Scotia Capital Upgrades Power Financial

Scotia Capital, 30 June 2006Attractive Valuation� We are upgrading Power Financial Corporation to a 1-Sector Outperform from 2-Sector Perform based on share price weakness, attractive valuation and expected higher earnings growth.� PWF's share price has trended sideways for nearly two years, with earnings and dividend growth of 16% and 23%, respectively over this period.� The last time PWF