Definition of Scotia Capital Equity Research Ratings & Risk Rankings We take our responsibility to provide our clients with the best possible guidance on how to meet their financial goals very seriously. Investors must receive pertinent, timely, and insightful perspectives from us. Our rating system provides our views within a portfolio context that can be tailored to meet the needs of both individual and institutional investors. We have a three-tiered system, with ratings of 1-Sector Outperform, 2-Sector Perform, and 3-Sector Underperform. Each analyst assigns a rating that is relative to his or her coverage universe. Our risk ranking system provides transparency as to the underlying financial and operational risk of each stock covered. Historical financial results, share price volatility, liquidity of the shares, credit ratings, and analyst forecasts are evaluated in this process. The final ranking also incorporates judgmental, as well as statistical, criteria. Consistency and predictability of earnings, EPS growth, dividends, cash flow from operations, and strength of balance sheet are key factors considered. Scotia Capital has a committee responsible for assigning risk rankings for each stock covered.

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