TORONTO, June 20 /CNW/ - Scotiabank today announced changes in the
interest rates earned on Scotia Guaranteed Investment Certificates (GICs). The
new rates are effective June 21, 2008.-   one-year GIC rate increases 0.20 per cent to 2.25 per cent;
    -   two-year GIC rate increases 0.30 per cent to 2.60 per cent;
    -   three-year GIC rate increases 0.30 per cent to 2.85 per cent;
    -   three-year Ultimate(R) GIC rate increases 0.15 per cent to 4.15 per
        cent;
    -   four-year GIC rate increases 0.20 per cent to 2.95 per cent;
    -   five-year GIC rate increases 0.20 per cent to 3.20 per cent;
    -   five-year Ultimate(R) GIC rate increases 0.20 per cent to 4.50 per
        cent;
    -   seven-year GIC rate increases 0.20 per cent to 3.40 per cent;
    -   ten-year GIC rate increases 0.20 per cent to 3.60 per cent.
    -   The effective yield on the five-year Accelerated Rate GIC increases
        from 4.5892 per cent to 4.6863 per cent.

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