NewGrowth Corp. Declares Quarterly Dividend

TORONTO, Sept. 1 /CNW/ - The Board of Directors of NewGrowth Corp. (the "Company") has declared today ordinary dividends of $0.2055 per Preferred Share and $0.1825 per Capital Share payable on September 24, 2010 to holders of record at the close of business on September 17, 2010.

Holders of the Preferred Shares are entitled to receive quarterly fixed cumulative dividends equal to $0.2055 per Preferred Share. The Company's Capital Share dividend policy is to pay holders of Capital Shares quarterly dividends in an amount equal to the revenue received by the Company on the underlying portfolio securities minus the dividends payable on the Preferred Shares and all administrative and operating expenses.

NewGrowth Corp. is a mutual fund corporation whose investment portfolio consists of publicly-listed securities of selected Canadian chartered banks, telecommunication, pipeline and utility issuers. The Capital Shares and Preferred Shares of NewGrowth Corp. are both listed for trading on The Toronto Stock Exchange under the symbols NEW.A and NEW.PR.C respectively.

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