NewGrowth Corp. Declares Capital Gains Dividend



    TORONTO, Aug. 13 /CNW/ - The Board of Directors of Newgrowth Corp. (the
"Company") has declared today a capital gains dividend on its Class A Capital
Shares (the "Capital Shares"), in the amount of $1.069 per Capital Share,
payable in Capital Shares and not in cash, on August 24, 2007, to holders of
record at the close of business on August 23, 2007. This capital gains
dividend will increase the adjusted cost base of a holder's Capital Shares by
$1.069 per share, as described below.
    The Company realized a capital gain due to the deemed disposition of
Aliant Inc. in July 2006, subject to the terms of Aliant Inc.'s plan of
arrangement. Pursuant to the Capital Shares provisions, the Company is
declaring a capital gains dividend in shares on its Capital Shares.
Immediately following payment of such dividend, the number of Capital Shares
outstanding will be consolidated such that the number of Capital Shares
outstanding will be equal to the number of Capital Shares outstanding
immediately prior to such payment. This capital gains dividend will increase
the adjusted cost base of a holder's Capital Shares by $1.069 per share.

    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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