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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.
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