Bank of Nova Scotia - Acquisition

RNS No 1864x
BANK OF NOVA SCOTIA
31st July 1997


SCOTIABANK EXTENDS DATE FOR SHAREHOLDERS TO TENDER NATIONAL TRUSTCO INC. SHARES

TORONTO, JULY 31/CNW/-Scotiabank announced today that it has decided to extend
the date for shareholders to accept the Bank's Offer to acquire all of the
outstanding shares of National Trsutco Inc. until Monday, August 11, 1997,
(12:00 midnight local time at the place of deposit).

"While the acceptance date for the Offer was originally July 31,, we have not
yet received all of the regulatory approvals requried to finalize the
transaction," explained Peter Godsoe, Scotiabank Chairman and Chief Executive
Officer. "We currently have consent from Ontario's Superintendent of Deposit
Institutions and based on discussions with the Secretary of State (International
Financial Institutions) and the Department of Finance, we are confident that
their approval will be forthcoming within a few days."

Natioanl Trustco Inc. is a public holding company for a group of financial
institutions, including its main operating subsidiary, National administration
of C$7.6 billion, National Trust provides banking and fiduciary services across
Canada through its approximately 3,600 employees. The majority of its 175
branches are located in Ontario with a particularly strong presence in southern
Ontario. The balance of its branches are in British Columbia, Alberta, Manitoba
and Quebec.

Scotiabank is one of North America's premier financial institutions, with more
than C$176 billion in asses and more than 34,500 employees worldwide. It is also
Canada's most international bank, with 1,468 branches and offices in 48
countries on five continents. Scotiabank is on the World Web at
http://WWW.scotiabank.ca.


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