Scotia Mortgage Investment Corporation announces redemption of non-cumulative preferred shares Class A



    /NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/

    TORONTO, Aug. 9 /CNW/ - Scotia Mortgage Investment Corporation, a wholly
owned subsidiary of Scotiabank, today announced its intention to redeem all of
the 250,000 non-cumulative preferred shares Class A (Scotia BOOMS) on October
31, 2007. The redemption price per share will be equal to $1,000.00 plus
declared and unpaid dividends thereon to the October 31, 2007 redemption date.
Formal notice will be delivered to the preferred shareholders in accordance
with the terms of the shares.

    Scotia Mortgage Investment Corporation was created in October 1997 and
issued 250,000 Scotia BOOMS on October 31, 1997. Scotia BOOMS are listed on
the Toronto Stock Exchange under the symbol SMC.M.
    %SEDAR: 00013936E




For further information:

For further information: Michael Lomas, Managing Director, Capital and
Mid-Term Funding, (416) 866-5734

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Scotiabank - Financial Releases

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SCOTIA MORTGAGE INVESTMENT CORPORATION

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