TD US Long Term Treasury Bond ETF · TSX:TULB
TD US Long Term Treasury Bond ETF — TD Bank Group — Investor Day (September 2025)
35 slides from TD US Long Term Treasury Bond ETF's investor day presentation, Sep 29, 2025
Slide 1: Deeper, Faster, Disciplined
Deeper, Faster, Disciplined TD Investor Day – September 29, 2025 Title Slide SECTION ONE Raymond Chun President and CEO
Slide 2: Caution Regarding Forward-Looking Statements
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 United States (U.S.) Securities and Exchange Commission (SEC), and
Slide 3: A scaled, diversified North American bank with global reach
A scaled, diversified North American bank with global reach $2.1T Assets 1 Canadian U.S.4,5 U.S. Personal Bank ~25%6 Retail ~26%6 170 years in Canada $958B Loans Title Slide 1,2 Top 2 bank 1,8 $1.3T Deposits 1 Canadian $54B S E C T I O N O N Revenue E 6,7 Wholesale Business Banking Bank ~13%6 $542B
Slide 4: Strong client franchises across our geographies
Strong client franchises across our geographies Canada U.S. Retail Wholesale Banking Canada's premier retail Most valuable 17MM 10MM+ TDS + Global reach Top tier brand banking franchise brand1 clients2 clients13 TD Cowen #2 in Lending17 & Debt Title Slide #8 in C&I loans14 2MM Business Origination18
Slide 5: Leading core deposits advantage enables higher earnings and capital generation
Leading core deposits advantage enables higher earnings and industry-leading capital generation Leading core deposit franchise Enduring impact 70 % 138 % Strong source of low-cost deposits FY'24 P&C deposit funding ratio vs. 54% for peers1 in Canada Title Slide Liquidity coverage ratio2 as of Q3'25
Slide 6: Strong track record of credit risk management
Strong track record of credit risk management and well-positioned to adapt to uncertainty Well-reserved for elevated Diversified and economic and credit uncertainty well-managed loan portfolio Allowance Coverage Ratio (bps)1 $958B of Gross Loans & Acceptances3 Title Slide 140 126 Credit Cards 4% 120
Slide 7: AML remediation is our #1 priority
AML remediation is our #1 priority Key actions & updates Management remediation is on track with costs expected to be stable through FY'261 Title Slide We have brought in the right talent and expertise to lead our AML remediation efforts SECTION ONE Investments have been made in technology and proce
Slide 8: A dynamic environment demands that we adapt
Going forward, a dynamic environment demands that we adapt Title Slide Geopolitical Macroeconomic SECTION ONE Disruptive New risks environment technologies innovations 7 — TD INVESTOR DAY 2025
Slide 9: Committed to regaining leading performance
While our business is strong, we are committed to regaining leading performance Return on Equity (ROE)1 Diluted Earnings Per Share (EPS)1 5yr Total Shareholder Return2 5yr CAGR1 #2 #3 #1 #3 +340bps Reported ROE 14.5% 15.6% 8.2% Title Slide Reported Diluted EPS 5yr CAGR 8.6% 9.4% -5.5% above peer ave
Slide 10: Our Strategic Review has revealed where we must do better
Our Strategic Review has revealed where we must do better Title Slide Strategically & Operationally Financially Deepen relationships with our clients across TD Reset cost base to improve efficiency ratio Optimize distribution to meet clients where they desire Drive higher ROE in U.S. Retail and Whol
Slide 11: Accelerate growth and returns; FY'26 and medium-term targets
We aim to accelerate growth and returns, and drive long-term shareholder value FY'26 Targets1 ~13% 6-8% 3-4% Positive 40-50bps 13% ~$6-7B Title Slide Incremental NCIB program6 Adj.2 ROE Y/Y Adj.2 EPS Adj.2 Expense Adj.2 Operating PCL Ratio5 CET1 Ratio upon completing current NCIB Growth Growth3 Leve
Slide 12: Optimizing capital allocation for shareholder returns
Optimizing capital allocation for shareholder returns Capital allocation ($B) Share Buybacks Common Dividends Returning ~$15B of excess capital generated from the sale of Schwab Medium-term Targets ~15.0 9.2 Title Slide 13.4 6.1 ~8.0 40-50% Dividend 2.8 Payout Ratio2,3 5.8 SECTION ONE 1.4 6.4 7.3 ~7
Slide 13: How we will deliver
How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 12 12 — T D I N V E S T O R D A Y 2 0 2 5
Slide 14: Deeper Relationships
Deeper relationships Deeper Deeper Deeper Share of Digital Fee Wallet Engagement Income 13 — TD INVESTOR DAY 2025
Slide 15: We aim to be Canada's leading relationship bank
Deeper Relationships – Share of Wallet Simpler & Faster Disciplined Execution We aim to be Canada's leading relationship bank Business Segment Current Medium-term Targets Accelerating Consumer Card Penetration 56%3 63% revenue growth Canadian Personal Bank • 14MM clients • Primary banking leader1 •
Slide 16: Transforming our distribution model to serve clients
Deeper Relationships – Share of Wallet Simpler & Faster Disciplined Execution We are transforming our distribution model to better serve our clients and enable deeper relationships Already Larger, specialized salesforce Branches as advice centres seeing results • Aim to achieve over the medium-term:
Slide 17: Digital leadership enables deeper engagement and growth
Deeper Relationships – Digital Simpler & Faster Disciplined Execution Digital leadership enables deeper engagement and growth Meet clients where they want to do business and increase digital sales Intuitive mobile account opening Medium-term Medium-term Current1 Current1 Targets Targets Proactive cl
Slide 18: We aim to grow our high fee income businesses
Deeper Relationships – Fee Income Simpler & Faster Disciplined Execution We aim to grow our high fee income businesses Fee Businesses: Total Revenue (Net of ISE)1,2 by Business Segment High single $20.8B FY'24 Reported Revenue Key growth drivers digit $14.2B Medium-term target3 Wholesale Banking adj
Slide 19: Simpler & Faster
Simpler & Faster Simpler Simpler Simpler & Faster & Faster & Faster Client Operating Technology, Experiences Model Leveraging AI 18 — TD INVESTOR DAY 2025
Slide 20: Simpler and faster client experiences
Deeper Relationships Simpler & Faster – Client Experiences Disciplined Execution Leading through simpler and faster client experiences will support deeper relationships and outcomes We aim to lead on experience… …and are already seeing strong results Examples Predictive and proactive with clients (e
Slide 21: Sharper focus and simpler operating model
Deeper Relationships Simpler & Faster – Operating Model Disciplined Execution Sharper focus, simpler operating model and faster decision making are enabling us to execute more quickly Priorities Simplify non-core Reduce organizational Singular, end-to-end Sourcing the best activities complexity owne
Slide 22: Our technology spend focuses on growing the business
Deeper Relationships Simpler & Faster – Technology Disciplined Execution Our technology spend focuses on growing the business Annual Technology Spend1 Select investment Medium-term priorities 2022 Current2 Target3 Run the Business Grow the Business Build unified view of Simplified 11pts increase in
Slide 23: Executing AI-at-scale to deliver $1B in value
Deeper Relationships Simpler & Faster – Technology Disciplined Execution We are executing AI-at-scale and aim to deliver $1B in value Medium-term target value1 Predictive AI Generative AI Agentic AI ~$500MM & ~$500MM Efficient workflows Annualized Annualized Fast and flexible Proactive protection, a
Slide 24: Disciplined Governance and Controls
Disciplined Execution Disciplined Disciplined Disciplined Governance Cost Capital and Controls Management Management 23 — TD INVESTOR DAY 2025
Slide 25: Reinforcing robust governance & controls
Deeper Relationships Simpler & Faster Disciplined Execution – G&C We continue to reinforce robust governance & controls Enhancing Financial Building on Strong Crimes & Regulatory Innovating on Dynamic Financial Risk Foundation Compliance Capabilities Risk Categories Credit People & Talent Cyber Mark
Slide 26: Cost discipline aims to deliver ~$2-2.5B in annualized savings
Deeper Relationships Simpler & Faster Disciplined Execution – Cost Mgmt. Cost discipline aims to deliver ~$2-2.5B in annualized savings Expected cost reductions through restructuring & non-restructuring programs ~$2-2.5B Title Slide ~$1.1B+ Mid-50s ~$400MM Medium-term SECTION ONE Adj.3 Efficiency Ra
Slide 27: Annualized savings across key cost initiatives
Deeper Relationships Simpler & Faster Disciplined Execution – Cost Mgmt. ~$2-2.5B annualized savings1,2 delivered across key cost initiatives Technology & Data Distribution Transformation Automation & AI Modernization • Frontline productivity • Reengineering top 20 processes • Core technology & data
Slide 28: Disciplined approach to investment allocation
Deeper Relationships Simpler & Faster Disciplined Execution – Capital Mgmt. Disciplined approach to investment allocation in support of our strategic priorities Increase frontline sales coverage and RESL & Wealth specialists Title Slide Deeper Improve digital & mobile capabilities (e.g., intuitive i
Slide 29: ~300bps adjusted ROE uplift over the medium-term
Deeper Relationships Simpler & Faster Disciplined Execution – Capital Mgmt. We aim to deliver ~300bps adj.1 ROE uplift over the medium-term Adjusted1 ROE Targets2 (%) Business Segment Medium-term Targets2 Title Slide Canadian P&C ~30%+ Canadian Personal Bank ~40% Canadian Business Bank Low-20s SECTI
Slide 30: Why TD
Why TD Strong base of high-return, diversified and advantaged businesses Revenue acceleration through deeper relationships and investment in fee income businesses Title Slide Cost discipline through productivity and efficiency improvements SECTION ONE Greater shareholder return focus, including inte
Slide 31: Endnotes
Endnotes on Slides 2 to 3 Slide 2 1. As at October 31, 2024. 2. Gross loans and acceptances. 3. For additional information about this metric, refer to the Glossary in the Bank's Q3 2025 Report to Shareholders, which is incorporated by reference. 4. Revenue by geography includes Corporate segment rev
Slide 32: Endnotes
Endnotes on Slides 4 to 8 Slide 4 1. Peers are BMO, BNS, CIBC, and RBC. 2. OSFI's Liquidity Adequacy Requirements guideline requires Canadian banks to disclose the Liquidity Coverage Ratio ("LCR") based on an average of the daily positions during the quarter. 3. The Bank prepares its consolidated an
Slide 33: Endnotes
Endnotes on Slides 10 to 11 Slide 10 1. The Bank's expectations for 2026 and medium-term financial targets are based on forward-looking assumptions that have inherent risk and uncertainties. Results may vary depending on actual economic conditions, including the level of unemployment, interest rates
Slide 34: Endnotes
Endnotes on Slides 14 to 20 Slide 14 1. % of clients surveyed who indicate TD is their primary financial institution; Ipsos Canadian Financial Monitor, June 2025. 2. Other Financial Institution (OFI) RESL volume captured for CPB clients with RESL product at OFI. 3. As of Q3 2025. 4. Volume captured
Slide 35: Endnotes
Endnotes on Slides 21 to 29 Slide 21 1. Annual technology spend includes all of Platforms & Technology. Excludes Fraud Operations, Financial Crimes, Fraud Protect, Procurement (Strategic Sourcing, Vendor Management), and Global Security Services / Investigations. Excludes certain Platforms & Technol