International Retail Loans and Provisions
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 Management's Discussion and Analysis in the Bank's 2015 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 2015 Annual Report, as updated by quarterly reports); 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 disruption; 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 66 of the Bank's 2015 Annual Report. Material economic assumptions underlying the forward-looking statements contained in this document are
set out in the 2015 Annual Report under the heading "Overview - Outlook," as updated by quarterly reports; and for each business segment "Outlook". The "Outlook"
sections in this document 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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