1. April 21 st, 2013 A Practitioners Landscape Banking in the NAFTA Region Ian Graham Director Treasury & Risk Management Saxon Energy Services Aaron Martin Payments and Cash Management Senior Sales Manager HSBC Bank Canada Rebecca Mcculloch Payments and Cash Management Senior Sales Manager HSBC Bank USA INTERNAL - 1

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Please note the following with regard to certain products which may be discussed in connection with these materials:  HSBC Bank Canada and HSBC Bank USA, N.A are members of the HSBC Group of entities.  In the United States, deposit, credit and other banking products are offered by HSBC Bank USA, N.A., Member FDIC., and an Equal Credit Opportunity Lender.  In Canada, deposit, credit and other banking products are offered by HSBC Bank Canada, Member CDIC.  For all HSBC products, certain terms and restrictions may apply and the products are offered subject to applicable terms and conditions n. Certain products, including, without limitation, loans, are subject to approval.  All United States persons (including entities) are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to the U.S. and non-U.S. accounts. U.S. persons should consult a tax advisor for more information. Disclaimer INTERNAL - 2

3. Insert GPS number here Banking in the NAFTA Region Agenda  Learning Objectives  NAFTA Overview  Saxon Introduction  Economic Comparison  Banking Landscape  Liquidity  Clearing Systems  Future Payment Trends  Key Learnings  Q&A INTERNAL - 3

4. Insert GPS number here Banking in the NAFTA Region Learning Objectives  Understand key differences among banking systems across the NAFTA region  Understand the strengths of each system in order to enhance the effectiveness of your cross-border treasury operations  Recognize the impact of future changes to cross-border banking services  Understand best practices and identify opportunities to optimize cross-border operations INTERNAL - 4

5. NAFTA Overview INTERNAL - 5

6. Insert GPS number here North American Free Trade Agreement (NAFTA) History and Background Did you know?  NAFTA went into effect on January 1, 1994.  NAFTA created the world's largest free trade area.  NAFTA links 450 million people producing $17 trillion worth of goods and services.  Approximately $462.3 billion in trade between Canada and the USA during the same time frame. This is ahead of China, which is at $389.7 billion and Mexico, with $369.5 billion.  NAFTA went into effect on January 1, 1994.  NAFTA created the world's largest free trade area.  NAFTA links 450 million people producing $17 trillion worth of goods and services.  Approximately $462.3 billion in trade between Canada and the USA during the same time frame. This is ahead of China, which is at $389.7 billion and Mexico, with $369.5 billion. INTERNAL - 6

7. Insert GPS number here Canada Facts about Canada Did you know?  Canada is the leading exporter of natural resources, resource- based technology and knowledge.  Home to the second biggest oil reserve and thriving mining sector.  Canada is the second-largest country in the world, behind Russia.  As of 2013, Toronto is fourth- largest city in N.A. after Mexico City, New York and Los Angeles  Canada has the fourth lowest population density in the world, averaging three people per square kilometre.  Canada is the leading exporter of natural resources, resource- based technology and knowledge.  Home to the second biggest oil reserve and thriving mining sector.  Canada is the second-largest country in the world, behind Russia.  As of 2013, Toronto is fourth- largest city in N.A. after Mexico City, New York and Los Angeles  Canada has the fourth lowest population density in the world, averaging three people per square kilometre. INTERNAL - 7

8. Insert GPS number here Canada Overview of Banking Sector  There are currently 49 commercial banks (25 domestic banks and 24 foreign bank subsidiaries) which offer whole sale and retail banking services, 27 branches of foreign banks and 6 federally regulated cooperative credit associations in Canada.  Canada's domestic banking sector is dominated by five commercial banks: Royal Bank of Canada (RBC), TD Bank Financial Group (TD), Scotiabank Group, BMO Financial Group and CIBC (Canadian Imperial Bank of Commerce). These banks account for around 90% of the Canadian banking sector's total assets.  Many of Canada's leading banks have expanded in the US. Royal Bank of Canada, BMO Financial Group, TD Bank Financial Group and HSBC Bank Canada have banking affiliates among the top 50 US banks.  7 Largest Banks in Canada by asset size (C$ BN as at Oct 2012): o Royal Bank of Canada$825 o TD Bank$811 o Scotiabank$668 o BMO$525 o CIBC$393 o National Bank of Canada$184 o HSBC Bank Canada* $81 (as at Dec, 31, 2012) INTERNAL - 8

9. Insert GPS number here Mexico Facts about Mexico Did you know?  Mexico is the twelfth-largest economy in the world in terms of GDP and second largest in Latin America (Latam).  Mexico’s President is elected every 6 years and cannot be re- elected.  Mexico is the 2 nd most liquid exchange in Latin America, behind Brazil.  The Mexican stock exchange is highly concentrated, with the top five stocks accounting for 63% of the market universe and the top 10 for 81% (May 2012).  Mexico has hosted the FIFASoccer World Cup in 1970 and 1986 and the Summer Olympics in 1968.  Mexico is the twelfth-largest economy in the world in terms of GDP and second largest in Latin America (Latam).  Mexico’s President is elected every 6 years and cannot be re- elected.  Mexico is the 2 nd most liquid exchange in Latin America, behind Brazil.  The Mexican stock exchange is highly concentrated, with the top five stocks accounting for 63% of the market universe and the top 10 for 81% (May 2012).  Mexico has hosted the FIFASoccer World Cup in 1970 and 1986 and the Summer Olympics in 1968. INTERNAL - 9

10. Insert GPS number here Mexico Overview of Banking Sector  There are currently 26 financial groups, 43 multiple banks, six development banks, 22 financial companies with limited operations and 81 representative offices of foreign banks operating in Mexico.  Legislation passed in Dec 1998 allowing foreign investment in Mexico's leading banks.  Following extensive privatization and consolidation, approximately 75% of total banking assets, and five of the six largest banks in Mexico are now foreign owned.  7 Largest Banks in Mexico by asset size (USD BN July 2012): o BBVA Bancomer (Spain)$102 o Banamex (US)$92 o Banorte (Mexico)$ 67 o Santander (Spain)$ 63 o HSBC (UK)$ 38 o Inbursa (Mexico)$ 25 o Scotiabank Inverlat (Canada)$ 16 INTERNAL - 10

11. Saxon Overview INTERNAL - 11

12. Insert GPS number here Saxon Energy Services Company Overview Saxon is a land based drilling and workover service company providing services to oil and gas exploration and production companies  Specialized “Fit For Project” rigs  Worldwide fleet of drilling and work over rigs – footprint extends across four continents  Contracts with National Oil Companies (“NOCs”) and International Oil Companies (“IOCs”) Fleet Overview Revenue Breakout by Geography Saxon’s fleet includes 94 Drilling and Workover rigs  Saxon supports an additional 30+ rigs through various Operational and Technical Services Agreements (TSAs) – all TSA rigs are owned partially or fully by Schlumberger Drilling Rigs (76)  Emphasis on modular and highly mobile drilling equipment  Focus on drilling intensive, large scale development projects Workover Rigs (18)  Small but growing fleet  Focus on large scale development projects TSA – Turkey PAK – Pakistan OMN – Oman VEN – Venezuela PER – Peru ECU – Ecuador COL – Colombia MEX – Mexico NAM – North America AUS - Australia INTERNAL - 12

13. Insert GPS number here Saxon Energy Services Diverse Geographic Footprint (94 Drilling & Workover Rigs) Canada (10) 5 x 700-850 HP Rigs 2 x 660 HP Rigs 3 x 400-450 HP Rigs USA (10) 5 x 1150 HP Rigs 1 x 1000 HP Rigs 4 x 700-750 HP Rigs Colombia (14) 1 x 2000 HP Rigs 4 x 1500 HP Rigs 1 x 865 HP Rigs 6 x 750 HP Rigs 1 x 650 HP Rigs 1 x Workover Rig Ecuador (7) 7 x Workover Rigs Peru (2) 2 x 2000 HP Heli Rigs Venezuela (8) 1 x 3000 HP Rigs 2 x 2000 HP Rigs 1 x 1500 HP Rigs 1 x 1000 HP Rigs 3 x Workover Rigs Oman (7) 5 x 2000 HP Rigs 2 x 1000 HP Rigs Australia (16) 4 x ATS 600 HP Rigs 4 x ATS 1250 HP Rigs 3 x ATD 1250 HP Rigs 5 x Workover Rigs Saxon Direct Operations/Rig Targeted Growth Territories Technical Services Agreements (TSA) w/ SLB Mexico (16) 3 x 1000 HP Rigs 3 x 800-850 HP Rigs 4 x 600 HP Rigs 4 x 750 HP Rigs 2 x Workover Rigs Total of 3,800 employees representing 30+ nationalities Pakistan (4) 1 x 2500 HP Rigs 2 x 2000 HP Rigs 1 x 1200 HP Rigs INTERNAL - 13

14. Insert GPS number here Saxon Energy Services Global Employee Base w/ International Industry Experience INTERNAL - 14

15. Insert GPS number here Saxon Energy Services Company Overview Strong, Committed Shareholders  Saxon was taken private in Q3-2008 (previously a publicly listed company trading on the TSX) by First Reserve Corporation (FRC) & Schlumberger (SLB) who are equal 49.5% shareholders in Saxon (remaining % held by Saxon Management)  Acquisition rationale: Mutual view by shareholders on long term strategic importance and enhanced value of international drilling operations High Quality, Advanced Technology Rigs  Approximately 80% of rigs are Tier 1 / Tier 2  Since 2007, Saxon has invested ~$600 MM in acquisitions, new build, and major rig upgrade programs  Fit-for-project drilling solutions provided by Saxon’s highly nimble and agile fleet  Premier supplier of land-based drilling and workover operations in Shallow to Deep oil and gas reservoirs Strong Financial Outlook Underpinned by Long-Term Contracts  Historically, Saxon’s customer base has been comprised of ~60% IOCs and ~20% NOCs  Currently ~70% of 2013 revenue is currently contracted with a substantial amount of the remaining revenue projected accruing from probable renewals and extensions  2013 Projections: $650MM + USD in Revenue world-wide; $1.1B+ in Assets INTERNAL - 15

16. Economic Comparison INTERNAL - 16

17. Insert GPS number here Economic Comparison USAMexicoCanada  Uneven economic recovery  Sequestration for fiscal year 2013 resulting in a potential USD 85bn cancelation of resources across the federal government  Uneven growth path  Moderate growth expected during 1H13, followed by more dynamic growth in 2H13  Incremental economic growth  Main concerns are about U.S. fiscal policy, Euro area crisis, and commodity prices  Low interest rates expected to continue  S&P forecasts the Fed will keep interest rates low through 2014  Fed funds target rate is between 0 and a 25bps  Monetary policy : Expect one-time reduction of 50bp in April 2013 to take funding rate to 4.0%  Monetary policy: Expect BoC to remain on hold until Q414. Policy rate will eventually move higher but not for a lengthy period. Financial conditions though are extraordinarily accommodative.  Canadian Prime rate is currently 3.00%  Labor market improving gradually  Unemployment still a significant challenge – approx. 7.7% (7.9% expected) at February 2013  Education reform recently approved  Fiscal and energy reforms to be sent to Congress during 2H13  Could generate a better outlook for medium and long term condition  Job creation remains slack in 2013  Mixed results for corporate profits  Weak and disappointing 4Q12 result increase investor caution  55% of the International Petroleum Companies (IPC) did not meet HSBC’s EBITDA estimates and 72% of them did not meet income estimates.  Balance sheets are strong.  Corporate profits have been squeezed recently, and are likely to be a concern well into 2013  USD dollar has risen 4%on an index basis and is higher against all other G10 currencies as of January 2013  12.15 USD MXN year end forecast, based on relatively sound macroeconomic framework and positive outlook on reforms  In the near term, the currency may struggle to make headway given near term constraints of lower MXN yields and heavy long MXN market positioning  In the midst of interest rates holding steady, the Canadian dollar is trending as bearish INTERNAL - 17

18. Insert GPS number here Economic Comparison USAMexicoCanada  Sluggish income growth  Disposable household income decreasing  High household debt  Corporations continue to aggressively reserve cash.  Growth expected in 2013 because of strong momentum of export and domestic consumption  Steady income growth  Household debt to disposable income at an all-time high  Savings rates at very low levels  Currently running 2% YOY/1.9% Central Bank Target (Feb 2013) inflation up from 1.6% as at (Jan 2013)  Largest CPI in the US since the credit card in the 2008  Inflation expected to rise during the first months of year and later drop, closing the year at 3.6%  Inflation below target but stable  Significant and increasing government debt due to stimulus  Optimism around the introduction of reform that could lead to higher GDP growth for Mexico. Expect the economy to increase by 3.2% in 2013, below the 3.9% growth in 2012, but in line with the 15 year average growth rate of 3.0%  Federal debt to GDP is half the G7 average  Housing market is recovering  Housing Starts climbed by.8 percent% to 917 000 as at February 2013  Housing Permits rose 4.6% to 946 000 (most since 2008)  Longer-term interest rates spark recovery in housing market, boosted purchases of automobiles and other durable goods  Home loans in Mexico grew by 10% in 2012  Housing market is cooling due in large part to new mortgage restrictions – weighing on economic growth  Slower inventory growth and wider trade deficit  Exports up 2.6% in Q412 after falling for three consecutive months.  Industrial production improvements in line with US Industry Production (U.S. automotive industry’s large presence in Mexico.)  Trade surplus with the U.S., trade deficit with non-U.S. countries  Capital spending plans set to grow at a very modest rate INTERNAL - 18

19. Banking Landscape INTERNAL - 19

20. Insert GPS number here Banking Landscape USAMexicoCanada  Financial Industry > $12.6 trillion in assets  Financial Industry >$4.2 trillion in assets  Financial Industry > $3.6 trillion in assets  Top five financial institutions hold approx. 30% assets  Following extensive privatization and consolidation, approximately 90% of total banking assets, and five of the six largest banks in Mexico are now foreign owned  Top five financial institutions hold approx. 90% of Assets.  Thousands of participants and the Federal Reserve  Banco de Mexico (Banxico) is the central bank, in charge of monetary and exchange rate policy  Mexico’s high and low value clearing systems owned and operated by Banxico  Eleven direct clearers and the Bank of Canada  National coverage, but a segmented geographic footprint  National coverage, also segmented geographic footprint. Major cities include Mexico City, Monterrey, Guadalajara, Cd. Juarez  National coverage  Approximately 7,000+ financial institutions  Vast majority of Mexico’s banking assets are in non-domestic ownership.  22 Financial groups, 43 multiple banks, 6 development banks, 12 financial companies with limited operations and 58 representative offices of foreign banks  151 deposit-taking institutions  FIs may utilize third-party providers and partners for cash management services  Banks offer full range of financial services  FIs may utilize third-party providers and partners for cash management services INTERNAL - 20

21. Insert GPS number here Banking Landscape USAMexicoCanada  The Federal Reserve has one paper check clearing center and one image check clearing center  All checks cleared through CECOBAN  Canadian Payments Association utilizes six national clearing points  Check 21 image capture and exchange legalized in 2004  Remote check deposit is available  No national image exchange in Canada (some FIs exchange images on a proprietary basis)  Although consumer checks writing is dropping significantly over 70% of Business to Business payments remain checks.  Checks still predominate but declining  A large percentage of items cleared are electronic payments  A number of options for checks clearing (Federal Reserve and local clearing house arrangements)  One central cheque clearing system Centro de Compensacion Bancarios (CECOBAN) images captured and truncated  One centralized cheque clearing system (Automated Clearing Settlement System)  Multiple days for clearing (one to two is the norm)  One or two days depending on the time of the day the checks were deposited  Same day value for CAD items deposited across six time zones  Defined “business day” clearing times  24 or 48 hours, depending on time deposited  Overnight clearing of cheque INTERNAL - 21

22. Insert GPS number here Banking Landscape USAMexicoCanada National Branch NetworkYes Payment ClearingYes PayrollYes - ElectronicYes - Electronic/CashYes - Electronic Low Value/Non-Priority Payments Yes - ACSS (ACH)Yes - CECOBAN(TEF)Yes - ACSS (EFT) High Value/Priority Payments Yes LVTSYes SPEI Yes LVTS EDI, SAP®, OracleYes Cheques/Cheque ImagingYes Availability - ElectronicLow value 0-2HP–0 / LP-1Low value 0-2 Availability - Cheque 01-2 0 Controlled DisbursementsYes No Remote Deposit CaptureYesNoYes LockboxYes Positive PayYesNoYes BackdatingNo Account AnalysisYes Credit InterestYesNoYes Notional PoolingNoYes Cash ConcentrationYes INTERNAL - 22

23. Insert GPS number here Banking Landscape Payment Systems USAMexicoCanada  Fedwire Funds Transfer system  Real-time gross settlement for high value/time-critical financial/commercial payments  Processes high value USD credit transfers  Interbank and third-party transfers  SPEI (Sistema de Pagos Electronicos Interbancarios) is Mexico's Real Time Gross Settlement (RTGS) system for high value wire payments  Payments routed through SWIFT, settled through accounts held with correspondent banks abroad  LVTS (Large-Value Transfer System)  Canada's RTGS systems  Used for CAD wires – high value, same- day, urgent customer and bank-to-bank transfers  17 direct bank participants  Approx. 88% of the total daily transaction value is cleared through LVTS.  ACH (Automated Clearing House)  Most widely used electronic funds transfer system for ACH credit and debit transactions  Two operators: Federal Reserve system (FedACH), Electronic Payments Network (EPN)  Used for batches of lower-value credit and debit transfers; payroll, collections, EDI, WEB, TEL, XBR and check conversion (ARC & BOC) payments  CECOBAN is Mexico's low value “ACH” system  SICAM: Deferred net settlement system owned by Banco de Mexico, operated by CECOBAN  SIAC (Sistema de Atencion a Cuentahabientes de Banco de Mexico)  Used for transfers and real-time settlement among holders of current accounts  ACSS (Automated Clearing Settlement System)  Deferred net settlement system  Processes CAD cheques, EDI, low value credit and debit transfers, etc.  11 participants  99% of daily transaction volume is cleared through ACSS. These transactions represent just 12% of the total value cleared INTERNAL - 23

24. Insert GPS number here Banking Landscape Payment Systems USAMexicoCanada  CHIPS (Clearing House Interbank System)  Bilateral/Multilateral netting system for USD FX settlements, financial settlements (loan and interest payments), commercial and treasury payments  Principally for Int’l USD credit transfers  Clear high value interbank transfers  Sistema de Pagos Electrónicos Interbancarios (SPEI) is owned and operated by Banxico and operates via a queuing system.  SICAM (Sistema de Cámaras)  Deferred net settlement system owned and operated by Banxico.  Authorize lines of credit to banks needed to settle their net clearing balances for cheques and electronic credits and debits.  Settles all payments processed by CECOBAN.  USBE (US Dollar Bulk Exchange)  Next day (ACH-type) settlement of USD items (check and EFT) among Canadian banks  Positions are settled through US correspondents  Bill Pay  Managed independently by banks and third party processors  Bill Pay  Corporate Creditor Identification Number (CCIN) (Bill Payments)  Centralized bill payment reporting used by all direct clearers  Check Clearing Channels  On-us/Transit  Digitized Image Processing  Direct Sends  Check Clearing  Clearing and settlement managed by CECOBAN except on-us cheques  Cheque Clearing  Clearing and settlement managed by Canadian Payments Association (CPA), except on-us cheques INTERNAL - 24

25. Cash Management Capabilities INTERNAL - 25

26. Insert GPS number here Cash Management Capabilities Payments and Disbursements USAMexicoCanada  Checking accounts/Zero Balance Accounts (ZBAs)  Checking Accounts/Zero Balance Accounts (ZBA)  Chequing Accounts/Zero Balance Accounts (ZBAs)  Electronic Data Interchange (EDI)  Wire Payments  Cross-border payments via SWIFT through correspondents  Large USD volumes  Automated Clearing House Payments (ACH) and check blocks  Automated Clearing House (ACH)  Electronic Funds Transfer  Stop Payments  Corporate/Travel and Procurement Cards  Not Available  Corporate/Travel and Procurement Cards  Positive Pay  No positive pay but check protection is available  Positive pay  Controlled disbursement  No controlled disbursement  Tools to balance to zero daily  ZBA structures allowed  Tools to balance to zero daily INTERNAL - 26

27. Insert GPS number here Cash Management Capabilities Collections and Receivables USAMexicoCanada  Remote Deposit Capture (RDC) – Image technology  RDC is available,cheque collection services are not common practice except for large corporates  Nationwide Deposits  Mail Delivery - Once per day  US Postal Service recently announced a $15 billion cost savings plan potentially closing more than 200 processing facilities.  Mail Delivery – Once per day (not used for checks)  Mail Delivery – Once per day  Lockbox Service – Core Cash Management service (wholesale B2B/retail C2B) converts paper to image and electronic payment  Lockbox Service – not offered in Mexico  Lockbox Service  USD cheques drawn against US banks settled through “southbound” cash letters  Transition to Check Image Exchange (aka US Check 21) demised  Automated Clearing House (ACH) – Robust reporting  Electronic Funds Transfer (EFT) – Limited information  Electronic Data Interchange (EDI)  Electronic Data Interchange (EDI) – capabilities comparable to that of the US  Imaging – Check and lockbox  Imaging – Cheque  Imaging - Cheque and lockbox  Merchant Services – Debit/Credit Cards  Merchant Services – Debit/Credit Cards/CHIP  Check Conversion (ARC) – C2B lockbox only  Branch banking is highly used – branch deposits and company payments using special payments/deposit tickets  Coast to Coast National Branch System INTERNAL - 27

28. Insert GPS number here Cash Management Capabilities Liquidity Management USAMexicoCanada  Earnings credits  Interest on credit balances  Bank account overdrafts (fee)  Cash Concentration/Zero Balance Accounts (ZBA)  Same Day Cash Concentration via SPEI  Cash Concentration/Zero Balance Accounts (ZBA)  All domestic and most international banks offer cash concentration services  Made as either AFT direct debits or LVTS transfers  ACH/Debit Wires  Zero Balance Accounts permitted and used  Domestic Pooling - Most banks offer CAD and USD account structures  Daily sweep/Offshore Liquidity  Daily Sweep / Notional Pooling is not permitted  Sweep not necessary to earn interest on deposits INTERNAL - 28

29. Trends in the Marketplace INTERNAL - 29

30. Insert GPS number here Trends in the Marketplace Payment Trends  Convergence of business and consumer payments  B2B payment alternatives converging with consumer payments  Corporate credit cards, travel & entertainment, purchasing, etc.  Online payments supported for both corporate and consumers  Online bill payments  Online tax payment and filing  Online consumer debits  SWIFT for corporates  Migration to electronic payments away from cash and paper methods:  Migration to chip technology for cards*  Mobile technology taking hold  Migration to online payments  Move toward real-time payments  E-Mail Money Transfer (EMMT) - person to person funds transfers in real-time INTERNAL - 30

31. Insert GPS number here Trends in the Marketplace Payment Trends CHIP Technology  EMV CHIP is currently one of the most secure technologies available to protect payment information and prevent payment card fraud  The EMV CHIP can be found in over 65 countries  Migration to CHIP affects payment brands, issuers, acquirers, merchants and consumers  Training of retail staff is important. The migration requires the upgrade and/or replacement of POS terminals, ABMs/ATMs and payment cards  More secure payment infrastructure that bolsters consumer and retailer confidence INTERNAL - 31

32. Insert GPS number here Trends in the Marketplace Payment Trends USAMexicoCanada TECHNOLOGY New payment alternativesYes New fraud opportunitiesYes CHIP – Credit (credit card chip)NoYes CHIP – Debit (debit card chip)NoYes iDocYes Mobile BankingYes Increased acceptability of EFT/ACHYes RISK “Cyber” fraudYes Breach of account informationYes New payment methods/new control risksYes INTERNAL - 32

33. Insert GPS number here Trends in the Marketplace International Financial Reporting Standards (IFRS)  A single set of high-quality, understandable and enforceable global accounting standards.  Over 100 countries report under IFRS, more countries are adopting it as a local accounting standard.  Publically listed entities, including those in finance and insurance sectors, are regulated by the National Banking and Securities Commission (CNBV), which mandated a 2012 adoption of IFRS (early adoption permitted).  Mexico: IFRS transition date is January 1, 2011; first reporting date for Mexican public companies (excluding FIs)is December 31, 2012  Canada: IFRS transition by 2011, new standards in IFRS and Canadian GAAP will take effect during the transition period which may cause complications  IFRS helps companies increase global reach, provides financial information with enhanced comparability and transparency, and easier access to international capital, funding and investment opportunities INTERNAL - 33

34. Questions/Discussion INTERNAL - 34

35. Insert GPS number here References: Banking in the NAFTA Region INTERNAL - 35  2012 Financial Reports  Bank of Montreal, Year End Consolidated Financial Statements, Oct 31st, 2012. Accessed March 2013. http://www.bmo.com/ar2012/downloads/bmo_ar12_cfs.pdfhttp://www.bmo.com/ar2012/downloads/bmo_ar12_cfs.pdf  Bank of Nova Scotia, Year End Consolidated Financial Statements, Oct 31st, 2012. Accessed March 2013. http://media.scotiabank.com/AR/2012/en/downloads/Scotiabank_AR_2012_FS.pdf http://media.scotiabank.com/AR/2012/en/downloads/Scotiabank_AR_2012_FS.pdf  Canadian Imperial Bank of Commerce, Year End Consolidated Financial Statements, Oct 31st, 2012. Accessed March 2013. https://www.cibc.com/ca/pdf/investor/ar- 12-en.pdf  Toronto Dominion Bank, Year End Consolidated Financial Statements, Oct 31st, 2012. Accessed March 2013. http://www.td.com/document/PDF/ar2012/AR2012_FS&Notes_E.pdf http://www.td.com/document/PDF/ar2012/AR2012_FS&Notes_E.pdf  Royal Bank of Canada (RBC), Year End Consolidated Financial Statements Oct 31st, 2012. Accessed March 2013. 11 direct clearers + Bank of Canada  “2012-2013 Economic Outlook – Economy Battles Strong Headwinds: Modest Growth Ahead”, Canadian Chamber of Commerce, December 2011, http://www.chamber.ca/images/uploads/Reports/2011/EconomicOutlook111228.pdf) http://www.chamber.ca/images/uploads/Reports/2011/EconomicOutlook111228.pdf  “Automated Clearing Settlement System” Canadian Payments Association. 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