March 17, 2014

Report prepared by: Ryan Lewenza, CFA, CMT North American Equity Strategist

Volume 14 Highlights

Inside
Technical Commentary ......................... 2 Technical Trading Ideas...................... 10 Sentiment Indicators ........................... 14 Overbought/Oversold Stocks .............. 15 Market Statistics .................................. 16

We believe the S&P/TSX Composite Index (S&P/TSX) is due to take a break after advancing 6% since its February lows. We are targeting the S&P/TSX to pull back to 13,800 to 14,000, which is the convergence of: 1) previous resistance, now support; 2) the 50-day moving average (MA); and 3) the lower channel line. If correct in our call for a short-term pull back, we would use the opportunity to increase equity exposure, as the long-term technical profile for the S&P/TSX remains constructive. The technical profile of gold miners has greatly improved in recent months, with the S&P/TSX Capped Global Gold Index breaking above its year-and-a-half downtrend. If the gold price continues to trend higher and/or hold steady, we believe gold miners could continue to rally given how beaten up they were in 2013. The S&P 500 Index (S&P 500) broke above short-term resistance of 1,850, making a new all-time high. The new high for the S&P 500 was accompanied by new highs for: 1) the NYSE Advance/Decline line; 2) a relative high for the Russell 2000 Index versus the S&P 500; and 3) the Dow Jones Transportation Index. For us, this points to a continued strong bull market for U.S. equities. In the short-term, we see the potential for some backing and filling for the S&P 500 as it works off its overbought condition. In this weeks report, we highlight Honeywell International Inc. (HON-N), Vermilion Energy Inc. (VET-T) and Finning International Inc. (FTT-T) as attractive buy candidates and recommend investors trim/sell General Motors Co. (GM-N).

Chart of the Week The bears are in hibernation. Just 17% of polled professional investors are bearish, which is the lowest reading since the mid-1980s

This Document is for distribution to Canadian clients only. Please refer to Appendix A in this report for important information.

The Technical Take

March 17, 2014

Technical Commentary
S&P/TSX Composite Index

The S&P/TSX has traded in a tight range of roughly 14,200 to 14,300 over the last few weeks. This does not come as a surprise, as the S&P/TSX is trading at its upper channel line, which is an important resistance level. Additionally, horizontal price resistance comes in at 14,330, which dates back to the 2011 highs. Given the convergence of these two resistance lines, we see the 14,300 to 14,350 as a key technical level for the S&P/TSX. A break above this level would be very bullish, in our opinion. However, many of our secondary technical indicators are signalling a short-term top in the S&P/TSX, increasing the odds that the S&P/TSX will fail in breaking above this important technical level on its first attempt. We believe the S&P/TSX is due to take a break after advancing 6% since its February lows. Our call for a shortterm pause/pullback is predicated on: 1) the S&P/TSX trading at stiff technical resistance; 2) momentum weakening with the MACD indicator beginning to rollover; and 3) the S&P/TSX appearing to be in the early stages of working off its recent overbought technical condition. As such, we are targeting the S&P/TSX to pull back to between 13,800 and 14,000, which is the convergence of: 1) previous resistance, now support; 2) the 50-day MA (13,902); and 3) the lower channel line. If correct in our call for a short-term pull back, we would use the opportunity to increase equity exposure, as the long-term technical profile for the S&P/TSX remains constructive. Page 2

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Canadian Sector Highlights

Name S&P/TSX CONS DISCRET IDX S&P/TSX ENERGY INDEX S&P/TSX UTILITIES INDEX S&P/TSX INFO TECH INDEX S&P/TSX MATERIALS INDEX S&P/TSX CONS STAPLES IDX S&P/TSX COMPOSITE INDEX S&P/TSX FINANCIALS INDEX S&P/TSX TELECOM SERV IDX S&P/TSX INDUSTRIALS IDX S&P/TSX HEALTH CARE IDX Last Price 1533.60 3026.09 1841.72 155.20 2403.55 2678.78 14276.40 2123.20 1160.58 2050.16 1867.82 Trend of Trend of RSI 50 DMA 50 DMA 200 DMA 200 DMA 14 Day 1493.83 Uptrend 1404.24 Uptrend 68.21 2952.40 Uptrend 2818.89 Uptrend 60.70 1813.38 Uptrend 1791.11 Uptrend 59.72 152.76 Uptrend 139.31 Uptrend 50.72 2290.66 Uptrend 2171.27 Uptrend 51.05 2618.77 Uptrend 2525.20 Uptrend 57.75 13889.85 Uptrend 13096.71 Uptrend 66.97 2068.97 Uptrend 1958.93 Uptrend 69.25 1159.56 Uptrend 1116.98 Uptrend 58.66 2008.29 Uptrend 1845.03 Uptrend 55.41 1823.04 Uptrend 1485.03 Uptrend 48.41 Market Ranking of Weekly Momentum Condition Current 2 3 4 5 Neutral 1 1 10 11 9 Neutral 2 6 7 5 5 Neutral 3 9 11 8 2 Neutral 4 3 3 6 10 Neutral 5 10 2 1 1 Neutral 6 4 4 7 8 Neutral 7 8 6 4 6 Neutral 8 7 8 2 4 Neutral 9 5 5 10 11 Neutral 10 2 9 9 3 Neutral 11 11 1 3 7 6 10 7 4 9 6 5 8 11 3 2 1

Source: Bloomberg Finance L.P. March 11, 2014.

Weekly Momentum: The consumer discretionary sector has bounced back sharply from a challenging February, with the sector at the top spot in our sector rankings for two consecutive weeks. Conversely, the health care sector has dropped to the last spot in our sector rankings for two consecutive weeks. The weakness in the sector can be attributed to a pullback in Valeant Pharmaceuticals International (VRX-T) and Catamaran Corp. (CCT-T). Market Condition: All sectors are neutrally ranked with Relative Strength Index (RSI) readings below 70. However, the financials sector is close to being overbought, with an RSI reading of 69.25. Other: All 10 GIC sectors are trading above their respective 50- and 200-day MAs. This is a very bullish sign, and one reason why we remain constructive on the Canadian equity market.

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S&P/TSX Global Gold Index

The technical profile of gold miners has greatly improved in recent months, with the S&P/TSX Capped Global Gold Index breaking above its year-and-a-half downtrend. The S&P/TSX Global Gold Index is trading above its rising 50- and 200-day MAs, and in recent days, has formed a golden cross with the 50-day MA crossing up through its 200-day MA (green circle). Additionally, the gold miners index continues to outperform the spot gold price, following a period of sustained underperformance. If the gold price continues to trend higher and/or hold steady, we believe gold miners could continue to rally given how beaten up they were in 2013. Page 4

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March 17, 2014

S&P 500 Index

The S&P 500 broke above short-term resistance of 1,850, making a new all-time high. The new high for the S&P 500 was accompanied by new highs for: 1) the NYSE Advance/Decline line; 2) a new relative high for the Russell 2000 Index versus the S&P 500; and 3) a new high for the Dow Jones Transportation Index. For us, this points to a continued strong bull market for U.S. equities. In the short-term, we see the potential for some backing and filling for the S&P 500 as it works off its overbought condition. Admittedly, the RSI indicator did not reach the 70 overbought level, but the percentage of stocks in the NYSE above their respective 50-day MAs came very close to the overbought 80% level (lower panel). Additionally, momentum looks to be peaking, with the MACD indicator close to registering a momentum sell signal. As such, we could see some near-term profit taking, but we remain constructive on U.S. equities, as the long-term uptrend remains firmly in place. To become more cautious on the U.S. equity markets, we would need to see the S&P 500 break below the 1,735 to 1,750 range, which is the convergence of the 200-day MA and the February lows. Page 5

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U.S. Sector Highlights

Name S&P 500 FINANCIALS INDEX S&P 500 INDUSTRIALS IDX S&P 500 MATERIALS INDEX S&P 500 INDEX S&P 500 CONS DISCRET IDX S&P 500 CONS STAPLES IDX S&P 500 INFO TECH INDEX S&P 500 TELECOM SERV IDX S&P 500 ENERGY INDEX S&P 500 HEALTH CARE IDX S&P 500 UTILITIES INDEX Last Trend of Price 50 DMA 50 DMA 200 DMA 297.96 291.33 Uptrend 278.69 448.27 442.66 Uptrend 411.68 297.30 288.14 Uptrend 270.04 1863.34 1828.35 Uptrend 1734.48 526.48 517.02 Uptrend 488.52 436.26 430.16 Uptrend 425.88 597.14 583.33 Uptrend 539.73 146.35 149.07 Downtrend 153.70 634.62 630.42 Uptrend 616.04 687.39 662.04 Uptrend 609.49 201.61 197.62 Uptrend 194.12 Trend of 200 DMA Uptrend Uptrend Uptrend Uptrend Uptrend Uptrend Uptrend Downtrend Uptrend Uptrend Uptrend RSI 14 Day 62.14 57.33 60.41 60.68 59.04 62.22 58.82 45.43 51.92 61.48 48.97 Market Ranking of Weekly Momentum Condition Current 2 3 4 5 Neutral 1 7 11 11 3 Neutral 2 6 8 9 6 Neutral 3 2 4 3 2 Neutral 4 5 7 5 5 Neutral 5 1 6 10 1 Neutral 6 3 10 7 9 Neutral 7 9 9 4 4 Neutral 8 10 5 8 11 Neutral 9 4 3 6 8 Neutral 10 8 1 2 7 Neutral 11 11 2 1 10 6 6 4 3 7 9 11 8 5 10 2 1

Source: Bloomberg Finance L.P. As of March 11, 2014.

Weekly Momentum: The financials sector jumped to the top spot in our sector rankings last week, reversing a recent trend of underperforming the broader market. We view the financials sector as an important barometer of the U.S. equity market, and therefore would like to see this continue. Defensive sectors lagged last week, with the health care and utilities sectors underperforming the broader market. The telecom sector continues to post weak relative returns and has been near the bottom of our sector rankings over the last six weeks. Market Condition: All sectors are neutrally ranked, with RSI levels between 30 and 70. Other: The telecom sector is trading below its 50- and 200-day MAs, which is a contributing factor in our call to underweight the sector in portfolios.

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S&P 500 Semiconductor Index

In the July 15, 2013 edition of The Technical Take, we highlighted the semiconductor space as a particularly attractive area. The Semiconductor Index is up 19% since then and we see the potential for additional gains. The index is in a long-term uptrend, and is trading above its rising 50- and 200-day MAs. Its relative trends also remain bullish, with the index outperforming the S&P 500 since November 2013, and more recently, making a new relative high (lower panel). In the short-term, the Semiconductor Index is overbought, which could result in some short-term backing and filling. Given the bullish technical profile for the industry, we would look to increase exposure on any short-term weakness.

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Sentiment Update

As articulated in this and many previous reports, the technicals for the North American equity markets remain constructive, and we see the potential for the uptrend to continue. That said, the equity markets are not without some concerning readings. One in particular is investor sentiment, which is skewed heavily to the bullish side. In the accompanying chart, we note that just 17% of polled professional investors are bearish, which is well below the long-term average of 30%, and is the lowest reading since the mid-1980s. Sentiment polls are secondary technical indicators, but we do find this series worrying, as it implies that most investors are all in.

Source: Datastream. As of March 11, 2014

(in millions)

$500,000 $450,000

NYSE Margin Debt

$400,000
$350,000 $300,000 $250,000 $200,000

$150,000
$100,000 $50,000 $0 Jan-80

Jan-85

Jan-90

Jan-95

Jan-00

Jan-05

Jan-10

Source: Datastream. As of March 11, 2014

Another concern we have is the record amount of margin debt held by investors. Currently, U.S. margin debt stands at US$451 billion, which is a new all-time high, and well above the previous peak of US$381 billion in July 2007. Increasing margin debt is supportive to stock prices, as more capital coming into the equity markets helps to bid up stock prices. However, this can quickly change as equity markets come under pressure, as increased margin calls can lead to a swift unwinding of this credit, which can then exacerbate equity market declines. For now, we remain bullish given the very supportive technical trends, however, we will continue to monitor these data series closely for signals indicating a potential maturity of the five-year bull market.

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Intermarket Picture

Reuters/Jefferies CRB Index Coming into the year we were cautious on commodities given our belief that slower economic growth in China would result in lower demand for commodities, and in turn, weaker prices. This call has proved incorrect as the broad-based Reuters/Jefferies CRB (CRB) Index has broken above its long-term downtrend, and has gained 8.5% year-to-date (YTD). The recent strength in this index is being driven by energy, precious metals and soft commodities (i.e., gains, coffee, etc.). The CRB Index is currently overbought with an RSI reading above 70. As such, we expect some short-term profit taking; however, given this important technical breakout, we are revaluating our cautious stance on the commodity space, and will be monitoring the technical trends closely.

Gold Gold has been particularly strong, up 14% YTD. The gold price rallied 1.5% on March 11, taking out the October 2013 high of US$1,361/oz., and opening the door for gold to potentially rally to the August 2013 high of US$1,434/oz. Gold is technically overbought in the short term, and therefore we expect some backing and filling in the coming days. However, the technical profile for the gold price has improved significantly, and as such, we have become more constructive on the precious metal. Page 9

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Technical Trading Ideas

Honeywell International Inc. (HON-N) Published March 5, 2014

The U.S. industrials sector is one of our top sectors for 2014. Within the sector, Honeywell International Inc. stands out on a technical basis. The stock is trading in a long-term upward channel, as the stock makes higher highs and higher lows. The stock is adhering very well to the 50-day MA, as it continues to bounce off the important M A on pullbacks. Finally, HONs relative trend remains positive, with the stock making a new high relative to the broad market in February (lower panel). Given HONs strong price and relative trends we are buyers of the stock, and see the stock hitting new price highs in 2014. We would recommend a stop loss at $87 which is just below the stocks 50 -day MA and 2014 lows.

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Vermilion Energy Inc. (VET-N) Published March 7, 2014

We are highlighting the breakout of Vermilion Energy Inc. from our breakout/breakdown model*. We highlighted VET on November 20, 2013 as an attractive technical buy candidate. With the stock up over 7% since then and making a new high this week, we are reaffirming our bullish stance on VET. VET remains in a long-term uptrend and is above its rising 50- and 200-day MAs. The stock is adhering well to its 50day MA, as it continues to provide strong technical support. Volume trends also remain supportive, with its On Balance Volume indicator continuing to trend higher (lower panel). We continue to view VET favourably and believe it can trend higher in the coming months. We would employ a stop loss at $57, which is just below its 200-day MA.

*NOTE: Our technical breakout/breakdown model is based on a weekly screen of the S&P 500 and S&P/TSX Composite for stocks making a new high/low over the last 90 days on volume greater than +1 standard deviation from the 90-day average volume.

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Finning International Inc. (FTT-T) Published March 10, 2014

Finning International Inc. has traded in a range between $21 and $26 for most of the last two years. However, the stock broke above key resistance of $26 in late-December and we see the potential for additional upside. FTT is trading in a short-term upward channel and is above its rising 50- and 200-day MAs. FTTs relative strength has improved with the stock making a new relative high in February (lower panel). Following a recent surge in the share price, the stock has become technically overbought in the short term, which could result in some near-term selling pressure. However, we would buy the stock on any weakness given FTTs improving technical profile. We see $26 as a key level for the stock as this was resistance but became support in recent months. As such, we would employ a stop loss at $25.75, which is just below this support level.

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General Motors Co. (GM-N) Published March 12, 2014

General Motors Co.s share price declined over 4% on March 11. Given the weak technical profile for the stock, we see the potential for additional weakness. GM recently broke below its upward trendline which had been in place for over two years. The break below its trendline was on heavy volume, which captures investor distribution. If the stock breaks below short-term support of $34.36 it will result in a lower low and the beginning of a downtrend. Other negative technical factors include: 1) the stock broke below its 50-day MA, which provided resistance in early March; 2) momentum remains weak; and 3) GMs relative uptrend was broken in February (lower panel). Given the confluence of negative technical factors, we would look to reduce exposure in this stock.

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Sentiment Indicators
Volatility (VIX) Index
30 1.5 1.4 25 1.3 1.2 20 1.1 1.0 15 0.9 10 0.8 0.7

CBOE Total Put/Call Ratio 5-Day MA

5 Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

0.6 Jan-12

Jul-12

Jan-13 Level 0.87

Jul-13 1 M Ago 1.11 3 M Ago 1.00

Jan-14

VIX

Level 16.08

1 M Ago 14.14

3 M Ago 15.76

CBOE Put/Call

AAII Investor Sentiment: Bulls Minus Bears

60
50 40 30 20 10 0 -10 -20 -30 -40 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

NYSE % of Stocks Above 200-day MA

100 90 80 70 60 50 40 30 20 10 0 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Bulls Bears Bulls - Bears

Level 41.34 26.82 14.52

1 M Ago 40.15 27.34 12.81

3 M Ago 41.27 25.00 16.27

% of Stocks Above 200-day MA

Level 70

1 M Ago 64

3 M Ago 64

Source: Bloomberg Finance L.P. As of March 12, 2014.

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Overbought/Oversold Stocks
S&P 500
Most Overbought Name BERKSHIRE HATHAWAY INC-CL B SOUTHWEST AIRLINES CO KROGER CO ELECTRONIC ARTS INC MOODY'S CORP ECOLAB INC BROWN-FORMAN CORP-CLASS B TEXAS INSTRUMENTS INC EDWARDS LIFESCIENCES CORP SAFEWAY INC LYONDELLBASELL INDU-CL A TRIPADVISOR INC J.C. PENNEY CO INC DR PEPPER SNAPPLE GROUP INC BEAM INC
Source: Bloomberg Finance L.P. As of March 12, 2014.

RSI (14D) 82.92 77.66 77.56 74.99 74.33 74.19 73.67 73.43 73.09 72.89 72.87 72.24 71.61 71.49 71.26

Most Oversold Name STAPLES INC ADT CORP/THE NETAPP INC KINDER MORGAN INC TENET HEALTHCARE CORP NOBLE CORP PLC FREEPORT-MCMORAN COPPER ENSCO PLC-CL A CLIFFS NATURAL RESOURCES INC LEUCADIA NATIONAL CORP FAMILY DOLLAR STORES PEABODY ENERGY CORP JOHNSON CONTROLS INC CABOT OIL & GAS CORP GENERAL MOTORS CO

RSI (14D) 29.38 29.84 30.82 31.12 32.52 32.98 34.13 35.46 35.56 35.69 35.74 35.76 35.98 36.58 36.71

S&P/TSX Composite
Most Overbought Name CAN IMPERIAL BK OF COMMERCE JEAN COUTU GROUP INC-CLASS A PARKLAND FUEL CORP FIRSTSERVICE CORP TORONTO-DOMINION BANK MAGNA INTERNATIONAL INC FAIRFAX FINANCIAL HLDGS LTD CAPITAL POWER CORP ALACER GOLD CORP LINAMAR CORP TIM HORTONS INC IMPERIAL OIL LTD OSISKO MINING CORP DETOUR GOLD CORP CENTERRA GOLD INC
Source: Bloomberg Finance L.P. As of March 12, 2014.

RSI (14D) 85.36 80.48 79.44 78.52 78.36 76.05 75.48 74.72 74.21 74.17 72.77 72.37 71.98 71.55 70.97

Most Oversold Name AIMIA INC CANEXUS CORP DUNDEE CORP -CL A LIGHTSTREAM RESOURCES LTD TRANSALTA CORP TALISMAN ENERGY INC EXTENDICARE INC CAPSTONE MINING CORP TECK RESOURCES LTD-CLS B NIKO RESOURCES LTD PENGROWTH ENERGY CORP THOMSON REUTERS CORP BONTERRA ENERGY CORP DUNDEE REAL ESTATE INVESTM-A FIRST QUANTUM MINERALS LTD

RSI (14D) 20.81 22.46 29.41 29.82 30.19 31.85 32.92 33.10 33.32 33.50 33.65 34.07 34.48 34.56 35.63

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Market Statistics
Region U.S. Index S&P 500 Dow Jones Industrial Average Dow Jones Transportation Dow Jones Utilities Nasdaq Composite Russell 2000 Russell 1000 Value Russell 1000 Growth S&P/TSX Composite S&P/TSX 60 S&P/TSX Smallcap S&P/TSX Venture DAX FTSE 100 Nikkei 225 Hang Seng Shanghai MSCI World MSCI EAFE MSCI Emerging Markets Consumer Discretionary Comsumer Staples Energy Financials Health care Industrials Information Technology Materials Telecommunications Utilities Consumer Discretionary Comsumer Staples Energy Financials Health care Industrials Information Technology Materials Telecommunications Utilities Last 1868.20 16340.08 7585.98 515.52 4323.33 1191.37 935.33 881.39 14319.00 822.45 653.51 1046.39 9188.69 6620.90 14830.39 21901.95 1997.69 1672.19 1917.99 955.89 528.11 437.40 634.28 298.43 687.90 448.97 597.50 297.37 146.35 203.31 1539.36 2693.23 3036.91 2128.15 1874.74 2071.31 156.36 2418.49 1161.47 1854.54 1 Week -1.48 -1.70 -1.04 1.42 -2.05 -2.32 -1.31 -1.82 -0.19 -0.02 -1.32 -0.52 -5.50 -3.46 -2.11 -4.17 -1.96 -1.22 -2.17 -2.64 -2.42 -0.15 -1.54 -1.26 -1.17 -2.47 -1.81 -2.32 -1.42 2.05 -0.39 -1.29 -0.39 0.45 2.02 0.27 -1.94 -0.91 -2.04 0.49 1 Month 3 Month 1.06 4.16 0.72 2.46 2.74 5.57 0.69 8.79 0.52 6.55 2.51 6.28 1.44 3.89 0.73 5.15 1.74 1.70 2.82 4.81 -6.03 -1.59 3.51 -2.43 -4.57 1.36 0.46 -0.13 1.40 2.01 1.57 1.66 1.45 0.69 -0.44 2.26 -2.39 1.36 2.83 1.43 1.57 2.23 -3.01 1.67 0.69 2.64 0.62 0.31 8.53 8.42 10.83 15.59 0.13 1.77 -3.81 -6.41 -8.06 4.90 4.38 -4.63 2.33 0.54 0.73 4.09 9.56 3.04 5.82 6.80 -3.20 8.62 5.40 5.91 7.40 5.23 29.16 4.69 14.25 23.39 1.41 6.39 YTD 0.04 -2.62 1.09 5.96 2.07 1.11 -0.04 0.80 4.58 4.15 7.41 10.94 -5.59 -2.89 -9.06 -6.65 -4.58 0.27 -0.91 -5.79 -1.67 -1.66 -3.66 0.31 5.94 -2.11 0.56 1.23 -6.10 6.30 2.22 3.92 3.94 1.02 18.57 1.94 7.67 17.68 -0.24 4.94 1 Year 18.95 11.67 20.03 6.08 31.36 24.65 16.76 22.79 11.78 11.51 12.84 -7.30 13.13 1.12 19.67 -3.82 -11.06 16.49 12.75 -9.96 24.68 9.31 8.42 19.88 31.05 22.32 22.44 18.16 -6.61 6.83 31.10 22.93 10.57 15.83 71.22 21.01 24.18 -9.46 0.29 -3.20 3 Year 12.34 10.25 13.42 7.54 16.22 13.59 11.71 13.54 1.37 1.20 -4.40 -23.02 8.91 3.99 15.48 -2.32 -11.75 8.19 4.03 -5.19 19.28 12.49 4.10 9.92 21.76 11.79 12.26 7.82 5.12 7.79 12.81 16.70 -2.54 6.22 43.64 14.77 -14.40 -14.15 11.01 0.16 5 Year 19.57 17.45 25.32 11.33 24.39 24.52 19.52 20.98 11.40 10.04 15.00 4.02 17.93 11.79 14.38 11.67 -1.05 17.10 14.12 12.34 29.58 15.39 13.72 21.99 19.44 24.16 21.25 19.14 8.27 11.49 16.61 14.10 8.47 16.19 47.57 21.46 -3.21 1.85 12.42 6.70

Canada

International

S&P 500 Sectors

S&P/TSX Sectors

Source: Bloomberg Finance L.P. As of March 12, 2014.

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Appendix A Important Disclosures

General Research Disclosure The statements and statistics contained herein are based on material believed to be reliable, but are not guaranteed to be accurate or complete. This report is for informational purposes only and is not an offer or solicitation with respect to the purchase or sale of any investment fund, security or other product. Particular investment, trading, or tax strategies should be evaluated relative to each individuals objectives. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance. This document does not provide individual financial, legal, investment or tax advice. Please consult your own legal, investment and tax advisor. All opinions and other information in this document are subject to change without notice. The Toronto-Dominion Bank and its affiliates and related entities are not liable for any errors or omissions in the information or for any loss or damage suffered. TD Waterhouse Canada Inc. and/or its affiliated persons or companies may hold a position in the securities mentioned, including options, futures and other derivative instruments thereon, and may, as principal or agent, buy or sell such securities. Affiliated persons or companies may also make a market in and participate in an underwriting of such securities. Full disclosures for all companies covered by TD Securities Inc. can be viewed at https://www.tdsresearch.com/equities/welcome.important.disclosure.action Company Honeywell International Inc. Vermilion Energy Inc. Finning International Inc. General Motors Co. Ticker HON-N VET-T FTT-T GM-N Disclosures N/A 2,4,5,9 1,2,4,9 N/A

1. TD Securities Inc., TD Securities (USA) LLC or an affiliated company has managed or co-managed a public offering of securities within the last 12 months with respect to the subject company. 2. TD Securities Inc., TD Securities (USA) LLC or an affiliated company has received compensation for investment banking services within the last 12 months with respect to the subject company. 3. TD Securities Inc., TD Securities (USA) LLC or an affiliated company expects to receive compensation for investment banking services within the next three months with respect to the subject company. 4. TD Securities Inc. or TD Securities (USA) LLC has provided investment banking services within the last 12 months with respect to the subject company. 5. A long position in the securities of the subject company is held by the research analyst, by a member of the research anal ysts household, or in an account over which the research analyst has discretion or control. 6. A short position in the securities of the subject company is held by the research analyst, by a member of the research ana lysts household, or in an account over which the research analyst has discretion or control. 7. A long position in the derivative securities of the subject company is held by the research analyst, by a member of the research analysts household, or in an account over which the research analyst has discretion or control. 8. A short position in the derivative securities of the subject company is held by the research analyst, by a member of the research analysts household, or in an account over which the research analyst has discretion or control. 9. TD Securities Inc. and/or an affiliated company is a market maker, or is associated with the specialist that makes a market, in the securities of the subject company. 10. TD Securities Inc. and/or affiliated companies own 1% or more of the equity securities of the subject company. 11. A partner, director or officer of TD Securities Inc. or TD Securities (USA) LLC, or a research analyst involved in the preparation of this report has, during the preceding 12 months, provided services to the subject company for remuneration. 12. Subordinate voting shares. 13. Restricted voting shares. 14. Non-voting shares. 15. Common/variable voting shares. 16. Limited voting shares.

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The Technical Take

March 17, 2014

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