Financial Performance and Outlook
Endnotes on Slides 12-13
Slide 12
1. Please refer to Slide 4, Endnote 1.
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2. Prior to May 4, 2023, the impact shown covers periods before the termination of the First Horizon transaction and includes the following
components, reported in the Corporate segment: i) mark-to-market gains (losses) on interest rate swaps, recorded in non-interest income - Q4
2023: nil, Q3 2023: ($125) million, Q4 2022: $2,208 million, ii) basis adjustment amortization related to de-designated fair value hedge accounting
relationships, recorded in net interest income - Q4 2023: nil, Q3 2023: $11 million, Q4 2022: $111 million, and iii) interest income (expense)
recognized on the interest rate swaps, reclassified from non-interest income to net interest income with no impact to total adjusted net income
Q4 2023: nil, Q3 2023: $23 million, Q4 2022: $108 million. After the termination of the merger agreement, the residual impact of the strategy is
reversed through net interest income Q4 2023: ($64) million, Q3 2023: ($63) million. Refer to the "Significant and Subsequent Events" section in
the Bank's 2023 MD&A for further details.
3.
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FX impact solely related to the U.S. Retail Bank. Adjusted expenses excluding the partners' share of net profits for the U.S. SCP and adjusted
expenses excluding the partners' share of net profits and FX are non-GAAP financial measures. For further information on accounting for the
partners' program, please see slides 27 and 29. For further information about these non-GAAP financial measures, please see Slide 4, Endnote
1.
4.
Please refer to Slide 4, Endnote 2.
Slide 13
1. Please refer to Slide 4, Endnote 1.
2.
Net interest margin (NIM) is calculated by dividing net interest income by average interest-earning assets. Average interest-earning assets used in
the calculation of NIM is a non-GAAP financial measure. NIM and average interest-earning assets are not defined terms under IFRS and,
therefore, may not be comparable to similar terms used by other issuers.
3. Please refer to Slide 4, Endnote 2.
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