March Q Takeaways

Research evidence excerpt

March Q Takeaways

ncial Services Licence under the Corporations Act 2001 in respect of

those financial services; and

•TDS USA is regulated by the U.S. Securities and Exchange Commission under U.S. laws, which differ from Australian laws.

Canada

No securities commission or similar regulatory authority in Canada has reviewed or in any way passed judgment upon this report, the information contained herein, or

the merits of the securities described herein, if any, and any representation to the contrary is an offence.

Canadian clients wishing to effect transactions in any security discussed herein should do so through a qualified salesperson of TD Securities or TD Securities Inc. TD

Securities Inc. is a member of the Canadian Investor Protection Fund and is regulated by CIRO.

China, India, and South Korea

Insofar as the document is received by any persons in the People's Republic of China (“PRC”), India and South Korea, it is intended only to be issued to persons who

have the relevant qualifications to engage in the investment activity mentioned in this document. The recipient is responsible for obtaining all relevant government

regulatory approvals/licenses themselves and represents and warrants to The Toronto-Dominion Bank that the recipient's investments in those securities do not violate

any law or regulation, including, but not limited to, any relevant foreign exchange regulations and/or overseas investment regulations. The Toronto-Dominion Bank

has a representative office in Shanghai, Mumbai and Seoul which should be contacted for any general enquiry related to The Toronto-Dominion Bank or its business.

However, neither any of the Toronto-Dominion Bank offshore branches/ subsidiaries nor its representative offices are permitted to conduct business within the borders