Bank of Nova Scotia - Dividend Declaration

RNS No 9866w
BANK OF NOVA SCOTIA
26th May 1998

LETTER TO: COMPANY ANNOUNCEMENTS

To confirm information released via Canada NewsWire Disclosure Network, we
enclose herewith a Notice of Scotiabank dividends declared at the Board of
Directors' Meeting held in Singapore on May 26, 1998.

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

LETTER FROM: Theresa Lucas
             Assistant Secretary
             Capital Stock & Debentures              


                              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 July 31, 1998, as
follows:

*  Payable on July 29, 1998 to shareholders of record at the close of business
   on July 7, 1998:

   - Common Shares, Dividend No 515 of $0.20 per share
  
   - Non-Cumulative Preferred Shares:
     
     .  Series 6, Dividend No 22 of $0.446875     per share
     .  Series 7, Dividend No 15 of $.44375       per share
     .  Series 8, Dividend No 13 of $.4375        per share
     .  Series 9, Dividend No 12 of $.421875      per share
     .  Series 10, Dividend No 9 of $0.02         per share
     .  Series 11, Dividend No 3 of $0.375 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



END                              

DIVNFLSKAESPEFN