Bank of Nova Scotia - Re Subdivision

RNS No 6307f
BANK OF NOVA SCOTIA
5th February 1998


           The Bank of Nova Scotia ("Scotiabank")
  Scotiabank shareholders approve two for one common share
                            split
      ----------------------------------------------

TORONTO - At its Annual Meeting held on 27 January 1998
Scotiabank shareholders approved a proposal, originally
announced on 26 November 1997, to subdivide the Bank's common
shares on a two for one basis.

The subdivision will be effective on 12 February 1998 at the
close of business, the subdivision record date.  Shareholders
of record at that time will receive a certificate for one
additional share for every common share held.  Certificates
for additional shares will be mailed on or about 19 February
1998.  Shareholders should retain their present share
certificates, as they will continue to represent a part of
their shareholdings.

Application has been made to the London Stock Exchange for
263,760,075 new shares to be admitted to the Official List.
It is expected that permission to admit the new shares will
be granted on Friday, 6 February 1998 and that dealings will
commence on a split basis on the London Stock Exchange at the
start of business on Wednesday, 11 February 1998.  The new
shares will rank pari passu in all respects with existing
issued common shares.

Trading of the Bank's common shares on a split basis is
anticipated to commence on the Canadian stock exchanges at
the opening of business on 10 February 1998.

"This share split makes the Bank's shares more affordable for
the average investor," explained Scotiabank Vice-Chairman
Robert Chisholm.  "It will promote increased interest in the
Bank's common shares and broader share ownership, both of
which should prove beneficial to existing shareholders."

Common shares of the Bank are listed for trading on the
Vancouver, Alberta, Winnipeg, Toronto, Montreal and London
stock exchanges.

For further information:

Mr Robert Chisholm
Vice Chairman
[phone]

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