SCOTIA CAPITAL INC.

Scotia Capital Inc. is an investment banking firm based out of Toronto, Ontario. The company was established in 1999 and acts as the investment management arm of The Bank of Nova Scotia. Scotia Capital can trace its history back to 1832, when the Bank of Nova Scotia was established. The bank would then acquire McLeod Young Weir, a leading brokerage firm also based out of Toronto, in 1921. This acquired company would then be renamed ScotiaMcLeod and be formally integrated with the capital markets business of The Bank of Nova Scotia under the name Scotia Capital Markets. This integrated Scotia Capital markets business would be merged with The Bank of Nova Scotia's Corporate Banking business, forming the current Scotia Market. The Bank of Nova Scotia would continue to acquire companies to fuel its growth, including Grupo Financiero Inverlat S.A. and Waterous & Co. Scotia Capital Inc. would then be rebranded under the Global Banking and Markets name, which the company currently operates under, to “better reflect the growing international reach of the Corporate and Investment Banking and Capital Markets businesses, and to better align with the Bank’s other business lines.” Scotia Capital, operating under Global Banking and Markets, now has over 30 offices located around the world with over 300 relationship managers organizing various industry specialties. Its line of businesses includes corporate banking, global equity and advisory, fixed income currencies and commodities, and global financial institutions and transaction banking. Global Banking and Markets invests most heavily in the finance sector, which alone makes up over a third of its total asset allocations, and also invests in the energy, health care, information technology, consumer discretionary, and utilities and telecommunications sectors, among others to a lesser degree, in order of decreasing allocation. The company’s top 10 holdings make up over a third of its total holdings and the company has a turnover rate of approximately 30.4%.