BNS Split Corp. II Declares Quarterly Dividends and Retains Financial Advisor

TORONTO, March 2 /CNW/ - The Board of Directors of BNS Split Corp. II (the "Company") has declared today dividends of $0.2214 per Preferred Share and $0.11 per Capital Share, payable on March 22, 2010 to holders of record at the close of business on March 15, 2010.

Holders of Preferred Shares are entitled to receive quarterly fixed cumulative distributions equal to $0.2214 per Preferred Share. The Company's Capital Share dividend policy is to pay a quarterly dividend on the Capital Shares equal to the dividends received by the Company on the BNS Shares minus the dividends payable on the Preferred Shares and all administrative and operating expenses provided the net asset value per Unit at the time of declaration, after giving effect to the dividend, would be greater than the original issue price of the Preferred Shares.

The Company announced today that its Board of Directors has retained Scotia Capital to advise the Company on a possible extension and reorganization of the Company. There is no guarantee that after such review an extension will be proposed or if proposed, will be approved by shareholders.

BNS Split Corp. II is a mutual fund corporation created to hold a portfolio of common shares of The Bank of Nova Scotia. Capital Shares and Preferred Shares of BNS Split Corp. II are listed for trading on The Toronto Stock Exchange under the symbols BSC and BSC.PR.A respectively.

%SEDAR: 00022519E

For further information: Investor Relations, BNS Split Corp. II, [phone], E-mail: [email protected], Web site: www.scotiamanagedcompanies.com