Model Update

Research evidence excerpt

Model Update

ecipient'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

of the PRC, India and South Korea. In locations in Asia where the Bank does not hold licenses to conduct business in financial services, it is not our intention to, and

the information contained in this document should not be construed as, conducting any regulated financial activity, including dealing in, or the provision of advice in

relation to, any regulated instrument or product. This publication is for general information only, without addressing any particular needs of any individual or entity and

should not be relied upon without obtaining specific advice in the context of specific circumstances.

Hong Kong SAR (China)

This document, which is intended to be issued in Hong Kong SAR (China) ("Hong Kong") only to Institutional Professional Investors as defined under paragraph (a) to (i)

of the definition of Professional Investor in the Securities and Futures Ordinance (the "SFO"), has been distributed through Toronto-Dominion Bank, Hong Kong Branch,

which is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission.

Japan

For Japanese residents, please note that if you have received this document from The Toronto-Dominion Bank entities based outside Japan, it is being provided to