Bank of Nova Scotia - Dividend Declarations

RNS No 0699w
BANK OF NOVA SCOTIA
25th August 1998



                            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 October 31, 1998, as
follows:

Payable on October 28, 1998 to shareholders of record at the close of business
on October 6, 1998:

-  Common Shares, Dividend No. 516 of $0.20 per share

-  Non-Cumulative Preferred Shares:

   *  Series  6, Dividend No. 23 of $0.446875 per share
   *  Series  7, Dividend No. 16 of $0.44375  per share
   *  Series  8, Dividend No. 14 of $0.4375   per share
   *  Series  9, Dividend No. 13 of $0.421875 per share
   *  Series 10, Dividend No. 10 of $0.02     per share
   *  Series 11, Dividend No.  4 of $0.375    per share

   *  Series 12, Dividend No. 1  of $0.381164 per share
      (based on the issue date of July 14, 1998)

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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