We are pleased to announce that effective December 15th, 2008, the Portfolio Advisor for Scotia Global Climate Change Fund is F&C Investments of London, England.

Press Release: Scotia Securities Inc. Announces Portfolio Advisor Change to Scotia Global Climate Change Fund

We have prepared the following Frequently Asked Questions for unitholders of the fund:

Why F&C Investments for Global Climate Change investing?

ScotiaFunds undertook a global Portfolio Advisor search for a new Portfolio Advisor that would stay true to the original mandate – offering a globally diversified, fundamentally driven, bottom-up portfolio that invests in companies that may benefit from actions taken to mitigate or adapt to climate change, or to provide supporting services.

Founded in 1868 in London, England, F&C Investments is a leading asset manager with offices in nine European cities, along with Boston and Hong Kong. The company manages $166 billion* in assets across a diverse range of investment solutions.

F&C Investments is recognized as a global leader in sustainable investing, and launched Europe’s first sustainably managed fund in 1984. Currently, they have one of the largest socially responsible investing (SRI) teams in Europe and manage over $5.9 billion* in sustainable managed assts.

What is F&C’s investment approach?

F&C’s approach to global climate change investing is a portfolio management led-process that combines the work of their Global Equities Team and the Governance and Sustainable Investment (GSI) Team. The portfolio is managed using fundamental, bottom-up stock selection, based on qualitative and quantitative analysis.

Will there be any significant changes to the holdings of the fund as a result of the Portfolio Advisor change?

We expect limited turnover in the portfolio as a result of the change. We do not anticipate any tax consequences resulting from this turnover.

Will the investment objectives and processes of the fund change?

The investment objectives of the fund remain the same and it will continue to be managed with essentially the same style; however, the investment processes will be changed to reflect the preferences of the new Portfolio Advisor.

Why are we changing the Portfolio Advisor?

State Street Global Advisors decided to close all fundamental equity strategies and re-focus its resources. While ScotiaFunds is disappointed with this decision, our primary consideration is to ensure continuity for our unitholders.

Where can I get more information?

More information about the Scotia Global Climate Change Fund is available. As well, the ScotiaFunds Simplified Prospectus and Amendment No.1 to the ScotiaFunds Simplified Prospectus are available for download.

* As at June 30, 2008 - Source: F&C Investments