NewGrowth Corp. Declares Quarterly Dividends

TORONTO, June 3 /CNW/ - The Board of Directors of NewGrowth Corp. (the "Company") has declared today ordinary dividends of $0.20550 per Preferred Share and $0.19750 per Capital Share payable on June 25, 2010 to holders of record at the close of business on June 24, 2010.

Holders of the Preferred Shares are entitled to receive quarterly fixed cumulative dividends equal to $0.20550 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 dividends received by the Company on the underlying portfolio securities 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.

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