Dividend Declaration

RNS Number:1078Q
Bank of Nova Scotia
29 August 2000

               Scotiabank increases dividend on common shares

Toronto - Scotiabank today increased the dividend on its common shares by
four cents to 28 cents per common share for the quarter ending October 31,
2000, payable on October 27, 2000, to shareholders of record at the close of
business on October 3, 2000.

The Bank also declared the following dividends on Non-Cumulative Preferred
Shares for the quarter ending October 31, 2000, payable on October 27, 2000,
to shareholders of record at the close of business on October 3, 2000:

Series  6,     Dividend No. 31     of     $0.446875     per share;

Series  7,     Dividend No. 24     of     $0.44375      per share;

Series  8,     Dividend No. 22     of     $0.4375       per share;

Series  9,     Dividend No. 21     of     $0.421875     per share;

Series 10,     Dividend No. 18     of     $0.02         per share;

Series 11,     Dividend No. 12     of     $0.375        per share;

Series 12,     Dividend No.  9     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.

For further information: please contact: Sabi Marwah, Executive Vice-
President & Chief Financial Officer, [phone]; Pam Agnew, Director,
Public Affairs, [phone]