© Copyright 2011 Scotia Asset Management L.P. All rights reserved. This report has been prepared by Scotia Asset Management L.P. and is not for redistribution. This report is provided solely for information purposes and is not to be used or relied on by any other person. This report is based on information from third party sources that are believed to be accurate and reliable, but Scotia Asset Management L.P. does not guarantee their accuracy or reliability.

The information provided is not intended to be investment advice. Investors should consult their own professional advisor for specific investment advice tailored to their needs.

Nothing in this document is or should be relied upon as a promise or representation as to the future. Unless otherwise indicated, securities purchased through Scotia Asset Management L.P. are not insured by a government deposit insurer or guaranteed by The Bank of Nova Scotia, and they may fluctuate in value.

This report may contain forward-looking statements. Such statements are predictive in nature and depend upon or refer to future events or conditions Any statement regarding future performance, strategies, prospects, action or plans is also a forward-looking statement. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, performance, events, activity and achievements to differ materially from those expressed or implied by such statements. Such factors include general economic, political and market conditions, interest and foreign exchange rates, regulatory or judicial proceedings, technological change and catastrophic events. You should consider these and other factors carefully before making any investment decisions and before relying on forward-looking statements. We have no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise.

© Copyright 2011 Northern Trust. All rights reserved.
IMPORTANT INFORMATION: This material is for information purposes only. The views expressed are those of the speaker(s) as of the date noted and not necessarily of the Corporation and are subject to change based on market or other conditions without notice. The information should not be construed as investment advice or a recommendation to buy or sell any security or investment product. It does not take into account an investor's particular objectives, risk tolerance, tax status, investment horizon, or other potential limitations. All material has been obtained from sources believed to be reliable, but the accuracy cannot be guaranteed.

This publication is intended only to convey information. It is not to be construed as an investment guide or as an offer or solicitation of an offer to buy or sell any of the securities mentioned in it. The author is an employee of ScotiaMcLeod, a division of Scotia Capital Inc. ("SCI"), but the data selection, analysis and views expressed herein are solely those of the author and not those of SCI. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor SCI can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment or portfolio assessment or other transaction on the basis of this publication, but should first consult your investment advisor, who can assess all relevant particulars of any proposed investment or transaction. SCI and the author accept no liability of whatsoever kind for any damages or losses incurred by you as a result of f reliance upon or use of this publication in contravention of this notice. ® Registered trademark of The Bank of Nova Scotia, used by ScotiaMcLeod under license. ScotiaMcLeod is a division of Scotia Capital Inc. Scotia Capital Inc. is a Member-Canadian Investor Protection Fund.