Bank of Nova Scotia - Dividend Declaration

RNS No 8983m
BANK OF NOVA SCOTIA
27 May 1999


                              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, 1999, as
follows:

Payable on July 28, 1999 to shareholders of record at the close of business
on July 6, 1999:

   - Common Shares, Dividend No.519 of $0.21 per share

   - Non-Cumulative Preferred Shares:

     - Series 6,  Dividend No.26 of $0.446875 per share
     - Series 7,  Dividend No.19 of $0.44375  per share
     - Series 8,  Dividend No.17 of $0.4375   per share
     - Series 9,  Dividend No.16 of $0.421875 per share
     - Series 10, Dividend No.13 of $0.02     per share
     - Series 11, Dividend No. 7 of $0.375    per share
     - Series 12, Dividend No. 4 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

                                    R.P. Gerad
                                    Senior Vice-President and Secretary

END

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