Dividend Declaration

RNS Number:0971Q
Bank of Nova Scotia
29 August 2000


LETTER TO COMPANY ANNOUNCEMENTS OFFICE

To confirm information released via Canada NewsWire Disclosure Network, below is
a Notice of Scotiabank dividends declared for the quarter ending October 31,
2000.

Where applicable, we will withhold tax from shareholders who are non-residents
of Canada in accordance with current Canadian income tax regulations.

LETTER FROM THE BANK OF NOVA SCOTIA


                                  SCOTIABANK

                                  DIVIDENDS

NOTICE is hereby given that The Bank of Nova Scotia has declared dividends on
the outstanding shares of the Bank for the quarter ending October 31, 2000, as
follows:

0    Payable on October 27, 2000 to shareholders of record at the close of      
     business on October 3, 2000:

     -   Common Shares, Dividend No. 524 of $0.28 per share

     -   Non-Cumulative Preferred Shares:

         -   Series  6, Dividend No. 31 of $0.446875 per share
         -   Series  7, Dividend No. 24 of $0.44375  per share
         -   Series  8, Dividend No. 22 of $0.4375   per share
         -   Series  9, Dividend No. 21 of $0.421875 per share
         -   Series 10, Dividend No. 18 of $0.02     per share
         -   Series 11, Dividend No. 12 of $0.375    per share
         -   Series 12, Dividend No   9 of $0.328125 per share

Holders may elect to receive their dividends in common shares of the Bank in
lieu of cash dividends, in accordance with the Bank's Shareholder Dividend and
Share Purchase Plan.

By Order of the Board

G.E. Whyte
Senior Vice-President, General Counsel
and Secretary