Model Update

Research evidence excerpt

Model Update

by Toronto Dominion (South East Asia) Limited ("TDSEA").

TDSEA does not hold itself out to be providing financial advice in these circumstances. TD Securities is a trademark and represents certain investment dealing and

advisory activities of The Toronto-Dominion Bank and its subsidiaries, including TDSEA. The Toronto-Dominion Bank is not an authorized deposit-taking or financial

services institution in Australia. TDSEA is a holder of an Australian Financial Services License (528885) and is regulated in Australia by the Australian Securities and

Investments Commission.

•TD Securities (USA) LLC ("TDS USA") is exempt from the requirement to hold an Australian Financial 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.