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TD Securities is providing the information contained in this communication for informational and/or discussion purposes only. This information was prepared by TD Securities sales, trading or banking personnel and does not constitute research. This material is not an offer or solicitation to enter into a transaction with you and is not an official confirmation of terms. Any transaction relating to this material would be subject to the final terms as set forth in a separate definitive written agreement that would evidence an arm’s-length commercial transaction between you and TD Securities. This is not a commitment to enter into any transaction.

TD Securities is a full service securities firm and it and its affiliates may engage in various activities, including securities trading, providing investment banking and financial advice, investment management, principal investment, hedging, financing, brokerage activities and financial planning. Accordingly, any information contained herein should not be viewed as independent of the interests of TD Securities and its affiliates. Such interests may conflict with your interests and you should be aware of such potential conflicts of interest when reviewing this information. TD Securities owns or controls an equity interest in TMX Group Limited in excess of 1% of the issued and outstanding equity securities thereof. As such, TD Securities may be considered to have an economic interest in TMX Group Limited including the various marketplaces operated by it such as the Toronto Stock Exchange, the TSX Venture Exchange and the Alpha Exchange.

This communication is made without regard to the specific investment objectives, financial situation or the particular needs of any specific person who may receive this material. As such, prior to entering into any transaction, you should determine the financial suitability, risks and merits of the transaction, including all economic, legal, tax, accounting or any other consequences associated therewith, using your own judgment and without reliance upon TD Securities or its affiliates. Neither TD Securities nor its affiliates make any representation as to any tax, accounting, legal or regulatory issues.

In addition, (a) TD Securities is not recommending an action to you, as a municipal entity or an obligated person, that would constitute advice within the definition of “municipal advisor” pursuant to Section 15B of the Securities Exchange Act (the “Municipal Advisor Rule”); (b) TD Securities is not acting as an advisor to you and does not owe a fiduciary duty to you, including pursuant to the Municipal Advisor Rule, with respect to the information and material contained in this communication; (c) TD Securities is acting for its own interests; and (d) you should discuss any information and material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material.

No representation is made that the information contained herein is accurate in all material respects or complete or has been independently verified by TD Securities. Historic information is not indicative of future performance and you should understand that statements regarding future prospects may not be realized. Any market valuations contained herein are indicative values as of the time and date indicated. TD Securities does not guarantee that different prices and/or valuations would not be available elsewhere and suggests that valuations from other sources be obtained for comparison. Any price, valuation or estimate is subject to change without notice and final prices may differ depending on market conditions. These indications are provided solely for your information and consideration, are subject to change at any time without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument. The information contained in this communication may include results of analyses from a quantitative model that represents potential future events that may or may not occur, and is not a complete analysis of every material fact relevant to any product. By accepting this communication, subject to applicable law or regulation, you agree to keep confidential the existence of and proposed terms of any transaction. For further information, please contact your TD Securities representative.

The products described herein are (i) not insured by the FDIC or the CDIC, (ii) not a deposit or other obligation of, or guaranteed by, a depository institution, and (iii) subject to investment risks, including possible loss of the principal amount invested.

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