Exhibit 99.4

RATIO OF EARNINGS TO FIXED CHARGES
(millions of Canadian dollars, except as noted)		For the nine
		months ended			For the year ended
			July 31		October 31		October 31		October 31		October 31		October 31
		2017		2016		2015		2014		2013		2012
Excluding interest on deposits fixed charges:
Interest expense (excluding deposits)		$	1,721	$	1,959	$	1,950	$	2,060	$	1,938	$	2,323
Estimated interest within rental expense			68		127		109		106		102		108
Preferred stock dividend requirements of consolidated
	subsidiaries		26		35		32		28		42		41
Total fixed charges			1,815		2,121		2,091		2,194		2,082		2,472
Preferred stock dividend requirements of parent entity			174		176		119		172		218		230
Total fixed charges and preferred dividends			1,989		2,297		2,210		2,366		2,300		2,702
Earnings
Net Income before income taxes			9,710		11,404		9,794		9,734		8,009		7,578
Less: income/(loss) from equity investees			346		433		377		320		272		234
Add: fixed charges			1,815		2,121		2,091		2,194		2,082		2,472
Total earnings		$	11,179	$	13,092	$	11,508	$	11,608	$	9,819	$	9,816
Ratio of earnings to fixed charges			6.16		6.17		5.50		5.29		4.72		3.97
Ratio of earnings to fixed charges and preferred
	dividends		5.62		5.70		5.21		4.91		4.27		3.63
Including interest on deposits fixed charges:
Interest expense (including deposits)		$	6,478	$	6,717	$	6,192	$	6,373	$	6,399	$	6,993
Estimated interest within rental expense			68		127		109		106		102		108
Preferred stock dividend requirements of consolidated
	subsidiaries		26		35		32		28		42		41
Total fixed charges			6,572		6,879		6,333		6,507		6,543		7,142
Preferred stock dividend requirements of parent entity			174		176		119		172		218		230
Total fixed charges and preferred dividends			6,746		7,055		6,452		6,679		6,761		7,372
Earnings
Net Income before income taxes			9,710		11,404		9,794		9,734		8,009		7,578
Less: income/(loss) from equity investees			346		433		377		320		272		234
Add: fixed charges			6,572		6,879		6,333		6,507		6,543		7,142
Total earnings		$	15,936	$	17,850	$	15,750	$	15,921	$	14,280	$	14,486
Ratio of earnings to fixed charges			2.42		2.59		2.49		2.45		2.18		2.03
Ratio of earnings to fixed charges and preferred
	dividends		2.36		2.53		2.44		2.38		2.11		1.97