Michael Smedley Bank of Nova Scotia (Pref.) BNS.PR.O-T HOLD May 12, 2008

5.75% preferred shares probably makes sense.

Michael Smedley

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$25.090

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BUY

Prefers are somewhat compelling. Because of the selloff, it is trading below its Call. With the recent changes in the tax laws, a 5% yield comparable to an after-tax yield is about 7.5%.

COMMENT

Owns the five major Canadian banks. Bank of Nova Scotia is looking for a change in strategy with the new CEO. CIBC is one of the cheapest.

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Michael Smedley Bank of Nova Scotia (Pref.) BNS.PR.O-T HOLD May 12, 2008

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Bank of Nova Scotia (Pref.)(BNS.PR.O-T)

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