TORONTO, July 16 /CNW/ - Scotiabank today announced changes in the
interest rates earned on Scotia Guaranteed Investment Certificates (GICs). The
new rates are effective July 17, 2007.-  one-year GIC rate increases 0.15 per cent to 3.40 per cent;
    -  two-year GIC rate increases 0.15 per cent to 3.50 per cent;
    -  three-year GIC rate increases 0.15 per cent to 3.60 per cent;
    -  three-year Ultimate(R) GIC rate increases 0.15 per cent to
       4.40 per cent;
    -  four-year GIC rate increases 0.15 per cent to 3.70 per cent;
    -  five-year GIC rate increases 0.15 per cent to 3.85 per cent;
    -  five-year Ultimate(R) GIC rate increases 0.15 per cent to
       4.55 per cent;
    -  seven-year GIC rate increases 0.15 per cent to 3.85 per cent;
    -  ten-year GIC rate increases 0.15 per cent to 3.90 per cent.
    -  The effective yield on the five-year Accelerated Rate GIC increases
       from 4.5375 per cent to 4.6872 per cent.

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