Terms of Use

Disclaimer

Although the information contained in this site has been obtained from sources that "TD Securities" (which represents TD Securities Inc., TD Securities (USA) LLC, TD Securities Limited, and certain investments and corporate banking activities of The Toronto-Dominion Bank) believe to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this site constitute our judgment as of the date hereof and are subject to change without notice. TD Securities and/or affiliated companies or persons may participate in an underwriting of, have a position in, or make a market in, the securities mentioned herein, including options, futures or other derivative instruments thereon, and may, as principal or agent, buy and sell such products. This site is for information only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. TD Securities will furnish upon request publicly available information on which the research reports contained within this site are based. TD Securities Inc. has accepted responsibility for the contents of any TD Securities (USA) LLC research reports appearing in this site. TD Securities (USA) LLC has accepted responsibility for the contents of any TD Securities Inc. research reports appearing in this site. TD Securities Limited has accepted responsibility for the contents of any TD Securities Inc. research reports appearing in this site with the prior review and approval of TD Securities Limited for issuance in Europe. Canadian clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of TD Securities Inc. or The Toronto-Dominion Bank, as required by statute. U.S. clients wishing to effect a transaction in any security discussed should do so through a qualified salesperson of TD Securities (USA) LLC or The Toronto-Dominion Bank, as required by statute. European clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of TD Securities Limited. Australian & New Zealand clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of The Toronto-Dominion Bank, Australia Branch. TD Securities is not registered in the state of Mississippi; therefore residents of Mississippi should not access this site.  Information in this site issued in the U.K. and Europe has been reviewed and approved for issuance by TD Securities Limited and is being issued only to persons who (i) are persons falling within Article 19(5) ("Investment professional") of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (e) ("High net worth companies, unincorporated associations, etc.") of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any security discussed may otherwise lawfully be communicated or caused to be communicated.  No recipient may pass on the information contained in this site to any person without the prior written consent of TD Securities. TD Securities Inc., TD Securities (USA) LLC, and TD Securities Limited are wholly owned subsidiaries of The Toronto-Dominion Bank. TD Commodity & Energy Trading Inc. is a wholly owned subsidiary of TD Securities Inc. TD Securities Limited is authorised and regulated by the Financial Services Authority. TD Securities Inc. is a Member of the Canadian Investor Protection Fund.

The methodologies and applied algorithmic processes as described herein are patent pending to Goldman, Sachs & Co. TD Securities Inc. is not an affiliate of Goldman, Sachs & Co.

TDSI owns or controls an equity interest in TMX Group Limited ("TMX") and has a nominee director serving on the board thereof. As such, TDSI may be considered to have an economic interest in the listing of and trading of securities on an exchange owned or operated by TMX, including the Toronto Stock Exchange, the TSX Venture Exchange and the Alpha Exchange. No person or company including without limitation the Client is required to obtain products or services from TMX or its affiliates as a condition of TDSI supplying or continuing to supply a product or service.

Trade-marks and Copyright

Certain names, words, titles, phrases, logos, icons, graphics or designs in the pages of this web site may constitute trade names, registered or unregistered trade-marks or service marks ("Trade-marks") of The Toronto-Dominion Bank ("TD Bank Group"), other members of the TD Bank Group or of third parties and used under license by TD Bank Group or TD Securities. However, the display of Trade-marks on pages at this web site does not imply that any license has been granted to any third party.

All information in this web site is protected under the copyright laws of Canada and/or other applicable countries. Otherwise, no one has permission to copy, redistribute, reproduce or republish, in any form, any information found in the pages of this web site.

Any unauthorized downloading, re-transmission, or other copying or modification of Trade-marks or other contents of this web site may be a violation of statutory or common law rights which could subject the violator to legal action.

Reuters Data

Reuters Content is the intellectual property of Reuters Limited. Any copying, re-publication or re-distribution of Reuters Content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon.

Reuters, Reuters Dotted Logo and the Sphere Logo are trademarks and registered trademarks of the Reuters Group of companies around the world.

For additional information on other Reuters Services please visit the Reuters public web site - http://www.reuters.com."

    September 17, 2014