Scotiabank Increases Dividend on Common Shares



    TORONTO, Dec. 6 /CNW/ - Scotiabank today increased the dividend on its
common shares by 2 cents to 47 cents per common share for the quarter ending
January 31, 2008, payable on January 29, 2008, to shareholders of record at
the close of business on January 2, 2008.
    The Bank also declared the following dividends on Non-Cumulative
Preferred Shares for the quarter ending January 31, 2008, payable on
January 29, 2008, to shareholders of record at the close of business on
January 2, 2008:

    
    -  Series 12, Dividend No. 38  of  $0.328125  per share;
    -  Series 13, Dividend No. 11  of  $0.30      per share;
    -  Series 14, Dividend No. 4   of  $0.28125   per share;
    -  Series 15, Dividend No. 3   of  $0.28125   per share;
    -  Series 16, Dividend No. 1   of  $0.39195   per share.
    

    Holders may elect to receive their dividends in common shares of the Bank
in lieu of cash dividends, in accordance with the Bank's Shareholder Dividend
and Share Purchase Plan.

    %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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