NewGrowth Corp. Partial Call for Redemption



    TORONTO, June 12 /CNW/ - NewGrowth Corp. (the "Company") announced today
that it has called 123,900 Preferred Shares for cash redemption on June 26,
2007 (in accordance with the Company's Articles) representing approximately
4.928% of the outstanding Preferred Shares as a result of the special annual
retraction of 177,600 Capital Shares by the holders thereof. The Preferred
Shares shall be redeemed on a pro rata basis, so that each holder of Preferred
Shares of record on June 25, 2007 will have approximately 4.928% of their
Preferred Shares redeemed. The redemption price for the Preferred Shares will
be $18.25 per share.
    Holders of Preferred Shares that are on record for the dividend but have
been called for redemption will be entitled to receive dividends thereon which
have been declared but remain unpaid up to but not including June 26, 2007.
    Payment of the amount due to holders of Preferred Shares will be made by
the Company on June 26, 2007. From and after June 26, 2007 the holders of
Preferred Shares that have been called for redemption will not be entitled to
dividends or to exercise any right in respect of such shares except to receive
the amount due on redemption.

    NewGrowth Corp. is a mutual fund corporation whose investment portfolio
consists primarily of publicly listed common shares of selected Canadian
chartered banks and utility companies. 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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