Dividend Declaration

RNS Number:4116V
Bank of Nova Scotia
7 December 2000


Scotiabank announces dividend on common shares

Toronto - Scotiabank today announced a dividend of 28 cents
per common share for the quarter ending January 31, 2001, payable on
January 29, 2001, to shareholders of record at the close of business on
January 2, 2001.

The Bank also declared the following dividends on Non-Cumulative
Preferred Shares for the quarter ending January 31, 2001, payable on
January 29, 2001, to shareholders of record at the close of business on
January 2, 2001:


Series  6,  Dividend No. 32of $0.446875per share;

Series  7,  Dividend No. 25of $0.44375 per share;

Series  8,  Dividend No. 23of $0.4375  per share;

Series  9,  Dividend No. 22of $0.421875per share;

Series 10,  Dividend No. 19of $0.02per share;

Series 11,  Dividend No. 13of $0.375   per share;

Series 12,  Dividend No. 10of $0.328125per share.

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

For further information: Sabi Marwah, Executive Vice-President, & Chief
Financial Officer, [phone]; Diane Flanagan, Senior Manager, Public
Affairs, [phone]