Investor Solutions

BNS Commodity Linked Deposit Note, S3

ISSUE SUMMARY
Product Type: Principal Protected Note
Fund Code: SSP107
Issuer: The Bank of Nova Scotia
Issue Date: 04/04/2007
Maturity Date: 10/04/2012 – 5.5 yr term
Principal Payment: 100% Principal repayment if held to maturity
Variable Payment: Variable Return, if any, linked to the price performance of a Commodity Basket (See Variable Return Calculation for more details)
Commodity Basket: The Basket is comprised of the following eight commodities (equally weighted at inception):
  • Aluminum
  • Copper
  • Corn
  • Crude Oil
  • Gold
  • Natural Gas
  • Nickel
  • Zinc

ISSUE DOCUMENTS
Information Statement: English | French
Client Summary / Information Statement: English | French
CURRENT ISSUE STATUS
Current Bid Price: $121.24
Term Remaining: 0.0 Years
Annualized Return: 21.24%
Adjusted Cost Base if held since Inception: $100.00
Current ETC: Nil
ETC End Date: 04/04/2009
Indicative Variable Rate of Return at Maturity: $20.93
Historical Bid Prices: view

VARIABLE RETURN

The Notes will not bear any interest during the term of the Notes, but will have a Variable Return, if any, per Note at maturity calculated as follows:

Variable Return = Principal Amount Price Return 110% Participation Rate

The Price Return will equal the average of the Commodity Returns (which can be positive or negative) of the Commodities in the Basket. No Variable Return will be paid unless the Price Return is greater than zero.

The Commodity Return of any particular Commodity in the Basket is the percentage increase or decrease in the Reference Price of that Commodity, measured from the Issue Date to the second Business Exchange Day prior to the Maturity Date.


Performance Commentary
As at January 13, 2012 the performance of the BNS Commodity Linked Deposit Notes, Series 3 on a NAV basis is 6.08% since inception. Performance of the Commodities within the Note is mixed, with gains seen in Copper, Crude Oil, Corn and Gold while Aluminum, Natural Gas, Nickel and Zinc are below initial prices. The Canadian yield curve is consistently lower throughout all maturities making the zero coupon component more valuable and contributing to the improvement in NAV for the Notes since December 2010.

Basket Performance
Asset Weight Initial Price
04/04/2007
Current Price
01/19/2016
Price Performance Lock-In Date
Aluminum 12.50% $2,801.50 $2,088.00 -25.47% 10/04/2012
Copper 12.50% $7,305.00 $8,325.00 13.96% 10/04/2012
Corn 12.50% $359.25 $757.00 110.72% 10/04/2012
Crude Oil 12.50% $64.38 $91.71 42.45% 10/04/2012
Gold 12.50% $672.25 $1,791.75 166.53% 10/04/2012
Natural Gas 12.50% $7.52 $3.41 -54.65% 10/04/2012
Nickel 12.50% $50,680.00 $18,650.00 -63.20% 10/04/2012
Zinc 12.50% $3,320.50 $2,054.00 -38.14% 10/04/2012



Note: An investment in principal protected notes may not be suitable for all investors. Important information about these investments is contained in the Information Statement of each note. Investors should obtain and carefully read a copy prior to investing, paying particular attention to the associated risks. Past performance is not indicative of future returns. Commissions, trailing commissions, management fees and expenses all may be associated with these investments. Principal is guaranteed at maturity only for products purchased at their issue price and held to maturity. The investment return on the notes, if any, is uncertain in that an investor may not receive more than return of the principal amount at maturity. A person should reach a decision to invest in the notes only after carefully considering with his or her advisor, the suitability of this investment in light of his or her investment objectives and the information set out in the respective Information Statement.

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