Banks� Efforts to Boost Capital Ratios

Scotia Capital, 14 January 2009� Canadian banks in the past few months have raised $7.6 billion in capital, with 68% being common equity. The banks continue to issue modest amounts of preferred shares and Innovative Tier 1 capital.� The Tier 1 ratio pro forma for the bank group is 9.8%, with the quality of the capital base relatively high, as preferred shares and Innovative Tier 1 represent 25%