Scotiabank announces dividend on common shares



    TORONTO, Aug. 26 /CNW/ - Notice is hereby given that The Bank of Nova
Scotia has declared dividends on the outstanding shares of the Bank for the
fourth quarter ending October 31, 2008, as follows:

    
    -   Common Shares, Dividend No. 557 of $0.49 per share
    -   Non-Cumulative Preferred Shares Series 12, Dividend No. 41 of
        $0.328125 per share
    -   Non-Cumulative Preferred Shares Series 13, Dividend No. 14 of
        $0.30 per share
    -   Non-Cumulative Preferred Shares Series 14, Dividend No. 7 of
        $0.28125 per share
    -   Non-Cumulative Preferred Shares Series 15, Dividend No. 6 of
        $0.28125 per share
    -   Non-Cumulative Preferred Shares Series 16, Dividend No. 4 of
        $0.328125 per share
    -   Non-Cumulative Preferred Shares Series 17, Dividend No. 3 of
        $0.35 per share
    -   Non-Cumulative Preferred Shares Series 18, Dividend No. 2 of
        $0.3125 per share
    -   Non-Cumulative Preferred Shares Series 20, Dividend No. 2 of
        $0.3125 per share
    

    Holders may elect to have their dividends reinvested in additional common
shares of the Bank in accordance with the Bank's Shareholder Dividend and
Share Purchase Plan (the "Plan"). Under the Plan, the Bank determines whether
the additional common shares are purchased on the secondary market or issued
by the Bank from treasury. At this time, the Bank has decided to issue shares
from treasury with a two per cent discount from the Average Market Price (as
defined in the Plan) until such time as the Bank elects otherwise. Most
recently, the common shares payable under the Plan have been issued from
treasury with no discount to the Average Market Price. This change will be
effective in respect of the Q4 2008 Dividend.
    Any registered holder of record wishing to join the Plan can obtain an
Enrolment Form from the Bank's Transfer Agent, Computershare Trust Company of
Canada or from the Bank's website, www.scotiabank.com. Beneficial or
non-registered holders of the Bank's common shares must contact their
financial institution or broker to participate.
    In order to participate in time for the Q4 2008 Dividend, Enrolment Forms
for registered holders must be received by Computershare Trust Company of
Canada, 100 University Avenue, Toronto, Ontario M5J 2Y1 before the close of
business on October 7, 2008. Beneficial or non-registered holders must contact
their financial institution or broker for instructions on how to participate
in advance of the above date.
    Registered participants in the Plan who would prefer to receive a cash
dividend rather than reinvest their dividends may terminate their
participation in the Plan by giving written notice to Computershare Trust
Company of Canada at the above address, to be received by no later than
October 6, 2008 in order to be effective for the October 29, 2008 dividend
payment. Non-registered participants in the Plan should contact their
financial institution or broker in advance of October 6, 2008 for instructions
on how to terminate participation so that the Q4 2008 Dividend is not
reinvested on or after October 29, 2008.

    The securities referenced above have not been and will not be registered
under the United States Securities Act of 1933, as amended, or under any state
securities laws, and may not be offered, sold, directly or indirectly, or
delivered within the United States of America and its territories and
possessions or to, or for the account or benefit of, United States persons
except in certain transactions exempt from the registration requirements of
such Act. This release does not constitute an offer to sell or a solicitation
to buy such securities in the United States.

    %SEDAR: 00001289EF          %CIK: 0000009631




For further information:

For further information: Kevin Harraher, Vice-President, Investor
Relations, (416) 866-5982; Paula Cufre, Scotiabank Public Affairs, (416)
933-1093


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