Ms. Devinder Lamsar reports

SCOTIA PRIVATE POOLS ANNOUNCES PORTFOLIO ADVISOR CHANGES

Bank of Nova Scotia's Scotia Private Pools will make portfolio adviser changes to Scotia Private International Equity Pool, Scotia Private International Core Equity Pool and Scotia Private Strategic Balanced Pool. 1832 Asset Management LP is the manager of the pools.

On Feb. 2, 2015, Strategic Global Advisors LLC (SGA) is scheduled to become portfolio adviser for Scotia Private International Equity Pool, replacing the current portfolio adviser. Founded in 2005, SGA is an employee-owned company based in Newport Beach, Calif., and manages approximately $888-million in assets on behalf of both institutions and private clients. SGA employs an investment process focused on integrating traditional analysis with proprietary quantitative tools across its international, global and domestic equity portfolios.

On Feb. 2, 2015, 1832 Asset Management LP is scheduled to become portfolio adviser for Scotia Private International Core Equity Pool, replacing the current portfolio adviser. 1832 Asset Management is a Canadian asset management firm based in Toronto, Ont. 1832 Asset Management is a manager of mutual funds and is a provider of investment solutions for private clients, institutions and managed asset programs.

On Feb. 2, 2015, Lincluden Investment Management is scheduled to become portfolio adviser for Scotia Private Strategic Balanced Pool, replacing the current portfolio adviser. Founded in 1982, Lincluden is an employee-owned boutique investment management firm and manages over $3-billion in assets for a variety of institutional and private clients. Lincluden employs a traditional, value-based investment principle across a range of equity, fixed-income and balanced portfolios.

The manager uses a manager selection process that leverages the global research capabilities of investment management consultant, NT Global Advisors Inc., a Northern Trust Corp. affiliate, in aiming to identify and evaluate best-in-class investment managers for Scotia Private Pools. SGA, 1832 Asset Management and Lincluden's strong record and proven team of investment professionals join an already-strong lineup of portfolio advisers to Scotia Private Pools. There will be no change to the investment objective of the pools as a result of the portfolio adviser changes.

The manager referred the proposal to replace the current portfolio adviser of Scotia Private International Core Equity Pool with 1832 Asset Management to the pool's independent review committee. The independent review committee concluded that, in its view, the result of the portfolio adviser change is fair and reasonable to the pool. The portfolio management changes for the pools have also been approved by the board of directors of the manager, and are subject to receipt of all other necessary approvals.