Canadian Banking Financial Overview
Caution Regarding Forward-Looking Statements
Our public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other
filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the
"safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may
include, but are not limited to, statements made in this document, the Management's Discussion and Analysis in the Bank's 2014 Annual Report under the headings
"Overview - Outlook," for Group Financial Performance "Outlook," for each business segment "Outlook" and in other statements regarding the Bank's objectives,
strategies to achieve those objectives, the regulatory environment in which the Bank operates, anticipated financial results (including those in the area of risk
management), and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such statements are typically identified by words or phrases
such as "believe," "expect," "anticipate," "intent," "estimate," "plan," "may increase," "may fluctuate," and similar expressions of future or conditional verbs, such as "will,"
"may," "should," "would" and "could." By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and
specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward-looking statements, as a number
of important factors, many of which are beyond the Bank's control and the effects of which can be difficult to predict, could cause actual results to differ materially from
the estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the economic and financial conditions in
Canada and globally; fluctuations in interest rates and currency values; liquidity and funding; significant market volatility and interruptions; the failure of third parties to
comply with their obligations to the Bank and its affiliates; changes in monetary policy; legislative and regulatory developments in Canada and elsewhere, including
changes to, and interpretations of tax laws and risk-based capital guidelines and reporting instructions and liquidity regulatory guidance; changes to the Bank's credit
ratings; operational (including technology) and infrastructure risks; reputational risks; the risk that the Bank's risk management models may not take into account all
relevant factors; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new
products and services in receptive markets; the Bank's ability to expand existing distribution channels and to develop and realize revenues from new distribution
channels; the Bank's ability to complete and integrate acquisitions and its other growth strategies; critical accounting estimates and the effects of changes in accounting
policies and methods used by the Bank (See "Controls and Accounting Policies - Critical accounting estimates" in the Bank's 2014 Annual Report, as updated by this
document); global capital markets activity; the Bank's ability to attract and retain key executives; reliance on third parties to provide components of the Bank's business
infrastructure; unexpected changes in consumer spending and saving habits; technological developments; fraud by internal or external parties, including the use of new
technologies in unprecedented ways to defraud the Bank or its customers; increasing cyber security risks which may include theft of assets, unauthorized access to
sensitive information or operational disruptions; consolidation in the Canadian financial services sector; competition, both from new entrants and established competitors;
judicial and regulatory proceedings; natural disasters, including, but not limited to earthquakes and hurricanes; and disruptions to public infrastructure, such as
transportation, communication, power or water supply; the possible impact of international conflicts and other developments, including terrorist activities and war; the
effects of disease or illness on local, national or international economies; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A
substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events
affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These
and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. For more information, see the
"Risk Management" section starting on page 65 of the Bank's 2014 Annual Report. Material economic assumptions underlying the forward-looking statements contained
in this document are set out in the 2014 Annual Report under the heading "Overview - Outlook," as updated by this document; and for each business segment "Outlook".
The "Outlook" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these
sections. The preceding list of factors is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. When relying on
forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other
uncertainties and potential events. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time
by or on its behalf. Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at www.sedar.com
and on the EDGAR section of the SEC's website at www.sec.gov.
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