NewGrowth Corp. Declares Quarterly Dividend



    TORONTO, June 5 /CNW/ - The Board of Directors of NewGrowth Corp. (the
"Company") has declared today ordinary dividends of $0.2054 per Preferred
Share and $0.2500 per Capital Share payable on June 26, 2008 to holders of
record at the close of business on June 25, 2008.
    Holders of the Preferred Shares are entitled to receive quarterly fixed
cumulative dividends equal to $0.2054 per Preferred Share. The Company's
Capital Share dividend policy is to pay holders of Capital Shares quarterly
dividends in an amount equal to the revenue received by the Company on the
underlying portfolio securities minus the dividends payable on the Preferred
Shares and all administrative and operating expenses.

    NewGrowth Corp. is a mutual fund corporation whose investment portfolio
consists of publicly-listed securities of selected Canadian chartered banks
and utility issuers. The Capital Shares and Preferred Shares of NewGrowth
Corp. are both listed for trading on The Toronto Stock Exchange under the
symbols NEW.A and NEW.PR.B respectively.

    %SEDAR: 00002585E




For further information:

For further information: Investor Relations, NewGrowth Corp., (416)
862-3931, E-mail: mc_newgrowth@scotiacapital.com, Web site:
www.scotiamanagedcompanies.com


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