2005 Performance review
The table below shows our 2005 performance compared to our objectives for the year.
2005 Performance compared to objectives
  (1) Our 2005 objectives were established in late 2004 when U.S. GAAP was our primary GAAP for reporting purposes. Although we adopted Canadian GAAP as our primary GAAP effective the second quarter of 2005, we maintained these objectives since our performance under U.S. and Canadian GAAP does not differ materially. These objectives were based on an expected average Canadian dollar value of US$.80 in 2005.  
(2) Computed by us on October 31, 2005, based on book values at July 31, 2005.
(3) Computed by us on October 31, 2005, based on analysts’ average diluted EPS estimates for 2006.
  (4) The Enron litigation reserve recorded in the fourth quarter was $591 million ($326 million after-tax). 2005 performance excluding the Enron litigation reserve is a non-GAAP measure. Refer to the Key financial measures (non-GAAP) section in the Management’s Discussion and Analysis for a discussion and reconciliation.  
  (5) This ratio is based on specific provisions for credit losses to average loans and acceptances. A $52 million transfer of the allocated specific allowance to the allocated general allowance during the first quarter of 2005 decreased this ratio by .03%.  


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