/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES./

    TORONTO, May 24 /CNW/ - Scotia Mortgage Investment Corporation, a wholly
owned subsidiary of Scotiabank, has declared a semi-annual dividend on its
preferred shares, Class A (Scotia BOOMS). The dividend per share will be
$32.85, payable on October 31, 2007 to shareholders of record at the close of
business on October 30, 2007. For trading purposes the share price is quoted
in units equivalent to one-tenth of the share price, thus the dividend per
unit will be $3.285.

    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