Review of Banks' Q4 2009 Earnings

Scotia Capital, 14 December 2009Event� We are downgrading the Canadian banks to marketweight from overweight due to their strong absolute and relative share price performance in 2009 and increased regulatory/political risk.� Bank stocks have doubled off their 2009 lows and are up 51% year-to-date outperforming the TSX by 23% thus far in 2009.Implications� Banks just finished reporting strong Q4/