Bank of Nova Scotia - Dividend Declaration

RNS No 7698p
BANK OF NOVA SCOTIA 
1 September 1999


SCOTIABANK INCREASES DIVIDEND ON COMMON SHARES

Toronto, August 31 - Scotiabank today increased the dividend on its common
shares by three cents to 24 cents per common share for the quarter ending
October 31 1999, payable on October 27 1999, to shareholders of record at the
close of business on October 5 1999.

The Bank also declared the following dividends on Non-Cumulative Preferred
Shares for the quarter ending October 31 1999, payable on October 27 1999, to
shareholders of record at the close of business on October 5 1999:

    -  Series 6,    Dividend No. 27   of   $0.446875   per share;

    -  Series 7,    Dividend No. 20   of   $0.44375    per share;

    -  Series 8,    Dividend No. 18   of   $0.4375     per share;

    -  Series 9,    Dividend No. 17   of   $0.421875   per share;

    -  Series 10,   Dividend No. 14   of   $0.02       per share;

    -  Series 11,   Dividend No. 8    of   $0.375      per share;

    -  Series 12,   Dividend No. 5    of   $0.328125   per 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.

Contact: Mr. Sabi Marwah, Executive Vice-President & Chief Financial Officer,
tel Toronto 00 1 416 866 6808 or Shelley Jourard, Senior Manager, Public
Affairs, tel [phone], both of Scotiabank.

END

DIVNFPNFELANEEN