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    Scotiabank Announces Initial Dividend on Preferred Share 
    
    TORONTO, June 24 /CNW/ - Scotiabank today declared the initial dividend
of $0.1678 per share on Non-Cumulative Preferred Shares Series 20, payable on
July 29, 2008, to shareholders of record at the close of business on July 4,
2008.Non-Cumulative Preferred Share:

    -   Series 20, Dividend No. 1 of $0.1678 per share.Holders may elect to receive their dividends in common shares of the Bank
in lieu of cash dividends, in accordance with the Bank's Shareholder Dividend
and Share Purchase Plan.

    %SEDAR: 00001289EF          %CIK: 0000009631
    For further information: 
    For further information: Kevin Harraher, Vice-President, Investor
Relations, (416) 866-5982; Livy Feldgajer, Scotiabank Public Affairs, (416)
866-6203