Scalar Energy

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February 28, 2015
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Cash to ‘kick start’ new wave energy body

E.On Pelamis being tested off Orkney in 2012Wave energy device developer Pelamis went into administration last November

The Scottish government has awarded £14.3m to Wave Energy Scotland to “kick start” the new marine energy body.

It was set up in November last year to speed up development and encourage private investment in the industry.

The move followed the collapse of wave power technology firm Pelamis which called in administrators after failing to secure development funding.

Scottish Renewables welcomed the announcement, which it said comes at a “challenging time” for the sector.

The first contract will be awarded to a group of 12 former Pelamis employees, led by the company’s former chief executive.

Energy Minister Fergus Ewing said he was glad they were able to “retain some of the best brains working in marine energy in Scotland”.

He said: “Only last month, Highland and Islands Enterprise, on behalf of Wave Energy Scotland, successfully acquired the intellectual property and a range of physical assets previously owned by Pelamis.

“And yesterday, Wave Energy Scotland agreed to work with 12 former Pelamis employees to capture the impressive learning they have acquired on their technology development journey.”

‘Key challenges’

Lindsay Leask, senior policy manager of offshore, wind and marine at Scottish Renewables, said: “Today’s announcement on the funding to be allocated to Wave Energy Scotland comes as a welcome sign of the Scottish government’s continued commitment to the sector, particularly after a recent challenging period.

“This money will enable Wave Energy Scotland to continue the development of wave energy in Scotland and build upon the global lead we enjoy by funding work on some of the key challenges commonly encountered by technology developers.

“The industry has recognised for some time that a collaborative approach to solving these problems is vital to ensure wave energy devices can develop to commercial scale, and Wave Energy Scotland provides a space for that to happen.”

The cash will be rolled out over the next 13 months.

Scottish Liberal Democrat energy spokesman Liam McArthur said the funding was a step in the right direction, but that there must be “sustained” support for the industry.

He said: “Wave energy offers the chance to create jobs and wealth in communities across Scotland, as well as real opportunities for exporting services and expertise overseas. Hopefully today’s announcement provides a basis now to crack on and deliver that ambition.”

In December, workers told BBC Scotland the Scottish government had “pulled the rug” from under the country’s leading wave energy companies by withdrawing public funding.

The criticism came after Pelamis called in administrators and its main rival, Aquamarine Power, said it was making more than half of its workforce redundant. The Scottish government insisted it had supported the sector.

February 28, 2015
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New NASA spacecraft to study Earth's magnetic fields

Washington, Feb 26 (IANS) The US space agency is set for the launch of Magnetospheric Multiscale (MMS) spacecraft March 12, the first space mission dedicated to the study of magnetic reconnection.

This fundamental process occurs throughout the universe where magnetic fields connect and disconnect with an explosive release of energy, a NASA statement said.

“Magnetic reconnection is one of the most important drivers of space weather events,” said Jeff Newmark, interim director of the Heliophysics Division at NASA Headquarters in Washington, DC.

Eruptive solar flares, coronal mass ejections and geomagnetic storms all involve the release, through reconnection of energy stored in magnetic fields.

“Space weather events can affect modern technological systems such as communications networks, GPS navigation and electrical power grids,” he informed.

The spacecraft will begin science operations in September. Unlike previous missions to observe the evidence of magnetic reconnection events, MMS will have sufficient resolution to measure the characteristics of ongoing reconnection events as they occur.

The mission consists of four identical space observatories that will provide the first 3D view of magnetic reconnection.

Because the observatories will fly through reconnection regions in a tight formation, in less than a second, key sensors on each spacecraft are designed to measure the space environment at rates faster than any previous mission.

The mission observes reconnection directly in Earth’s protective magnetic space environment known as the magnetosphere. By studying reconnection in this natural laboratory, MMS will help scientists understand reconnection elsewhere, such as the atmosphere of the Sun, the vicinity of black holes, neutron stars and the boundary between our solar system and interstellar space.

The launch of MMS on a United Launch Alliance Atlas V rocket will be managed by the Launch Services Programme at NASA’s Kennedy Space Centre in Florida.

February 28, 2015
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Windsor community rallies around third-grader with leukemia

WINDSOR — Every day during the school week parents pick up and drop off their children at Windsor Elementary School, the words Parker Power emblazoned on the windows above them.

Large, black letters, each in a pane, complete the phrase displayed proudly in the front and back of the school.

Photo Gallery

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Parker St. Onge, right, stands with his brothers Emory, left, and Anderson, center, in front of the Parker Power sign in the windows on Thursday at Windsor Elementary School. The words are in windows on both sides of the school.Parker St. Onge, right, stands with his brothers Emory, left, and Anderson, center, in front of the Parker Power sign in the windows on Thursday at Windsor Elementary School. The words are in windows on both sides of the school.

Parker Power has also made its way onto window stickers, bracelets and bright orange headbands. It has become the rallying cry for the middle school’s junior varsity girls basketball team each time they break a huddle.

More than anything, the two words have become emblematic of the town’s unwavering support for Parker St. Onge.

A few weeks before Christmas Adam and Nicole St. Onge received the news no parent is ever prepared to deal with: Their son had cancer.

Diagnosed with acute lymphoblastic leukemia, Parker — a third-grader at Windsor Elementary — began treatment at Barbara Bush Children’s Hospital in Portland.

“We started talking about the side effects and the biggest thing was (losing) the hair, and he just started crying,” Nicole St. Onge said. “He was like, ‘I don’t want to go to school, I don’t want my friends to see me like that.’ He was very embarrassed, and he was like, ‘I don’t know what they’re going to say,’ and he was just really worried that kids were going to make fun of him.”

The St. Onge family knew they lived in a close community, but even they could not predict the outpouring of support that followed, starting with the school that includes kindergarten through eighth grades.

“His teacher and some friends came down to Barbara Bush when he was hospitalized to see him,” Nicole St. Onge said. “Even one of the little girls that couldn’t come down because she had a cold, she picked out one of her own Christmas presents and sent it down to him.”

It did not stop there. Students at the school — some he knew, others he did not — shaved their heads and posted photos to the Parker Power Facebook page. Classmates sent him short video messages or talked with him on FaceTime, while a close friend, Noah Crummett, and his mother, Dominique, ordered enough green Parker Power bracelets for every teacher and student at the school.

From text messages to emails to phone calls, the support bloomed.

“Every student in the school created these little squares to make the most elaborate Christmas card you’ve ever seen,” Kim St. Onge, Parker’s aunt and a fifth-grade teacher at Windsor, said. “It was about two feet tall by two feet wide.”

‘THE KIDS STEPPED UP’

By the time Parker was ready to leave the hospital, he was also ready to return to school.

Both Adam and Nicole St. Onge noted how accommodating the school has been, setting up a cot for Parker so he can rest if he is tired or making extra meals like Ramen noodles — a personal favorite of his — to satiate his increased appetite. But it is the students who have made the difference for Parker.

“The first day at school he was like, ‘Dad, I had 20 people following me, people carrying my lunch and carrying my backpack,’” Adam St. Onge said. “It was the kids. It’s not influenced by anyone else but the kids. The kids stepped up and did it on their own — it’s unbelievable.”

About the same time Noah and Monique Crummett ordered the green bracelets, Jacob Mills, an eighth-grader on the boys basketball team, decided with his teammates to order orange ones — the color associated with leukemia research and fundraising.

Mills took it one step further by shaving his head and getting the words Parker Power shorn into his new haircut.

“We just really wanted to make a difference,” Mills said. “I feel like us not doing this wouldn’t give him as much power and strength to get through this. I feel like us doing this is giving him strength.”

Soon after, the girls basketball team ordered bright orange Parker Power headbands.

“The boys got wristbands and they just got them orange, so we decided our team should do something,” Parker King, a seventh-grader on the girls varsity team, said. “The whole team was in unanimous agreement.”

The girls JV team took it a step further. Each time they break a huddle before the start of a quarter or after a timeout they do not say “team,” “hard work” or any other traditional rallying cry. They shout “Parker Power!”

Junior varsity coach Becky Wilson — who also is the school’s cook — gives a stuffed Wildcat throughout the season to a player who makes a noteworthy play in practice or a game. The Wildcat stayed with Parker over Christmas break.

“We decided to give it to him over vacation because he likes Wildcats, and we wanted to give it to him to make him feel better,” Danielle Shoney, a seventh-grader on the JV team, said.

SPREADING THE WORD

The basketball players also brought attention to the cause. No matter who the opponent, both the Windsor boys and girls teams fielded questions throughout the season from other coaches, players and officials on what Parker Power is.

Word spread.

Rangely is 90 miles northwest of Windsor, but Parker’s story closed the distance. In between games of a doubleheader at Thomas College on Jan. 2 against Islesboro, the Rangeley girls and boys basketball teams gave Parker a jersey signed by all team members and a $500 donation collected from the gate. The Laker girls play for the Class D championship Saturday at the Cross Insurance Center in Bangor against Washburn.

“I just kind of felt like this was a neat opportunity that we can do something for somebody local,” Rangeley athletic director Charlie Brown, a former teacher at Windsor Elementary, said. “We decided to go forward with it. Keep it simple, keep it small.”

As the message of Parker Power grows, Parker will continue to fight. Cancer is always synonymous with uncertainty, yet Adam St. Onge said the prognosis is encouraging as they caught the disease early.

As of Wednesday night the GoFundMe site set up by Kim St. Onge had collected nearly $8,000 in donations. She said there is a benefit planned for Saturday from 4:30 to 9 p.m. at the elementary school that will feature a dinner followed by a dance. The proceeds will go to both Parker Power as well as the college fund for two of the children of Dan Tibbetts, a local dairy farmer who passed away in December after a brief battle with brain cancer.

“We thank everybody. Words can’t explain how grateful we are to be in this community to have all these friends and family,” Adam St. Onge said. “It’s just unbelievable. No matter how much I try to explain it in words I can’t. It’s just, thinking about it sometimes almost makes me want to cry. It’s overwhelming.”

The fight against cancer is not over for Parker St. Onge, but it is one he will not face alone. Over the past few months his family, friends and community have made it clear that they are there to support him every step of the way.

“It’s made us all better people,” Mills said. “We’re all caring now — not that we weren’t before — we’re all thoughtful, we’re all thinking of him all the time. Whenever things like this come up, we’re always right at it, trying to think of things that we can do to help.”

Evan Crawley — 621-5640

[email protected]

Twitter: @Evan_Crawley


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February 28, 2015
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Et pendant ce temps-là, les négociations du Tafta se poursuivent dans votre dos

Le plan com’ était pourtant calé : la négociation d’un accord de libre-échange entre l’Europe et les Etats-Unis générerait de la croissance et des emplois à gogo ! Sauf qu’à y regarder de plus près, les gains de croissance envisagés ne sont au mieux que de 0,03% par an, et une étude récente de l’université de Tufts aux Etats-Unis évalue à 600 000 le nombre d’emplois détruits par le Tafta en Europe, dont 130 000 en France. Aïe !

Depuis juillet 2013, l’UE négocie un Traité de libre-échange transatlantique (le Tafta) pour créer un marché commun avec les Etats-Unis. Les modalités du traité comprennent une uniformisation de nombreuses réglementations écologiques, industrielles et même la création d’une juridiction d’arbitrage entre les Etats et les entreprises.

Dans cette tribune, le député européen EELV Yannick Jadot, vice-président de la Commission du commerce international et coordonnateur européen des Verts sur Tafta, décrit la manière dont les mécanismes démocratiques actionnés par les citoyens pour influencer le débat ont été systématiquement méprisés par le pouvoir exécutif européen. Rue89

Surtout, les « obstacles au commerce » que veut lever ce traité sont aussi des choix de société qui touchent au cœur la régulation de notre économie et de notre société.

Au menu des négociations :

  • l’alimentation,
  • la santé,
  • les services publics,
  • le bien-être animal,
  • les OGM,
  • les données personnelles et les libertés numériques,
  • les droits sociaux,
  • l’environnement,
  • les services financiers,
  • les marchés publics…

Ces négociations concernent donc les citoyens au plus près, elles touchent à leur vie quotidienne comme à leurs perspectives d’émancipation individuelles et collectives. Ils sont pourtant tenus totalement à l’écart des négociations.

« Les gens » n’y comprennent rien ?

Pour quelle raison ? L’argument « coup de poing » avancé par les Etats et la Commission est la nécessité de garder la confidentialité de la stratégie de négociation et une capacité de bluff.

Comique quand on sait que la négociation du Tafta a été lancée alors qu’explosait le scandale des écoutes de la NSA et que, grâce aux révélations d’Edward Snowden, nous savons que les services américains en connaissent bien plus sur cette négociation que les Européens eux-mêmes.

Il y a fondamentalementn de la part des promoteurs du Tafta, une défiance vis-à-vis des citoyens. Leur discours est devenu rhétorique : l’opposition grandissante des Européens au projet d’accord de libre-échange entre l’Europe et les Etats-Unis est fondée sur des craintes injustifiées, des peurs irrationnelles, des fantasmes et des mensonges véhiculés par des agitateurs ignorant de la réalité du monde.

Bref, « les gens » n’y comprennent rien mais pourraient faire capoter un grand projet de civilisation. François Hollande lui-même avait déclaré lors de sa visite aux Etats-Unis en février 2014 :

« Nous avons tout à gagner à aller vite. Sinon, nous savons bien qu’il y aura une accumulation de peurs, de menaces, de crispations. »

Salle sécurisée

Il a fallu attendre dix-huit mois pour que, cédant à la pression, les gouvernements européens rendent enfin officiellement public le mandat de négociation qui avait depuis longtemps fuité sur le Web.

Mais encore aujourd’hui, si la Commission européenne a certes changé sa stratégie de communication et publie de plus en plus de documents de position jusque là confidentiels, les textes de négociation, ceux qui disent la réalité des compromis passés, restent inaccessibles aux citoyens, aux parlementaires nationaux et à l’immense majorité des eurodéputés.

Seuls une vingtaine d’entre nous pouvons y accéder dans une salle sécurisée dite « salle de lecture », où les smartphones et autres appareils électroniques sont interdits. Les ministres du commerce eux-mêmes ne peuvent les lire dans leurs pays qu’en se rendant… à l’ambassade des Etats-Unis !

Il n’y a d’ailleurs pas que les citoyens, les organisations de la société civile ou les écologistes pour contester cette opacité.

Obligations de transparence

La médiatrice européenne, dans un avis rendu en janvier dernier, conteste le refus de la Commission de rendre publics les documents consolidés de négociation et rappelle la Commission au droit européen en matière d’accès du public aux informations les concernant très directement. Elle souligne qu’en aucun cas, la Commission peut se soustraire à ses obligations de transparence sur la seule base qu’il s’agit d’un accord international et que cette transparence pourrait déplaire aux autorités américaines. Cet avis juridique est pour le moment resté sans réponse…

S’il fallait une autre preuve que la négociation du Traité de libre-échange transatlantique se fait sans, et contre les citoyens européens, il n’y a qu’à lire les conclusions de la Commission européenne sur la consultation publique à propos du mécanisme très contesté de règlement privé des différends Etats-investisseurs (ISDS).

Pour rappel, ce mécanisme prévoit d’autoriser les entreprises à attaquer devant un tribunal privé supranational les Etats ou les collectivités locales si elles considèrent que leurs activités et leurs perspectives de bénéfices sont impactées par les décisions de politiques publiques.

Ainsi, Philip Morris demande-t-elle des milliards de dollars de compensation à l’Australie et à l’Uruguay parce que ces pays ont mis en place des politiques anti-tabac.

150 000 personnes se sont exprimées

Si le traité était déjà en vigueur, des entreprises américaines auraient pu attaquer la France pour son moratoire sur les cultures d’OGM, son refus d’exploiter les gaz de schiste ou son interdiction du bisphénol A dans les biberons !

Pour faire face aux critiques croissantes sur cet inacceptable transfert de souveraineté démocratique vers les entreprises, la Commission a décidé il y a un an de lancer une consultation publique.

Succès historique et inattendu : 150 000 personnes et organisations se sont exprimées… et 97% d’entre elles ont rejeté ces tribunaux arbitraux, rejoignant en cela l’avis de Parlements nationaux (dont l’Assemblée nationale et le Sénat), de nombreuses régions, des syndicats, d’organisations de PME et de très nombreuses organisations de la société civile.

Conclusion de la Commission : loin d’acter l’exclusion de ce dispositif, elle cherche à le réformer !

Déni de démocratie

Un déni de démocratie sans surprise puisque la Commission avait déjà rejeté le projet d’initiative citoyenne européenne qui demande l’arrêt des négociations transatlantiques avec les Etats-Unis et le Canada. Ce projet devenu pétition a pourtant plus de 1,3 million de signatures.

Il faut bien au contraire se féliciter de la mobilisation grandissante des citoyens qui veulent s’informer, comprendre, évaluer les risques comme les opportunités, débattre en toute connaissance de cause, interpeler leurs élus, bref être des acteurs de la vie publique, de la société, de la construction européenne et de la régulation de la mondialisation. Beaucoup refusent à juste titre ce marchandage entre la démocratie et les intérêts de quelques multinationales.

L’Europe a trop longtemps été ce que ses dirigeants en font. Il est temps qu’elle devienne ce que ses citoyens en veulent.

February 28, 2015
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Saturn Minerals Announces Additions to Advisory Board

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb 24, 2015) – Saturn Minerals Inc. (TSX VENTURE:SMI)(SMK.F) (“Saturn” or the “Company”) is pleased to announce that Chris Barton, Craig Boland and Curt Maxwell have joined the Advisory Board of Saturn, significantly bolstering the Companies operating technical team with regard to the Company’s oil gas projects.

Chris Barton, P.Geo, is a professional geophysicist with over 30 years of experience across the entire Western Canadian Sedimentary Basin and Williston Basin. Mr. Barton began his career as a geologist at Unocal where he transitioned to the role of geophysicist and thereafter worked and acted as consulting geophysicist at Conoco Canada, Pinnacle Resources, Groundswell Energy and Burlington Resources Canada. In 2006 he was appointed to the role of Vice President of Exploration at Kereco Energy and was instrumental in the identification, discovery and development of over 70 successful oil wells in Saskatchewan and Manitoba for Reliable Energy which he helped to take it from zero production to over 1,100 boed and was successfully sold to Crescent Point Energy for $97 million in 2012. Mr. Barton is the founder and president of Shadow Energy, a geophysical consulting firm. Mr. Barton has a Bachelor of Science degree in Geology from the University of Calgary (1981).

Craig Boland, P.Geo, is a professional geologist with over 30 years of diverse oil gas experience ranging from junior exploration to senior and executive positions with major exploration production companies, including Texaco Canada, Imperial Oil Gas, Intensity Resources, Grizzly Resources (founding partner), Ironhorse Oil Gas (founding partner), Archean Energy (head of exploration, United Kingdom West Africa) and Century International (managing director). Mr. Boland has drilled exploration and production wells throughout Western Canada and Northern Canada, the United States as well as South America, West and North Africa, South East Asia and the Gulf of Mexico. In 2007 Mr. Boland founded Boland Exploration Consulting which has since provided technical evaluations, professional opinions, financing and technical advice to domestic and international energy firms, including Golden Oil Corp. (Korea), Tong Yang (Korea), PYPE Enterprises Inc. (USA/Asia), Canadian Espirito Energy CEE (Brazil), Sydco, Kootenay Energy, Valero Resources, Petroleo Resources, Anchor Point Energy, Ptarmigan Energy, Shadow Energy and Waldron Energy. Mr. Boland is a director of CEE and is a professional member of APEGGA, AAPG and CSPG. Mr. Boland has a Bachelor of Sciences degree in Geology and a Masters of Sciences degree in Earth Science from Memorial University of St. John’s, Newfoundland (1984).

Curt Maxwell is a professional Landman with over 35 years of industry experience in the Western Canadian basin, NWT, offshore Canada and the northern USA. Mr. Maxwell obtained a Bachelor of Social Work from the University of Calgary before a career change into the oil and gas business. Mr. Maxwell began his Landman career at Petro-Canada and has held progressively more senior roles with General American Oils, Phillips Petroleum and EOG Resources. For the past 15 years Mr. Maxwell has worked in all aspects of Land as a Consulting Landman with more than 20 junior companies. Mr. Maxwell has been involved in the exploration, development and AD of several significant properties. He currently continues to be involved in several operating management teams.

The new advisory board members have been consulting to the Company in regard to Saturn’s oil gas properties since 2013 and are a welcome addition as Saturn further develops its Bannock Creek and Little Swan properties in Saskatchewan’s’ Williston Basin.

The Company also announces that pursuant to the Company’s Stock Option Plan it has granted 3,500,000 stock options at a price of $0.20 per common share to employees, directors, advisors and consultants of the Company. As per the Company’s Stock Option Plan, the options granted are exercisable until February 24, 2020 and vest over a period of 18 months from the date of grant. Grant of the options is subject to the approval of the TSX Venture Exchange.

About Saturn Minerals Inc.

Saturn Minerals Inc. (TSX VENTURE:SMI)(SMK.F) is a junior Canadian energy company advancing a portfolio of oil and coal properties in Saskatchewan and Manitoba. The Company has interests in 376,800 acres of exclusive oil gas rights in Saskatchewan and is advancing a number of oil exploration projects. Saturn has also made three shallow bituminous coal discoveries since 2009 with coal seams ranging in continuous vertical thickness from 9 to 89 meters. Saturn has a strategic ownership in Inowending Exploration Development Corp., a First Nations owned exploration and development company co-founded by Saturn with a consortium of Saskatchewan First Nations active in Canada’s prairie provinces.

On Behalf of the Board of Directors

SATURN MINERALS INC.

Stan Szary, Chief Executive Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

February 28, 2015
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ATTO Technology Expands Relationship with Quantum







For over 25 years, ATTO Technology, Inc. has been manufacturing high-performance storage and network connectivity products. Today the company announced it has further expanded its long-standing relationship with Quantum by making Celerity™ Fibre Channel Host Bus Adapters (HBAs) with MultiPath Director™, ExpressSAS™ HBAs and Thunderbolt™ 2 technology enabled ThunderLink™ Desklink Devices available directly through Quantum’s sales channels. These products are supported by extensive testing and complete certifications with Quantum’s StorNext Q-Series storage systems, StorNext AEL archives and Scalar tape libraries.

As the only manufacturer to allow direct connectivity of both servers and workstations to Enterprise-level storage, ATTO is uniquely positioned to provide a high-performance connectivity solution for Quantum’s scale-out storage, archiving and data protection solutions. In addition to managing multiple paths between Windows®, Linux® and Mac® workstations, ATTO’s solutions for Quantum enable high throughput and uninterrupted access in a variety of environments including big data, data backup and recovery, archiving and virtualization.

“Quantum enables customers to capture, share and preserve their digital assets in the most demanding workflow environments, which requires high-performance connectivity for access to the data whenever and wherever it’s needed,” said Dave Frederick, Senior Director, Product Marketing at Quantum. “We’re pleased to be expanding our partnership with ATTO by offering their Fibre Channel and SAS HBAs and Thunderbolt Desklink Devices configurable on Quantum’s price list.”

ATTO’s Celerity Fibre Channel HBAs and Thunderbolt enabled Desklink Devices provide an ideal solution for users looking to achieve the highest I/O and data throughput for growing digital assets and heterogeneous application environments enabled by Quantum’s StorNext scale-out storage solutions. Both product lines feature ATTO’s proprietary Advanced Data Streaming Technology (ADS™) and MultiPath Director Technology providing consistent and reliable data transfers protecting the users digital assets, while streamlining their workflow.

Quantum’s Scalar intelligent tape libraries provide best-in-class performance, reliability, scalability and cost-effectiveness for long-term data protection and archive. When used in combination with ATTO’s ExpressSAS HBAs, they benefit from low-latency and high-bandwidth connectivity to ensure consistent data transfers and protection.

“The technology based partnership between ATTO and Quantum is a key step as we ensure a validated storage solution for today’s complex enterprise environments and gives users the confidence that their storage infrastructure will have the highest performance and lowest latency,” said Wayne Arvidson, vice president of marketing and channels at ATTO Technology, Inc. “Today’s announcement is a key step as we continue to develop and release further solutions together throughout the year.”

About ATTO Technology, Inc.

In our 25th year, ATTO Technology, Inc. (attotech.com) is a global leader of storage and network connectivity and infrastructure solutions for data-intensive computing environments. ATTO provides a wide range of end-to-end solutions to help customers better store, manage and deliver their data. With a focus toward markets that require higher performance, ATTO manufactures host adapters, RAID adapters, network adapters, RAID storage controllers, Thunderbolt™-enabled Desklink™ devices, bridges, switches and software. ATTO solutions are based on providing a high level of connectivity to all storage interfaces including Fibre Channel, SAS, SATA, iSCSI, 10GbE, FCoE and Thunderbolt. ATTO distributes its products worldwide through Original Equipment Manufacturers (OEMs), systems integrators, VARs and authorized resellers.

All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

February 28, 2015
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TD Bank Group Reports First Quarter 2015 Results

This quarterly earnings news release should be read in conjunction with
the Bank’s unaudited First Quarter 2015 Report to Shareholders for the
three months ended January 31, 2015, prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB), which is available on
our website at http://www.td.com/investor/. This analysis is dated February 25, 2015. Unless otherwise indicated,
all amounts are expressed in Canadian dollars, and have been primarily
derived from the Bank’s Annual or Interim Consolidated Financial
Statements prepared in accordance with IFRS. Certain comparative
amounts have been reclassified to conform to the presentation adopted
in the current period. Additional information relating to the Bank is
available on the Bank’s website at http://www.td.com, as well as on SEDAR at http://www.sedar.com and on the U.S. Securities and Exchange Commission’s SEC website at http://www.sec.gov (EDGAR filers section).

The Bank implemented new and amended standards under IFRS, which
required retrospective application, effective the first quarter of
fiscal 2015 (2015 IFRS Standards and Amendments). As a result, certain
comparative amounts have been restated where applicable. For more
information refer to Note 2 of the first quarter 2015 Interim
Consolidated Financial Statements. The 2015 IFRS Standards and
Amendments were not incorporated into the regulatory capital
disclosures presented prior to the first quarter of 2015.

Reported results conform to generally accepted accounting principles
(GAAP), in accordance with IFRS. Adjusted measures are non-GAAP
measures. Refer to the “How the Bank Reports” section of the First
Quarter 2015 Management’s Discussion and Analysis (MDA) for an
explanation of reported and adjusted results.

FIRST QUARTER FINANCIAL HIGHLIGHTS, compared with the first quarter a
year ago:

  • Reported diluted earnings per share were $1.09 , compared with $1.07 .
  • Adjusted diluted earnings per share were $1.12 , compared with $1.06 .
  • Reported net income was $2,060 million , compared with $2,042 million .
  • Adjusted net income was $2,123 million , compared with $2,024 million .

FIRST QUARTER ADJUSTMENT (ITEMS OF NOTE)

The first quarter reported earnings figures included the following items
of note, compared with the first quarter a year ago:

  • Amortization of intangibles of $63 million after tax ( 3 cents per
    share), compared with $61 million after tax ( 3 cents per share).

 

TORONTO , Feb. 26, 2015 /CNW/ – TD Bank Group (“TD” or the “Bank”) today
announced its financial results for the first quarter ended January 31,
2015 . Results for the quarter reflect good contributions from the
Canadian and U.S. Retail segments and a solid contribution from the
Wholesale segment.

“We are pleased with our start to 2015, with adjusted earnings of $2.1
billion , up 5% from the same quarter last year,” said Bharat Masrani,
Group President and Chief Executive Officer. “Our results reflect
strong retail earnings on both sides of the border and strong
fundamentals.”

Canadian Retail
Canadian Retail delivered net income of $1.4 billion in the first
quarter of 2015, an increase of 8% over the same quarter last year on
an adjusted basis. Increased earnings were attributable to good loan
and deposit growth, good credit management, the full quarter impact
from Aeroplan, and higher insurance earnings. 

“Canadian Retail had a good first quarter with all of our businesses
contributing,” said Tim Hockey , Group Head, Canadian Banking, Auto
Finance and Wealth Management. “While the operating environment remains
challenging, the Canadian Retail businesses have good momentum on key
business drivers and remain focused on delivering legendary comfort and
convenience to customers across all our channels.”

U.S. Retail
U.S. Retail generated net income of US$536 million . Excluding the Bank’s
investment in TD Ameritrade, the segment generated net income of US$457
million , a 15% increase over the same quarter last year, primarily the
result of good credit quality and volumes, and lower non-interest
expenses.

TD Ameritrade contributed US$79 million in earnings to the segment, an
increase of 22% compared with the first quarter last year.

“U.S. Retail delivered strong results in the first quarter,” said Mike
Pedersen , Group Head, U.S. Banking. “Our organic growth has been driven
by customer acquisition, strong deposit and lending volume, continued
benefit from good asset quality, and active productivity management. We
are making good progress in deepening customer relationships,
strengthening our distribution strategy and improving efficiency.”

Wholesale Banking
Wholesale Banking net income for the quarter was $192 million , a
decrease of 17% compared with the first quarter last year. Earnings
this quarter were characterized by solid trading in volatile markets,
offset by lower fee-based revenue on reduced industry-wide volumes.

“Overall it was a good start to the year in a challenging market,” said
Bob Dorrance , Group Head, Wholesale Banking. “While we are cautious of
the uncertain interest rate environment, volatile energy markets, and
the weaker Canadian dollar, our business fundamentals remain strong.
Looking ahead, we are confident that our client-driven franchise and
our emphasis on managing risk and productivity will continue to deliver
solid results.”

Capital
TD’s Common Equity Tier 1 Capital ratio on a Basel III fully phased-in
basis was 9.5%, compared with 9.4% last quarter. Today, TD announced a
dividend increase of 4 cents per common share, for the dividend payable
in April.

Conclusion
“Our first quarter results showcase the power of our franchise model in
the face of a continuously challenging environment,” said Masrani. “The
dividend increase demonstrates TD’s ability to grow earnings over the
long term. We will continue taking advantage of growth opportunities,
increasing productivity, investing in the future of our business and
meeting the evolving needs of our customers.”

The foregoing contains forward-looking statements. Please see the
“Caution Regarding Forward-Looking Statements” on page 3.

Caution Regarding Forward-Looking Statements
From time to time, the Bank (as defined in this document) makes written
and/or oral forward-looking statements, including in this document, in
other filings with Canadian regulators or the U.S. Securities and
Exchange Commission (SEC), and in other communications. In addition,
representatives of the Bank may make forward-looking statements orally
to analysts, investors, the media and others. All such statements are
made pursuant to the “safe harbour” provisions of, and are intended to
be forward-looking statements under, applicable Canadian and U.S.
securities legislation, including the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements include, but
are not limited to, statements made in this document, the Management’s
Discussion and Analysis (“MDA”) in the Bank’s 2014 Annual Report under
the heading “Economic Summary and Outlook”, for each business segment
under headings “Business Outlook and Focus for 2015″, and in other
statements regarding the Bank’s objectives and priorities for 2015 and
beyond and strategies to achieve them, and the Bank’s anticipated
financial performance. Forward-looking statements are typically
identified by words such as “will”, “should”, “believe”, “expect”,
“anticipate”, “intend”, “estimate”, “plan”, “may”, and “could”.

By their very nature, these forward-looking statements require the Bank
to make assumptions and are subject to inherent risks and
uncertainties, general and specific. Especially in light of the
uncertainty related to the physical, financial, economic, political,
and regulatory environments, such risks and uncertainties – many of
which are beyond the Bank’s control and the effects of which can be
difficult to predict – may cause actual results to differ materially
from the expectations expressed in the forward-looking statements. Risk
factors that could cause, individually or in the aggregate, such
differences include: credit, market (including equity, commodity,
foreign exchange, and interest rate), liquidity, operational (including
technology), reputational, insurance, strategic, regulatory, legal,
environmental, capital adequacy, and other risks. Examples of such risk
factors include the general business and economic conditions in the
regions in which the Bank operates; the ability of the Bank to execute
on key priorities, including to successfully complete acquisitions and
strategic plans and to attract, develop and retain key executives;
disruptions in or attacks (including cyber attacks) on the Bank’s
information technology, internet, network access or other voice or data
communications systems or services; the evolution of various types of
fraud or other criminal behaviour to which the Bank is exposed; the
failure of third parties to comply with their obligations to the Bank
or its affiliates, including relating to the care and control of
information; the impact of new and changes to current laws and
regulations; the overall difficult litigation environment, including in
the U.S.; increased competition, including through internet and mobile
banking; changes to the Bank’s credit ratings; changes in currency and
interest rates; increased funding costs for credit due to market
illiquidity and competition for funding; changes to accounting policies
and methods used by the Bank; and the occurrence of natural and
unnatural catastrophic events and claims resulting from such events.
The Bank cautions that the preceding list is not exhaustive of all
possible risk factors and other factors could also adversely affect the
Bank’s results. For more detailed information, please see the “Risk
Factors and Management” section of the 2014 MDA, as may be updated in
subsequently filed quarterly reports to shareholders and news releases
(as applicable) related to any transactions discussed under the heading
“Significant Events” in the relevant MDA, which applicable releases
may be found on www.td.com. All such factors should be considered carefully, as well as other
uncertainties and potential events, and the inherent uncertainty of
forward-looking statements, when making decisions with respect to the
Bank and the Bank cautions readers not to place undue reliance on the
Bank’s forward-looking statements.

Material economic assumptions underlying the forward-looking statements
contained in this document are set out in the 2014 MDA under the
headings “Economic Summary and Outlook”, and for each business segment,
“Business Outlook and Focus for 2015″, each as updated in subsequently
filed quarterly reports to shareholders.

Any forward-looking statements contained in this document represent the
views of management only as of the date hereof and are presented for
the purpose of assisting the Bank’s shareholders and analysts in
understanding the Bank’s financial position, objectives and priorities
and anticipated financial performance as at and for the periods ended
on the dates presented, and may not be appropriate for other purposes.
The Bank does not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by or on
its behalf, except as required under applicable securities legislation.

This document was reviewed by the Bank’s Audit Committee and was
approved by the Bank’s Board of Directors, on the Audit Committee’s
recommendation, prior to its release.

HOW WE PERFORMED

How the Bank Reports

The Bank prepares its Interim Consolidated Financial Statements in
accordance with IFRS, the current GAAP, and refers to results prepared
in accordance with IFRS as “reported” results. The Bank also utilizes
non-GAAP financial measures to arrive at “adjusted” results to assess
each of its businesses and to measure the overall Bank performance. To
arrive at adjusted results, the Bank removes “items of note”, net of
income taxes, from reported results. The items of note relate to items
which management does not believe are indicative of underlying business
performance. The Bank believes that adjusted results provide the reader
with a better understanding of how management views the Bank’s
performance. The items of note are disclosed on Table 3. As explained,
adjusted results are different from reported results determined in
accordance with IFRS. Adjusted results, items of note, and related
terms used in this document are not defined terms under IFRS and,
therefore, may not be comparable to similar terms used by other
issuers.

The following table provides a reconciliation between the Bank’s
adjusted and reported results.

 

 

1 

Adjusted non-interest income excludes the following items of note: first quarter 2014 – $22 million gain due to change in fair value of
derivatives hedging the reclassified available-for-sale (AFS) securities
portfolio, as explained in footnote 7; $231 million gain due to the
sale of TD Waterhouse Institutional Services, as explained in footnote
9.

2 

Adjusted non-interest expenses excludes the following items of note: first quarter 2015 – $73 million amortization of intangibles, as
explained in footnote 5; fourth quarter 2014 – $70 million amortization of intangibles; $73 million of integration
charges relating to the
acquisition of the credit card portfolio of MBNA Canada, as explained in
footnote 6; first quarter 2014 – $71 million amortization of intangibles;
$28 million of integration charges relating to the acquisition of the
credit card portfolio of MBNA Canada; $156 million of costs in relation
to the
affinity relationship with Aimia and acquisition of Aeroplan Visa credit
card accounts, as explained in footnote 8.

For reconciliation between reported and adjusted provision for income
taxes, see the “Non-GAAP Financial Measures – Reconciliation of
Reported to Adjusted Provision for Income Taxes” table in the “Income
Taxes” section of the MDA.

4 

Adjusted equity in net income of an investment in associate excludes the
following items of note: first quarter 2015 - $14 million amortization
of intangibles, as explained in footnote 5; fourth quarter 2014 - $13 million amortization of intangibles; first quarter 2014 - $14 million amortization
of intangibles.

Amortization of intangibles relate to intangibles acquired as a result
of asset acquisitions and business combinations. Although the
amortization
of software and asset servicing rights are recorded in amortization of
intangibles, they are not included for purposes of the items of note.

6

 As a result of the acquisition of the credit card portfolio of MBNA
Canada, as well as certain other assets and liabilities, the Bank
incurred
integration charges. Integration charges consist of costs related to
information technology, employee retention, external professional
consulting
charges, marketing (including customer communication and rebranding),
integration related travel, employee severance costs, consulting, and
training. The Bank’s integration charges related to the MBNA acquisition
were higher than what were anticipated when the transaction was first
announced. The elevated spending was primarily due to additional costs
incurred (other than the amounts capitalized) to build out technology
platforms for the business. Integration charges related to this
acquisition were incurred by the Canadian Retail segment. The fourth
quarter of
2014 was the last quarter Canadian Retail included any further
MBNA-related integration charges as an item of note.

During 2008, as a result of deterioration in markets and severe
dislocation in the credit market, the Bank changed its trading strategy
with respect
to certain trading debt securities. Since the Bank no longer intended to
actively trade in these debt securities, the Bank reclassified these
debt
securities from trading to the AFS category effective August 1, 2008. As
part of the Bank’s trading strategy, these debt securities are
economically
hedged, primarily with credit default swap and interest rate swap
contracts. These derivatives are recorded on a fair value basis with
changes in fair
value recorded in the period’s earnings. Management believes that this
asymmetry in the accounting treatment between derivatives and the
reclassified
debt securities results in volatility in earnings from period to period
that is not indicative of the economics of the underlying business
performance in
Wholesale Banking. The Bank may from time to time replace securities
within the portfolio to best utilize the initial, matched fixed term
funding. As a
result, the derivatives are accounted for on an accrual basis in
Wholesale Banking and the gains and losses related to the derivatives
in excess of
the accrued amounts are reported in the Corporate segment. Adjusted
results of the Bank exclude the gains and losses of the derivatives in
excess
of the accrued amount.

On December 27, 2013, the Bank acquired approximately 50% of the
existing Aeroplan credit card portfolio from the Canadian Imperial Bank
of
Commerce (CIBC) and on January 1, 2014, the Bank became the primary
issuer of Aeroplan Visa credit cards. The Bank incurred program set-up,
conversion, and other one-time costs related to the acquisition of the
portfolio and related affinity agreement, consisting of information
technology,
external professional consulting, marketing, training, and program
management, as well as a commercial subsidy payment of $127 million
($94 million
after tax) payable to CIBC. These costs were included as an item of note
in the Canadian Retail segment. The third quarter of 2014 was the last
quarter
Canadian Retail included any set-up, conversion, or other one-time costs
related to the acquired Aeroplan credit card portfolio as an item of
note.

On November 12, 2013, TD Waterhouse Canada Inc., a subsidiary of the
Bank, completed the sale of the Bank’s institutional services business,
known
as TD Waterhouse Institutional Services, to a subsidiary of National
Bank of Canada. The transaction price was $250 million in cash, subject
to certain
price adjustment mechanisms which were settled in the third and fourth
quarters of 2014. On the transaction date, a gain of $196 million after
tax was
recorded in the Corporate segment in other income. The gain is not
considered to be in the normal course of business for the Bank.

Return on Common Equity

The Bank’s methodology for allocating capital to its business segments
is aligned with the common equity capital requirements under Basel III.
Beginning November 1, 2014 , capital allocated to the business segments
is based on 9% Common Equity Tier 1 (CET1) Capital.

Adjusted return on common equity (ROE) is adjusted net income available
to common shareholders as a percentage of average common equity.

Adjusted ROE is a non-GAAP financial measure as it is not a defined term
under IFRS. Readers are cautioned that earnings and other measures
adjusted to a basis other than IFRS do not have standardized meanings
under IFRS and, therefore, may not be comparable to similar terms used
by other issuers.

HOW OUR BUSINESSES PERFORMED

For management reporting purposes, the Bank reports its results under
three key business segments: Canadian Retail, which includes the
results of the Canadian personal and commercial banking businesses,
Canadian credit cards, TD Auto Finance Canada, and Canadian wealth and
insurance businesses; U.S. Retail, which includes the results of the
U.S. personal and commercial banking businesses, U.S. credit cards, TD
Auto Finance U.S., U.S. wealth business, and the Bank’s investment in
TD Ameritrade; and Wholesale Banking. The Bank’s other activities are
grouped into the Corporate segment.

Effective December 27, 2013 , and January 1, 2014 , the results of the
acquired Aeroplan credit card portfolio and the results of the related
affinity relationship with Aimia Inc. (collectively, “Aeroplan”) are
reported in the Canadian Retail segment.

Results of each business segment reflect revenue, expenses, assets, and
liabilities generated by the businesses in that segment. The Bank
measures and evaluates the performance of each segment based on
adjusted results where applicable, and for those segments the Bank
indicates that the measure is adjusted. Net income for the operating
business segments is presented before any items of note not attributed
to the operating segments. For further details, see the “How the Bank
Reports” section of this document, the “Business Focus” section in the
2014 MDA, and Note 31 to the Bank’s 2014 Consolidated Financial
Statements for the year ended October 31, 2014 . For information
concerning the Bank’s measure of adjusted return on average common
equity, which is a non-GAAP financial measure, see the “How We
Performed” section of this document.

Net interest income within Wholesale Banking is calculated on a taxable
equivalent basis (TEB), which means that the value of non-taxable or
tax-exempt income, including dividends, is adjusted to its equivalent
before-tax value. Using TEB allows the Bank to measure income from all
securities and loans consistently and makes for a more meaningful
comparison of net interest income with similar institutions. The TEB
increase to net interest income and provision for income taxes
reflected in Wholesale Banking results are reversed in the Corporate
segment. The TEB adjustment for the quarter was $140 million , compared
with $115 million in the first quarter last year, and $76 million in
the prior quarter.

Quarterly comparison – Q1 2015 vs. Q1 2014
Canadian Retail net income for the quarter on a reported basis was
$1,449 million , an increase of $245 million , or 20%, compared with the
first quarter last year. Adjusted net income for the quarter was $1,449
million , an increase of $109 million , or 8%, compared with the first
quarter last year. The increase in adjusted earnings was primarily
driven by good loan and deposit volume growth, good credit management,
the full quarter impact of Aeroplan and higher insurance earnings,
partially offset by higher expenses. The reported and adjusted
annualized return on common equity for the quarter was 41.9%, compared
with 39.4% and 43.9%, respectively, in the first quarter last year.

Canadian Retail revenue is derived from Canadian personal and commercial
banking businesses, including credit cards, auto finance, wealth and
insurance businesses. Revenue for the quarter was $4,899 million , an
increase of $270 million , or 6%, compared with the first quarter last
year. Net interest income increased $90 million or 4% compared with the
first quarter last year driven primarily by good loan and deposit
volume growth and the full quarter impact of Aeroplan, partially offset
by lower margins. Non-interest income increased $180 million or 8%
largely due to the change in fair value of investments supporting
insurance claims, wealth asset growth, insurance premium growth and the
full quarter impact of Aeroplan, partially offset by lower reinsurance
revenue.

The personal banking business generated good average lending volume
growth of $13.2 billion , or 5%. Average real estate secured lending
volume increased $8.4 billion , or 4%. Auto lending average volume
increased $2.2 billion , or 15%, while all other personal lending
average volumes increased $2.6 billion , or 8%, largely driven by the
full quarter impact of Aeroplan. Business loans and acceptances average
volume increased $4.3 billion , or 9%. Average personal deposit volumes
increased $4.9 billion , or 3%, due to strong growth in core chequing
and savings accounts, partially offset by lower term deposit volume.
Average business deposit volumes increased $5.8 billion , or 8%. Margin
on average earning assets was 2.88%, a 6 basis point (bps) decrease
primarily due to the low rate environment and competitive pricing.

Assets under administration increased $38 billion , or 14%, and assets
under management increased $31 billion , or 15% compared with first
quarter of last year, driven primarily by market appreciation and
strong new asset growth.

PCL for the quarter was $190 million , a decrease of $40 million , or 17%,
compared with the first quarter last year. Personal banking PCL was
$190 million , a decrease of $29 million , or 13%, due primarily to a
sale of charged-off accounts and continued favourable credit
performance, partially offset by the full quarter impact of Aeroplan.
Business banking PCL decreased by $11 million primarily due to higher
recoveries and lower provisions. Annualized PCL as a percentage of
credit volume was 0.22%, a decrease of 6 bps, compared with the first
quarter last year. Net impaired loans were $824 million , a decrease of
$104 million , or 11%, compared with the first quarter last year. Net
impaired loans as a percentage of total loans were 0.24%, compared with
0.29% as at January 31, 2014 .

Insurance claims and related expenses for the quarter were $699 million ,
an increase of $16 million , or 2% compared with the first quarter last
year primarily due to the change in fair value of investments
supporting claims, partially offset by less severe weather conditions.

Reported non-interest expenses for the quarter were $2,085 million , a
decrease of $34 million , or 2%, compared with the first quarter last
year. Adjusted non-interest expenses for the quarter were $2,085
million , an increase of $150 million , or 8%. The increase was driven
primarily by higher employee-related costs including higher
revenue-based variable expenses, timing of initiative spend, business
growth and the full quarter impact of Aeroplan, partially offset by
initiatives to increase productivity.

The reported efficiency ratio for the quarter improved to 42.6%, while
the adjusted efficiency ratio worsened to 42.6%, compared with 45.8%
and 41.8%, respectively, in the first quarter last year.

Quarterly comparison – Q1 2015 vs. Q4 2014
Canadian Retail net income for the quarter on a reported basis increased
$145 million , or 11%, compared with the prior quarter. Adjusted net
income for the quarter increased $91 million , or 7%, compared with the
prior quarter. The increase in earnings was primarily due to lower
expenses and good credit management. The reported and adjusted
annualized return on common equity for the quarter was 41.9%, compared
with 40.8% and 42.5%, respectively, in the prior quarter.

Revenue for the quarter decreased $21 million compared with the prior
quarter. Net interest income was flat compared with prior quarter, as
the increase due to volume growth was offset by margin compression and
a decline in refinancing revenue. Non-interest income decreased $21
million or 1%, as higher fee revenue in credit cards and business
banking and the change in fair value of investments supporting claims,
was more than offset by lower reinsurance revenue. Margin on average
earning assets was 2.88%, a decrease of 4 bps primarily due to
competitive pricing, a decline in refinancing revenue and the low rate
environment.

The personal banking business generated good average lending volume
growth of $2.9 billion , or 1%. Average real estate secured lending
volume increased $2.3 billion , or 1%. Auto lending average volume
increased $0.7 billion or 4%. All other personal lending average
volumes were flat compared with prior quarter. Business loans and
acceptances average volumes increased $0.7 billion , or 1%. Average
personal deposit volumes increased $2 billion , or 1%, while average
business deposit volumes increased $2 billion , or 2%.

Assets under administration increased $9 billion , or 3%, and assets
under management increased $15 billion , or 7% compared with the prior
quarter, due to market appreciation and strong net asset growth.

PCL for the quarter decreased $60 million , or 24%, compared with the
prior quarter. Personal banking PCL for the quarter decreased $41
million , or 18%, due primarily to a sale of charged-off accounts and
favourable credit performance. Business banking PCL decreased $19
million largely due to higher recoveries for the quarter. Annualized
PCL as a percentage of credit volume was 0.22%, a decrease of 7 bps,
compared with the prior quarter. Net impaired loans decreased $10
million , or 1%, compared with the prior quarter. Net impaired loans as
a percentage of total loans were 0.24%, compared with 0.25% as at
October 31, 2014 .

Insurance claims and related expenses for the quarter decreased $21
million , or 3%, compared with the prior quarter primarily due to lower
reinsurance claims, partially offset by the change in fair value of
investments supporting claims.

Reported non-interest expenses for the quarter decreased $139 million ,
or 6%, compared with the prior quarter. Adjusted non-interest expenses
for the quarter decreased $66 million , or 3%, compared with the prior
quarter largely due to higher business initiative spend and higher
marketing initiatives in the prior quarter.

The reported and adjusted efficiency ratio for the quarter improved to
42.6%, compared with 45.2% and 43.7%, respectively, in the prior
quarter.

Business Outlook
The Canadian retail businesses remain focused on maintaining their
leadership position in providing legendary customer service and
convenience across all channels. Our commitment to invest across our
businesses to enhance our customer value proposition positions us well
for growth over the long term. For the remainder of the year, we expect
earnings growth to moderate as good volume growth will be partially
offset by declines in margin and the annualized impact of the Aeroplan
acquisition. Credit loss rates are expected to remain relatively
stable. We expect to generate insurance premium growth, but insurance
results will also reflect the frequency and severity of weather-related
events. We will continue to focus on productivity, to enhance the
customer and employee experience, simplify processes and manage
expenses.

Quarterly comparison – Q1 2015 vs. Q1 2014
U.S. Retail net income for the quarter was $625 million ( US$536
million ), which included net income of $535 million ( US$457 million )
from the U.S. Retail Bank and $90 million ( US$79 million ) from TD’s
investment in TD Ameritrade. Canadian dollar earnings growth benefited
from the strengthening of the U.S. dollar. The annualized return on
common equity for the quarter was 8.5%, compared to 8.0% for the first
quarter last year.

U.S. Retail Bank net income of US$457 million increased US$59 million ,
or 15%, compared with the first quarter last year primarily due to
lower PCL and lower non-interest expenses, partially offset by a
decrease in other non-interest income. The contribution from TD
Ameritrade of US$79 million was up 22% compared with the first quarter
last year, primarily due to increased transaction-based and asset-based
revenue and the prior year impact of taxes on a special dividend.

U.S. Retail Bank revenue is derived from personal banking, business
banking, investments, auto lending, credit cards, and wealth
management. Revenue for the quarter was US$1,907 million , a decrease of
US$28 million , or 1%, compared with the first quarter last year. The
decrease was due to lower other non-interest income resulting from
lower gains on sales of securities. Net interest income increased
primarily due to strong volume loan and deposit growth, partially
offset by margin compression and lower Target related revenue. Margin
on average earning assets was 3.71%, a 12 bps decrease compared with
the first quarter last year. Average loan volumes increased
US$10 billion , or 9%, compared with the first quarter last year due to
15% growth in business loans and 3% growth in personal loans. Average
deposit volumes increased US$10 billion , or 5%, compared with the first
quarter last year driven by 7% growth in business deposit volume, 6%
growth in personal deposit volume, and 3% growth in TD Ameritrade
deposit volume.

PCL for the quarter was US$154 million , a decrease of US$69 million , or
31%, compared with the first quarter last year primarily due to lower
net charge-offs and improved credit quality. Personal banking PCL was
US$152 million , a decrease of US$81 million , or 35%, compared with the
first quarter last year primarily due to improved credit quality and
lower provisions related to auto loans and residential mortgages.
Business banking PCL was US$1 million compared to a recovery of US$14
million in the first quarter last year as provisions for portfolio
growth were substantially offset by improved credit quality. Net
impaired loans, excluding acquired credit-impaired loans and debt
securities classified as loans, were US$1.3 billion , a decrease of
US$50 million , or 4%, compared with the first quarter last year. Net
impaired loans as a percentage of total loans were 1.1% as at January
31, 2015 , compared with 1.2% at January 31, 2014 . Net impaired debt
securities classified as loans were US$882 million , a decrease of US$64
million , or 7%, compared with the first quarter last year.

Non-interest expenses for the quarter were US$1,193 million , a decrease
of US$32 million , or 3%, compared with the first quarter last year
primarily due to ongoing expense reduction initiatives, a benefit
resulting from elective early lump sum pension payouts, and lower
revenue-share related expenses, partially offset by higher expenses to
support growth and higher compensation and benefit costs.

Efficiency ratio for the quarter improved to 62.5%, compared with 63.4%
in the first quarter last year.

Quarterly comparison – Q1 2015 vs. Q4 2014
U.S. Retail net income for the quarter increased $116 million ( US$74
million ) compared with the prior quarter, which included an increase in
net income of $109 million ( US$72 million ) from the U.S. Retail Bank
and an increase of $7 million ( US$2 million ) from TD’s investment in TD
Ameritrade. Canadian dollar earnings growth benefited from the
strengthening of the U.S. dollar. The annualized return on common
equity for the quarter was 8.5%, compared to 7.6% in the prior quarter.

U.S. Retail Bank net income increased US$72 million , or 19%, primarily
due to lower expenses, higher revenue from strong loan growth, and
improved net interest margins, partially offset by higher provisions
for credit losses. The contribution from TD Ameritrade increased
US$2 million , or 3%, compared with the prior quarter primarily due to
increased transaction-based revenue, partially offset by higher
operating expenses.

Revenue for the quarter increased US$56 million , or 3%, compared with
the prior quarter primarily due to strong volume growth and higher net
interest margins. Margin on average earning assets was 3.71%, a 6 bps
increase compared with the prior quarter. Net interest margins
benefited from higher deposit margins as we locked in the rates on our
2015 maturities, partially offset by loan margin compression. Average
loan volumes increased US$3 billion , or 3%, compared with the prior
quarter due to 4% growth in business loans and 1% growth in personal
loans. Average deposit volumes increased US$3 billion , or 1%, compared
with the prior quarter driven by 2% growth in business deposit volume
and 2% growth in personal deposit volume, while TD Ameritrade deposits
remained relatively flat.

PCL for the quarter increased US$29 million , or 23%, compared with the
prior quarter primarily due to increased provisions for portfolio
growth and lower recovery of provisions related to debt securities
classified as loans, partially offset by lower provisions for auto
loans and improved credit quality in the retail and commercial loan
portfolios. Personal banking PCL was US$152 million , an increase of
US$35 million , or 30%, from the prior quarter primarily due to higher
net charge-offs and higher provisions for portfolio growth in credit
cards, partially offset by improved credit quality and provisions
related to auto loans. Business banking PCL was US$1 million , a
decrease of US$27 million , compared with the prior quarter as
provisions for portfolio growth were more than offset by improvements
in credit quality. Net impaired loans, excluding acquired
credit-impaired loans and debt securities classified as loans, were
US$1.3 billion , which is 1.1% of total loans as at January 31, 2015 ,
flat compared with prior quarter. Net impaired debt securities
classified as loans decreased US$37 million , or 4%, compared with the
prior quarter.

Non-interest expenses for the quarter decreased US$56 million , or 4%,
compared with the prior quarter primarily due to a benefit resulting
from elective early lump sum pension payouts coupled with lower legal
and revenue-share related expenses.

Efficiency ratio for the quarter improved to 62.5%, compared with 67.5%
in the prior quarter due to the improvement in net interest margins
coupled with lower expenses.

Business Outlook
For 2015, we anticipate continued moderate, but variable, economic
growth and continued low interest rates with the potential for modest
increases in the second half of the calendar year. We expect
competition for loans and deposits to remain intense, credit to remain
benign, and the regulatory environment to be challenging as the
complexity of the regulatory framework continues to evolve and
obligations on banks to comply and adapt increase. We expect some
variability in net interest margins throughout the rest of the year,
but expect the full year margin to be roughly at the same level as the
fourth quarter of 2014 as higher deposit margins offset additional loan
margin compression. Provision for credit losses is expected to begin
normalizing, as the high rate of recoveries is not expected to recur
and the loan portfolio continues to grow. Given these assumptions, we
expect modest growth in earnings. We will continue to focus on
delivering legendary customer service and convenience across all
distribution channels, making the necessary investments to support
future growth and regulatory compliance, while maintaining our focus on
productivity initiatives.

Quarterly comparison – Q1 2015 vs. Q1 2014
Wholesale Banking net income for the quarter was $192 million , a
decrease of $38 million , or 17%, compared with the first quarter last
year. The decrease in earnings was primarily due to lower revenue,
higher non-interest expenses, and a higher effective tax rate. The
annualized return on common equity for the quarter was 13.0%, compared
with 20.6% in the first quarter last year.

Wholesale Banking revenue is derived primarily from capital markets
services and corporate lending. The capital markets businesses generate
revenue from advisory, underwriting, trading, facilitation, and trade
execution services. Revenue for the quarter was $711 million , a
decrease of $7 million , or 1%, compared with the first quarter last
year. The decrease was primarily due to lower interest rate and credit
trading, and lower fee-based revenue on reduced volumes, reflecting an
industry trend. This was partially offset by higher equity and foreign
exchange trading on improved client activity, and higher security gains
in the investment portfolio.

PCL for the quarter was $2 million , representing the accrual cost of
credit protection.

Non-interest expenses for the quarter were $433 million , an increase of
$22 million , or 5%, compared with the first quarter last year. The
increase was primarily due to higher initiative spend and the impact of
foreign exchange translation. 

CET1 risk-weighted assets were $64 billion as at January 31, 2015 , an
increase of $8 billion , or 14%, compared with January 31, 2014 . The
increase was primarily due to growth in corporate banking, the impact
of foreign exchange translation and a higher scalar for the inclusion
of the Credit Valuation Adjustment (CVA) capital charge.

Quarterly comparison – Q1 2015 vs. Q4 2014
Wholesale Banking net income for the quarter increased $32 million , or
20%, compared with the prior quarter. The increase was largely due to
higher revenue, partially offset by higher non-interest expenses. The
annualized return on common equity for the quarter was 13.0%, flat to
the prior quarter.

Revenue for the quarter increased $107 million , or 18%, compared with
the prior quarter. The increase in revenue was primarily due to higher
trading-related revenue and security gains in the investment portfolio.
Trading-related revenue increased due to higher equity and foreign
exchange trading and a lower charge for FVA in the current quarter.
This was partially offset by lower underwriting fees on reduced
volumes, reflecting an industry trend.

PCL for the quarter was $2 million , compared with a net recovery of $1
million in the prior quarter.

Non-interest expenses for the quarter increased $52 million , or 14%,
primarily due to higher variable compensation commensurate with revenue
and the impact of foreign exchange translation.

CET1 risk-weighted assets were $64 billion as at January 31, 2015 , an
increase of $3 billion , or 5%, compared with October 31, 2014 . The
increase was primarily due to the impact of foreign exchange
translation and a higher scalar for the inclusion of the CVA capital
charge.

Business Outlook
Overall, the global economy continues to show signs of recovery.
However, we remain cautious as a combination of evolving capital and
regulatory changes, uncertainty over the outlook for interest rates,
volatile energy markets and the weaker Canadian dollar will continue to
affect our business. While these factors will likely affect corporate
and investor sentiment in the near term, we believe our diversified,
integrated business model will continue to deliver solid results and
grow our franchise. We remain focused on growing and deepening client
relationships, being a valued counterparty, and managing our risks and
productivity in 2015.

For explanations of items of note, see the “Non-GAAP Financial Measures
– Reconciliation of Adjusted to Reported Net Income” table in the “How
We Performed” section of this document.

Quarterly comparison – Q1 2015 vs. Q1 2014
Corporate segment’s reported net loss for the quarter was $206 million ,
compared with a reported net income of $116 million in the first
quarter last year. Adjusted net loss was $143 million , compared with an
adjusted net loss of $38 million in the first quarter last year.
Adjusted net loss increased primarily due to lower contribution from
Other items. Other items were unfavourable due to the gain on sale of
TD Ameritrade shares of $40 million and positive tax items recognized
in the first quarter of last year and lower net revenue from treasury
related activities in the current quarter including changes in the
Bank’s funding mix. Net corporate expenses increased as a result of
ongoing investment in enterprise and regulatory projects and
productivity initiatives.

Quarterly comparison – Q1 2015 vs. Q4 2014
Corporate segment’s reported net loss for the quarter was $206 million ,
compared with a reported net loss of $227 million in the prior quarter.
Adjusted net loss was $143 million , compared with an adjusted net loss
of $165 million in the prior quarter. The decline in adjusted net loss
was due to lower net corporate expenses partially offset by lower
contribution from Other items. Other items were unfavourable due to the
lower net revenue from treasury activities in the current quarter and
positive tax items recognized in the prior quarter. Net corporate
expenses decreased primarily due to higher investment in enterprise and
regulatory projects and productivity initiatives in the prior quarter.

SHAREHOLDER AND INVESTOR INFORMATION


Shareholder Services

For all other shareholder inquiries, please contact TD Shareholder
Relations at 416-944-6367 or 1-866-756-8936 or email tdshinfo@td.com. Please note that by leaving us an e-mail or voicemail message, you are
providing your consent for us to forward your inquiry to the
appropriate party for response.

General Information
Contact Corporate Public Affairs: 416-982-8578

Products and services: Contact TD Canada Trust, 24 hours a day, seven
days a week: 1-866-567-8888
French: 1-866-233-2323
Cantonese/Mandarin: 1-800-328-3698
Telephone device for the hearing impaired (TTY): 1-800-361-1180

Internet website: http://www.td.com
Internet e-mail: customer.service@td.com

Access to Quarterly Results Materials
Interested investors, the media and others may view this first quarter
earnings news release, results slides, supplementary financial
information, and the Report to Shareholders on the TD website at www.td.com/investor/.

Quarterly Earnings Conference Call
TD Bank Group will host an earnings conference call in Toronto, Ontario
on February 26, 2015 . The call will be webcast live through TD’s
website at 3 p.m.  ET. The call and webcast will feature presentations
by TD executives on the Bank’s financial results for the first quarter,
discussions of related disclosures, and will be followed by a
question-and-answer period with analysts. The presentation material
referenced during the call will be available on the TD website at www.td.com/investor/qr_2015.jsp on February 26, 2015 , by approximately 12 p.m. ET . A listen-only
telephone line is available at 416-204-9269 or 1-800-499-4035 (toll
free).

The webcast and presentations will be archived at www.td.com/investor/qr_2015.jsp. Replay of the teleconference will be available from 6 p.m. ET on
February 26, 2015 , until March 30, 2015 , by calling 647-436-0148 or
1-888-203-1112 (toll free). The passcode is 6570000.

Annual Meeting
Thursday, March 26, 2015
Metro Toronto Convention Centre
Toronto, Ontario

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in
North America by branches and serves more than 24 million customers in
three key businesses operating in a number of locations in financial
centres around the globe: Canadian Retail, including TD Canada Trust,
TD Auto Finance Canada, TD Wealth ( Canada ), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America’s Most Convenient
Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD
Ameritrade; and Wholesale Banking, including TD Securities. TD also
ranks among the world’s leading online financial services firms, with
approximately 9.7 million active online and mobile customers. TD had
CDN$1.1 trillion in assets on January 31, 2015 . The Toronto -Dominion
Bank trades under the symbol “TD” on the Toronto and New York Stock
Exchanges. 

  

SOURCE TD Bank Group

View photo

.

Contact:

Rudy Sankovic, Senior Vice President, Investor Relations, 416-308-7857
Crystal Jongeward, Manager, Media Relations, 416-308-1746

February 28, 2015
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New Research Signals Big Future For Quantum Radar

quantum radarfeat

A prototype quantum radar that has the potential to detect objects which are invisible to conventional systems has been developed by an international research team led by a quantum information scientist at the University of York.

The new breed of radar is a hybrid system that uses quantum correlation between microwave and optical beams to detect objects of low reflectivity such as cancer cells or aircraft with a stealth capability. Because the quantum radar operates at much lower energies than conventional systems, it has the long-term potential for a range of applications in biomedicine including non-invasive NMR scans.

The research team led by Dr Stefano Pirandola, of the University’s Department of Computer Science and the York Centre for Quantum Technologies, found that a special converter – a double-cavity device that couples the microwave beam to an optical beam using a nano-mechanical oscillator – was the key to the new system.

The device can either generate microwave-optical entanglement (during the signal emission) or convert a microwave into an optical beam (during the collection of the reflection beams from the object). The research is published in Physical Review Letters.

A conventional radar antenna emits a microwave to scan a region of space. Any target object would reflect the signal to the source but objects of low reflectivity immersed in regions with high background noise are difficult to spot using classical radar systems. In contrast, quantum radars operate more effectively and exploit quantum entanglement to enhance their sensitivity to detect small signal reflections from very noisy regions.

Dr Pirandola said that while quantum radars were some way off, they would have superior performance especially at the low-photon regime.

“Such a non-invasive property is particularly important for short-range biomedical applications. In the long-term, the scheme could be operated at short distances to detect the presence of defects in biological samples or human tissues in a completely non-invasive fashion, thanks to the use of a low number of quantum-correlated photons.

“Our method could be used to develop non-invasive NMR spectroscopy of fragile proteins and nucleic acids. In medicine, these techniques could potentially be applied to magnetic resonance imaging, with the aim of reducing the radiation dose absorbed by patients.”

Dr Pirandola was funded by the Leverhulme Trust and the Engineering and Physical Sciences Research Council.

For more information, visit http://www.cs.york.ac.uk/.

About The Leverhulme Trust
The Leverhulme Trust was established by the Will of William Hesketh Lever, the founder of Lever Brothers. Since 1925 they have provided grants and scholarships for research and education; today, they are one of the largest all-subject providers of research funding in the UK, distributing approximately £80m a year. They award funding across academic disciplines, supporting talented individuals in the arts, humanities, sciences and social sciences to realise their personal vision in research and professional training. As well as substantial grants for research, they offer fellowships for researchers at every stage of their career, grants for international collaboration and travel, and support for the fine and performing arts. For more information, visit http://www.leverhulme.ac.uk/.

About The Engineering and Physical Sciences Research Council (EPSRC)
The Engineering and Physical Sciences Research Council (EPSRC) is the UK’s main agency for funding research in engineering and the physical sciences. EPSRC invests around £800M a year in research and postgraduate training, to help the nation handle the next generation of technological change. The areas covered range from information technology to structural engineering, and mathematics to materials science. This research forms the basis for future economic development in the UK and improvements for everyone’s health, lifestyle and culture. EPSRC works alongside other Research Councils with responsibility for other areas of research. The Research Councils work collectively on issues of common concern via Research Councils UK. For more information, visit www.epsrc.ac.uk.

February 28, 2015
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Quantum radar to detect objects which are invisible to conventional systems

The new breed of radar is a hybrid system that uses quantum correlation between microwave and optical beams to detect objects of low reflectivity such as cancer cells or aircraft with a stealth capability. Because the quantum radar operates at much lower energies than conventional systems, it has the long-term potential for a range of applications in biomedicine including non-invasive NMR scans.

The research team led by Dr Stefano Pirandola, of the University’s Department of Computer Science and the York Centre for Quantum Technologies, found that a special converter — a double-cavity device that couples the microwave beam to an optical beam using a nano-mechanical oscillator — was the key to the new system.

The device can either generate microwave-optical entanglement (during the signal emission) or convert a microwave into an optical beam (during the collection of the reflection beams from the object). The research is published in Physical Review Letters.

A conventional radar antenna emits a microwave to scan a region of space. Any target object would reflect the signal to the source but objects of low reflectivity immersed in regions with high background noise are difficult to spot using classical radar systems. In contrast, quantum radars operate more effectively and exploit quantum entanglement to enhance their sensitivity to detect small signal reflections from very noisy regions.

Dr Pirandola said that while quantum radars were some way off, they would have superior performance especially at the low-photon regime.

“Such a non-invasive property is particularly important for short-range biomedical applications. In the long-term, the scheme could be operated at short distances to detect the presence of defects in biological samples or human tissues in a completely non-invasive fashion, thanks to the use of a low number of quantum-correlated photons.

“Our method could be used to develop non-invasive NMR spectroscopy of fragile proteins and nucleic acids. In medicine, these techniques could potentially be applied to magnetic resonance imaging, with the aim of reducing the radiation dose absorbed by patients.”

Dr Pirandola was funded by the Leverhulme Trust and the Engineering and Physical Sciences Research Council.

February 28, 2015
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Quantum Genomics : Montant définitif de l’augmentation de capital de Quantum …

  • Exercice intégral de l’option de surallocation : 1,7 M€ supplémentaire levé à travers l’émission de 267 375 actions nouvelles au prix de 6,30 €
  • Capitalisation boursière : 52,8 M€

Quantum Genomics (Alternext – FR0011648971 – ALQGC), société biopharmaceutique dont la mission est de développer de nouvelles thérapies pour des besoins médicaux non satisfaits dans le domaine des maladies cardiovasculaires, annonce que la société de Bourse Invest Securities, agissant en tant que Chef de File et Teneur de Livre, a informé la société que l’option de surallocation, qui lui a été consentie dans le cadre de l’augmentation de capital avec offre au public sur le marché Alternext d’Euronext Paris, a été exercée intégralement à hauteur de 1,7 M€ supplémentaire correspondant à l’émission de 267 375 actions supplémentaires au prix de l’offre, soit 6,30 € par action.

En conséquence, le montant définitif de l’augmentation de capital s’établit à 12,9 M€, correspondant à l’émission de 2 049 875 actions nouvelles.

A l’issue de ces opérations, le capital social de Quantum Genomics est désormais composé de 6 859 962 actions, soit une capitalisation boursière de 52,8 M€ sur la base du cours de clôture de l’action le 23 février 2015 (7,70 €).

Lionel Ségard, PDG de Quantum Genomics, commente :

« L’exercice intégral de l’option de surallocation confirme le large succès de notre augmentation de capital, visant principalement à financer la phase IIa de notre molécule QGC001 contre l’hypertension. Cette levée de fonds, supérieure à nos attentes, vient renforcer notre confiance et nous place dans les meilleures dispositions, y compris dans le cadre de nos discussions avec nos futurs partenaires laboratoires pharmaceutiques. »
Par ailleurs, conformément à l’article 631-10 du Règlement général de l’Autorité des Marchés Financiers, Invest Securities, en sa qualité d’agent stabilisateur indique que :

  • la stabilisation a débuté le 13 février 2015 sur les actions Quantum Genomics (Code ISIN : FR0011648971 – Code mnémonique : ALQGC);
  • la stabilisation s’est achevée le 23 février 2015 ;
  • la stabilisation n’a nécessité aucune opération.

 

 

 

 

Des copies du Prospectus visé par l’AMF le 26 janvier 2015 sous le numéro I.15-036 sont disponibles sur le site Internet de la société (www.quantum-genomics.com ou www.QGC-BOURSE.COM) et de l’AMF (www.amf-france.org), ainsi que sans frais et sur simple demande au siège social de la société, 2 -12 Chemin des Femmes, Bâtiment l’Odyssée, 91300 Massy, France.
Le public est invité à prendre connaissance des risques décrits au chapitre IV « Facteurs de risques » et dans la deuxième Partie au chapitre II « Facteurs de risques liés à l’offre » du Prospectus.

Le présent communiqué de presse, et les informations qu’il contient, ne constitue ni une offre de vente ou de souscription, ni la sollicitation d’un ordre d’achat ou de souscription, des actions Quantum Genomics (les « Actions ») dans un quelconque pays.

Le présent communiqué ne constitue pas et ne saurait être considéré comme constituant une offre au public, une offre d’achat ou de souscription ou comme destiné à solliciter l’intérêt du public en vue d’une opération par offre au public.

Le présent communiqué constitue une communication à caractère promotionnel et non pas un prospectus au sens de la Directive 2003/71/CE du parlement européen et du conseil du 4 novembre 2003 telle que modifiée, notamment par la Directive 2010/73/UE du Parlement européen et du Conseil du 24 novembre 2010, telle que modifiée et telle que transposée dans chacun des Etats membres de l’Espace Economique Européen (la « Directive Prospectus »).
S’agissant des Etats membres de l’Espace Economique Européen autres que la France (les « États membres ») ayant transposé la Directive Prospectus, aucune action n’a été entreprise et ne sera entreprise à l’effet de permettre une offre au public des titres rendant nécessaire la publication d’un prospectus dans l’un ou l’autre des Etats membres. En conséquence, les Actions peuvent être offertes dans les Etats membres uniquement : (a) à des personnes morales qui sont des investisseurs qualifiés tels que définis dans la Directive Prospectus ; ou (b) dans les autres cas ne nécessitant pas la publication par Quantum Genomics d’un prospectus au titre de l’article 3(2) de la Directive Prospectus.

La diffusion du présent communiqué n’est pas effectuée par et n’a pas été approuvée par une personne autorisée (« authorised person ») au sens de l’article 21(1) du Financial Services and Markets Act 2000. En conséquence, le présent communiqué est adressé et destiné uniquement (i) aux personnes situées en dehors du Royaume-Uni, (ii) aux professionnels en matière d’investissement au sens de l’article 19(5) du Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, (iii) aux personnes visées par l’article 49(2) (a) à (d) (sociétés à capitaux propres élevés, associations non-immatriculées,
etc.) du Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ou (iv) à toute autre personne à qui le présent communiqué pourrait être adressé conformément à la loi (les personnes mentionnées aux paragraphes (i), (ii), (iii) et (iv) étant ensemble désignées comme les « Personnes Habilitées »). Les titres sont uniquement destinés aux Personnes Habilitées et toute invitation, offre ou tout contrat relatif à la souscription, l’achat ou l’acquisition des titres ne peut être adressé ou conclu qu’avec des Personnes Habilitées. Toute personne autre qu’une Personne Habilitée doit s’abstenir d’utiliser ou de se fonder sur le présent communiqué et les informations qu’il contient.
Le présent communiqué ne constitue pas un prospectus approuvé par la Financial Services Authority ou par toute autre autorité de régulation du Royaume-Uni au sens de la Section 85 du Financial Services and Markets Act 2000.

Le présent communiqué ne constitue pas une offre de valeurs mobilières ou une quelconque sollicitation d’achat ou de souscription de valeurs mobilières ni une quelconque sollicitation de vente de valeurs mobilières aux Etats-Unis. Les valeurs mobilières objet du présent communiqué n’ont pas été et ne seront pas enregistrées au sens du U.S. Securities Act de 1933, tel que modifié (le « U.S. Securities Act ») et ne pourront être offertes ou vendues aux Etats-Unis sans enregistrement ou exemption à l’obligation d’enregistrement en application du U.S. Securities Act. Les Actions n’ont pas été et ne seront pas enregistrées au titre du U.S.
Securities Act et Quantum Genomics n’a pas l’intention de procéder à une quelconque offre au public de ses actions aux Etats-Unis.

La diffusion du présent communiqué dans certains pays peut constituer une violation des dispositions légales en vigueur. Les personnes en possession du communiqué doivent donc s’informer des éventuelles restrictions locales et s’y conformer.

Le prospectus visé par l’Autorité des marchés financiers contient des déclarations prospectives. Aucune garantie ne peut être donnée quant à la réalisation de ces déclarations prospectives qui sont soumises à des risques tels que, notamment, ceux décrits dans le prospectus de la société, et à l’évolution de la conjoncture économique, des marchés financiers et des marchés sur lesquels Quantum Genomics est présente.

Invest Securities, agissant en qualité d’agent stabilisateur, pourra, sans y être tenue, et avec faculté d’y mettre fin à tout moment, pendant une période de 30 jours à compter de la date de fixation du prix de l’offre, soit, selon le calendrier indicatif, du 28 janvier au 28 février 2015 intervenir aux fins de stabilisation du marché des actions Quantum Genomics, dans le respect de la législation et de la réglementation applicables et notamment du Règlement (CE) n°2273/2003 de la Commission du 22 décembre 2003. Les interventions réalisées au titre de ces activités visent à soutenir le prix de marché des actions Quantum Genomics et sont susceptibles d’affecter leur cours.


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