Prospectus Supplement for Index Linked Notes
the performance of the AR Index and the Target Index may subject to the effects of compounding returns
or other calculation methodologies which may result in the difference between the performance of the AR
Index and the Target Index being be greater or less than the Adjusted Return Factor pro-rated over the
same period.
Securities issued by foreign issuers may be subject to additional risks
Underlying interests that are foreign securities, and foreign securities markets, may be more volatile than
Canadian securities and securities markets. Direct or indirect government intervention to stabilize foreign
securities markets, as well as cross shareholding in foreign issuers may affect trading prices and volumes
in those markets. There may be less publicly-available information about foreign issuers than there is about
Canadian issuers subject to the reporting requirements of the Canadian securities regulators, and foreign
issuers are subject to accounting, auditing and financial reporting standards and requirements that may be
different from those applicable to Canadian reporting issuers. Where a foreign issuer reports, or its
securities trade, in a currency other than the Canadian dollar, there may be currency risk, and performance
of the Notes, the Indices and/or the underlying interests may be affected by currency fluctuations and
volatility.
Notes linked to one Index or a limited number of Indices may be subject to concentration risk
Notes that are linked to one Index only, or to a limited number of Indices only, that are concentrated in a
specific sector or industry or geographic region, or are associated with a particular thematic investment
strategy, or are limited to a small number of underlying interests, may offer less diversification and
increased concentration risk than an investment linked to more broadly diversified underlying interests
and are potentially subject to greater volatility. In addition, market conditions that adversely affect
underlying interests comprising the Index or Indices are more likely to adversely affect other underlying
interests represented in the Index or Indices. In addition, certain Indices may be more concentrated due to
intercorporate holdings among certain issuers included in the Index, or may be more heavily weighted in
respect of the securities of certain issuers included in the Index, specific geographic exposure or specific
sectors and industries such that any negative developments in respect of such issuers, geographic regions
or sectors and industries may have a significant adverse effect on the level of the Index to which the Notes
are linked.
Commodities markets are volatile
Where commodity prices are relevant to the value of the underlying interests of the Index to which the
Notes are linked, including the prices of the equity securities of the issuers comprising the Index, such
underlying interests are susceptible to the volatility of commodity prices, which is generally high. Prices of
commodities can be impacted by a variety of factors, including changes in supply and demand (whether
actual, perceived, anticipated, unanticipated or unrealized), economic activity, geographical and political
events, war, regional conflicts, acts and threats of terrorism, domestic and foreign government policies,
fiscal, monetary and exchange control programs, changes in interest rates, labour disruptions, price ceilings
imposed by exchange or regulatory authorities, and weather phenomena. Such events tend to have global
impacts on commodity prices, regardless of where the event took place. Speculative activity and market
expectations with respect to such events can also result in price fluctuations. These factors and events may
adversely affect the value of the underlying interests of the Index, including the prices of the equity
securities of the issuers comprising the Index, and the performance of the Index and therefore could
negatively impact the value of the Notes.
Holders of the Notes will not have any rights in respect of any underlying interests
The Notes do not represent a direct or indirect investment in the underlying interests. A holder of the Notes
will not have any right or entitlement in the underlying interests including voting rights, or the right to
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