC Capital Markets Corporation
Xxx Xxxxxxx Xxxxx, 0^xx Xxxxx
000 Xxxxxxxx
Xxx Xxxx, XX 00000-0000
Tel: (000) 000-0000
Fax: (000) 000-0000
Attn: RBC Debt Capital Markets

Closing Date: January 26, 2007

In addition to the provisions of “Selling Restrictions” above, each Underwriter represents to and agrees with Nova Scotia that it has not offered, sold or delivered and it will not offer, sell or deliver, directly or indirectly, any of the Designated Securities, and has not distributed and will not distribute the Prospectus or any other offering material relating to the Designated Securities, in or from any jurisdiction except under circumstances that will, to the best of its knowledge and belief, result in compliance with the applicable laws and regulations thereof and which will not impose any obligations on Nova Scotia except as contained in this Terms Agreement or in the Underwriting Agreement Standard Provisions. In addition, each Underwriter agrees with Nova Scotia to cause each member of the selling group to agree to comply with the restrictions on offers and sales of the Designated Securities set forth in this Terms Agreement.

Without prejudice to the provisions of Section 1(b)(iii) of the Underwriting Agreement Standard Provisions, the provisions of “Selling Restrictions” above and the immediately preceding paragraph, and except for registration under the 1933 Act and compliance with the Rules and Regulations and the qualification of the Designated Securities for offer and sale and the determination of their eligibility for investment under the applicable securities laws of such jurisdictions within the United States as the Underwriters or Representative may designate pursuant to Section 3(e) of the Underwriting Agreement Standard Provisions, Nova Scotia shall not have any responsibility for, and each Underwriter agrees with Nova Scotia that each such Underwriter and its respective affiliates will obtain, any consent, approval or authorization required by them for the subscription, offer, sale or delivery by them of any of the Designated Securities under the laws and regulations in force in any jurisdiction to which they are subject or in or from which they make such subscription, offer, sale or delivery of any of the Designated Securities.

Other than (i) the Prospectus and any document incorporated by reference therein, (ii) any other document forming part of the Pricing Disclosure Package or (iii) as contemplated by Section 4(b) of the Underwriting Agreement Standard Provisions, no other material or communication that may be used in connection with the offering of the Designated Securities (the “Non-U.S. Offering Materials”) has been filed under the 1933 Act. Accordingly, each Underwriter represents to and agrees with Nova Scotia that it has not delivered and will not deliver within the United States or its territories or possessions or to any U.S. person (as such term is defined in Regulation S under the 0000 Xxx) any Non-U.S. Offering Materials.

Nova Scotia agrees to pay to the Underwriters an amount of up to U.S.$125,000 applied in accordance with the provisions of Section 6(b) of the Underwriting Agreement Standard Provisions.

This Terms Agreement is made pursuant to Order in Council No. 2007-45 adopted by the Lieutenant Governor in Counsel on January 25, 2007.

This Terms Agreement may be signed in any number of counterparts, each of which shall be deemed an original, which taken together shall constitute one and the same instrument.

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to us the enclosed duplicate hereof, whereupon it will become a binding agreement among us in accordance with its terms.


Very truly yours, Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated As Representative of the several Underwriters
By:	/s/ Xxxxx Xxxxxx
	Name:	Xxxxx Xxxxxx
	Title:	Authorized Signatory

The foregoing Terms Agreement is hereby confirmed and accepted in The City of New York, as of the date first above written.


PROVINCE OF NOVA SCOTIA
By:	/s/ Xxxxxxxxx X. Xxxx
	Name:	Xxxxxxxxx X. Xxxx
	Title:	Assistant Deputy Minister of Finance

SCHEDULE I


	PRINCIPAL
	AMOUNT OF
	DESIGNATED
UNDERWRITERS	SECURITIES
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated	U.S.$	287,500,000
TD Securities (USA) LLC	U.S.$	75,000,000
Scotia Capital (USA) Inc.	U.S.$	62,500,000
National Bank Financial Inc.	U.S.$	25,000,000
CIBC World Markets Corp.	U.S.$	25,000,000
RBC Capital Markets Corporation	U.S.$	25,000,000

Total	U.S.$	500,000,000

SCHEDULE II

Final Term Sheet, dated January 18, 2007.

NOVA SCOTIA
UNDERWRITING AGREEMENT STANDARD PROVISIONS
(Debt Securities)
January 18, 2007

From time to time, Nova Scotia may enter into one or more terms agreements that provide for the sale of designated securities to the underwriter or underwriters named therein. The standard provisions set forth herein shall be incorporated by reference in any such terms agreement (each a “Terms Agreement”). The Terms Agreement, including the provisions incorporated therein by reference, is herein referred to as “this Agreement.” Unless otherwise defined herein, terms defined in the Terms Agreement are used herein as therein defined.

Nova Scotia proposes to issue and sell from time to time certain of its debt securities (the “Securities”), registered under the registration statements referred to in Section 1(b)(i). The Securities will be issued subject to a fiscal agency agreement, as identified in the Terms Agreement referred to in Section 2 (the “Fiscal Agency Agreement”), between Nova Scotia and the fiscal agent identified in the Terms Agreement referred to in Section 2, as fiscal agent, registrar, transfer agent and principal paying agent (the “Fiscal Agent”). The Securities may vary as to interest rates, maturities, currencies of denomination and payment, any redemption provisions, any sinking fund requirements and other terms. The Securities will be sold to one or more firms as Nova Scotia may designate, and who shall agree in writing to comply with the terms and conditions of this Agreement, for resale in accordance with the terms of offering determined at the time of sale. The Securities involved in any such offering are hereinafter referred to as “Designated Securities”. The firm or firms which agree to purchase any Designated Securities are hereinafter referred to as the “Underwriters” and the firm or firms acting as a representative or representatives of the Underwriters that are specified in the Terms Agreement referred to in Section 2 are hereinafter referred to as the “Representatives”. In the event that only one firm agrees to purchase any Designated Securities, references to “Underwriters” in this Agreement shall also be construed as references to “Representatives.”

Section 1. Representations and Warranties

(a) Nova Scotia represents and warrants to, and agrees with, each Underwriter that:

(i) Prior to the date hereof, all necessary actions have been duly taken by or on behalf of Nova Scotia, and all necessary governmental approvals required by the laws of Nova Scotia have been obtained for the offering, issuance and sale of the Designated Securities as contemplated by this Agreement and for the performance of the obligations assumed under the Designated Securities, this Agreement and the Fiscal Agency Agreement;

(ii) The Designated Securities, when issued and delivered against payment therefor in accordance with the terms and provisions of this Agreement and the Fiscal Agency Agreement, will be validly issued; the Designated Securities, following their issue, and this Agreement and the Fiscal Agency Agreement, following their execution and delivery, will each constitute valid, binding, unsecured and unconditional obligations of Nova Scotia, for the payment and performance of which the full faith and credit of Nova Scotia has been pledged, enforceable against Nova Scotia in accordance with their respective terms, subject to the qualifications set forth in the legal opinion of Nova Scotia’s counsel;

(iii) The Designated Securities will rank equally among themselves and with the other debt securities issued by Nova Scotia and outstanding at the Closing Date or thereafter and all funds required to make payments in respect of the Designated Securities will be taken out of the Consolidated Fund of Nova Scotia; and

(iv) Nova Scotia is not in default under the provisions of any agreement or of any instrument evidencing or relating to any outstanding material indebtedness for borrowed money, direct or contingent, of Nova Scotia and the execution, delivery and performance by Nova Scotia of its obligations under this Agreement, the Fiscal Agency Agreement and the Designated Securities will not conflict with, or result in any breach of, any term, condition or provision of, or constitute a default under, any applicable law or any agreement or instrument to which Nova Scotia is a party or by which it is bound.

(b) Nova Scotia represents and warrants to, and agrees with, each Underwriter that:

(i) A registration statement or registration statements relating to the Securities, including a form of prospectus which, as supplemented, shall be used in connection with sales of all the Securities, has or have been filed with the Securities and Exchange Commission (“SEC”) and has or have become effective. Such registration statement or registration statements (and all material incorporated by reference therein), as amended and supplemented at the time of any Terms Agreement referred to in Section 2, are hereinafter referred to collectively as the “Registration Statement”; the documents specified as such in the Terms Agreement, taken together and including all material incorporated by reference therein, are hereinafter referred to collectively as the “Pricing Disclosure Package”; and the prospectus included in the Registration Statement (or, in the event that two or more registration statements have been filed with respect to the Securities, the last of such registration statements to be filed), as from time to time amended or supplemented pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Securities Act of 1933, as amended (the “1933 Act”), the rules and regulations of the SEC under the Securities Act (the “Rules and Regulations”), or as contemplated by Section 2 to reflect the terms of the Designated Securities and the terms of the offering thereof or otherwise, including all material incorporated by reference therein, is hereinafter referred to as the “Prospectus”;

(ii) Each part of the Registration Statement, when such part became effective, conformed in all respects to the requirements of the 1933 Act, the 1934 Act and the Rules and Regulations, and did not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; any preliminary prospectus or preliminary prospectus supplement relating to the

Designated Securities, at the time of filing thereof, will conform in all material respects to the requirements of the 1933 Act and the Rules and Regulations, and will not include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; the Pricing Disclosure Package, as of the Applicable Time specified in the Terms Agreement, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; each issuer free writing prospectus, as defined in Rule 433 under the 1933 Act (each, an “Issuer Free Writing Prospectus”) listed on Schedule II to the Terms Agreement will not conflict with the information contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus (and is not inaccurate or misleading and is consistent with the information required to be in the Listing Prospectus as defined in Section 3(g) hereof) and each such Issuer Free Writing Prospectus, as supplemented by and taken together with the Pricing Disclosure Package as of the Applicable Time, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and on the date of each Terms Agreement referred to in Section 2, the Registration Statement and Prospectus will conform in all respects to the requirements of the 1933 Act, the 1934 Act and the Rules and Regulations and none of such documents will include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, except that the foregoing does not apply to statements or omissions in any of such documents based upon written information, if any, furnished to Nova Scotia by any Underwriter through the Representatives specifically for use therein;

(iii) No registration, filing or other action for the qualification of the Designated Securities for offer and sale by the Underwriters in Canada or any jurisdiction or territory therein is required under the laws of Canada or any province thereof;

(iv) There are no stamp, issue or other duties, taxes or levies payable by the Underwriters or the holders of Designated Securities within Nova Scotia or within Canada on or in connection with the issuance and sale of the Designated Securities or the execution or delivery of this Agreement or the Fiscal Agency Agreement;

(v) Save as disclosed in the Prospectus (including the documents incorporated by reference therein), Nova Scotia is not involved in any litigation or arbitration proceedings which may have a significant effect on its financial condition, nor is Nova Scotia aware of any such proceedings pending or threatened; and

(vi) The making of an application to list the Designated Securities on the Luxembourg Stock Exchange (the “Stock Exchange”) to have the Designated Securities admitted for trading on the Stock Exchange has been authorized by Nova Scotia.

Section 2. Purchase and Offering

The obligation of the Underwriters to purchase the Designated Securities will be evidenced by the Terms Agreement, at the time Nova Scotia determines to sell any Designated Securities. The Terms Agreement shall specify the firms which will be Underwriters, the principal amount of any Designated Securities to be purchased by each, the purchase price to be paid by the Underwriters, any compensation or commissions to be paid to the Underwriters, the public offering price of the Designated Securities, and the terms of any Designated Securities including, but not limited to, interest rate, maturity, currency of denomination and payment, any redemption provisions and any sinking fund requirements. The Terms Agreement shall also specify the time and date of delivery and payment (such time and date, or such other time not later than seven full business days thereafter as the Representatives and Nova Scotia agree as the time for payment and delivery being hereinafter referred to as the “Closing Date”), the place of delivery and payment for any Designated Securities and any details of the terms of offering which should be reflected in the Prospectus. The obligations of each Underwriter to purchase any Designated Securities are several. It is understood that the Underwriters propose to offer any Designated Securities

for sale as set forth in such Prospectus. Any such Designated Securities will be in such denominations and registered in such names as the Underwriters request.

Section 3. Covenants of Nova Scotia

Nova Scotia covenants and agrees with each Underwriter that:

(a) Nova Scotia will prepare the Prospectus in a form approved by the Representatives and file such Prospectus pursuant to Rule 424(b) under the 1933 Act not later than the SEC’s close of business on the second business day following the execution and delivery of the Terms Agreement. Nova Scotia will prepare a final term sheet, containing solely a description of the Designated Securities, in a form approved by the Representatives and file such term sheet pursuant to Rule 433(d) under the 1933 Act within the time required by such Rule; and will file promptly all other material required to be filed by Nova Scotia with the SEC pursuant to Rule 433(d) under the 1933 Act. At any time when the Prospectus is required to be delivered under the 1933 Act, Nova Scotia will advise the Representatives promptly of any proposal to amend or supplement the Registration Statement or the Prospectus, and will not effect such amendment or supplementation, whether by filing documents pursuant to the 1933 Act, the 1934 Act or otherwise, without the consent of the Representatives; Nova Scotia will also advise the Representatives promptly of the institution by the SEC of any stop order proceedings in respect of the Registration Statement or any part thereof and will use their best efforts to prevent the issuance of any such stop order and to obtain as soon as possible its lifting, if issued.

(b) If at any time when the Prospectus is required to be delivered under the 1933 Act, any event occurs as a result of which the Pricing Disclosure Package or the Prospectus as then amended or supplemented would include an untrue statement of a material fact, or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend or supplement the Registration Statement or the Prospectus to comply with the 1933 Act, Nova Scotia promptly will prepare and file with the SEC an amendment or supplement, whether by filing documents pursuant to the 1933 Act, the 1934 Act or otherwise, which will correct such statement or omission or to effect such compliance.

(c) As soon as practicable after publication thereof following the close of its fiscal year, Nova Scotia will make generally available to holders of Designated Securities a consolidated statement of its revenues and expenditures, such statement covering a period of at least twelve months beginning after the date of the Terms Agreement relating to such Designated Securities, which shall satisfy the provisions of Section 11(a) of the 1933 Act.

(d) Nova Scotia will furnish to the Representatives copies of the Registration Statement, each preliminary prospectus supplement, if any, the Prospectus, and all amendments and supplements to such documents (including documents incorporated by reference in the Prospectus), in each case as soon as available and in such quantities as are requested.

(e) Nova Scotia will furnish such information and execute such instruments as may be required to qualify the Designated Securities for sale and determine their eligibility for investment under the laws of such jurisdictions within the United States as the Representatives designate and will continue such qualifications in effect so long as required for their distribution, provided that Nova Scotia need not submit to any requirements that it reasonably deems unduly burdensome.

(f) So long as any of the Designated Securities are outstanding, Nova Scotia will post on the Electronic Document Gathering and Retrieval System, which is commonly known by the acronym XXXXX, through the SEC’s website (xxxx://xxx.xxx.xxx) as soon as practicable after publication thereof, its annual consolidated statements of revenues and expenditures. Upon request from any of the Underwriters or the Representatives, Nova Scotia will furnish hard copies of such documents.

(g) At any time prior to payment of the purchase price, as provided for in the Terms Agreement, being made to Nova Scotia on the Closing Date, Nova Scotia will notify the Representatives promptly of any material change affecting any of its representations, warranties, covenants or indemnities herein and will take such steps as may be reasonably requested by the Representatives to remedy and/or publicize the same.

(h) Nova Scotia will not, without the prior consent of the Representatives, offer or sell, between the execution of a Terms Agreement with respect to Designated Securities and the later of the related Closing Date or the date on which any price restrictions on the sale of the Designated Securities are terminated, (i) in any part of the world outside of Canada, any of its U.S. dollar denominated debt securities registered with the SEC having a maturity of one year or more or (ii) within Canada, any of its U.S. dollar denominated debt securities having a maturity of more than five years.

(i) Nova Scotia will authorize the Stabilizing Manager, or in the case of more than one Stabilizing Manager, the Coordinating Stabilizing Manager, named in the Terms Agreement to make the announcement required by Articles 8(4), 9(1) and 9(3) of the Commission Regulation (EC) No. 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC, provided that if Nova Scotia wishes to issue a public announcement in respect of the Designated Securities for other purposes, it should consult with the relevant Stabilizing Manager or Coordinating Stabilizing Manager, as the case may be, to determine if any such stabilization announcement can be incorporated therein and, in any case, it should not issue anything which is inconsistent with the stabilization announcements made by the Stabilizing Manager or the Coordinating Stabilizing Manager, as the case may be.

(j) Other than the final term sheet prepared and filed pursuant to Section 3(a) hereof, without the prior consent of the Representatives, Nova Scotia has not sent and will not send any written communication relating to the Designated Securities that would constitute a “free writing prospectus” as defined in Rule 405 under the 1933 Act; and any such free writing prospectus the use of which has been consented to by Nova Scotia and the Representatives (including the final term sheet prepared and filed pursuant to Section 3(a) hereof) will be listed on Schedule II to the Terms Agreement.

(k) Nova Scotia has complied and will comply with the requirements of Rule 433 under the 1933 Act applicable to any Issuer Free Writing Prospectus, including timely filing with the SEC or retention where required and legending required thereby or by the Prospectus Directive or applicable United Kingdom law.

(l) Nova Scotia agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement, the Pricing Disclosure Package or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, Nova Scotia will give prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct such conflict, statement or omission.

Section 4. Covenants of the Underwriters

Each of the Underwriters separately agrees with Nova Scotia that:

(a) It will deliver to Nova Scotia an initial allotment distribution report and a secondary market distribution report within 30 days after the Closing Date.

(b) Without the prior consent of Nova Scotia and the Representatives, it has not sent and will not send any written communication relating to the Designated Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a “free writing prospectus” as defined in Rule 405 under the 1933 Act required to be filed with the SEC.

(c) Any over-allotment or stabilization transaction by the Underwriters in connection with the distribution of the Designated Securities shall be effected by them on their own behalf and not as agents of Nova Scotia, and any gain or loss arising therefrom shall be for their own account. The Underwriters acknowledge that Nova Scotia has not been authorized to issue Designated Securities in excess of the aggregate principal amount set forth in the Terms Agreement. The Underwriters also acknowledge that Nova Scotia has not authorized the carrying out by the Underwriters of stabilization transactions other than in conformity with applicable rules, including those made pursuant to Regulation M under the Exchange Act (if applicable).

Section 5. Conditions to the Obligations of the Underwriters

The obligations of each Underwriter to purchase and pay for Designated Securities shall be subject to the accuracy of the representations and warranties on the part of Nova Scotia in this Agreement, to the accuracy of the statements of authorized representatives of Nova Scotia made pursuant to the provisions hereof or thereof, to the performance by Nova Scotia of their obligations hereunder and thereunder and to the following additional conditions precedent:

(a) Prior to the Closing Date no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge of Nova Scotia or any Underwriter, shall be contemplated by the SEC; and no proceedings or actions shall have been instituted by or, to the knowledge of Nova Scotia or any Underwriter, shall be contemplated by any Canadian regulatory authority having jurisdiction over the offering of the Designated Securities; and the Prospectus shall have been filed with the SEC pursuant to Rule 424(b) not later than 5:00 P.M., New York City time, on the second business day following the date of the Terms Agreement; and the term sheet contemplated by Section 3(a) shall have been filed with the SEC pursuant to Rule 433(d) under the 1933 Act.

(b) Subsequent to the execution and delivery of the Terms Agreement and on or prior to the Closing Date, there shall not have occurred any material adverse change, or any development involving a prospective material adverse change, in or affecting particularly the financial condition of Nova Scotia which, in the judgment of the Representatives on behalf of the Underwriters, materially impairs the investment quality of the Designated Securities.

(c) Subsequent to the execution and delivery of the Terms Agreement and on or prior to the Closing Date, there shall not have occurred (i) any downgrading in the rating of any debt securities of Nova Scotia by any “nationally recognized statistical rating organization” (as defined for purposes of Rule 436(g) under the 1933 Act), or any public announcement that any such organization has under surveillance or review its rating of any debt securities of Nova Scotia (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating); (ii) any suspension or limitation of trading in securities generally on the New York Stock Exchange, or any setting of minimum prices for trading on such exchange, or any suspension or limitation of trading of any securities of Nova Scotia on any exchange or in the over-the-counter market in Canada, the United States, the United Kingdom, Japan or elsewhere; or (iii) any banking moratorium declared by Canadian, United States or New York authorities.

(d) The Representatives shall have received from the Attorney General of Nova Scotia, such opinion or opinions, dated the Closing Date, with respect to the validity of any Designated Securities, the Registration Statement, the Prospectus, and other related matters as the Representatives may reasonably request. In rendering such opinion, the Attorney General of Nova Scotia may rely upon the opinion of Xxxxxx Xxxxxx Xxxxxxxx LLP as to matters of United States law and procedure and upon a certificate of Nova Scotia as to the debt securities of Nova Scotia outstanding on the Closing Date; and no opinion need be expressed by the Attorney General of Nova Scotia as to the financial statements or other financial data contained in the Registration Statement and Prospectus.

(e) The Representatives shall have received from Xxxxxx Xxxxxx Rosenman LLP, United States counsel for the Underwriters, such opinion or opinions, dated the Closing Date, with respect

to the validity of any Designated Securities, the Registration Statement, the Prospectus, and other related matters as the Representatives may reasonably request, and Nova Scotia shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. In rendering such opinion, such counsel may rely upon the opinion of the Attorney General of Nova Scotia as to matters of Canadian and Nova Scotia law; and no opinion need be expressed by such counsel as to the financial statements or other financial data contained in the Registration Statement and Prospectus.

(f) The Representatives shall have received a certificate of the Deputy Minister of Finance, dated the Closing Date, in which such official shall, to the best of his knowledge after reasonable investigation, state that the representations and warranties of Nova Scotia in this Agreement are true and correct, that Nova Scotia has complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Date, that no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or are contemplated by the SEC, and that, subsequent to the date of the most recent financial statements included or incorporated by reference in the Prospectus, there has been no material adverse change, or any development involving a prospective material adverse change, in the financial condition of Nova Scotia except as set forth or contemplated in the Prospectus or as described in such certificate.

(g) The parties to the Fiscal Agency Agreement shall have, on or prior to the Closing Date, executed such agreement in the agreed form with such modifications as the Representatives, Nova Scotia and the Fiscal Agent, respectively, may approve.

(h) Nova Scotia shall have furnished to the Representatives or their counsel such further certificates and documents as the Representatives or their counsel may reasonably request.

All such opinions, certificates, letters and documents will be in compliance with the provisions hereof only if they are satisfactory to the Representatives and to Xxxxxx Xxxxxx Xxxxxxxx LLP, counsel to the Underwriters. Nova Scotia will furnish the Representatives with such conformed copies of such opinions, certificates, letters and documents as the Representatives request.

In case any of the conditions specified above in this Section 5 shall not have been fulfilled on or before the Closing Date, the Representatives may (with the approval of Nova Scotia in the case of Section 5(h) above) waive compliance with any such conditions by delivering written notice thereof to Nova Scotia, or the Representatives may terminate this Agreement without liability on the part of the Underwriters or the Representatives or of Nova Scotia, except for the expenses to be paid or reimbursed by Nova Scotia pursuant to Section 6(c) hereof and except for any liability under Section 7 hereof.

Section 6. Payment of Expenses

(a) Nova Scotia agrees (whether or not the transactions contemplated hereby are consummated) to pay all costs and expenses incidental to the performance of its obligations hereunder, under the Fiscal Agency Agreement and the Designated Securities including, without limitation, all costs and expenses in connection with the preparation, production and printing, authentication, issuance and delivery of the Designated Securities and any insurance costs associated with such delivery; if applicable, all fees and expenses in connection with the trading of the Designated Securities on the Stock Exchange, and the maintenance of such listing; all costs and expenses incurred in connection with the preparation, printing and filing of the Registration Statement, any preliminary prospectus or preliminary prospectus supplement, any Issuer Free Writing Prospectus, and the Prospectus (including all amendments and supplements thereto and all documents incorporated by reference therein); any fee payable to rating agencies in connection with the rating of the Designated Securities; the fees and expenses of its own legal and other advisers; the filing fees, counsel fees and other expenses for qualifying any Designated Securities for sale and determining their eligibility for investment under the laws of such jurisdictions as the Representatives designate; the fees and expenses of the Fiscal Agent; any value added or equivalent tax on the foregoing costs, fees and expenses; the cost of printing and delivery of this Agreement and the Terms Agreement; and the legal and other fees and expenses for qualifying the Designated Securities for sale under the securities laws of such States and Provinces as the Representatives may reasonably designate,

including filing fees and the fees and disbursements of counsel to the Underwriters in connection therewith and in connection with the preparation of the Blue Sky Survey and the cost of printing and delivery thereof to the Underwriters.

(b) If the sale of the Designated Securities is consummated under the Terms Agreement, Nova Scotia agrees to pay to the Representatives on behalf of the Underwriters, upon presentation of an itemized statement of account, an amount to be agreed upon in such Terms Agreement to be applied in reimbursement of the out-of-pocket costs and expenses of the Representatives (including the fees and disbursements of its legal advisors, advertising agreed to by Nova Scotia and any value added or equivalent tax on such expenses and costs) in connection with the offering and sale of the Designated Securities.

(c) If the sale of the Designated Securities is not consummated hereunder for any reason other than default by the Underwriters in the performance of their obligations hereunder, Nova Scotia will reimburse the Underwriters upon demand and against production of itemized accounts for all reasonable out-of-pocket expenses (including the fees and disbursements of their legal advisers, advertising agreed to by Nova Scotia and any value added or equivalent tax on such expenses) that shall have been incurred by them in connection with their investigation, marketing and preparing to market the Designated Securities up to the amount set forth in Section 6(b), the liability for which was incurred by them on or prior to the date of termination of the applicable Terms Agreement or in connection with such termination, and Nova Scotia shall not have any further obligation towards the Underwriters except to the extent provided in Section 7 hereof. Nova Scotia shall not in any event be liable to the Underwriters for loss of anticipated profits from the transactions covered by this Agreement.

(d) Nova Scotia will pay and hold the Underwriters harmless against any documentary, stamp or similar issue tax, including any interest and penalties, on the issue and subscription of the Designated Securities in accordance with the terms of this Agreement which may be due in Canada or Nova Scotia.

Section 7. Indemnification

(a) Nova Scotia will indemnify and hold harmless each Underwriter and each person, if any, who controls any Underwriter within the meaning of Section 15 of the 1933 Act against any losses, claims, damages, liabilities or expenses of any nature whatsoever (whether joint, several or solidary), to which such Underwriter or such controlling person may become subject, under the 1933 Act or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, any preliminary prospectus or preliminary prospectus supplement, any Issuer Free Writing Prospectus, the Prospectus, the Listing Prospectus or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or arise out of or are based upon the omission by Nova Scotia to obtain all necessary approvals and consents from and file all required materials with any regulatory authority in Canada having jurisdiction over the Designated Securities; and will reimburse, promptly upon demand, each Underwriter and each such controlling person for any legal or other expenses reasonably incurred by such Underwriter or such controlling person in connection with investigating or defending any such loss, claim, damage, liability, expense or action as such expenses are incurred; provided that Nova Scotia will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any of such documents in reliance upon and in conformity with written information furnished to Nova Scotia by, or through the Representatives on behalf of, any Underwriter specifically for use therein. This indemnity agreement will be in addition to any liability which Nova Scotia may otherwise have.

(b) Each Underwriter will indemnify and hold harmless Nova Scotia against any losses, claims, damages, liabilities or expenses of any nature whatsoever (whether joint, several or solidary), to which Nova Scotia may become subject, under the 1933 Act or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) arise out of or are based upon any untrue

statement or alleged untrue statement of any material fact contained in the Registration Statement, any preliminary prospectus or preliminary prospectus supplement, any Issuer Free Writing Prospectus, the Prospectus, the Listing Prospectus or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to Nova Scotia by, or through the Representatives on behalf of, such Underwriter specifically for use therein; and will reimburse, promptly upon demand, any legal or other expenses reasonably incurred by Nova Scotia in connection with investigating or defending any such loss, claim, damage, liability, expense or action as such expenses are incurred. This indemnity agreement will be in addition to any liability which such Underwriter may otherwise have.

(c) Promptly after receipt by an indemnified party under this Section of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party otherwise than under this Section. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate in, and, to the extent that it may wish, jointly with any other indemnifying party, similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, without the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Section for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation. In no event shall the indemnifying parties be liable for the fees and expenses of more than one counsel for all indemnified parties, in addition to any local counsel, in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances.

(d) If recovery is not available under the foregoing indemnification provisions of this Section, for any reason other than as specified therein, the parties entitled to indemnification by the terms thereof shall be entitled to contribution to liabilities and expenses, except to the extent that contribution is not permitted under Section 11(f) of the 1933 Act. In determining the amount of contribution to which the respective parties are entitled, there shall be considered the relative benefits received by each party from the offering of the Designated Securities (taking into account the portion of the proceeds of the offering realized by each), the parties’ relative knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and any other equitable considerations appropriate under the circumstances. Nova Scotia and the Underwriters agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capital allocation (even if the Underwriters were treated as one entity for such purpose). No Underwriter or person controlling such Underwriter shall be obligated to make contribution hereunder which in the aggregate exceeds the total public offering price of any Designated Securities purchased by such Underwriter under this Agreement, less the aggregate amount of any damages which such Underwriter and its controlling persons have otherwise been required to pay in respect of the same claim or any substantially similar claim. The Underwriters’ obligations to contribute are joint meaning that each Underwriter is obligated to contribute only in proportion to the principal amount of Designated Securities specified to be purchased by such Underwriter under this Agreement.

Section 8. Default by Underwriters

(a) If any Underwriter or Underwriters shall, for any reason other than a reason permitted hereunder, fail to take up and pay for any Designated Securities to be purchased by it or them upon tender of such Designated Securities on the Closing Date in accordance with the terms hereof, the remaining Underwriters shall be obligated separately, in proportion to their respective commitments under the Terms

Agreement, to take up and pay for (in addition to the principal amount of Designated Securities to be delivered to them on the Closing Date), or to find another underwriter or underwriters to take up and pay for, the Designated Securities which such defaulting Underwriter or Underwriters agreed but failed to purchase, provided that the aggregate principal amount of additional Designated Securities which such remaining Underwriters shall be obligated pursuant to this Section to take up and pay for or find another underwriter or underwriters to take up and pay for on the Closing Date shall not exceed 10% of the aggregate principal amount of the Designated Securities set forth opposite the names of such remaining Underwriters in the Terms Agreement, and such remaining Underwriters shall have the right but shall not be obligated either to take up and pay for (in such proportion as may be agreed upon among them), or to substitute another underwriter or underwriters to take up and pay for, any remaining Designated Securities which the defaulting Underwriter or Underwriters agreed but failed so to purchase. To the extent that the Designated Securities which such defaulting Underwriter or Underwriters agreed but failed to purchase exceeds 10% of the aggregate principal amount of the Designated Securities set forth opposite the names of such remaining Underwriters in the Terms Agreement, then in the event that said remaining Underwriters shall not take up and pay for, or substitute another underwriter or underwriters to take up and pay for, all the Designated Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase within 24 hours after such failure, (i) Nova Scotia shall have the right, during an additional period of 24 hours, to find another underwriter or underwriters for said Designated Securities who shall be satisfactory to the Underwriters or the Representatives or (ii) Nova Scotia and the Underwriters or the Representatives may agree, during such period, to proceed with the sale and delivery hereunder of less than all of the Designated Securities to be delivered on the Closing Date, in which latter event each of the remaining Underwriters shall be obligated to take up and pay for the amount of Designated Securities which it is obligated to purchase on the Closing Date under the foregoing provisions of this Section, including additional Designated Securities in a principal amount equal to 10% of the aggregate principal amount of Designated Securities set forth opposite the names of such remaining Underwriters in the Terms Agreement. If neither the remaining Underwriters nor Nova Scotia shall thus find another underwriter or underwriters for all of said Designated Securities, and if Nova Scotia and the Underwriters or the Representatives shall not thus agree to proceed with the sale and delivery hereunder of less than all of said Designated Securities, such Terms Agreement shall terminate without liability on the part of either Nova Scotia or the remaining Underwriters not in default, as aforesaid (except to the extent, if any, provided in this Section 8).

(b) If, in accordance with the foregoing provisions, a new underwriter or underwriters are substituted by the Underwriters or by Nova Scotia for the defaulting Underwriter or Underwriters on the Closing Date or Nova Scotia and the Underwriters or the Representatives shall agree to proceed with the sale and delivery hereunder of less than all of the Designated Securities to be delivered on the Closing Date, Nova Scotia, the Underwriters or the Representatives shall have the right to postpone the time of purchase of said Designated Securities for a period not exceeding five full business days from the Closing Date in order that necessary changes in the Registration Statement and Prospectus and other documents may be effected. The foregoing obligations and agreements set forth in this Section will not apply if Designated Securities are being purchased pursuant to a “firm bid” which is identified as such in the Terms Agreement. Nothing herein shall obligate any Underwriter to purchase or find an underwriter or underwriters for any Designated Securities in excess of those agreed to be purchased by such Underwriter under the terms of this Section; nor shall anything herein operate to limit any rights which Nova Scotia may have against any Underwriter who shall for any reason other than a reason permitted hereunder fail to purchase the Designated Securities purchasable by it upon tender thereof in accordance with the terms of this Agreement. Any person substituted for an Underwriter under the provisions of this Section shall thereafter be deemed to be an Underwriter.

Section 9. Survival of Certain Representations and Obligations

The respective indemnities, agreements, representations, warranties and other statements of Nova Scotia and its representatives and of each Underwriter set forth in or made pursuant to this Agreement shall remain in full force and effect regardless of any investigation, or statement as to the results thereof, made by or on behalf of any Underwriter or Nova Scotia or any controlling person, and will survive delivery of and payment for the Designated Securities. If any Terms Agreement is terminated pursuant to Section 8 or if for any reason the purchase of the

Designated Securities by the Underwriters is not consummated, Nova Scotia shall remain responsible for the expenses to be paid or reimbursed by it pursuant to Section 6 and the respective obligations of Nova Scotia and the Underwriters pursuant to Section 7 shall remain in effect. If the sale of none of the Designated Securities provided for in a Terms Agreement is consummated because any condition to the Underwriters’ obligations hereunder is not satisfied or because of any refusal, inability or failure on the part of Nova Scotia to perform any agreement herein or therein or comply with any provision hereof or thereof, Nova Scotia will reimburse the Underwriters upon demand for all out-of-pocket expenses (including fees and disbursements of counsel) that shall have been incurred by the Underwriters directly related to the proposed purchase and sale of the Designated Securities, the Underwriters agreeing to pay such fees and disbursements of counsel for the Underwriters in any other event.

Section 10. Termination

Notwithstanding anything herein contained, an Underwriter party to a Terms Agreement may also terminate such Terms Agreement, immediately upon notice to Nova Scotia at any time before the time of the Closing Date when payment would otherwise be due under such Terms Agreement to Nova Scotia in respect of the Designated Securities if, in the opinion of such Underwriter, there shall have been such a change in national or international political, financial or economic conditions or currency exchange rates or exchange controls as would in their view be likely to prejudice materially the success of the offering and the distribution of the Designated Securities or dealings in the Designated Securities in the secondary market and, upon notice being given, the parties to such Terms Agreement shall (except for the liability of Nova Scotia in relation to expenses as provided in Section 6(c) hereof and except for any liability under Section 7 hereof) be released and discharged from their respective obligations under this Agreement.

Notwithstanding anything herein contained, either an Underwriter party to a Terms Agreement, on the one hand, or Nova Scotia, on the other hand, may by notice to the other terminate such Terms Agreement at any time before the time of the Closing Date when payment for the Designated Securities would otherwise be due hereunder to Nova Scotia if in the opinion of the person or persons giving such notice the issue, sale or distribution of the Designated Securities is prohibited by or contrary to the provisions of any statute, order, rule or regulation promulgated by any legislative, executive or regulatory body or authority of Canada, the United States of America, Nova Scotia, or the State of New York. Upon notice being given, the parties to such Terms Agreement shall, except for liability of Nova Scotia pursuant to Section 6(c) hereof and except for any liability under Section 7 hereof, be released and discharged from their respective obligations under such Terms Agreement.

Section 11. Notices

All communications to Nova Scotia hereunder shall be effective only on receipt, and shall be delivered or sent by letter, facsimile transmission or telephone (but in the case of communication by telephone, with subsequent confirmation by letter or facsimile transmission) as follows:

Province of Nova Scotia
Deputy Minister of Finance
X.X. Xxx 000
1723 Xxxxxx Street
Halifax, Nova Scotia
Canada B3J 2N3

Section 12. Successors

This Agreement shall inure to the benefit of and be binding upon each of the parties hereto, such Underwriters as are identified in Terms Agreements and their respective successors and the officers and directors and controlling persons referred to in Section 7, and no other person will have any right or obligation hereunder.

Section 13. Jurisdiction of Courts

Nova Scotia hereby appoints the person from time to time who holds the position of Canadian Consulate General in New York, 1251 Avenue of the Americas, Xxx Xxxx, Xxx Xxxx 00000-0000, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any action by any Underwriter, or by any person controlling such Underwriter, and based upon this Agreement which may be instituted in any State or Federal court in the City of New York, and expressly accepts the non-exclusive jurisdiction of any such court in respect of such action. Nova Scotia hereby irrevocably waives any immunity to service of process in respect of any such action to which the Authorized Agent might otherwise be entitled. Such appointment shall be irrevocable as long as any of the Securities remain outstanding, except that, if for any reason the Authorized Agent ceases to be able to act as agent or no longer has an address in the City of New York, Nova Scotia will appoint another person or persons in the City of New York, selected in its discretion, as Authorized Agent(s). Nova Scotia will take any and all action, including the filing of any and all documents and instruments that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Service of process upon the Authorized Agent together with written notice of such service mailed or delivered to Nova Scotia at its address set forth in Section 11, shall be deemed in every respect effective service of process upon Nova Scotia. Notwithstanding the foregoing, any action by an Underwriter, or by any person controlling such Underwriter, and based upon this Agreement may be instituted in any competent court in Nova Scotia. Nova Scotia hereby waives, to the fullest extent permitted by applicable law, any immunity to jurisdiction to which it might otherwise be entitled in any action based on this Agreement which may be instituted as provided in this Section in any State or Federal court in the City of New York or in any competent court in Nova Scotia.

Section 14. Currency

All dollar figures set forth in this Agreement will be in United States dollars, unless otherwise indicated.

Section 15. Counterparts

This Agreement may be signed in any number of counterparts, each of which shall be deemed an original, which taken together shall constitute one and the same instrument.

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