CIBC Investor Forum

BMO Capital Markets, 1 October 2010Scotiabank has been upgraded to Outperform, while Royal Bank�s rating slipped to Market Perform. Greater clarity on new bank capital rules has mitigated our concern they would hinder BNS�s international growth strategy. Moreover, we believe that the bank�s international operations provide a clear growth path, relative to its peer group, after credit costs have `