RBC CM Initiates Coverage of Scotiabank at Sector Perform

RBC Capital Markets, 30 April 2007EventWe are initiating coverage of Scotiabank with a Sector Perform, Average Risk rating on its shares.Investment Opinion� Scotiabank's stock trades at 13.7x 2007E earnings, above its Canadian and U.S. peers (12.9x and 12.6x, respectively).� Scotiabank holds the most excess capital of the Canadian group and has, in our mind, superior medium- and long-term growth