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Scotia Group Jamaica (SGJ)- Declares 2nd Quarter Dividend

Date: May 24, 2007

For further information contact:

Stacie-Ann Wright

Executive Vice President & Chief Financial Officer

Tel: 876-922-1000

Fax: 876-967-4300

MEDIA RELEASE

SCOTIA GROUP JAMAICA LIMITED DECLARES QUARTERLY DIVIDEND

The Board of Directors of Scotia Group Jamaica Limited today declared an interim dividend of 30 cents per share for the second quarter of the 2007 fiscal year, payable on July 5, 2007, to stockholders on record at June 13, 2007.

Scotia Group Jamaica Limited, the new holding company of The Bank of Nova Scotia Jamaica Limited and Dehring, Bunting and Golding Limited, was listed on the Jamaica Stock Exchange on May 1, 2007, this is in keeping with the scheme of arrangement approved at the February 28th, 2007 annual general meeting. Concurrently, the Bank of Nova Scotia Jamaica Limited ordinary shares were de-listed and Scotia Group Jamaica Limited ordinary shares were listed.