Who is Davis Advisors?
	Davis Advisors (Davis) is an employee owned, US based investment management company that was founded in 1969. Davis manages over US$ 50 billion in assets in a number of different asset classes for both individual investors and select institutions. Davis is focused on identifying well-managed, high return on capital businesses with sustainable competitive advantages that trade at attractive valuations.

Investment Philosophy:

• Stocks are fractional ownership interests in real businesses and follows a bottom up approach that is complemented by a disciplined top-down review of sectors and themes
• Owning shares of well-managed companies should produce above-average returns over the long-term if purchased at attractive prices
• Managing risk at the security and portfolio level is key to the successful preservation and growth of capital
• While Davis Advisors attempts to manage risk there is no guarantee that an investor will not lose money. Equity markets are volatile and the investment return and principal value of an investment will vary.

Why Davis Advisors?

Invested along side shareholders:
The interests of Davis’ employees are closely aligned with their investors as they
have over US$ 2 billion of their own money invested in the various Mutual Funds they
manage. This has resulted in Davis being awarded Morningstar’s highest
stewardship rating.*

Experienced Investment Team:
Davis has a team of 19 investment professionals that have an aggregate of
over 168 years of investment industry experience

High Conviction Portfolios:
Davis takes meaningful positions in companies, industries and sectors that
they believe will generate above average risk adjusted returns

Proven Results:
Davis’ investment process has yielded proven results over the long-term. Davis’
US equity fund is the only fund that has beaten the S&P 500® Index over every
rolling 10 year period from February 17,1969 to December 31,2010.

Important information about the Scotiabank Mutual Funds is contained in the Funds’ prospectus. Copies are available from PBIS,
Scotia DBG Investments Ltd., Scotiabank Trinidad and Tobago Ltd. and Scotiabank & Trust (Cayman) Ltd. branches and should be read carefully before investing. The Scotiabank Mutual Funds are not insured by, nor guaranteed by, The Bank of Nova Scotia of MCB.

* Morningstar’s stewardship ratings are for a separate US fund that is managed in a similar fashion. The ratings are subject to change.
* Trademark of The Bank of Nova Scotia, used under licence.
† State of the Financial Services Industry, 2009, Oliver Wyman Group, a Marsh & McLennan Company (01/11)