Equity Research

Action List
Our Best Ideas
January 1, 2011

Introduction
The Action List is a monthly publication that identifies our analysts’ top investment recommendations. As well, it provides a list of important industry milestones to watch for in the coming month and an update on our sector stances. The report also includes updates from our Strategy and Quantitative research teams. While it is always difficult for compendium publications to be both timely and informative, we believe that our product strikes a good balance compared to the quarterly products offered by many of our competitors. At times, if we are not bullish on a particular sector, we may not have an Action List pick in that space. The performance of our Action List picks is monitored on an ongoing basis against the relevant S&P/TSX benchmarks.

J. P. Benson, CFA Head of Research

TD Securities Inc. is a wholly owned subsidiary of The Toronto-Dominion Bank.

YOUR ATTENTION IS DIRECTED TO THE IMPORTANT DISCLOSURES IN APPENDIX A.
Please see pages 99 to 103 for important disclosure information, including disclosures on Quantitative Research. This report is strictly a summary. It should not be used as the sole basis for investment decision-making. For information relating to Justification of Target Price and Key Risks to Target Price please visit our website at https://www.tdsresearch.com/equities/disclosures.

A Division of TD Securities Inc.

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A Division of TD Securities Inc.

Table of Contents
TD Newcrest Action List (as of December 31, 2010) ............................................. 4 Action List Additions and Deletions Since Our Last Edition .................................. 5 Performance Review ............................................................................................... 6 Investment Strategy................................................................................................. 8 Quantitative Analysis