2004 Strategic Priorities See Enterprise-Wide Strategy section of MD&A Improve productivity. See CFO’s Message and Productivity section of MD&A Improve customer loyalty in Canada. See Canadian Operations and Review of Operating Group Performance section of MD&A Improve U.S. performance. See U.S. Operations and Review of Operating Group Performance section of MD&A Drive sales and increase share of wallet. See Business Overview and Review of Operating Group Performance section of MD&A Aggressively pursue U.S. acquisitions. See U.S. Operations and Review of Operating Group Performance section of MD&A Maintain status as an employer of choice. See Employees Create a sustainable, high-performance culture. See Employees

2005 Strategic Priorities Achieve financial targets with a particular focus on productivity. Drive revenue growth by providing a superior client experience, earning a larger share of customers’ business. Continue to improve U.S. performance. Accelerate growth in the United States both organically and through acquisitions. Grow net income in Canada through operational efficiency and improved market share, accelerating our growth in commercial banking and wealth management. Build a high-performance organization by developing our people, living our values and being an employer of choice. Maintain our world-class foundation of leading governance, sound risk management, productive systems and excellent after-sales service.

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