Toronto-dominion Bank · TSX:TD
Toronto-dominion Bank — TD Bank Group — Q3 2022 Earnings Presentation
75 slides from Toronto-dominion Bank's earnings presentation, 2022
Slide 1: TD Bank Group Investor Presentation Q3 2022
TD Bank Group Investor Presentation Q3 2022
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: TD Bank Group 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 Q3 2022 Financial Results 2 For the three months ended July 31, 2022. Proven Performance, Future Growth Opportunities 3 Delivering solid long-term shareholder returns2 Strong Balan
Slide 4: TD Framework
TD Framework Execute Own Innovate Think Customer Develop Our Vision Our Purpose Be the better bank To enrich the lives of our customers, communities TD Framework and colleagues Our Shared Commitments Think like a Act like an owner; Execute with Innovate with Develop our customer; lead with integrity
Slide 5: Our Strategy
Our Strategy We're in this together – Anchored by our proven business model and propelled by our forward-focused strategy, we are helping our customers, colleagues and communities thrive in a changing world Proven Business Model Forward Focused Purpose-Driven Deliver consistent earnings growth, Shap
Slide 6: Proven Business Model: TD Snapshot
Proven Business Model: TD Snapshot Diversification and scale, underpinned by a strong risk culture Our Businesses Canadian Retail ▪ Personal banking, credit cards and auto finance ▪ Small business, commercial banking, merchant solutions and equipment finance ▪ Direct investing, advice-based wealth,
Slide 7: Competing in Attractive Markets
Competing in Attractive Markets Country Statistics Country Statistics ▪ 9th largest economy ▪ World’s largest economy ▪ Real GDP of C$2.1 trillion ▪ Real GDP of US$20 trillion ▪ Population of ~38 million ▪ Population of ~335 million Canadian Banking System U.S. Banking System ▪ One of the soundest b
Slide 8: Top 10 North American Bank
Top 10 North American Bank Canadian North American Q3 2022 (C$ except otherwise noted) TD Bank Group Ranking20 Ranking21 Total assets $1,841B 2nd 6th Total deposits $1,202B 1st 5th Market capitalization $150.8B 2nd 5th Reported net income (trailing four quarters) $14.5B 2nd 6th Adjusted net income17
Slide 9: Diversified Business Mix
Diversified Business Mix Three key business lines Q3 2022 Reported Earnings Mix22 ▪ Canadian Retail – Robust retail banking platform in Canada with proven performance 23 Canadian U.S. Retail Retail, 57% ▪ U.S. Retail – Top 10 bank25 in Bank, 29% the U.S. with attractive growth opportunities ▪ Wholes
Slide 10: Growing Platform / North American Scale
Growing Platform / North American Scale 2000-2010: Canadian Leadership, 2011-2015 – Acquiring Assets New Capabilities and Partnerships Accelerating Growth Entry into US • Acquired Chrysler Financial auto • Acquired Epoch (2013) • Announced proposed acquisition of finance portfolio (2011) • Acquired
Slide 11: Forward Focused: First Horizon Acquisition Update
Forward Focused First Horizon Acquisition Update First Horizon Accelerates TD's U.S. Retail Bank Growth Strategy Progress to Date Next Steps • Integration Management Office has defined Legal • Continue to work with regulators through the normal Day 1 (deal closing), integration and conversion course
Slide 12: First Horizon Acquisition
First Horizon Acquisition Mitigation of Interest Rate Volatility to Closing Capital ▪ Purchase accounting requires TD to fair value First Horizon's assets and liabilities at closing ▪ Since fair values are sensitive to interest rates, changes in rates will impact the fair values and therefore the am
Slide 13: Forward Focused: Shaping the Future of Banking
Forward Focused Shaping the future of banking Powered Enhancements TD Direct Investing for Canadian Personal recognized as the #1 online Bank broker in Canada Strategic Expansion of TD Securities' U.S. Capabilities & Canadian FX Service Quality Leader Scale to Accelerate Growth for Corporates in Coa
Slide 14: Connected Experiences
Connected Experiences Consistent Strategy Q3 2022 Adoption and Recent Awards28 How we compete: ▪ Enabling seamless interactions between customers and 15.5MM 6.8MM 4.4MM the entire organization Active Active Active Enterprise Canadian ▪ Leveraging our industry-leading Experience Design Center U.S. Ba
Slide 15: Forward Focused: Digital Adoption
Forward Focused: Digital Adoption Digital Adoption Active Mobile Users Self-Serve Transactions (% of total customers)30 (millions)11 (as % of all financial transactions)31 +90 bps YoY +7.9% YoY -40 bps YoY 63.2 6.8 Canadian 6.7 92.0 61.6 91.6 91.6 Retail29 60.7 6.3 Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/2
Slide 16: Purpose Driven
Purpose Driven Centered on our vision, purpose and shared commitments 16
Slide 17: Our Strategy (ESG)
Our Strategy Our Environmental, Social and Governance strategy reflects the commitments we make and is represented by the actions we take together to drive progress. It is embedded in our proven business model, guided by our purpose and inspired by our forward focus. The TD Ready Commitment accelera
Slide 18: Purpose Driven: ESG Highlights
Purpose Driven ESG Highlights Environment Social Governance • Developed a customized methodology for • Our financial contribution totaled $1 million to • Established the ESG Centre of Expertise to setting Scope 3 financed emissions targets support humanitarian relief efforts in Ukraine coordinate an
Slide 19: TD Bank Group 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 Q3 2022 Financial Results 2 For the three months ended July 31, 2022. Proven Performance, Future Growth Opportunities 3 Delivering solid long-term shareholder returns2 Strong Balan
Slide 20: Q3 2022 Highlights
Q3 2022 Highlights Strong revenue performance EPS of $1.75, down 9% YoY (Adj17 $2.09, up 6%) P&L ($MM) Reported Q3/22 QoQ YoY Revenue up 2% YoY (Adj17 up 8% YoY) Revenue 10,925 (3%) 2% ▪ Reported revenue includes the net loss from PCL 351 +$324 +$388 mitigation of interest rate volatility to closing
Slide 21: Canadian Retail
Canadian Retail Strong quarter with record revenue Net income up 6% YoY P&L ($MM) Reported Q3/22 QoQ YoY Revenue up 7% YoY Revenue 7,020 6% 7% ▪ Volume and margin growth, higher fee-based PCL 170 +$110 +$70 revenue in banking and higher insurance volumes, Impaired 142 ($21) ($12) partially offset by
Slide 22: U.S. Retail (US$)
U.S. Retail (US$) Strong quarter with continued momentum Net income up 7% YoY (Adj17 up 8% YoY) P&L (US$MM) (except where noted) Reported Q3/22 QoQ YoY Revenue up 11% YoY Revenue 2,409 4% 11% ▪ Higher deposit margins and volumes, partially offset by lower income from PPP and lower loan margins PCL 8
Slide 23: Wholesale
Wholesale Solid performance in Q3 Net income down 18% YoY P&L ($MM) Reported Q3/22 QoQ YoY Revenue down 1% YoY Revenue 1,076 (14%) (1%) ▪ Lower underwriting fees and loan underwriting Trading-related revenue 547 (20%) 17% commitment markdowns, partially offset by higher (TEB)7,37 trading-related and
Slide 24: Capital
38 Capital Strong capital and liquidity management supporting future growth Common Equity Tier 1 ratio of 14.9% Common Equity Tier 1 Ratio Q2 2022 CET 1 Ratio 14.7% Internal capital generation 42 Risk-Weighted Assets up 1.4% QoQ Increase in Common Shares from Dividend 12 Reinvestment Plan Leverage R
Slide 25: Gross Lending Portfolio
Gross Lending Portfolio Including B/As Period-End Balances ($B unless otherwise noted) Q2/22 Q3/22 Canadian Retail Portfolio 511.0 522.8 Personal 409.1 418.7 Residential Mortgages 239.3 244.5 Home Equity Lines of Credit (HELOC) 107.9 112.2 Indirect Auto 26.9 27.0 Credit Cards 15.6 16.4 Other Persona
Slide 26: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL) By Business Segment Highlights PCL43: $MM and Ratios44 ▪ PCL increased quarter-over-quarter, $351 largely reflecting: $25 – A prior quarter performing Wholesale $49 allowance release Corporate – Coupled with nominal performing U.S. Retail $107 provisions in the curr
Slide 27: Allowance for Credit Losses (ACL)
Allowance for Credit Losses (ACL) ACL43: $B and Coverage Ratios47 124 126 122 Highlights 103 108 103 97 $9.2 $9.4 93 $8.9 87 85 bps ▪ ACL remained stable quarter-over- 74 $7.9 $8.0 $7.7 $7.3 $7.1 $6.9 quarter reflecting: $6.9 United States 59% 60% 59% – Deterioration in our macroeconomic $5.3 58% 58
Slide 28: TD Bank Group Key Themes
TD Bank Group Key Themes Top 10 North American Bank 1 6th largest bank by Total Assets1 5th largest bank by Market Cap1 Q3 2022 Financial Results 2 For the three months ended July 31, 2022. Proven Performance, Future Growth Opportunities 3 Delivering solid long-term shareholder returns2 Strong Balan
Slide 29: Consistent Earnings Growth
Consistent Earnings Growth Reported Earnings (C$MM)50 5-year CAGR51 $14,298 Reported Earnings: 9.9% (9.5% adjusted17) Reported EPS: 10.6% (10.2% adjusted17) $11,334 $11,686 $11,895 $10,517 $8,936 Corporate Wholesale Banking U.S. Retail Canadian Retail 2016 2017 2018 2019 2020 52 2021 29
Slide 30: Strong, Consistent Dividend History
Strong, Consistent Dividend History 53 Dividends Per Share (C$) $3.56 164-year continuous dividend history Dividend yield: 4.0%7 Target payout $0.22 range: 40%-50% Annual Dividend 30
Slide 31: Solid Total Shareholder Returns
Solid Total Shareholder Returns7 Canadian North American TD Bank Group Ranking20 Ranking21 One-Year 4.2% 3rd 3rd Three-Year 7.0% 5th 7th Five-Year 9.6% 3rd 4th Ten-Year 12.0% 3rd 7th 31
Slide 32: Canadian Retail
Canadian Retail Consistent Strategy Reported Net Income (C$MM) How we compete: $8,481 ▪ Legendary personal connected $7,183 $6,525 $6,863 customer service $6,026 ▪ Focus on underrepresented products and markets ▪ The power of One TD ▪ Winning culture and team $6,525 $7,183 $7,421 $6,124 $8,481 Highe
Slide 33: Canadian Retail
Canadian Retail Personal Banking Business Banking ▪ #1 or #2 market share in most retail products14 ▪ #1 in Business Banking loan market share and #2 deposit market share14 ▪ Canadian branch network continues to lead the market in total hours ▪ Customized Commercial Banking financing solutions with
Slide 34: U.S. Retail
U.S. Retail Consistent Strategy Reported Net Income (US$MM) How we compete: $3,750 $3,967 ▪ Legendary service and convenience $3,253 ▪ Grow and deepen customer relationships $2,536 ▪ Differentiated brand as the “human” bank $2,278 ▪ Productivity initiatives that enhance both the customer and colleag
Slide 35: U.S. Retail
U.S. Retail Personal & Commercial Banking Credit Cards ▪ Top 10 bank65 with over 9MM customers, operating retail stores in 15 ▪ Private label and co-brand credit card offering for U.S. customers of states and the District of Columbia regional and nationwide retail partners, including Target and Nord
Slide 36: Wholesale Banking
Wholesale Banking Net Income (C$MM) Consistent Strategy $1,570 Our Strategic Objectives: $1,418 ▪ Continue to build an integrated North American dealer franchise with global reach $1,039 $1,054 – In Canada, we will be the top-ranked investment dealer. – In the U.S., we will deliver value and trusted
Slide 37: Wholesale Banking: Positioned for Growth
Wholesale Banking Positioned for Growth ▪ Delivering client-focused Environmental, Social and Governance (ESG) advisory, thought leadership, and sustainable financing solutions to facilitate the transition to a low-carbon economy: – TD Securities acted as the Sole Active Bookrunner on Dream Resident
Slide 38: TD Bank Group 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 Q3 2022 Financial Results 2 For the three months ended July 31, 2022. Proven Performance, Future Growth Opportunities 3 Delivering solid long-term shareholder returns2 Strong Balan
Slide 39: 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: 24.00% (21.50% + 2.50% Domestic Stability Buffer ("DSB")68) 2. TLAC levera
Slide 40: Industry-Leading Credit Ratings
Industry-Leading Credit Ratings Issuer Ratings19 Rating Agencies Senior Debt Ratings74 Outlook Moody's A1 Stable S&P A Stable DBRS AA Stable Fitch AA- Stable Ratings vs. Peer Group19 Moody’s Senior Debt75 / HoldCo76 Rating S&P Senior Debt75 / HoldCo76 Rating Fitch Senior Debt75 / HoldCo76 Rating Aa1
Slide 41: Leading Non-Common Equity Capital Ratings
Leading Non-Common Equity Capital Ratings NVCC Tier 2 Subordinated Debt Ratings19 Moody’s S&P Fitch A2 A A A3 A- A- Baa1 BBB+ BBB+ Baa2 BBB BBB Baa3 BBB- BBB- Ba1 BB+ BB+ TD Canadian Peers TD Canadian Peers TD TD CanadianPeers Canadian Peers 20 TD Canadian Peers20 TD Canadian Peers20 Additional Tier
Slide 42: Robust Liquidity Management
Robust Liquidity Management Liquidity Risk Management Framework Liquidity Risk Management Framework ▪ Target a 90-day survival horizon under a combined ▪ TD holds a variety of liquid assets commensurate with Bank-specific and market-wide stress scenario, and a liquidity needs in the organization. mi
Slide 43: Deposit Overview
Deposit Overview Leader in Deposits Large base of personal and business deposits77 that make up 75% of the Bank's total funding ▪ TD Canada Trust ("TDCT") ranked #1 in Total Personal Deposits78 – legendary customer service and the power of One TD ▪ U.S. Retail is a top 1065 bank in the U.S. with 9.6
Slide 44: Low Risk, Deposit Rich Balance Sheet
Low Risk, Deposit Rich Balance Sheet79 Large base of stable retail and commercial Maturity Profile84,85 (C$B) (To first par redemption date) deposits 60 Issuance Maturity ▪ Personal and business deposits are TD's primary sources of funds 50 – Customer service business model delivers stable base of “
Slide 45: Wholesale Term Debt Composition
Wholesale Term Debt Composition89 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 establi
Slide 46: Canadian Registered Covered Bond Program
Canadian Registered 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 va
Slide 47: TD Global Legislative Covered Bond Program
TD Global Legislative Covered Bond Program Highlights Cover Pool as at July 31, 2022 ▪ TD has a C$80B legislative covered bond program ▪ High quality, conventional first lien Canadian ▪ Covered bonds issuance for Canadian issuers governed by CMHC-administered guidelines Residential mortgages origina
Slide 48: Bail-in Implementation
Bail-in Implementation Regulation Overview ▪ On April 18, 2018, the Government of Canada published final regulations under the CDIC Act and the Bank Act providing details of the bank recapitalization "bail-in" regime and final Total Loss Absorbing Capacity (TLAC) guideline. ▪ The issuance regulation
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, 201897. Unlike other jurisdictions, Can
Slide 50: Appendix: Economic Outlook
Appendix Economic Outlook
Slide 51: TD Economics Update
TD Economics Update100 Global Outlook: High inflation and recession risks revise global outlook to downside ▪ Elevated inflation, energy crises, and the war in Ukraine continue to weigh on the global economic outlook. Although not all countries are experiencing negative pressures to the same scale,
Slide 52: Interest Rate Outlook
Interest Rate Outlook101 Interest Rates, Canada and U.S. % ▪ The Federal Reserve raised the 7 Forecast federal funds rate target to the 2.25% to 2.50% range in July. We anticipate U.S. Federal 6 Funds Rate an additional 125 bps rate hike across FOMC meetings until the end of the year. This will brin
Slide 53: Appendix: Credit Quality
Appendix Credit Quality
Slide 54: Gross Impaired Loan Formations
Gross Impaired Loan Formations By Business Segment Highlights GIL Formations102: $MM and Ratios103 ▪ Gross impaired loan formations were stable quarter-over-quarter 16 11 11 12 12 bps $1,187 $1,006 $937 $830 $16 / 3 bps $796 $779 / 39 bps $512 / 25 bps $594 / 28 bps $424 / 21 bps $416 / 21 bps $390
Slide 55: Gross Impaired Loans (GIL)
Gross Impaired Loans (GIL) By Business Segment GIL104: $MM and Ratios105 Highlights ▪ Gross impaired loans 35 decreased 2 basis points 32 33 30 28 bps quarter-over-quarter to a new cyclical low $2,651 $2,560 $68 / 11 bps $2,411 $2,397 $7 / 1 bp $2,332 $12 / 2 bps $7 / 1 bp $7 / 1 bp $1,543 / $1,621
Slide 56: Credit Quality
Credit Quality Net impaired loans and PCL ratios (bps) 100 Net impaired loans as a % of net loans and acceptances (bps) Provision for credit losses as a % of net average loans and acceptances (bps) 56 52 50 46 48 46 45 39 38 Q3 2022 43 32 20 39 38 41 24 25 37 37 34 34 33 22 4 Q3 2022 17 1 IFRS IFRS
Slide 57: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL)43,107 Impaired and Performing Highlights PCL ($MM) Q3/21 Q2/22 Q3/22 ▪ Impaired PCLs remain at cyclically low levels Total Bank (37) 27 351 – Quarter-over-quarter increase largely reflected in the U.S. consumer lending Impaired 242 314 340 portfolios Performing (279
Slide 58: Canadian Personal Banking
Canadian Personal Banking Canadian Personal Banking (Q3/22) Highlights Gross Loans ($B) GIL ($MM) GIL/Loans (%) ▪ Gross impaired loans Residential Mortgages 244.5 167 0.07 decreased quarter-over- Home Equity Lines of Credit (HELOC) 112.2 87 0.08 quarter in the consumer Indirect Auto 27.0 68 0.25 len
Slide 59: Canadian Real Estate Secured Lending Portfolio
Canadian Real Estate Secured Lending Portfolio Highlights (Q3 2022) Quarterly Portfolio Volumes ($B) Canadian RESL credit quality remained $328 $334 $340 $348 $357 strong Uninsured ▪ Uninsured average Bureau score111 of 793 Insured 76% 77% 78% 79% 80% ▪ 44% variable interest rate, of which 27% Mortg
Slide 60: Canadian Commercial and Wholesale Banking
Canadian Commercial and Wholesale Banking Highlights Canadian Commercial and Wholesale Banking (Q3/22) Gross Loans/ GIL GIL/Loans ▪ Continued good asset quality BAs ($B) ($MM) (%) in Canadian Commercial and Commercial Banking110 104.1 408 0.39 Wholesale Banking Wholesale 79.3 7 0.01 Total Canadian C
Slide 61: U.S. Personal Banking (USD)
U.S. Personal Banking (USD) Highlights U.S. Personal Banking117 (Q3/22) ▪ Gross impaired loans Gross Loans GIL GIL/Loans decreased quarter-over- ($B) ($MM) (%) quarter Residential Mortgages 33.5 368 1.10 Home Equity Lines of Credit (HELOC)40 7.0 216 3.11 Indirect Auto 26.2 158 0.61 Credit Cards 13.6
Slide 62: U.S. Commercial Banking (USD)
U.S. Commercial Banking (USD) Highlights U.S. Commercial Banking117 (Q3/22) Gross Loans/ GIL GIL/Loans ▪ Gross impaired loans BAs ($B) ($MM) (%) increased primarily related Commercial Real Estate (CRE) 24.7 60 0.24 to a new formation this Non-residential Real Estate 17.2 42 0.24 quarter Residential
Slide 63: Appendix: Additional Information
Appendix Additional Information
Slide 64: Q3 2022: PTPP & Operating Leverage
Q3 2022: PTPP17,120 & Operating Leverage17,121 Modified for partners' share of SCP PCL, FX and Insurance Fair Value Change Q3 2022 Q2 2022 Q3 2021 TOTAL BANK SFI Reference Revenue Expenses Revenue Expenses Revenue Expenses 1 Reported Results ($MM) 10,925 6,096 11,263 6,033 10,712 5,616 Page 2, L3 &
Slide 65: Endnotes
Endnotes
Slide 66: Endnotes
Endnotes 1. See slide 8. 2. See slide 31. 3. See slide 40. 4. Q3 2022 is the quarter comprising the period from May 1, 2022 to July 31, 2022. 5. Deposits based on total of average personal and business deposits during the quarter. U.S. Retail includes Schwab Insured Deposit Accounts (IDAs), Canadian
Slide 67: Endnotes
Endnotes 17. The Bank prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accordance with IFRS as the “reported” results. The Bank also uti
Slide 68: Endnotes
Endnotes 28. Enterprise active digital users include Canadian Personal and Commercial Banking, TD WebBroker, MBNA active users, TD Insurance active users, and U.S. Retail. Canadian active mobile users based on Canadian Personal and Commercial Banking. U.S. active mobile users based on U.S. Retail an
Slide 69: Endnotes
Endnotes 39. FX impact on RWA has a negligible impact on the CET 1 ratio, because the CET 1 ratio is currency hedged. 40. U.S. HELOC includes Home Equity Lines of Credit and Home Equity Loans. 41. Includes acquired credit impaired loans and loans booked in the Corporate segment. 42. Includes loans m
Slide 70: Endnotes
Endnotes 58. Similarweb Traffic & Engagement, 1H 2022, Canada for the period between January 2022 to June 2022. 59. Investor Economics "Managed Money Advisory Service-Canada" (Spring 2022). Assets under management (AUM) as of December 2021. As measured by the sum of AUM across the "DB Pension Plan",
Slide 71: Endnotes
Endnotes 71. Sums may not add up precisely due to rounding. 72. These measures have been calculated in accordance with OSFI's Total Loss Absorbing Capacity (TLAC) guideline. 73. Includes par value of outstanding senior unsecured long-term debt issued after September 23, 2018 with a remaining term to
Slide 72: Endnotes
Endnotes 89. As at July 31, 2022 90. Excludes certain private placement and structured notes. 91. In Canadian dollars equivalent with exchange rate as of July 31, 2022. 92. On March 27, 2020, OSFI announced that the covered bond ratio limit is temporarily increased to 10% to enable access to Bank of
Slide 73: Endnotes
Endnotes 106. Effective November 1, 2017, the Bank adopted IFRS 9, which replaces the guidance in IAS 39. The Bank made the decision not to restate comparative period financial information and has recognized any measurement differences between the previous carrying amount and the new carrying amount
Slide 74: Endnotes
Endnotes 120. 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 revenue (U.S. Retail in $US) net of fair value changes in investments support
Slide 75: Investor Relations Contacts
Investor Relations Contacts Phone: (416) 308-9030 or 1 (866) 486-4826 Email: tdir@td.com Website: www.td.com/investor 75