Scotiabank changes GIC rates

    TORONTO, Jan. 28 /CNW/ - Scotiabank today announced changes in the
interest rates earned on Scotia Guaranteed Investment Certificates (GICs). The
new rates are effective January 29, 2008.

    -   one-year GIC rate decreases 0.05 per cent to 2.55 per cent;
    -   two-year GIC rate decreases 0.05 per cent to 3.00 per cent;
    -   three-year Ultimate(R) GIC rate decreases 0.25 per cent to
        3.75 per cent;
    -   five-year Ultimate(R) GIC rate decreases 0.20 per cent to
        3.90 per cent;
    -   The effective yield on the five-year Accelerated Rate GIC decreases
        from 4.3393 per cent to 4.0423 per cent.

    (R) Registered trademark of The Bank of Nova Scotia.

For further information:

For further information: Paula Cufre, Scotiabank Public Affairs, (416)

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