TORONTO, May 9 /CNW/ - Scotiabank today announced changes in the interest
rates earned on Scotia Guaranteed Investment Certificates (GICs). The new
rates are effective May 10, 2007.-   one-year GIC rate increases 0.10 per cent to 3.05 per cent;
    -   two-year GIC rate increases 0.10 per cent to 3.10 per cent;
    -   three-year GIC rate increases 0.10 per cent to 3.15 per cent;
    -   three-year Ultimate(R) GIC rate increases 0.20 per cent to 3.85 per
        cent;
    -   four-year GIC rate increases 0.10 per cent to 3.15 per cent;
    -   five-year GIC rate increases 0.10 per cent to 3.20 per cent;
    -   five-year Ultimate(R) GIC rate increases 0.15 per cent to 3.95 per
        cent;
    -   seven-year GIC rate increases 0.05 per cent to 3.25 per cent;
    -   ten-year GIC rate increases 0.05 per cent to 3.35 per cent.
    -   The effective yield on the five-year Accelerated Rate GIC increases
        from 4.0071 per cent to 4.1260 per cent.(R) Registered trademark of The Bank of Nova Scotia.