Scotia Asset Management L.P. announced today the launch of Pinnacle Emerging Markets Equity Fund. The fund is suitable for investors with a long-term focus who are seeking exposure to the growth potential of emerging market equities.

The Fund is managed by Pablo Salas, Managing Director and Senior Portfolio Manager of Trilogy Global Advisors, LLC, a New York-based boutique advisory. Mr. Salas and affiliated portfolio manager and Chief Investment Officer Bill Sterling have more than forty years of combined experience in emerging market equity investing.

“Pinnacle Emerging Markets Equity Fund offers investors access to high quality companies in some of the world’s fastest growing economies,” notes Glen Gowland, President and CEO, Scotia Asset Management. “The Trilogy team brings the experience, expertise and disciplined investment approach to help investors with a global perspective seize opportunities and manage risk in these dynamic markets.”

“We believe that identifying both early stage and traditional growth profiles among globally dominant and domestically competitive emerging market companies helps provide the best investment results,” notes Mr. Salas. “Our stock selection process emphasizes primarily bottom-up company research supported by extensive quantitative screening and is complemented by top-down macroeconomic risk analysis.

“We believe that developing economies should continue to benefit from favourable demographics, stronger fiscal positions and growing domestic consumption,” adds Mr. Sterling. “Coming out of the credit crisis, emerging market economies appear to have greater capacity to increase both private and public sector lending compared to the developed world. Domestic demand themes including consumption, housing investment, and infrastructure development are key factors underpinning their stronger growth prospects.”

A webcast of Mr. Sterling’s insights on the emerging markets is available at scotiabank.com/helpmeinvest.

The Pinnacle Funds are a family of investment pools offered and managed by Scotia Asset Management L.P. and available exclusively through ScotiaMcLeod, a division of Scotia Capital Inc., a wholly-owned subsidiary of, and separate entity from, The Bank of Nova Scotia.

Important information about the Pinnacle Funds is contained in their simplified prospectus. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Mutual funds are not guaranteed or insured, their values change frequently and past performance may not be repeated.

About Scotia Asset Management

Scotia Asset Management L.P. is The Bank of Nova Scotia’s wholly owned manager of investment solutions for private clients, institutional clients, managed asset programs and mutual funds.

Scotia Asset Management L.P. is wholly-owned, directly and indirectly, by The Bank of Nova Scotia. Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $526 billion in assets (as at April 30, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit http://www.scotiabank.com/.

For further information: Robyn Harper, Scotiabank Public Affairs, (416) 933-1093, [email protected]