Canadian Housing Market and 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 2018
Annual Report under the headings "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; 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 as described in the
Bank's annual financial statements (See "Controls and Accounting Policies -
Critical accounting estimates" in the Bank's 2018 Annual Report) and 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; anti-money
laundering; consolidation in the financial services sector in Canada and globally;
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 of the
Bank's 2018 Annual Report.
Material economic assumptions underlying the forward-looking statements
contained in this document are set out in the 2018 Annual Report under the
headings "Outlook", as updated by quarterly reports. 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 forward-looking statements contained in
this document are presented for the purpose of assisting the holders of the Bank's
securities and financial analysts in understanding the Bank's financial position and
results of operations as at and for the periods ended on the dates presented, as
well as the Bank's financial performance objectives, vision and strategic goals,
and may not be appropriate for other purposes. Except as required by law, 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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