TORONTO, May 25 /CNW/ - Scotiabank today announced changes in the
interest rates earned on Scotia Guaranteed Investment Certificates (GICs). The
new rates are effective May 26, 2007.-   one-year GIC rate increases 0.05 per cent to 3.10 per cent;
    -   two-year GIC rate increases 0.05 per cent to 3.15 per cent;
    -   three-year GIC rate increases 0.10 per cent to 3.25 per cent;
    -   three-year Ultimate(R) GIC rate increases 0.20 per cent to
        4.05 per cent;
    -   four-year GIC rate increases 0.20 per cent to 3.35 per cent;
    -   five-year GIC rate increases 0.30 per cent to 3.50 per cent;
    -   five-year Ultimate(R) GIC rate increases 0.25 per cent to
        4.20 per cent;
    -   seven-year GIC rate increases 0.25 per cent to 3.50 per cent;
    -   ten-year GIC rate increases 0.20 per cent to 3.55 per cent.
    -   The effective yield on the five-year Accelerated Rate GIC increases
        from 4.1260 per cent to 4.3263 per cent.

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