Management’s discussion and analysis of operating performance (MD&A) gives you management’s perspective on performance of our businesses, the economy, and how we manage risk and capital.

		How we performed				How our businesses performed				The economic outlook
How the Bank reports Net income Net interest income (TEB) Other income Expenses Efficiency ratio Taxes Balance sheet Off-balance sheet arrangements Critical accounting policies Controls and procedures				TD Canada Trust TD Securities TD Wealth Management Other

This annual report may contain forward-looking statements, including statements regarding the business and anticipated financial performance of TDBFG. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include but are not limited to legislative or regulatory developments, competition, technological change, global capital market activity, interest rates, changes in government and economic policy, inflation and general economic conditions in geographic areas where TDBFG operates. These and other factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. TDBFG does not undertake to update any forward-looking statements.