Mr. Jake Lawrence reports

SCOTIABANK ANNOUNCES DIVIDEND ON OUTSTANDING SHARES

Bank of Nova Scotia has declared a dividend on the outstanding shares of the bank for the quarter ending Oct. 31, 2015, as shown, payable on Oct. 28, 2015, to shareholders of record at the close of business on Oct. 6, 2015.

                          COMMON SHARES
                                            70 cents per share --
Dividend No. 585                         an increase of two cents                              
                                                                            
                  NON-CUMULATIVE PREFERRED SHARES
                                            
Series 14, Dividend No. 35                28.1250 cents per share
Series 15, Dividend No. 34                28.1250 cents per share
Series 16, Dividend No. 32                32.8125 cents per share
Series 17, Dividend No. 31                35.0000 cents per share
Series 18, Dividend No. 30                20.9375 cents per share
Series 19, Dividend No. 10                16.7438 cents per share
Series 20, Dividend No. 30                22.5625 cents per share
Series 21, Dividend No. 8                 14.5563 cents per share
Series 22, Dividend No. 28                23.9375 cents per share
Series 23, Dividend No. 7                 15.6813 cents per share
Series 30, Dividend No. 22                11.3750 cents per share
Series 31, Dividend No. 2                 10.1813 cents per share
Series 32, Dividend No. 19                23.1250 cents 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. Until such time as the bank elects otherwise, the bank has discontinued issuances of common shares from treasury under the plan. Purchases of common shares under the plan will be made by Computershare Trust Company of Canada, as agent under the plan, in the secondary market at the average market price (as defined in the plan). All brokerage commissions or service charges in connection with such purchases will be paid by the bank.