Defined in section 628 (a)(i) of the TSX Company Manual for the purposes of a normal course issuer bid through the Toronto Stock Exchange (TSX) as the trading volume of listed securities on the TSX for the most recently completed six calendar months preceding the date of acceptance of a notice of normal course issuer bid by TSX, excluding any purchases made by the issuer through the facilities of TSX under its normal course issuer bid during such six months, divided by the number of trading days for the relevant six months. In the case of listed securities which have been listed on TSX for a period of less than six months, the ADTV for such securities shall be based on the period since the date of listing but must be at least four weeks preceding the date of acceptance of the notice of normal course issuer bid by TSX.

For more information, see Practice Note, Normal Course Issuer Bids through the Toronto Stock Exchange.