Scotiabank Changes Mortgage Offering

    TORONTO, July 22 /CNW/ - Scotiabank today announced changes to the Bank's
mortgage products in response to the Department of Finance's recent
announcement with regard to the changes in government guarantees for
mortgages. Effective immediately, the maximum amortization period will be
reduced to 35 years, and a five-per-cent minimum requirement for down payments
will be implemented for new mortgage financing.
    Scotiabank will honour its existing customer commitments and continue to
process approved mortgage applications with 40-year amortization periods and
lower down payments.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 million customers in some
50 countries around the world. Scotiabank offers a diverse range of products
and services including personal, commercial, corporate and investment banking.
With $453 billion in assets (as at April 30, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.




For further information:
For further information: Joe Konecny at (416) 933-1795, or
joe.konecny@scotiacapital.com.