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Risks Relating To The Securities Generally
●If The Ending Level Is Less Than The Threshold Level, You Will Lose Some, And Possibly Up To 70%, Of The Face Amount Of Your Securities At Maturity.
●No Periodic Interest Will Be Paid On The Securities.
●Your Return Will Be Limited To The Maximum Return And May Be Lower Than The Return On A Direct Investment In The Index.
Risks Relating To An Investment In the Bank’s Debt Securities, Including The Securities
●Your Investment Is Subject To The Credit Risk Of The Bank.
Risks Relating To The Estimated Value Of The Securities And Any Secondary Market
●The Inclusion Of Dealer Spread And Projected Profit From Hedging In The Original Offering Price Is Likely To Adversely Affect Secondary Market Prices.
●The Bank's Estimated Value Of The Securities Will Be Lower Than The Original Offering Price Of The Securities.
●The Bank's Estimated Value Does Not Represent Future Values Of The Securities And May Differ From Others' Estimates.
●The Bank's Estimated Value Is Not Determined By Reference To Credit Spreads For Our Conventional Fixed-Rate Debt.
●If The Levels Of The Index Or Their Constituent Stocks Change, The Market Value Of Your Securities May Not Change In The Same Manner.
●The Price At Which The Securities May Be Sold Prior To Maturity Will Depend On A Number Of Factors And May Be Substantially Less Than The Amount For Which They Were Originally Purchased.
●The Securities Lack Liquidity.
Risks Relating To The Index
●The Index Reflects Price Return Only And Not Total Return.
●Investing In The Securities Is Not The Same As Investing In The Index.
●Historical Values Of A Market Measure Should Not Be Taken As An Indication Of The Future Performance Of Such Market Measure During The Term Of The Securities.
●Changes That Affect An Index May Adversely Affect The Value Of The Securities And Any Payments On The Securities.
●We Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In The Index.
●We And Our Affiliates And The Agents And Their Affiliates Have No Affiliation With Any Index Sponsor And Have Not Independently Verified Their Public Disclosure Of Information.
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Risks Relating To Hedging Activities And Conflicts of Interest
●A Participating Dealer Or Its Affiliates May Realize Hedging Profits Projected By Its Proprietary Pricing Models In Addition To Any Selling Concession And/Or Any Distribution Expense Fee, Creating A Further Incentive For The Participating Dealer To Sell The Securities To You.
●Hedging Activities By The Bank And/Or The Agents May Negatively Impact Investors In The Securities And Cause Our Respective Interests And Those Of Our Clients And Counterparties To Be Contrary To Those Of Investors In The Securities.
●Market Activities By The Bank Or The Agents For Their Own Respective Accounts Or For Their Respective Clients Could Negatively Impact Investors In The Securities.
●The Bank, The Agents And Their Respective Affiliates Regularly Provide Services To, Or Otherwise Have Business Relationships With, A Broad Client Base, Which Has Included And May Include Issuers Of An Underlying Stock, The Sponsor Or Investment Advisor For A Fund And/Or The Issuers Of Securities Included In An Index Or Held By A Fund.
●Other Investors In The Securities May Not Have The Same Interests As You.
●There Are Potential Conflicts Of Interest Between You And The Calculation Agent.
●The Stated Maturity Date May Be Postponed If The Calculation Day Is Postponed.
Risks Relating To Canadian And U.S. Federal Income Taxation
●The Tax Consequences Of An Investment In The Securities Are Unclear. Significant aspects of the tax treatment of the securities are uncertain. You should consult your tax advisor about your tax situation. See “Canadian Income Tax Consequences” and “U.S. Federal Income Tax Consequences” in the preliminary pricing supplement.
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