Toronto-dominion Bank · TSX:TD

Toronto-dominion Bank — TD Bank Group — Q1 2024 Earnings Presentation

88 slides from Toronto-dominion Bank's earnings presentation, March 2024

1. Slide 1: Investor Presentation TD Bank Group Q1 2024

   Investor Presentation TD Bank Group Q1 2024

2. 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

3. Slide 3: Key Themes

   TD Bank Group Key Themes Top 10 North American Bank 1 6th largest bank by Total Assets1 5th largest bank by Market Cap1 Q1 2024 Financial Results 2 For the three months ended January 31, 2024 Proven Performance, Future Growth Opportunities 3 Delivering solid long-term shareholder returns2,3 Strong B

4. Slide 4: Our Strategy

   Our Strategy Proven Business Model Forward-Focused Purpose-Driven Leading Customer Reimagining Financial Relentless Customer Franchises Services Focus Strong Balance Sheet Delivering OneTD Diverse Talent and with Conservative Risk Inclusive Culture Appetite Consistent and Investing for Growth Creati

5. Slide 5: Proven Business Model: TD Snapshot

   Proven Business Model: TD Snapshot Diversification and scale, underpinned by a strong risk culture Our Businesses Canadian Personal & Commercial Banking  Personal banking, credit cards and auto finance  Small business, commercial banking, merchant solutions and equipment finance U.S. Retail  Pers

6. Slide 6: Competing in Attractive Markets

   Competing in Attractive Markets Country Statistics Country Statistics  World's 9th largest economy  World’s largest economy  Real GDP of C$2.3 trillion  Real GDP of US$28 trillion  Population of ~40 million  Population of ~335 million Canadian Banking System U.S. Banking System  One of the mo

7. Slide 7: Top North American Bank

   Top 10 North American Bank Canadian North American Q1 2024 (C$ except otherwise noted) TD Bank Group Ranking4 Ranking5 Total assets $1,911B 2nd 6th Total deposits $1,181B 2nd 6th Market capitalization $144.7B 2nd 5th Reported net income (trailing four quarters) $11.9B 2nd 6th Adjusted net income1 (t

8. Slide 8: Diversified Business Mix

   Diversified Business Mix Four key business lines Q1 2024 Reported Earnings Mix5 Canadian Personal & Commercial Banking • Robust retail banking platform in Canada U.S. Retail 6 with proven performance Bank, 21% Canadian U.S. Retail Personal & • Top 10 bank1 in the U.S. with attractive Commercial Inve

9. Slide 9: Growing Platform / North American Scale

   Growing Platform / North American Scale Increasing Retail Focus and U.S. Expansion 2000-2004 – A Canadian Leader 2005-2010 – Building U.S. Platform 2011-2015 – Acquiring Assets New Capabilities and Partnerships • Acquisition of Canada Trust (2000) • TD Waterhouse USA / Ameritrade • Acquired Chrysler

10. Slide 10: Helping shape the future of banking

    Innovating for our Customers, Colleagues and Communities: Helping shape the future of banking  TD is augmenting colleague productivity. TD Invent is leveraging AI  TD Invent, our enterprise approach to innovation, supports our business capabilities to deliver against key themes strategy as a forwa

11. Slide 11: Forward Focused: Digital Metrics

    Forward Focused: Digital Metrics Canadian P&C1 U.S. Retail1 Innovating for our Customers Digital Adoption (% of total customers)2  In the U.S., serving small business +150 bps +250 bps clients with innovative solutions 62.7 64.2 56.1 53.6 – Added Tap to Pay on iPhone – one of the first banks global

12. Slide 12: Purpose-Driven: Commitment to Sustainability

    Purpose-Driven: Commitment to Sustainability Best Information #1 Customers Security and Fraud Small Business Management Administration (SBA) Environment Social Governance by Global Finance for lending in Maine-to- third consecutive year1 Florida footprint2 Economic ESG Centre $500B Inclusion of Expe

13. Slide 13: Purpose Driven: ESG Highlights

    Purpose Driven: ESG Highlights Environment Social Governance  Expanded Scope 3 financed emissions footprint  Announced TD Pathways to Economic  Continued to educate Board of Directors and disclosure to include the automotive, shipping, Inclusion, our new social framework focusing Senior Executive

14. Slide 14: Key Themes

    TD Bank Group Key Themes Top 10 North American Bank 1 6th largest bank by Total Assets1 5th largest bank by Market Cap1 Q1 2024 Financial Results 2 For the three months ended January 31, 2024 Proven Performance, Future Growth Opportunities 3 Delivering solid long-term shareholder returns2,3 Strong B

15. Slide 15: Q1 2024 Highlights

    Q1 2024 Highlights Good quarter EPS of $1.55, up 89% YoY  Adjusted1 EPS of $2.00, down 10% YoY P&L ($MM)  Adjusted1 EPS includes $0.06 impact from provision Reported Q1/24 QoQ YoY relating to industry-wide U.S. record keeping matter Revenue 13,714 4% 12% PCL 1,001 +$123 +$311 Revenue up 12% YoY (A

16. Slide 16: Restructuring Program

    Restructuring Program The Bank continued to undertake certain measures in the first quarter of 2024 to reduce its cost base and achieve greater efficiency  What is the size of the restructuring program? – $363MM pre-tax / $266MM after-tax was incurred in Q4'23 – $291MM pre-tax / $213MM after-tax wa

17. Slide 17: Canadian Personal & Commercial Banking

    Canadian Personal & Commercial Banking Strong quarter supported by volume growth and margin P&L ($MM) expansion Reported Q1/24 QoQ YoY Revenue 4,884 3% 6% Net income up 3% YoY PCL 423 +$33 +$96 Revenue up 6% YoY Impaired 364 +$90 +$144 Performing 59 -$57 -$48  Volume growth Expenses 1,984 -3% 6% 

18. Slide 18: U.S. Retail

    U.S. Retail Loan growth and operating momentum in a challenging P&L (US$MM) (except where noted) environment Reported Q1/24 QoQ YoY Net income down 43% YoY (Adj1 down 27% YoY) Revenue 2,587 0% -6% Revenue down 6% YoY PCL 285 +$72 +$136 Impaired 279 +$52 +$121  Lower deposit volumes and margins, par

19. Slide 19: Wealth Management & Insurance

    Wealth Management & Insurance Good performance reflecting strength of diversified businesses P&L ($MM) Reported Q1/24 QoQ YoY Net income flat YoY Revenue 3,135 6% 8% Insurance Service Expenses 1,366 1% 17% Revenue up 8% YoY (ISE) Revenue net of Insurance  Higher insurance premiums and higher fee in

20. Slide 20: Wholesale Banking

    Wholesale Banking Record revenue Net income down 38% YoY (Adj1 down 14% YoY) P&L ($MM)  Reported net income includes acquisition and Reported Q1/24 QoQ YoY integration-related costs for TD Cowen2 Revenue 1,780 20% 32%  Adjusted net income up 15% YoY excluding Trading-related revenue 730 24% 10% $1

21. Slide 21: Corporate Segment

    Corporate P&L ($MM) Segment Reported Q1/24 Q4/23 Q1/23 Reported net loss of $628MM Net Income (Loss) (628) (591) (2,617)  Adjusted1 loss of $218MM Adjustments for items of note Amortization of acquired intangibles2 94 92 54 Acquisition and integration charges related 32 31 34 to the Schwab transact

22. Slide 22: Capital

    1 Capital Strong capital and liquidity management supporting future growth Common Equity Tier 1 Ratio Q4 2023 CET 1 Ratio 14.4% Common Equity Tier 1 ratio of 13.9% Internal capital generation 25 Increase in RWA (excluding impact of FX)2 (26) Leverage Ratio of 4.4% Repurchase of common shares3 (33) R

23. Slide 23: Gross Lending Portfolio

    Gross Lending Portfolio Includes B/As Period-End Balances ($B unless otherwise noted) Q4/23 Q1/24 Canadian Personal & Commercial Portfolio 557.6 563.9 Personal 438.4 441.6 Residential Mortgages 261.3 263.9 Home Equity Lines of Credit (HELOC) 117.6 117.9 Indirect Auto 28.8 28.8 Credit Cards 18.8 19.0

24. Slide 24: Provision for Credit Losses (PCL)

    Provision for Credit Losses (PCL) By Business Segment PCL1: $MM and Ratios2 Highlights Wealth Management & Insurance $1,001 $10  PCL increase quarter-over- Wholesale Banking quarter, largely reflected in: $878 Canadian Personal & Commercial Banking $766 $57 – U.S. Retail $690 $25 $423 – Corporate U

25. Slide 25: Allowance for Credit Losses (ACL)

    Allowance for Credit Losses (ACL) ACL1: $B and Coverage Ratios2 Highlights 89 89 bps 86 87 87 74  ACL increased $79 million quarter-over-quarter, related to: United States $8.2 $8.3 – Current credit conditions, Canada $7.6 $7.8 $7.5 including: $5.3 57% 56% − Credit migration 57% 58% 57% – Volume gr

26. Slide 26: Key Themes

    TD Bank Group Key Themes Top 10 North American Bank 1 6th largest bank by Total Assets1 5th largest bank by Market Cap1 Q1 2024 Financial Results 2 For the three months ended January 31, 2024 Proven Performance, Future Growth Opportunities 3 Delivering solid long-term shareholder returns2,3 Strong B

27. Slide 27: Earnings Performance

    Earnings Performance Earnings (C$B) 5-year CAGR1 -1.3% Reported Earnings (-1.7% EPS) 4.2% Adjusted2 Earnings (4.1% EPS) $17.4 $15.4 $14.6 $15.0 $14.3 $12.2 $12.5 $11.7 $11.9 $11.3 $10.6 $10.0 2018 2019 2020 2021 2022 2023 2 Reported Adjusted 27

28. Slide 28: Strong, Consistent Dividend History

    Strong, Consistent Dividend History $3.84 Dividends Per Share (C$) 167-year continuous dividend history Dividend yield1: 4.9% Exceed Target $0.33 payout range: 40%-50% Annual Dividend 28

29. Slide 29: Total Shareholder Returns

    Total Shareholder Returns1 TD Bank Canadian North American Group Ranking2 Ranking3 One-Year TTM -6.9% 5th 11th Three-Year CAGR 8.6% 4th 7th Five-Year CAGR 6.5% 4th 7th Ten-Year CAGR 9.7% 3rd 6th 29

30. Slide 30: Canadian Personal & Commercial Banking

    Canadian Personal & Commercial Banking Net Income (C$MM) Consistent Strategy $6,688 $6,558 How we compete: $5,885 $5,113  Legendary personal connected customer service $3,996  Focus on underrepresented products and markets  The power of One TD  Winning culture and team 2019 2020 2021 2022 2023 H

31. Slide 31: Canadian Personal & Commercial Banking

    Canadian Personal & Commercial Banking Personal Banking  #1 or #2 market share in most retail products1  Canadian branch network continues to lead the market in total hours open, while also offering customers the option of virtual and phone appointments in order to meet with our branch advisors re

32. Slide 32: U.S. Retail

    U.S. Retail Reported Net Income (US$MM) Consistent Strategy $3,967 $4,348 $4,127 How we compete: $3,750  Transform Distribution  Drive Leading Customer Acquisition and $2,278 Engagement  Scale & Evolve our Cards Franchise  Deliver a National Commercial Banking $3,750 $2,278 $3,967 $4,269 $4,319

33. Slide 33: U.S. Retail

    U.S. Retail Personal & Commercial Banking Credit Cards  Top 10 bank1 with ~10MM customers2, operating 1,176 retail  Issuer of TD branded credit cards for retail and small business stores and 2,683 ATMs in 15 states and the District of Columbia customers, including:  Diverse range of financing pro

34. Slide 34: Wealth Management & Insurance

    Wealth Management & Insurance Reported Net Income (C$MM) Consistent Strategy How we compete: $2,596 $2,423  Provide trusted advice, protection and $2,001 support to help our customers feel $2,030 confident about their financial future $1,750  Deliver legendary customer experiences  Grow and deepe

35. Slide 35: Wealth Management & Insurance

    Wealth Management & Insurance Wealth  Offers Wealth products and services to retail clients through direct investing, advice-based, and asset management businesses. Wealth Management also offers asset management products to institutional clients globally  TD Direct Investing remained the market le

36. Slide 36: Wholesale Banking

    Wholesale Banking Consistent Strategy Reported Net Income (C$MM) Our Strategic Objectives:  Continue to build an integrated North American Investment Bank with global reach $1,570 – In Canada, we will be a top-ranked Investment Bank $1,418 $1,325 – In the U.S., we will deliver value and trusted adv

37. Slide 37: Wholesale Banking: Positioned for Growth

    Wholesale Banking Positioned for Growth  Continued to build an integrated North American Investment Bank with global reach: – Advanced the integration of strategic acquisitions: − On March 1, 2023, TD closed on the acquisition of Cowen Inc. (TD Cowen), accelerating Wholesale Banking's U.S. growth s

38. Slide 38: Driving Shareholder Value

    Driving Shareholder Value Extend Leadership in Accelerate U.S. Wholesale Canada Deliver Strong, Growth and Realize Synergies Sustainable Shareholder U.S. Expansion Through Increased Diversification Returns Enhance Fee Income and and Depth Efficiency Current Target Medium-Term Financial Targets Above

39. Slide 39: Key Themes

    TD Bank Group Key Themes Top 10 North American Bank 1 6th largest bank by Total Assets1 5th largest bank by Market Cap1 Q1 2024 Financial Results 2 For the three months ended January 31, 2024 Proven Performance, Future Growth Opportunities 3 Delivering solid long-term shareholder returns2,3 Strong B

40. Slide 40: TD TLAC Requirements

    TD TLAC Requirements  Canadian D-SIBs were required to meet their regulatory TLAC requirements by November 1, 2021.  OSFI has stipulated that D-SIBs will be subject to 2 supervisory ratios: 1. Minimum risk-based TLAC ratio as at November 1, 2023, will be: 25.0% (21.50% + 3.5% Domestic Stability Bu

41. Slide 41: Industry-Leading Credit Ratings

    Industry-Leading Credit Ratings Issuer Ratings1 Rating Agencies Senior Debt Ratings2 Outlook Moody's A1 Stable S&P A Stable DBRS AA Stable Fitch AA- Stable Ratings vs. Peer Group1 Moody's Senior Debt2 / HoldCo3 S&P Senior Debt2 / HoldCo3 Fitch Senior Debt2 / HoldCo3 Rating Rating Rating Aa1 AA+ AA+

42. Slide 42: Leading Non-Common Equity Capital Ratings

    Leading Non-Common Equity Capital Ratings NVCC Tier 2 Subordinated Debt Ratings1 Moody's S&P Fitch A2 A A A3 A- A- Baa1 BBB+ BBB+ Baa2 BBB BBB Baa3 BBB- BBB- Ba1 BB+ BB+ TD TD Canadian Peers 2 TD Canadian Peers TD Canadian Peers Canadian Peers TD Canadian Peers2 TD Canadian Peers2 Additional Tier 1

43. Slide 43: Robust Liquidity Management

    Robust Liquidity Management Liquidity Risk Management Framework Liquidity Coverage Ratio (LCR) 140%  Target a 90-day survival horizon under a combined 144% 120% 133% 130% 133% Bank-specific and market-wide stress scenario, and a minimum buffer over regulatory 100% requirements 80%  Manage to a sta

44. Slide 44: Deposit Overview

    Deposit Overview Large base of personal and business deposits1 that make up 70% of the Bank's total funding  TD Canada Trust ("TDCT") ranked #1 in Total Personal Non-Term Deposits2 – legendary customer service and the power of One TD  U.S. Retail is a top 103 bank in the U.S. with ~10MM customers4

45. Slide 45: Low Risk, Deposit Rich Balance Sheet

    Low Risk, Deposit Rich Balance Sheet1 Large base of stable retail and Maturity Profile2,3 (C$B) (To first par redemption date) commercial deposits 80 Issuance Maturity  Personal and business deposits are TD's primary 60 sources of funds 40 – Customer service business model delivers stable base of “

46. Slide 46: Wholesale Term Debt Composition

    Wholesale Term Debt Composition1 Funding Strategy  Wholesale term funding through diversified sources across domestic and international markets  Well-established C$80 billion Legislative Covered Bond Program is an important pillar in global funding strategy  Programmatic issuance for the establis

47. Slide 47: TD Global Legislative Covered Bond Program

    TD Global Legislative Covered Bond Program Key Highlights Covered Bond Collateral  Canadian residential real estate property with no more than 4 residential units  Uninsured conventional first lien assets with original loan to value ratio that is 80% or less Housing Market Risks  Latest property

48. Slide 48: TD Global Legislative Covered Bond Program

    TD Global Legislative Covered Bond Program Cover Pool as at January 31, 2024 Highlights  High quality, conventional first lien Canadian  TD has a C$80B legislative covered bond program Residential mortgages originated by TD  Covered bond issuance for Canadian issuers governed by CMHC-administered

49. Slide 49: Bail-in Overview

    Bail-in Overview Scope of Bail-in  In Scope Liabilities. Senior unsecured long-term debt (original term to maturity of 400 or more days) that is tradable and transferable (has a CUSIP, ISIN or other similar identification) and issued on or after September 23, 20181. Unlike other jurisdictions, Cana

50. Slide 50: Limited Recourse Capital Notes (LRCN)

    Limited Recourse Capital Notes (LRCN) LRCN Overview  LRCN holders’ interests rank equally with other LRCNs and Preferred Shares and are senior to common shares. LRCNs are issued only to institutional investors with no trading restrictions within the US nor, after 4 months, within Canada  LRCNs qua

51. Slide 51: Additional Tier 1 Capital

    Additional Tier 1 Capital  Credit hierarchy is codified as a principle in regulatory and legislative documents in Canada  If a deposit-taking bank reaches the point of non-viability, OSFI’s capital guidelines require Additional Tier 1 and Tier 2 capital instruments to be converted into common shar

52. Slide 52: Appendix: Economic Outlook

    Appendix Economic Outlook 52

53. Slide 53: TD Economics Update

    TD Economics Update1 Global Outlook: Global growth to remain sluggish in 2024  Inflation in advanced economies continues to moderate on the back of cooling goods prices. Price growth for services remains sticky, particularly in the U.S. and Canada  In Europe, weak growth and cooling inflation have

54. Slide 54: Interest Rate Outlook

    Interest Rate Outlook1 Interest Rates, Canada and U.S.  In July 2023, the Federal Reserve % (Fed) raised the target for the federal 7 funds rate to 5.25%-5.50%. We expect the target range to remain at Forecast U.S. Federal this level until the third quarter of this 6 Funds Rate year, which is when

55. Slide 55: Appendix: Credit Quality

    Appendix Credit Quality 55

56. Slide 56: Gross Impaired Loan Formations

    Gross Impaired Loan Formations By Business Segment GIL Formations1: $MM and Ratios2 Highlights  Gross impaired loan formations 22 bps increased quarter-over-quarter, 16 18 18 driven by: 14 – The Canadian Commercial lending portfolio – Continued normalization of $2,005 credit performance in the $1,6

57. Slide 57: Gross Impaired Loans (GIL)

    Gross Impaired Loans (GIL) By Business Segment GIL1: $MM and Ratios2 Highlights 40 bps 33 36  Gross impaired loans 30 30 increased quarter-over- quarter, recorded in: $3,709 $5 / 6 bps – The Canadian & U.S. $3,299 Commercial and consumer $5 / 7 bps $46 / lending portfolios $2,980 5 bps $4 / 5 bps $

58. Slide 58: Credit Quality

    Credit Quality Net impaired loans and PCL ratios (bps) 100 Net impaired loans as a % of net loans and acceptances (bps) Provision for credit losses as a % of net average loans and acceptances (bps) Q1'24 56 44 52 50 46 48 46 45 39 38 39 28 35 43 32 32 39 38 41 24 37 37 20 25 34 34 33 21 22 21 14 Q1'

59. Slide 59: Provision for Credit Losses (PCL)

    Provision for Credit Losses (PCL) Impaired and Performing PCL1,2 ($MM) Highlights Q1/23 Q4/23 Q1/24  Impaired PCL increased quarter- Total Bank 690 878 1,001 over-quarter, due to: Impaired 553 719 934 – Continued credit Performing 137 159 67 normalization in the consumer lending portfolios, includi

60. Slide 60: Canadian Personal Banking

    Canadian Personal Banking Canadian Personal Banking (Q1/24) Highlights Gross Loans ($B) GIL ($MM) GIL/Loans (%)  Gross impaired loans Residential Mortgages 263.9 209 0.08 increased quarter-over- Home Equity Lines of Credit (HELOC) 117.9 162 0.14 quarter, reflective of Indirect Auto 28.8 109 0.38 –

61. Slide 61: Canadian Real Estate Secured Lending Portfolio

    Canadian Real Estate Highlights Secured Lending Portfolio Total Canadian real estate secured lending portfolio at $384B Maturity Schedule ($B)1 $114.4  92% of RESL portfolio is amortizing4, of $32.8 which 74% of HELOC portfolio is $79.0 $79.0 amortizing $8.6 Variable Rate $42.2 $47.1  35% variable

62. Slide 62: Commercial Real Estate (CRE)

    Commercial Real Estate (CRE) Commercial Real Estate Portfolio Overview: Highlights $93B  Commercial Real Estate represents $93B or 10% of Total Bank gross loans and acceptances1 Office Retail – Portfolio is well diversified across 11% 17% geographies and sub segments Other – 57% of CRE portfolio in

63. Slide 63: Canadian Commercial and Wholesale Banking

    Canadian Commercial and Wholesale Banking Canadian Commercial and Wholesale Banking (Q1/24) Highlights Gross Loans/ GIL GIL/Loans BAs ($B) ($MM) (%)  Gross impaired loans Commercial Banking1 122.3 950 0.78 increased quarter-over- Wholesale Banking 96.6 46 0.05 quarter, recorded in: Total Canadian C

64. Slide 64: U.S. Personal Banking

    U.S. Personal Banking U.S. Personal Banking1 (Q1/24) Highlights Gross Loans GIL GIL/Loans In USD unless otherwise specified ($B) ($MM) (%)  Gross impaired loans Residential Mortgages 41.3 336 0.81 increased quarter-over- Home Equity Lines of Credit (HELOC)2 7.7 171 2.21 quarter, reflective of Indir

65. Slide 65: U.S. Commercial Banking

    U.S. Commercial Banking U.S. Commercial Banking1 (Q1/24) Highlights Gross Loans/ GIL GIL/Loans In USD unless otherwise specified BAs ($B) ($MM) (%)  Gross impaired loans Commercial Real Estate (CRE) 28.6 341 1.19 increased quarter-over- Non-residential Real Estate 19.9 234 1.18 quarter, driven by t

66. Slide 66: Appendix: Additional Information

    Appendix Additional Information 66

67. Slide 67: Q1 2024: PTPP & Operating Leverage

    1,2 1,3 Q1 2024: PTPP & Operating Leverage Modified for partners' share of SCP PCL, FX and Insurance Service Expense Q1 2024 Q4 2023 Q1 2023 TOTAL BANK SFI Reference Revenue Expenses Revenue Expenses Revenue Expenses 1 Reported Results ($MM) 13,714 8,030 13,178 7,628 12,201 8,112 Page 2, L3 & L6 2 P

68. Slide 68: Endnotes

    Endnotes 68

69. Slide 69: Endnotes on Slides 3-5

    Endnotes on Slides 3-5 Slide 3 1. See Slide 7. 2. See Slide 29. 3. For additional information about this metric, refer to the Glossary in the Bank's Q1 2024 MD&A (available at www.td.com/investor and www.sedar.com), which is incorporated by reference. 4. See Slide 41. Slide 5 1. Q1 2024 is the quart

70. Slide 70: Endnotes on Slides 6-7

    Endnotes on Slides 6-7 Slide 6 1. Canadian Bankers Association, Fast Facts About the Canadian Banking System. February 2024. 2. As per Canada Mortgage and Housing Corporation (CMHC) Residential Mortgage Industry Data Dashboard. 3. Total ATMs includes branch, remote and TD Branded ATMs in Canada. Tot

71. Slide 71: Endnotes on Slides 8-9

    Endnotes on Slides 8-9 Slide 8 1. Based on total assets. Source: SNL Financial, Top 50 US banks and Thrifts in the U.S. 2. Investor Economics | A division of ISS Market Intelligence. "Retail Brokerage and Distribution Report – Canada" (Fall 2023). Online brokerage rankings as of September 2023. 3. I

72. Slide 72: Endnotes on Slides 11-12

    Endnotes on Slides 11-12 Slide 11 1. Canadian Personal and Commercial: based on Canadian Personal & Small Business Banking. U.S. Retail: based on U.S. Retail and Small Business Banking. 2. Active digital users as a percentage of total customer base. Canadian Personal & Small Business Banking exclude

73. Slide 73: Endnotes on Slides 14-17

    Endnotes on Slides 14-17 Slide 14 1. See Slide 7. 2. See Slide 29. 3. For additional information about this metric, refer to the Glossary in the Bank's Q1 2024 MD&A (available at www.td.com/investor and www.sedar.com), which is incorporated by reference. 4. See Slide 41. Slide 15 1. Please refer to

74. Slide 74: Endnotes on Slides 18-20

    Endnotes on Slides 18-20 Slide 18 1. Please refer to Slide 7, Endnote 1. 2. Net interest margin is calculated by dividing U.S. Retail segment’s net interest income by average interest-earning assets. For the U.S. Retail segment, this calculation excludes the impact related to sweep deposits arrangem

75. Slide 75: Endnotes on Slides 21-22

    Endnotes on Slides 21-22 Slide 21 1. Please refer to Slide 7, Endnote 1. 2. Amortization of acquired intangibles relates to intangibles acquired as a result of asset acquisitions and business combinations, including the after-tax amounts for amortization of acquired intangibles relating to the share

76. Slide 76: Endnotes on Slides 23-26

    Endnotes on Slides 23-26 Slide 23 1. U.S. HELOC includes Home Equity Lines of Credit and Home Equity Loans. 2. Includes acquired credit impaired loans and loans booked in the Corporate segment. 3. Includes loans measured at fair value through other comprehensive income. Slide 24 1. Includes acquired

77. Slide 77: Endnotes on Slides 27-30

    Endnotes on Slides 27-30 Slide 27 1. Compound annual growth rate for the five-year period ended October 31, 2023. 2. Please refer to Slide 7, Endnote 1. Slide 28 1. Please refer to Slide 3, Endnote 3. Slide 29 1. Total Shareholder Return is calculated based on share price movement and dividends rein

78. Slide 78: Endnotes on Slides 31-33

    Endnotes on Slides 31-33 Slide 31 1. Market share ranking is based on most current data available from the Office of the Superintendent of Financial Institutions Canada (OSFI) for personal deposits and loans as of Nov 2023. 2. Source: Data.ai - Based on Big 5 Canadian banks from data.ai- average mon

79. Slide 79: Endnotes on Slides 34-36

    Endnotes on Slides 34-36 Slide 34 1. Please refer to slide 7, Endnote 1. 2. Total Deposits based on average wealth deposits. Total Loans based on average wealth loans. 3. Please refer to Slide 5, Endnote 4. 4. Please refer to Slide 5, Endnote 6. 5. Please refer to Slide 5, Endnote 7. 6. The 2024 Glo

80. Slide 80: Endnotes on Slides 37-40

    Endnotes on Slides 37-40 Slide 37 1. Source: Bloomberg; calendar year ended December 31, 2023. 2. Source: Source: Refinitiv; Canadian Target Completed transactions over the last twelve months ended January 31, 2024. 3. Source: Bloomberg; calendar year ended December 31, 2023. Slide 39 1. See Slide 7

81. Slide 81: Endnotes on Slides 41-44

    Endnotes on Slides 41-44 Slide 41 1. Please refer to slide 7, Endnote 3. 2. Subject to conversion under the bank recapitalization "bail-in" regime. 3. Ratings reflect holding company senior unsecured ratings. 4. Please refer to slide 7, Endnote 4. 5. Please refer to slide 6, Endnote 6. Slide 42 1. P

82. Slide 82: Endnotes on Slides 45-47

    Endnotes on Slides 45-47 Slide 45 1. As at January 31, 2024. 2. For wholesale term debt that has bullet maturities. 3. Based on first par redemption date. The timing of an actual redemption is subject to management’s view at the time as well as applicable regulatory and corporate governance approval

83. Slide 83: Endnotes on Slides 48-50

    Endnotes on Slides 48-50 Slide 48 1. Please refer to slide 7, Endnote 3. 2. Ratings by Moody’s, DBRS and Fitch, respectively, as at January 31, 2024. 3. In Canadian dollars equivalent with exchange rate as at date of issuance. 4. The Covered Bond Label Foundation and its affiliates are not associate

84. Slide 84: Endnotes on Slides 51-59

    Endnotes on Slides 51-59 Slide 51 1. Link to full OSFI's statement: https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/at1t2.aspx. 2. Based on publicly available information. Slide 53 1. Source: TD Economics, February 2024. For recent economic analysis and research please refer to https://economics

85. Slide 85: Endnotes on Slides 60-62

    Endnotes on Slides 60-62 Slide 60 1. RESL Portfolio Current Loan to Value is calculated with the Teranet-National Bank House Price Index™ and weighted by the total exposure, based on outstanding mortgage balance and/or the HELOC authorized credit limit for both insured and uninsured exposures, exclu

86. Slide 86: Endnotes on Slides 63-65

    Endnotes on Slides 63-65 Slide 63 1. Includes Small Business Banking and Business Credit Cards. 2. Consumer includes: Food, Beverage and Tobacco; Retail Sector. 3. Industrial/Manufacturing includes: Industrial Construction and Trade Contractors; Sundry Manufacturing and Wholesale Banking. 4. Other i

87. Slide 87: Endnotes on Slide 67

    Endnotes on Slide 67 Slide 67 1. Please refer to Slide 7, Endnote 1. 2. Pre-tax, pre-provision earnings (PTPP) is a non-GAAP financial measure that is typically calculated by subtracting expenses from revenues. At the total Bank level, TD calculates PTPP as the difference between adjusted revenue (U

88. Slide 88: Investor Relations Contacts

    Investor Relations Contacts Phone: (416) 308-9030 or 1 (866) 486-4826 Email: tdir@td.com Website: www.td.com/investor 88

TD Bank Group — Q1 2024 Earnings Presentation on 6ix