#1TD TD Bank Group Investor Presentation WWW. WWXXXXX www. GANNYA WWW.XX VINNA VMM KIN D Canada Trust Q2 2022#2Caution Regarding Forward-Looking Statements TD 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 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 ("2021 MD&A") in the Bank's 2021 Annual Report under the headings "Economic Summary and Outlook" and "The Bank's Response to COVID-19", under the headings "Key Priorities for 2022" and "Operating Environment and Outlook" for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, and under the heading "Focus for 2022" for the Corporate segment, and in other statements regarding the Bank's objectives and priorities for 2022 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, the Bank's anticipated financial performance, and the potential economic, financial and other impacts of the Coronavirus Disease 2019 (COVID-19). Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "intend", "estimate", "plan", "goal", "target", "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: strategic, credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), operational (including technology, cyber security, and infrastructure), model, insurance, liquidity, capital adequacy, legal, regulatory compliance and conduct, reputational, environmental and social, and other risks. Examples of such risk factors include the economic, financial, and other impacts of pandemics, including the COVID-19 pandemic; general business and economic conditions in the regions in which the Bank operates; geopolitical risk; the ability of the Bank to execute on longterm strategies and shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans; technology and cyber security risk (including cyber-attacks or data security breaches) on the Bank's information technology, internet, network access or other voice or data communications systems or services; model risk; fraud activity; 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, and other risks arising from the Bank's use of third-party service providers; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization "bail-in" regime; regulatory oversight and compliance risk; increased competition from incumbents and new entrants (including Fintechs and big technology competitors); shifts in consumer attitudes and disruptive technology; exposure related to significant litigation and regulatory matters; ability of the Bank to attract, develop, and retain key talent; changes to the Bank's credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; Interbank Offered Rate (IBOR) transition risk; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; environmental and social risk (including climate change); 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 refer to the “Risk Factors and Management" section of the 2021 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the heading "Pending Acquisition" or "Significant and Subsequent Events and Pending Acquisitions" in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, should be considered carefully when making decisions with respect to the Bank. 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 2021 MD&A under the headings "Economic Summary and Outlook" and "The Bank's Response to COVID-19", under the headings "Key Priorities for 2022" and "Operating Environment and Outlook" for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, and under the heading "Focus for 2022" for the Corporate segment, each as may be 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. 2#3TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ TD 5th largest bank by Market Cap¹ Q2 2022 Financial Results 2 For the three months ended April 30, 2022. 3 4 Proven Performance, Future Growth Opportunities Delivering solid long-term shareholder returns² Strong Balance Sheet and Capital Position Highly rated by major credit rating agencies³ NB: Explanatory end notes are included on slides 65-73. 3#4TD Framework Own Execute Innovate Think Customer Develop Our Vision Be the better bank TD Framework Our Purpose To enrich the lives of our customers, communities and colleagues TD Think like a customer; provide legendary experiences and trusted advice Act like an owner; lead with integrity to drive business results and contribute to communities Our Shared Commitments Execute with speed and impact; only take risks we can understand and manage Innovate with purpose; simplify the way we work Develop our colleagues; embrace diversity and respect one another#5Our 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 TD Proven Business Model Deliver consistent earnings growth, underpinned by a strong risk culture Forward Focused Shape the future of banking in the digital age Purpose-Driven Centre everything we do on our vision, purpose, and shared commitments Diversification and scale Balance sheet strength Safety, security and trust Omni-channel Improving our operations Innovation Customers Communities Colleagues LO 5#6Proven Business Model: TD Snapshot Diversification and scale, underpinned by a strong risk culture TD 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, and asset management Property, casualty, life and health insurance U.S. Retail ☐ Personal banking, credit cards and auto finance Small business and commercial banking Advice-based wealth and asset management Q2 20224 (C$) Canadian Retail U.S. Retail Financial Strength Deposits5 $474B $493B 2,216 retail locations in North America Loans6 $504B $206B AUA7 $537B $42B ■ Strategic investment in Schwab " Announced acquisition of First Horizon AUM7 $411B $47B Earnings³ (rep.) $8.8B $5.3B " Wholesale Banking Research, investment banking and capital market services Network Highlights Employees⁹ 43,707 25,366 Customers >16MM 9.6MM Branches 1,060 1,156 " Global transaction banking ATMs 10 3,399 2,700 ☐ Presence in key global financial centres Mobile Users 11 6.7MM 4.4MM including New York, London and Singapore 16 TD Securities offices worldwide 6#7Competing in Attractive Markets TD Country Statistics ☐ 10th largest economy ☐ Real GDP of C$2.1 trillion Population of ~38 million Canadian Banking System ☐ One of the soundest banking systems in the world 12 ■ Market leadership position held by the "Big 5" Canadian Banks Canadian chartered banks account for 73% of the residential mortgage market13 Mortgage lenders have recourse to both borrower and property in most provinces TD's Canadian Businesses ☐ Network of 1,060 branches and 3,399 ATMs 10 Composite market share of 21% Ranked #1 or #2 in market share for most retail products 14 Comprehensive wealth offering Top ranked investment dealer Country Statistics ☐ ☐ World's largest economy Real GDP of US$20 trillion Population of ~330 million U.S. Banking System ☐ " Over 4,500 banks with market leadership position held by a few large banks 15 Five largest banks have assets of ~50% of U.S. GDP15 Mortgage lenders have limited recourse in most jurisdictions TD's U.S. Businesses ☐ Network of 1,156 stores and 2,700 ATMs 10 Operations in 4 of the top 10 metropolitan statistical areas and 6 of the 10 wealthiest states 16 Operating in a US$5.9 trillion deposits market15 Expanding U.S. Wholesale business 7#8Top 10 North American Bank TD Q2 2022 (C$ except otherwise noted) TD Bank Group Canadian Ranking20 North American Ranking21 Total assets $1,825B 2nd 6th Total deposits $1,184B 1st 5th Market capitalization $167.4B 2nd 5th Reported net income (trailing four quarters) $14.9B 2nd 6th Adjusted net income 17 (trailing four quarters) $15.0B n/a n/a Average number of full-time equivalent staff Common Equity Tier 1 capital ratio 18 93,203 1st 5th 14.7% 2nd 2nd Moody's long-term deposits/counterparty rating19 Aa1 n/a n/a 8#9Diversified Business Mix Three key business lines Canadian Retail - Robust retail banking platform in Canada with proven performance U.S. Retail - Top 10 bank 25 in the U.S. with attractive growth opportunities Wholesale Banking - North American dealer focused on client-driven businesses TD Q2 2022 Reported Earnings Mix22 Canadian Retail, 56% U.S. Retail Bank, 29% 23 Wholesale, 9% Investment in Charles Schwab, 6%2 24 9#10Growing Platform / North American Scale TD 2000-2010: Canadian Leadership, Entry into US Canada: • • • US: Acquisition of Canada Trust (2000) TD Waterhouse privatization (2001) TD Waterhouse USA / Ameritrade transaction (2006) Privatization of TD Banknorth (2007) Commerce Bank acquisition and integration (2008-2009) Riverside and TSFG acquisition (2010) 2011-2015-Acquiring Assets New Capabilities and Partnerships • Acquired Chrysler Financial auto finance portfolio (2011) • Acquired Epoch (2013) • Acquired MBNA credit card portfolio (2011) Launched strategic cards portfolio program with acquisition of Target (2012) and Nordstrom (2015) credit card portfolios Became primary issuer of Aeroplan Visa and acquired 50% of CIBC's Aeroplan portfolio (2014) Acquired Scottrade Bank in connection with TD Ameritrade's acquisition of Scottrade (2017) Acquired Layer 6 and Greystone (2018) Entered into Air Canada Credit Card Loyalty Program Agreement (2018) Acquired ownership stake in Schwab following Schwab's acquisition of TD Ameritrade (2020) Acquired Wells Fargo's Cdn Direct Equipment Finance business (2021) Accelerating Growth Announced proposed acquisition of First Horizon, to expand U.S. platform into Southeast FIRST HORIZON Increasing Retail Focus and U.S. Expansion From Traditional Dealer To Client-Focused North American Dealer 2000-2004 Foundation for Growth Acquisition of Newcrest Capital (2000) 2005-2010 Client-focused Dealer Strategically exited select businesses (structured products, non-franchise credit, proprietary trading) 2011-2017 - Building in the U.S. • • Partnering with TD Bank, America's Most Convenient BankⓇ to expand U.S. presence (2012) Achieved Primary Dealer status in the U.S.26 (2014) Expanded product offering to U.S. clients and grew our energy sector presence in Houston (2015-2016) Acquired Albert Fried & Company, a New York-based broker-dealer (2017) Integrated North American dealer franchise with global reach Broadened global market access to clients by opening offices in Tokyo and Boston (2018) Expanded U.S. real estate banking franchise with addition of Kimberlite Group advisory team (2020) Acquired Headlands Tech Global Markets' electronic fixed income trading business (2021) 10#11Forward Focused First Horizon Acquisition Update E • • • • • • First Horizon Accelerates TD's U.S. Growth Strategy Progress to Date Filed all required regulatory applications in March with Fed, OCC and OSFI, among others Established an Integration Management Office at TD as part of a joint Integration Steering Committee led by experienced senior executives Senior executives hosted numerous townhalls with First Horizon associates Engaged with community groups across TD's and First Horizon's footprints Closed Series G Preferred Stock purchase for First Horizon to invest in their associates with a broad- based retention plan Reaffirm confidence in ability to execute on cost synergies First Horizon shareholder approval received on May . • • Next Steps Define integration and conversion roadmap Continue community outreach sessions TD Fed and OCC joint public meeting on August 18th to receive input on transaction Continue to target close in Q1 FY2023, subject to receipt of regulatory and shareholder approvals 31st 11#12Forward Focused Shaping the future of banking ΑΙ ARTIFICIAL INTELLIGENCE EXCELLENCE AWARD 2022 Canadian banking app recognized for Al-powered insights 2022 Model Bank Award for Customer Engagement CELENT MODEL BANK 2022 TD RedCard Added Mastercard to offerings in Target's digital and store channels Our Modernization Journey Next Evolution of Work HIGHEST NEALER SKISFACTION J.D.POWER IMPINA Highest in Dealer Satisfaction among Non-Captive Lenders with Retail Credit for the 5th year in a row 27 amazon.ca I+I Government of Canada Gouvernement du Canada AIR CANADA CANADA POST POSTES CANADA TM Expedia Partnering with Top Brands Canada Co-Structuring Advisor and a Joint Lead Manager on the Government of Canada's inaugural $5 billion green bond issuance 12#13➡Connected Experiences Consistent Strategy How we compete: ■ " Enabling seamless interactions between customers and the entire organization Leveraging our industry-leading Experience Design Center of Excellence to create rich experiences for our customers and colleagues Empowering colleagues with digital capabilities to create enterprise value and interact confidently with customers Improving platforms so we can be more agile in meeting and exceeding our customers' expectations Quarterly Digital Enhancements TD introduced My TD Rewards, a centralized loyalty and rewards hub available through EasyWeb and the TD Mobile App. This new experience gives customers a convenient way to access and redeem rewards and loyalty, all in one centralized spot. TD also announced new collaboration with Starbucks Canada to unlock more rewards and convenience. My TD Re 0292.85 c Starbucks Brands Expedia TD launches Digital Wallet 'Multi-card Provisioning' feature for US Debit & Credit Cards. With this enhancement, customers will be able to select and provision multiple debit and credit cards to Apple Pay or Google Pay at the same time. Add to Apple Pay Pay TD Q2 2022 Adoption and Recent Awards 28 15.6MM Active Digital Users CELENT MODEL BANK 7077 Model Bank Award for Customer Engagement Celent, 2022 Select one or more cards to add to Apple Pay TO Debit Card x7007 TO Business Credit Card 1234 TO Cash Credit Card 9010 Add to Apple Pay 6.7MM Active Canadian Mobile Users INNOVATORS 2022 RAKCE FINANCE Outstanding Innovation in Mobile Banking & Most Innovative Bank in North America Global Finance, 2022 Greater than 90% of TD Insurance customers can now register for TD Mylnsurance and can manage their polices online. Secondary account holders are now eligible to enroll which will enable -30% more of the TDI customer base to register, resulting in improved penetration rates and increased self-serve usage 4.4MM Active U.S. Mobile Users BEST DIGITAL BANK AWARD 2021 GLOBAL ΕΙΝΑ BRANCE Best Consumer Digital Bank in North America Global Finance, 2021 Myurance Select your account 813 O 13#14Canadian Retail29 Forward Focused: Digital Adoption U.S. Retail 29 TD Digital Adoption (% of total customers) 30 Active Mobile Users (millions)11 Self-Serve Transactions (as % of all financial transactions)31 3 +90 bps YoY 62.3 61.6 63.2 +7.5% YoY -40 bps YoY 6.7 6.5 92.0 92.1 91.6 6.2 Q2/21 Q1/22 Q2/22 Q2/21 Q1/22 Q2/22 Q2/21 Q1/22 Q2/22 ++280 bps YoY 53.0 52.3 50.2 4.0 +9.8% YoY ++190 bps YoY 80.6 4.4 79.5 4.3 78.7 Q2/21 Q1/22 Q2/22 Q2/21 Q1/22 Q2/22 Q2/21 Q1/22 Q2/22 14#15Purpose Driven Centered on our vision, purpose and shared commitments DiversityInc TOP 2022 50 COMPANIES FOR DIVERSITY® TERNATIONAL WELL HEALTH SAFETY RATED 2022 WELL BUILDI TUTE SIGNAL 1 15 TD#16Our 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 accelerates and amplifies our collective actions in the communities we serve. Environmental Support climate goals and create a more vibrant planet through our collective actions and sustainable financial products, services and programs Social Provide equitable access to financial products, services and information, and contribute to more inclusive economic outcomes Governance Build enterprise resilience through ESG integration Working together, toward an inclusive and sustainable future TD 16#17G Purpose Driven ESG Highlights TD Environment - Announced our interim target for our operational emissions to achieve an absolute reduction in greenhouse gas (GHG) emissions from our operations (Scope 1 and 2 GHG emissions) by 25% by 2025, relative to a 2019 baseline. Developed a customized methodology for setting Scope 3 financed emissions targets and set 2030 Scope 3 targets for the Energy and Power Generation sectors. Set a target to hold $15 to $20 billion in green, social, sustainability and pandemic bonds in our Treasury investment portfolio by the end of 2025. - Was Co-Structuring Adviser and a Joint Lead Manager on the Government of Canada's inaugural $5 billion green bond issuance in March 2022. - Recognized with a "Global Silver Class" distinction in the 2022 S&P Global Sustainability Yearbook. TD is the top ranked North American bank in this ranking. - For the 8th consecutive year, listed on the Dow Jones Sustainability World Index, where we are the top ranked North American-based bank. - - Social - Announced a US$100 million equity fund in support of minority-owned small businesses in the U.S., with US$25 million earmarked for Black- and Latinx-owned small businesses. - Increased its financial contribution to a total of $1 million to support humanitarian relief efforts in Ukraine and assist refugees globally. - Agreed to conduct a racial-equity assessment of its Canadian and U.S. employment policies. Made a broader and longer-term commitment to increase women in roles titled vice president and above in Canada to 45% by end of 2025. - On track to deliver on our 2020 commitments to double the representation of Black executives by the end of 2022 and increase Black, Indigenous Peoples and minority community representation at VP+ levels by 2025. - TD Bank (U.S.) has been recognized by DiversityInc as Top Company for Diversity in 2022 for the tenth consecutive year and ranked ninth on the Forbes list of Best Employers for Diversity 2022. Governance Formally established the ESG Centre of Expertise to bring together the experience, expertise and talent of colleagues working on ESG issues in order to coordinate and streamline efforts and provide thought leadership to support related decision- making. Introduced regular ESG education sessions with our Board of Directors and Senior Executive Team (SET) and incorporated ESG metrics into the SET compensation plan. Developed a climate risk inventory to help identify the impacts climate change may have on TD, our assets and clients. Developed a heatmapping framework to support physical and transition climate risk identification and assessment (i.e., portfolios and industries most susceptible to climate change) as part of the development of our Environmental and Social (E&S) risk management approach. Established an ESG Credit Risk team responsible for identifying, assessing and mitigating the impact of ESG and climate change-related risks on TD's credit portfolio. Building Tomorrow Together 2021 Environmental, Social and Goverence Recon 2021 TD Ready Commitment Report TD 2021 TD's Climate Action Plan Report on Progress and Update on TCFD Advancing Our Climate Action Plan: Methodology for TD's Interim Financed Emissions Targets Energy and Power Generation - March 2022 TD 17#18TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ 5th largest bank by Market Cap¹ Q2 2022 Financial Results 2 For the three months ended April 30, 2022. 3 4 Proven Performance, Future Growth Opportunities Delivering solid long term shareholder returns² Strong Balance Sheet and Capital Position Highly rated by major credit rating agencies³ TD 18#19Q2 2022 Highlights Strong revenue performance EPS of $2.07, up 4% YoY (Adj¹ $2.02, down 1%) Revenue up 10% YoY (Adj¹ up 8% YoY) Reported revenue includes an insurance recovery related to litigation³2 ■ Volume and margin growth and higher fee-based revenue in banking businesses and prior year premium rebates for insurance customers PCL of $27MM Impaired PCL down YoY on improved credit conditions Performing PCL recovery on improved credit conditions, partially offset by elevated economic uncertainty Expenses up 5% YoY (incl. SCP partners' share) Adjusted 17 expenses up 6.5% excl. the partners' share of SCP33 PCL, or 6.6% excl. the partners' share of SCP33 PCL and FX33 Higher spend supporting business growth and higher employee-related expenses, partially offset by prior year store optimization costs PCL Expenses Net Income U.S. Retail TD P&L ($MM) Reported Q2/22 QoQ YOY Revenue 11,263 0% 10% 27 ($45) +$404 Impaired 314 ($15) ($67) Performing (287) ($30) +$471 Expenses 6,033 1% 5% Net Income 3,811 2% 3% Diluted EPS ($) 2.07 2% 4% Adjusted 17 Q2/22 QoQ YOY Revenue 11,039 (2%) 8% 5,999 2% 5% 3,714 (3%) (2%) Diluted EPS7 ($) 2.02 (3%) (1%) Segment Earnings ($MM) Reported Q2/22 QoQ YOY Canadian Retail 2,236 (1%) 2% 1,367 7% 4% Wholesale 359 (17%) (6%) Corporate (151) 33% 19% Adjusted 17 Q2/22 QoQ YOY U.S. Retail 1,198 (6%) (9%) Corporate (79) 38% 25% 19#20Canadian Retail Strong revenue growth supported by continued volume momentum Net income up 2% YoY Revenue up 9% YoY ■ Volume growth, prior year premium rebates in insurance and higher fee-based revenue in banking and wealth businesses, partially offset by lower transaction revenue in wealth Loan volumes up 9% Deposit volumes up 8% Wealth assets 35 up 4% NIM7,35 of 2.62% Up 9 bps QoQ: higher margin on deposits reflecting rising interest rate environment Up 1 bp YoY: higher margin on deposits reflecting rising interest rate environment, partially offset by lower loan margins PCL of $60MM Expenses up 9% YoY P&L ($MM) Reported Revenue PCL TD Q2/22 QoQ YOY 6,623 (1%) 9% 60 +$27 +$97 Impaired 163 +$13 ($28) Performing (103) +$14 +$125 Insurance Claims 592 (22%) 34% Expenses 2,932 2% 9% Net Income 2,236 (1%) 2% ROE7 44.6% -20 bps -670 bps Earnings ($MM) $2,182 $2,125 $2,137 $2,254 $2,236 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Higher spend on business growth, higher employee-related expenses and variable compensation Efficiency ratio of 44.3% 20 20#21U.S. Retail (US$) Delivered solid loan and deposit volumes Net income up 3% YoY (Adj 17 down 10% YoY) Revenue up 12% YoY (Adj¹7 up 3% YoY) Reported revenue includes an insurance recovery related to litigation 32 Higher deposit volumes and margins, and fee income growth, partially offset by lower income from PPP and lower gains on sale of mortgage loans Personal loans up 4% Business loans down 11%, or 3% ex-PPP loans Deposits excl. sweeps up 10% NIM 18,36 of 2.21% ■ Flat QoQ; and up 6 bps QoQ ex. PPP Up 6 bps YoY; and up 16 bps YoY ex. PPP PCL recovery of $15MM Expenses up 2% YoY Higher employee related expenses and business investments, partially offset by prior year store optimization costs Reported and adjusted efficiency ratios of 55.5% and 60.1% respectively PCL Impaired TD P&L (US$MM) (except where noted) Reported Revenue Q2/22 QoQ YOY 2,323 6% 12% (15) ($32) +$158 75 ($24) ($16) Performing Expenses (90) ($8) +$174 1,289 2% 2% U.S. Retail Bank Net Income 902 12% 6% Schwab Equity Pickup 177 (12%) (9%) Net Income 1,079 7% 3% Net Income (C$MM) 1,367 7% 4% ROE 14.2% +160 bps +30 bps Adjusted 17 Q2/22 QoQ YOY Revenue 2,146 (2%) 3% U.S. Retail Bank Net Income 769 (5%) (10%) Net Income 946 (6%) (10%) Net Income (C$MM) 1,198 (6%) (9%) ROE 12.5% -10 bps -140 bps Earnings (US$MM) $1,047 $1,052 $1,092 $1,079 $1,006 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 21#22Wholesale Solid performance in Q2 Net income down 6% YoY Revenue up 8% YoY ■ Higher trading-related revenue, partially offset by lower underwriting fees PCL recovery of $9MM Expenses up 10% YoY ■ Continued investments in Wholesale Banking's U.S. dollar strategy, including the hiring of banking, sales and trading, and technology professionals, and the acquisition of TD Securities Automated Trading (previously Headlands Tech Global Markets, LLC) P&L ($MM) Reported TD Q2/22 QoQ YOY Revenue 1,250 (7%) 8% Trading-related revenue 680 (6%) 22% (TEB)7,37 PCL (9) ($4) +$54 Impaired (1) +$3 ($13) (8) ($7) +$67 776 2% 10% 359 (17%) (6%) 13.1% -310 bps -690 bps Performing Expenses Net Income ROE Earnings ($MM) $420 $434 $383 $359 $330 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 22 22#23Capital³38 Strong capital and liquidity management supporting future growth Common Equity Tier 1 ratio of 14.7% DRIP discount introduced at 2% Risk-Weighted Assets up 3.9% QoQ Leverage Ratio of 4.3% Liquidity Coverage Ratio of 119% Common Equity Tier 1 Ratio Q1 2022 CET 1 Ratio Internal capital generation Increase in RWA (net of FX) 39 Repurchase of common shares Impact from Investment in First Horizon convertible preferred stock Unrealized loss on FVOCI securities 40 Q2 2022 CET 1 Ratio Risk-Weighted Assets ($B) Q1 2022 RWA Credit Risk Market Risk Operational Risk Q2 2022 RWA TD 15.2% 45 (50) (31) (8) (6) 14.7% $471 +13.9 +3.6 +0.6 $489 23 23#24Gross Lending Portfolio Including B/As Balances ($B unless otherwise noted) Canadian Retail Portfolio Personal Residential Mortgages Home Equity Lines of Credit (HELOC) Indirect Auto Credit Cards Other Personal Unsecured Lines of Credit Commercial Banking (including Small Business Banking) U.S. Retail Portfolio (all amounts in US$) Personal Residential Mortgages Home Equity Lines of Credit (HELOC)41 Indirect Auto Credit Cards Other Personal Commercial Banking Non-residential Real Estate Residential Real Estate Commercial & Industrial (C&I) FX on U.S. Personal & Commercial Portfolio U.S. Retail Portfolio ($) Wholesale Portfolio Other42 Total 43 TD Q1/22 Q2/22 499.0 511.0 400.5 409.1 234.9 239.3 103.9 107.9 27.2 26.9 15.0 15.6 19.5 19.4 8.9 8.9 98.5 101.9 US$ 160.4 US$ 76.3 30.6 US$ 163.8 US$ 77.7 31.6 6.9 6.8 25.3 25.9 12.9 12.8 0.6 0.6 US$ 84.1 US$ 86.1 16.7 17.0 7.2 7.3 60.2 61.8 43.3 46.4 203.7 210.2 64.4 68.4 1.7 768.8 2.6 792.2 24#25Provision for Credit Losses (PCL) By Business Segment Highlights ■ PCL decreased quarter-over-quarter, reflecting: Lower impaired PCLS ■ Wholesale TD PCL44: $MM and Ratios 45 ($37) $72 $2 $23 ($123) $21 $27 $100 - A larger performing allowance release Corporate ($377) $53 $33 $60 ($18) ■U.S. Retail ($37) ($96) ($76) ($5) ($9) ($6) ■Canadian Retail - ($23) ($43) ($213) ($77) ($64) ($63) Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 PCL Ratio (bps) Canadian Retail (3) 8 4 3 5 U.S. Retail (net)46 (41) (18) (15) 4 (4) U.S. Retail & Corporate (gross)47 (54) (27) (20) (5) Wholesale (44) 1 (51) (3) (6) Total Bank (21) (2) (7) 4 1 25#26Allowance for Credit Losses (ACL) ACL44: $B and Coverage Ratios48 Highlights ■ ACL decreased quarter-over-quarter, reflecting improved credit conditions The release was tempered due to increased economic uncertainty The Bank's allowance coverage remains elevated to account for ongoing uncertainty that could affect: The economic trajectory, and Credit performance ■ Canada TD 124 126 122 108 103 103 97 $9.2 $9.4 $8.9 93 87 bps 74 $7.9 $8.0 $7.7 $7.3 $7.1 $6.9 ■ United States 59% 60% 59% $5.3 58% 62% 58% 57% 57% 57% 61% 38% 41% 40% 41% 42% 42% 43% 43% 43% 39% Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 ACL44 by Asset Type: $B $7.1 $6.9 ■Q1/22 ■Q2/22 49 U.S. Strategic Card Partners' Share $3.0 $2.9 $2.3 $2.2 $1.6 $1.6 $0.3 $0.3 $0.8 $0.8 $0.8 $0.8 Residential Mortgages Consumer instalment and 50 other personal Credit Card Business & Government Total Performing 0.21 0.21 1.4 1.4 Impaired 0.05 0.05 0.2 0.2 Ratio48 (bps) 9 9 83 81 740 2.2 2.0 0.2 0.2 690 2.7 2.6 0.3 0.3 110 101 6.5 6.2 0.7 0.7 93 33 80 87 26#27TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ 5th largest bank by Market Cap¹ Q2 2022 Financial Results 2 For the three months ended April 30, 2022. 3 4 Proven Performance, Future Growth Opportunities Delivering solid long term shareholder returns² Strong Balance Sheet and Capital Position Highly rated by major credit rating agencies³ TD 27 27#28Consistent Earnings Growth Reported Earnings (C$MM) 51 5-year CAGR 52 Reported Earnings: 9.9% (9.5% adjusted 17) Reported EPS: 10.6% (10.2% adjusted 17) Corporate ■Wholesale Banking ■U.S. Retail ■Canadian Retail $11,334 $11,686 $11,895 $10,517 $8,936 TD $14,298 2016 2017 2018 2019 202053 2021 28#29$0.22 Strong, Consistent Dividend History Dividends Per Share (C$) 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 ~11% Annualized Growth 2005 2006 2007 2008 ■Annual Dividend 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TD $3.5654 164-year continuous dividend history Dividend yield: 3.6%7 Target payout range: 40%-50% 20 29#30Solid Total Shareholder Returns? TD TD Bank Group Canadian Ranking 20 One-Year Three-Year Five-Year 13.9% 4th North American Ranking21 4th 11.2% 3rd 4th 12.0% 1st 2nd Ten-Year 12.5% 3rd 7th 30 30#31Canadian Retail TD Consistent Strategy How we compete: Legendary personal connected Reported Net Income (C$MM) $8,481 $7,183 $6,863 customer service $6,525 $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 2017 2018 2019 2020 2021 Adjusted 17 JD.POWER Highest in Dealer Satisfaction among Non- Captive Lenders with Retail Credit for the 5th year in a row J.D. Power 2022 Canada Dealer Financing Satisfaction Study27 Q2 2022 Highlights Total Deposits 55 C$474B Employees⁹ 43,707 Total Loans 55 C$504B Customers >16MM Assets Under Administration C$537B Mobile Users 11 6.7MM Assets Under Management C$411B Branches 1,060 Gross Insurance Premiums8 C$5.1B ATMs 10 3,399 Earnings C$8.8B 31 31#32Canadian Retail Personal Banking #1 or #2 market share in most retail products 14 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 remotely #1 in Canadian digital banking apps with the highest number of digital unique visitors and highest digital engagement according to Comscore 56 #1 for average digital reach of any bank in Canada, and amongst one of the leaders for domestic digital reach among major developed market banks, according to Comscore57 TD continues to collaborate with the biggest consumer brands in the world including Starbucks Canada, Air Canada, Amazon, Expedia, and Canada Post Credit Cards ☐ Dual card issuer of high value brands, including TD First Class Visa and TD Aeroplan Visa, and MBNA World Elite Mastercard Successful partnership with Amazon on co-brand card and first Canadian bank to launch Amazon Shop with Points North American operational scale and professional expertise Business Banking ■ TD #2 in Business Banking deposit and loan market share 14 $11.6B of Canada Emergency Business Account (CEBA) relief loans facilitated for approximately 213,000 customers 58 Customized Commercial Banking financing solutions with specialty groups in Real Estate, Agriculture, Automotive and Equipment Finance Closed acquisition of Wells Fargo's Canadian Direct Equipment Financing business TD Auto Finance ranked "Highest in Dealer Satisfaction among Non- Captive Lenders with Retail Credit" 27 for the fifth year in a row in the J.D. Power 2022 Canada Dealer Financing Satisfaction Study Wealth ■ ☐ TD Asset Management is Canada's largest institutional money manager59 and 2nd largest money manager in Canadian Pension assets 60 Market leadership in Direct Investing by assets, trades, and revenue 14 TD's WebBroker platform ranked #1 among bank-owned brokerages in the Globe & Mail's annual brokerage rankings, and #1 amongst fully integrated Order Execution Only (OEO) offerings61 Insurance Personal lines products in Canada, including Home & Auto, Life & Health, Creditor and Travel insurance Largest direct distribution insurer 62 and leader in affinity market62 #3 position for market share 62 in home and auto general insurance Leading digital insurer in Canada, with enhanced self-serve capabilities, including same day online quote, bind and modify coverage online 32 32#33U.S. Retail TD Consistent Strategy How we compete: Legendary service and convenience Grow and deepen customer relationships Differentiated brand as the "human" bank Reported Net Income (US$MM) $3,967 $3,750 $3,253 $2,536 $2,278 Productivity initiatives that enhance both the customer and colleague experience $2,565 $3,401 $3,750 $2,278 $3,967 Conservative risk appetite Unique employee culture INTOVER Highest in Dealer Satisfaction among National Non-Captive Lenders with Prime Credit J.D. Power 2021 US Dealer Financing Satisfaction Survey63 Highest in Customer Satisfaction for Small Business Banking in the South Region J.D. Power 2021 Small Business Banking Survey64 2017 2018 2019 Adjusted 17 2020 2021 Q2 2022 Highlights Total Deposits65 C$493B US$389B Employees⁹ 25,366 Total Loans 65 C$206B US$162B Customers ~9.6MM Assets Under Administration Assets Under Management C$42B US$32B Mobile Users 11 ~4.4M C$47B US$37B Stores 1,156 Reported Earnings C$5.3B US$4.2B ATMs 10 2,700 33#34U.S. Retail TD Personal & Commercial Banking Top 10 bank 66 with over 9MM customers, operating retail stores in 15 states and the District of Columbia Offer online and mobile banking tools; instant debit card issuance, mobile check-in available at stores, and point of sale and payments solutions for business, including direct integration with Autobooks to support online invoicing and payments or small business clients Entered into a data access agreement with Akoya, a U.S. open banking utility, designed to enable customers to share data with Fintechs and aggregators Introduced TD Essential Banking, a low-cost, no-overdraft-fee deposit account and announced overdraft policy changes to enhance access to financial services for underserved communities Launched TD Home Access Mortgage, a new product designed to increase home ownership opportunities in Black and Hispanic communities across several markets within our footprint Ranked #1 in total number of approved U.S. Small Business Administration (SBA) loan units in our Maine-to-Florida footprint for the fifth consecutive year in 2021 Ranked #1 in the 2021 J.D. Power Small Business Banking Satisfaction Study in the South Region 64 Auto Lending ☐ Indirect retail lending through dealers across the country and comprehensive solutions for dealers, including floor plan, commercial banking and wealth management TD Auto Finance ranked "Highest in Dealer Satisfaction among National Non-Captive Lenders with Prime Credit"63 for the second year in a row in the J.D. Power 2021 U.S. Dealer Financing Satisfaction Study Credit Cards Private label and co-brand credit card offering for U.S. customers of regional and nationwide retail partners, including Target and Nordstrom Issuer of TD branded credit cards for retail and small business customers, including Double Up, a leading cash back offering that enables customers to earn 1% on purchases and a bonus 1% when points are redeemed as cash into a TD deposit account Wealth ■ Serve the wealth management needs of Mass Affluent, High Net Worth and Institutional clients through a network of store-based advisors across the TD AMCB footprint and launched robo-advisor (TD Automated Investing) and robo/hybrid (TD Automated Investing Plus) solutions Advisor-led client discovery and goals-based planning, offering banking, investment management, trust, estate planning and insurance and annuity products Acquired in 2013, Epoch Investment Partners expands overall product capabilities in the U.S. and Canada Charles Schwab ■ Largest shareholder in The Charles Schwab Corporation (Schwab) following Schwab's acquisition of TD Ameritrade in October 2020 First Horizon Announced proposed acquisition of First Horizon on February 28, 2022, expanding TD AMCB into U.S. southeast; transaction expected to close in the first quarter of fiscal 2023, subject to closing conditions 34#35Wholesale Banking Consistent Strategy Our Strategic Objectives: Continue to build an integrated North American dealer franchise with global reach In Canada, we will be the top-ranked investment dealer. In the U.S., we will deliver value and trusted advice in sectors where we have competitive expertise In Europe and Asia-Pacific, we will leverage our global capabilities to build connected, sustainable franchises Continue to grow with and support our TD partners Net Income (C$MM) $1,039 $1,054 $608 TD $1,570 $1,418 Invest in an efficient and agile infrastructure, innovation and data capabilities, to support growth and adapt to industry and regulatory changes Be an extraordinary and inclusive place to work by attracting, developing, and retaining the best talent Awards ■ Named Canada's Best Investment Bank in the 2021 Euromoney Awards ■ 2021 GlobalCapital joint winner for Most Impressive SSA Coverage Team, and Most Impressive SSA House for Post-Libor Solutions ▪ Named Overall Canadian Fixed-Income Service Quality Leader in the 2022 Coalition Greenwich study for the fourth consecutive year ■ Ranked #1 in Base Metals and #2 in Precious Metals in the 2022 Energy Risk Commodity Rankings ■ Named Lead Manager of the Year for SSA Green Bonds in Environment Finance's 2022 Bond Awards 2017 2018 2019 2020 2021 Q2 2022 Highlights Average gross lending portfolio67 C$63.7B Trading-related revenue (TEB)³ Earnings³ Employees⁹ C$2.4B C$1.5B 4,950 35 35#36Wholesale Banking TD Positioned for Growth Growing our Environmental, Social and Governance (ESG) capabilities as we bring advice, thought-leadership and products to our clients: Co-structuring Advisor and Joint Lead Manager on Government of Canada's $5 billion inaugural Green Bond - Lead Left Placement Agent on Entropy Inc.'s $300 million strategic financing commitment from Brookfield Renewable to scale up deployment of Entropy's carbon capture and storage technology globally Continue to build an integrated North American dealer franchise with global reach: - Sole active bookrunner on Dream Residential REIT's US$125 million initial public offering, the first IPO in Canada for the 2022 calendar year Strong Operating Model · Drive innovation and build data and analytical capabilities to improve end-to-end process efficiency and enhance client value Continue to lower our cost structure to reflect reduced margins and volumes in parts of our business and create capacity for additional investments Maintain our focus on managing risk, capital, balance sheet, and liquidity Investing in Our People Continue to be an extraordinary place to work with a focus on inclusion and diversity 36 36#37TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ 5th largest bank by Market Cap¹ Q2 2022 Financial Results 2 For the three months ended April 30, 2022. 3 4 Proven Performance, Future Growth Opportunities Delivering solid long term shareholder returns² Strong Balance Sheet and Capital Position Highly rated by major credit rating agencies³ TD 37#38TD 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 leverage ratio 69: 6.75% ■ As of Q2-2022, TD's risk-based and leverage-based TLAC ratios both exceed the regulatory minimum TD ■ TD expects to continue to meet the TLAC supervisory ratios without altering its business-as-usual funding practices Risk-Based TLAC Ratio70,71 Current Risk-based TLAC Ratio: 30.4%72 Leverage-Based TLAC Ratio70,71 Current Leverage-based TLAC Ratio: 8.1% 72 Minimum Risk-based TLAC Ratio: 24.0% 12.0% Minimum Leverage-based TLAC Ratio: 6.75% 3.2% 14.7% 1.2% 2.5% 24.0% 3.9% 0.3% 0.7% 6.75% CET1 Additional Tier 1 Tier 2 Senior Debt 73 Total TLAC Required CET1 Additional Tier 1 Tier 2 Senior Debt 73 Total TLAC Required 38#39Industry-Leading Credit Ratings Issuer Ratings 19 Rating Agencies Moody's S&P DBRS Ratings vs. Peer Group 19 Moody's Senior Debt 75 / Hold Co76 Rating Aa1 Senior Debt Ratings74 A1 Outlook Stable A AA Stable Stable S&P Senior Debt75 / Hold Co76 Rating TD AA+ Aa2 AA Aa3 AA- A1 A+ A2 A A3 A- Baa1 BBB+ TD Canadian Peers 20 U.S. Peers 21 TD Canadian Peers 20 U.S. Peers21 39#40Leading Non-Common Equity Capital Ratings NVCC Tier 2 Subordinated Debt Ratings 19 Moody's A2 A3 Baa1 Baa2 Baa3 Ba1 S&P A A- BBB+ BBB BBB- BB+ TD Canadian Peers 20 Additional Tier 1 NVCC LRCN and Preferred Share Ratings 74 Moody's A2 A3 Baa1 Baa2 Baa3 Ba1 TD TD TD Canadian Peers 20 S&P A A- BBB+ BBB BBB- BB+ Canadian Peers 20 TD Canadian Peers 20 Industry leading ratings 19 for Additional Tier 1 and Tier 2 capital instruments 40 40#41Robust Liquidity Management Liquidity Risk Management Framework Target a 90-day survival horizon under a combined Bank-specific and market-wide stress scenario, and a minimum buffer over regulatory requirements prescribed by the OSFI Liquidity Adequacy Requirements (LAR) guideline. Manage structural liquidity exposure by matching funding to asset term or market depth. ■ We maintain a comprehensive contingency funding plan to enhance preparedness for recovery from potential liquidity stress events Liquidity Coverage Ratio (LCR) TD Liquidity Risk Management Framework ■ TD holds a variety of liquid assets commensurate with liquidity needs in the organization. ■ The average eligible HQLA74 of the Bank for the purpose of LCR reporting for quarter ended April 30, 2022, was $323 billion (January 31, 2022 - $327 billion), with Level 1 assets representing 85% (January 31, 2022 - 84%). The Bank's NSFR for the quarter ended April 30, 2022 was at 122% and has met the regulatory requirements Q2'22 Average HQLA (CAD $B) 140% 85% 120% 124% 126% 124% 119% 100% ◉ Level 1 Cash & Central Bank Reserve 80% ◉ Level 1 Sovereign Issued/ Guaranteed 60% " Q3'21 Q4'21 Q1'22 Q2'22 • Level 1 MDBs, PSES, Provincials Liquidity Coverage Ratio (LCR) - - Regulatory Minimum 15% Level 2A Sovereign Issued/Guaranteed Level 2A PSES, Corp bonds, Municipals Level 2B Equities, Sovereigns, RMBS Prudent liquidity management commensurate with risk appetite 41#42700 600 500 400 300 200 100 Q2/17 Deposit Overview Leader in Deposits Large base of personal and business deposits 77 that make up 75% of the Bank's total funding TD TD Canada Trust ("TDCT") ranked #1 in Total Personal Deposits 78 – legendary customer service and the power of One TD U.S. Retail is a top 1066 bank in the U.S. with 9.6MM customers, operating retail stores in 15 states and the District of Columbia Deposit volumes grew modestly during Q2 2022 Both Personal and Business deposits continue to deliver growth. Retail deposits remain the primary source of long-term funding for the Bank's non-trading assets Deposits enable the bank to manage its funding activities through wholesale funding markets in various channels, currencies, and tenors Personal Deposits ($B) 450 400 350 300 7% CAGR 250 200 150 100 50 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q2/17 Business & Government ($B) 11% CAGR Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 42#43Low Risk, Deposit Rich Balance Sheet6 TD Large base of stable retail and commercial deposits Personal and business deposits are TD's primary sources of funds Maturity Profile 83,84 (C$B) (To first par redemption date) 50 Issuance Maturity 40 Customer service business model delivers stable base of "sticky" and franchise deposits 30 20 Wholesale funding profile reflects a balanced secured and unsecured funding mix 10 Maturity profile is well balanced 0 2018 2019 2020 2021 YTD 2022 2023 2024 2025 2026 ■MBS ■Covered Bond ■Senior Debt ABS ■Tier 185 Subordinated Debt Funding Mix79 P&C Deposits 75% Personal Term Deposits Personal Non-Term Deposits 42% Wholesale 4% Term Debt 10% Other Deposits 80 29% Short Term Liabilities81 14% Trading Deposits 82 1% Wholesale Term Debt Term Asset. Backed Securities 1% Mortgage Securitization 11%87 Senior Unsecured Capital 86 13% MTN 55% Covered Bonds 20% 43 43#44Wholesale Term Debt Composition62 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 established ABS program, backed by Canadian credit card receivables, in the U.S. market Broadening of investor base through currency, tenor and structure diversification " Recent transactions: C$2.00B 3.5Y Fixed Senior Debt USD$4.50B 3/5/10Y Fixed & Float Senior Debt €2.50B 5Y Fixed Covered Bond C$1.50B 3.5Y Fixed Senior Debt C$0.85B 5Y Fixed Preferred Shares By Currency 88,89 GBP $6B 4% AUD $3B 2% EUR $22B 16% CAD $56B 40% USD $51B 38% GBP£1.00B 5Y Fixed Senior Debt €1.50B 8Y Fixed Senior Debt USD$2.00B 5Y Fixed Covered Bond GBP£1.00B 3Y Float Covered Bond By Term 88,89 TD Wholesale Term Debt 88,89 4 to 5 Year $56B 40% < 4 Year $38B 28% 5 to 7 Year $23B 17% > 7 Year $21B 15% Term Asset Backed Securities $2B 1% Mortgage Securitization87 $15B 11% Senior Unsecured MTN $76B 55% Capital 86 $18B 13% Covered Bonds $27B 20% 44#45Canadian Registered Covered Bond Program Key Highlights Covered Bond Collateral " Canadian residential real estate property with no more than 4 residential units Housing Market Risks Tests and Credit Enhancements TD Uninsured conventional first lien assets with original loan to value ratio that is 80% or less Latest property valuation shall be adjusted at least quarterly to account for subsequent price adjustments using the Indexation Methodology " Asset Coverage Test Amortization Test Valuation Calculation Level of Overcollateralization Asset Percentage ◉ Reserve Fund Prematurity Liquidity OSFI limit⁹0 Required Ratings and Ratings Triggers " " Interest Rate and Currency Risk No less than one Rating Agency must at all times have current ratings assigned to bonds outstanding All Ratings Triggers must be set for: Replacement of other Counterparties Establishment of the Reserve Fund Pre-maturity ratings Permitted cash commingling period Management of interest rate and currency risk: Interest rate swap - Covered bond swaps Ongoing Disclosure Requirements Audit and Compliance Monthly investor reports shall be posted on the program website Plain disclosure of material facts in the Public Offering Document Annual specified auditing procedures performed by a qualified cover pool monitor Deliver an Annual Compliance Certificate to the Canada Mortgage and Housing Corporation ("CMHC") 45 45#46" TD Global Legislative Covered Bond Program Highlights TD has a C$80B legislative covered bond program Covered bonds issuance for Canadian issuers governed by CMHC-administered guidelines Only uninsured Canadian residential real estate assets are eligible, no foreign assets in the pool Covered pool is composed of 100% amortizing mortgages Strong credit ratings; Aaa / AAA 19,91 TD has C$28.9B aggregate principal amount of covered bonds outstanding and the total cover pool for covered bonds is ~C$54.1B. TD's total on balance sheet assets are -C$1,825.28B, for a covered bond ratio of 1.66% (5.5% limit) TD joined the Covered Bond Label 92 and reports using the Harmonized Transparency Template Cover Pool as at April 30, 2022 ☐ TD High quality, conventional first lien Canadian Residential mortgages originated by TD All loans have original LTVs of 80% or lower. Current weighted average LTV is 42.16%93 The weighted average of non-zero credit scores is 783 Current LTV 25% 23% Issuances CAD 3% AUD 4% Provincial Distribution Interest Rate Types Quebec 8% Atlantic 2% 6% GBP 14% EUR 56% British Columbia 20% Ontario 56% USD 23% Prairies 14% Variable 24% Fixed 76% 14% 14% 10% 5% 2% 1% 0% 0% <20 20.01-30.00 30.01-40.00 40.01-50.00 50.01-55.00 Credit Score 55.01-60.00 60.01-65.00 65.01-70.00 <599 1% 600-650 1% 651-700 5% 12% 701-750 70.01-75.00 75.01-80.00 >80.00 751-800 35% 46% >800 46#47Bail-in Implementation TD 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 regulations under the Bank Act and the conversion regulations under the CDIC Act came into force on September 23, 2018. - All Canadian Domestic Systemically Important Banks (D-SIBS) were required to comply with the TLAC guideline by November 1, 2021. ■ The legislation builds on CDIC's existing resolution toolkit to allow it to take temporary control of a failing D-SIB and grants CDIC statutory powers to convert certain of the D-SIB's qualifying debt into common shares of the bank at the point of non-viability. ■ Pursuant to the TLAC guideline, the Bank is subject to a " 1) minimum risk-based TLAC ratio of 24.00% of RWA (21.50% plus a 2.50% Domestic Stability Buffer69) • 2) minimum TLAC leverage ratio of 6.75% 47#48Bail-in Overview TD 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, 201894. Unlike other jurisdictions, Canadian D-SIBS cannot elect to issue non bail-in unsecured senior debt. ■ Excluded Liabilities. Bank customers' deposits including chequing accounts, savings accounts and term deposits such as guaranteed investment certificates ("GICS"), secured liabilities (e.g., covered bonds), ABS or most structured notes 95. ▪ All in scope liabilities, including those governed by foreign law, are subject to conversion and must indicate in their contractual terms that the holder of the liability is bound by the application of the CDIC Act. Bail-in Conversion Terms ■ Flexible Conversion Terms. CDIC has discretion in determining the proportion of bail-in debt that is converted, as well as an appropriate conversion multiplier 96 which respects the creditor hierarchy and that is more favourable than the multiplier provided to NVCC capital investors. ■ No Contractual Trigger. Bail-in conversion is subject to regulatory determination of non-viability, not a fixed trigger. ■ Full NVCC Conversion. There must be a full conversion of NVCC capital instruments before bail-in debt can be converted. Through other resolution tools, holders of legacy non-NVCC capital instruments could also be subject to losses, resulting in bail-in note holders being better off than such junior-ranking instruments. ■ No Creditor Worse Off. CDIC will compensate investors if they incur greater losses under bail-in than under a liquidation scenario. Bail-in debt holders rank pari passu with other senior unsecured obligations, including deposits, for the purposes of the liquidation calculation. Equity Conversion. Unlike some other jurisdictions, bail-in is affected through equity conversion only, with no write-down option. 48#49Appendix Economic Outlook ID#50TD Economics Update 97 Global Outlook: War in Ukraine tops downside risks to global outlook TD ■ In addition to the humanitarian crisis, the war in Ukraine presents a meaningful downside risk to the global economic outlook. Uncertainty is compounded by the rapid escalation in energy prices and increasingly tight sanctions contributing to supply disruptions. ■ The impact of the war has been primarily felt in Europe through higher commodity prices, worsened supply chain reliability, and tighter financial conditions. Multi-billion-euro government support packages are expected to provide some relief, but not enough to completely offset the negative shock. ■ The impact on North America has been most apparent in the consumer inflation data. Higher food and energy prices have pushed headline inflation to record highs. Given the uncertainty about the duration of the conflict, there is a high degree of uncertainty about the future path of commodity prices. U.S. Outlook: Growth decelerates; inflation and labor supply are challenges ■ The U.S. economy contracted 1.4% in Q1 2022, on a large one-time drag from trade and inventories. Inflation remained elevated at 8.3% year/year in April. Economic growth is expected to rebound but run at a more modest 2% pace through the remainder of the year. ☐ Labor markets are very tight, with demand for workers remaining strong and low unemployment pushing wage growth to the fastest pace in over 25 years. Encouragingly, labor force participation has improved in recent months, as higher wages may be drawing more people off the sidelines. Canada Outlook: GDP rebounds, elevated inflation prompts substantial rate hikes ■ The Canadian economy is set to grow in a healthy 3% to 6% quarterly range in the first half of 2022, with the labour market remaining tight. Higher oil prices have worsened inflation but resulted in increased investment in the country's energy sector. Elevated inflation and strong economic growth have accelerated the timeline for rate hikes this year. 50#51Interest Rate Outlook 98 Interest Rates, Canada and U.S. % U.S. Federal 6 Funds Rate 5 4 Bank of Canada Overnight Policy Rate 3 2 1 TD Forecast N 2022 ■ The Federal Reserve raised the federal funds rate target to the 0.75% to 1.00% range in May and is set to begin its Quantitative Tightening (QT) program. We anticipate two more 50 basis point hikes in near-term and for the federal funds rate to reach a terminal rate of 2.50% in 2022. ■ The Bank of Canada (BoC) raised the overnight rate to 1.00% in April. We anticipate two more 50 basis point hikes in near-term and for the federal funds rate to reach a terminal rate of 2.50% in 2022. The Federal Reserve and the Bank of Canada are likely to raise policy rates another 150 basis points by 2023. 0 2000 2002 2005 2008 2011 2013 2016 2019 51 54#52Appendix Credit Quality ID#53Gross Impaired Loan Formations By Business Segment Highlights ■ Gross impaired loan formations decreased 4 basis points quarter- over-quarter, reflecting: - Higher prior quarter formations in U.S. Commercial, largely related to government guaranteed Paycheck GIL Formations 99: $MM and Ratios 100 TD 16 14 11 11 12 bps $1,187 Protection Program (PPP) loans $1,010 $47/8 bps $830 $16/3 bps $796 $937 $779/39 bps $485 / 23 bps $512/25 bps $424 / 21 bps $416/21 bps $478/10 bps $390/8 bps $380/8 bps $408/8 bps $425/8 bps Q2/21 Q3/21 Q4/21 Q1/22 ■Canadian Retail ■ U.S. Retail ■Wholesale Q2/22 53 53#54Gross Impaired Loans (GIL) By Business Segment Highlights ■ Gross impaired loans decreased 3 basis points quarter-over-quarter to a new cyclical low, largely reflecting: loans in the U.S. GIL 101: $MM and Ratios 102 38 35 32 20 TD 33 33 30 bps - Further resolution of PPP $2,803 $69/12 bps $2,651 $68/11 bps $2,411 $12/2 bps $2,560 $7/1 bp $2,397 $7/1 bp Commercial portfolio $1,603 / 78 bps $1,543 / 76 bps $1,469 / 74 bps $1,621 / 80 bps $1,131/ 24 bps $1,488 / 71 bps $1,040 / 22 bps $930 / 19 bps $932 / 19 bps $902/ 18 bps Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 ■Canadian Retail ■U.S. Retail ■Wholesale 54#55Credit Quality Net impaired loans and PCL ratios (bps) 156 $ Net impaired loans as a % of net loans and acceptances (bps) Provision for credit losses as a % of net average loans and acceptances (bps) 100 52 50 48 46 43 99 39 38 IFRS 34 =4 46 40 45 39 39 38 41 =4 37 137 34 33 IFRS 9 103 TD 32 32 25 24 Q2 2022 22 4 Q2 2022 1 -3 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 55 55#56Provision for Credit Losses (PCL)44,104 Impaired and Performing Highlights TD PCL ($MM) Q2/21 Q1/22 Q2/22 ■ Impaired PCL remained at cyclically low levels Total Bank (377) 72 27 Impaired 381 329 314 ■ The performing PCL recovery reflects Performing (758) (257) (287) allowance releases across all segments Canadian Retail (37) 33 60 Impaired 191 150 163 Performing (228) (117) (103) U.S. Retail (213) 21 (18) Impaired 117 125 96 96 Performing (330) (104) (114) Wholesale (63) (5) (9) Impaired 12 (4) (1) Performing (75) (1) (8) Corporate (64) 23 (6) U.S. strategic cards partners' share Impaired 61 58 56 Performing (125) (35) (62) 56 56#57Canadian Personal Banking Highlights ■ Gross impaired loans decreased quarter-over- quarter, largely reflected in the RESL portfolio. Indirect Auto Credit Cards TD Canadian Personal Banking (Q2/22) Gross Loans ($B) GIL ($MM) GIL/Loans (%) Residential Mortgages 239.3 187 0.08 Home Equity Lines of Credit (HELOC) 107.9 96 0.09 26.9 65 0.24 15.6 86 0.55 Other Personal 19.4 42 0.22 Unsecured Lines of Credit 8.9 24 0.27 Total Canadian Personal Banking Change vs. Q1/22 409.1 476 0.12 8.6 (42) (0.01) Canadian RESL Portfolio - Loan to Value by Region (%) 105,106 Q1/22 Q2/22 Mortgage HELOC Total RESL Mortgage HELOC Total RESL Atlantic 54 41 51 52 40 49 BC 52 41 48 51 41 47 Ontario 51 40 46 49 39 45 Prairies 61 50 57 60 50 56 Quebec 57 50 54 56 50 54 Canada 53 42 49 52 41 48 54 57#58Canadian Real Estate Secured Lending Portfolio Highlights (Q2 2022) Canadian RESL credit quality remained strong ■ Uninsured and insured portfolio loan-to value rates stable TD Quarterly Portfolio Volumes ($B) $319 $328 $334 $340 $348 Uninsured ■Insured 75% 76% 77% 78% 79% 25% 24% 23% 22% 21% Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 ■ Less than 1% of the real estate secured lending portfolio is uninsured, has a bureau score of 650 or lower and LTV greater than Canadian RESL Portfolio - Loan to Value (%) 105 75% Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 91% of RESL portfolio is amortizing Uninsured Insured 52 49 49 49 48 51 48 48 48 47 ■ 71% of HELOC portfolio is amortizing Condo credit quality consistent with broader portfolio ■ Condo borrower RESL outstanding of $62B with 23% insured ■ Hi-rise condo construction loans is ~1% of the Canadian Commercial portfolio Regional Breakdown 107 ($B) $187 Uninsured 84% $70 $52 $348B ■Insured $8 $31 85% 57% 64% 72% 36% 16% 15% 43% 28% Atlantic BC Ontario Prairies 2% 20% 54% 15% Quebec 9% % of RESL Portfolio 58#59Canadian Commercial and Wholesale Banking Highlights Continued good asset quality in Canadian Commercial and Wholesale Banking. Canadian Commercial and Wholesale Banking (Q2/22) Commercial Banking 107 TD Gross Loans/ BAS ($B) GIL ($MM) GIL/Loans (%) 101.9 426 0.42 Wholesale 68.4 7 0.01 Total Canadian Commercial and Wholesale Change vs. Q1/22 170.3 433 0.25 7.4 12 (0.01) Industry Breakdown 107 Gross Loans/ BAS ($B) GIL ($MM) Real Estate - Residential 26.8 1 Real Estate - Non-residential Financial Govt-PSE-Health & Social Services Oil and Gas 20.7 11 36.6 - 14.1 2.5 Metals and Mining 2.1 585 56 38 Forestry 0.7 1 Consumer108 7.1 121 Industrial/Manufacturing 109 10.1 103 Agriculture 9.9 9 Automotive 7.9 Other110 Total 31.8 100 10 78 170.3 433 59#60U.S. Personal Banking (USD) TD Highlights U.S. Personal Banking 111 (Q2/22) ■ Gross impaired loans decreased quarter-over- quarter Gross Loans ($B) GIL ($MM) GIL/Loans (%) Residential Mortgages 31.6 362 1.14 Home Equity Lines of Credit (HELOC)41 6.8 268 3.92 Indirect Auto 25.9 147 0.56 Credit Cards 12.8 143 1.11 Other Personal 0.6 4 0.79 Total U.S. Personal Banking (USD) 77.7 924 1.19 Change vs. Q1/22 (USD) 1.4 (30) (0.06) Foreign Exchange 22.0 260 n/a Total U.S. Personal Banking (CAD) 99.7 1,184 1.19 U.S. Real Estate Secured Lending Portfolio 111 Indexed Loan to Value (LTV) Distribution and Refreshed FICO Scores 112 Current Estimated LTV Residential Mortgages 1st Lien HELOC 2nd Lien HELOC (%) (%) (%) Total (%) >80% 6 1 4 5 61-80% 36 16 36 34 <=60% 58 83 60 61 Current FICO Score >700 92 91 89 92 60 60#61U.S. Commercial Banking (USD) TD Highlights ■ Gross impaired loans decreased quarter-over- quarter, largely reflecting: - Further resolution of PPP loans U.S. Commercial Banking 111 (Q2/22) Commercial Real Estate (CRE) Non-residential Real Estate Residential Real Estate Gross Loans/ BAS ($B) GIL ($MM) GIL/Loans (%) 24.3 73 0.30 17.0 60 0.35 7.3 13 0.18 Commercial & Industrial (C&I) 61.8 163 0.26 Total U.S. Commercial Banking (USD) 86.1 236 0.27 Change vs. Q1/22 (USD) 2.0 (85) (0.11) Foreign Exchange 24.4 68 n/a Total U.S. Commercial Banking (CAD) 110.5 304 0.27 Commercial Real Estate Commercial & Industrial Gross Loans/ BAS (US$B) GIL (US$MM) Gross Loans/ BAS (US$B) GIL (US$MM) Office 4.8 21 Retail 5.5 27 Health & Social Services Professional & Other Services 11.3 8.0 Apartments 6.4 9 Consumer108 6.4 Residential for Sale 0.2 1 Industrial/Mfg 109 5.7 Industrial 1.7 7 Government/PSE 11.2 Hotel 0.6 2 Financial 4.6 Commercial Land 0.1 Automotive 2.6 2533563 21 31 39 31 Other 5.0 CO 6 Other113 12.0 27 Total CRE 24.3 73 Total C&I 61.8 163 19 61#62Appendix Additional Information ID#63Q2 2022: PTPP 17,114 & Operating Leverage 17,115 Modified for partners' share of SCP PCL, FX and Insurance Fair Value Change TD TOTAL BANK 1 Reported Results ($MM) 2 PTPP 3 PTPP (QoQ %) 4 PTPP (YOY %) 5 Revenue (YoY %) 6 Expenses (YoY %) Q2 2022 Revenue Expenses 11,263 6,033 Q1 2022 Revenue Expenses 11,281 5,967 Q2 2021 Revenue Expenses 10,228 5,729 SFI Reference Page 2, L3 & L6 5,230 5,314 4,499 (1.6%) 6.4% (10.5%) 16.2% 5.7% (16.8%) 10.1% 4.3% (2.8%) 5.3% 3.2% 11.9% 7 Operating Leverage 4.8% 1.2% (14.7%) 8 Adjusted Results ($MM) 17 11,039 5,999 11,281 5,897 10,228 5,691 Page 2, L16 & L17 9 Minus: U.S. Retail value in C$116 2,719 1,632 2,786 1,597 2,613 1,594 Page 9, L35 & L7 10 Plus: U.S. Retail value in US$116 2,146 1,289 2,201 1,261 2,076 1,267 Page 10, L35 & L7 11 Minus: Insurance fair value change11 117 (117) (43) (57) Page 6, L14 12 Plus: Corporate PCL1 118 (6) 23 (64) Page 12, L6 13 Subtotal (Line 13)119 10,583 5,650 10,739 5,584 9,748 5,300 156 14 Line 13 PTPP Line 13 PTPP (QoQ %) 4,933 5,155 4,448 (4.3%) 6.0% (7.8%) Line 13 PTPP (YoY %) 10.9% 6.9% (3.3%) 17 Line 13 Revenue (YoY %) 8.6% 5.2% 0.0% 18 Line 13 Expenses (YoY %) 120 6.6% 3.7% 3.1% 19 Line 13 Operating Leverage 2.0% 1.5% (3.0%) 63 63#64Endnotes ID#65Endnotes TD 1. See slide 8. 2. See slide 30. 3. See slide 39. 4. Q2 2022 is the quarter comprising the period from February 1, 2022 to April 30, 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 Retail includes wealth deposits. 6. Total Loans based on total of average personal and business loans during the quarter. 7. For additional information about this metric, refer to the Glossary in the Bank's Second Quarter 2022 MD&A (available at www.td.com/investor and www.sedar.com), which is incorporated by reference. 8. For trailing four quarters. 9. Average number of full-time equivalent staff in these segments during the quarter. 10. Total ATMs includes branch, remote and TD Branded ATMs in Canada: Total ATMs includes store, remote, mobile and TD Branded ATMs in the U.S. 11. Active mobile users defined as TD customers who have logged in using the Canadian or U.S. mobile or tablet apps (applications) within the last 90 days. Total ATMs include branch, remote, mobile and TD Branded ATMs. 12. World Economic Forum, Global Competitiveness Reports 2008-2020. 13. As per Canada Mortgage and Housing Corporation (CMHC) Residential Mortgage Industry Report (October 2021). 14. 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 at November 2021, from the Canadian Bankers Association for Real Estate Secured Lending as at September 2021, from the Canadian Bankers Association for business deposits and loans as at September 2021, and from Strategic Insight for Direct Investing asset, trades, and revenue metrics as at September 2021. 15. FDIC Institution Directory and 2021 FDIC Summary of Deposits. 16. State wealth based on Market Median Household Income. 99 65#66Endnotes TD 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 utilizes non-GAAP financial measures such as "adjusted" results (i.e., reported results excluding "items of note") and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believes that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank's performance. Non-GAAP financial measures and ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See "How We Performed" in the Bank's Second Quarter 2022 MD&A, which is incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results. 18. This measure has been calculated in accordance with OSFI's Capital Adequacy Requirements guideline. See slide 23. 19. As of April 30, 2022. Credit ratings are not recommendations to purchase, sell, or hold a financial obligation in as much as they do not comment on market price or suitability for a particular investor. Ratings are subject to revision or withdrawal at any time by the rating organization. 20. Canadian Peers defined as other 4 big banks (RY, BMO, BNS and CM). All Peers are based on Q2 2022 results ended April 30, 2022. 21. North American Peers - defined as Canadian Peers and U.S. Peers. U.S. Peers - defined as C, TFC, BAC, JPM, WFC, PNC, USB, based on Q1/22 results ended March 31, 2022. 22. For the purpose of calculating contribution by each business segment, earnings from the Corporate segment are excluded. Numbers may not add to 100% due to rounding. 23. For financial reporting purposes, the Bank's share of Schwab's earnings is part of the U.S. Retail business segment, but it is shown separately here for illustrative purposes. 24. On October 6, 2020, the Bank acquired an approximately 13.5% stake in Schwab following the completion of Schwab's acquisition of TD Ameritrade Holding Corporation ("TD Ameritrade") of which the Bank was a major shareholder (the "Schwab transaction"). For further details, refer to "How the Bank reports" in the "Financial Results Overview" section of the 2021 MD&A. The Bank's share of Schwab's earnings is reported with a one-month lag and the Bank started recording its share of Schwab's earnings on this basis in the first quarter of fiscal 2021. 25. Based on total assets. Source: SNL Financial, Top 50 US banks and Thrifts in the U.S. 26. Primary dealers serve as trading counterparties of the New York Fed in its implementation of monetary policy. For more information please visit https://www.newyorkfed.org/. 27. J.D. Power 2022 Canada Dealer Financing Satisfaction Study of dealers' satisfaction. For more information about the Canada Dealer Financing Satisfaction Study, visit https://canada.jdpower.com/financial-services/canada-dealer-financing-satisfaction-study 66#67Endnotes TD 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 and Small Business Banking. 29. Canadian Retail: Digital Adoption based on Canadian Personal & Commercial Banking and Wealth. Active Mobile Users and Self-Serve Share of Financial Transactions based on Canadian Personal & Small Business Banking. U.S. Retail: based on U.S. Retail and Small Business Banking. 30. Active digital users as a percentage of total customer base. Active digital users are users who have logged in online or via their mobile device at least once in the last 90 days. 31. Self-serve share of transactions represents all financial transactions that are processed through unassisted channels (Online, Mobile, ATM, and Phone IVR). Canadian Q2/21 self-serve metric has been restated to reflect changes related to EMT transactions. 32. The Bank reached a settlement in TD Bank, N.A. v. Lloyd's Underwriter et al., in Canada, pursuant to which the Bank recovered losses resulting from the previous resolution by the Bank of multiple proceedings in the U.S. related to an alleged Ponzi scheme, perpetrated by, among others, Scott Rothstein - Q2 2022: $224 million pre-tax. The amount is reported in the U.S. Retail segment. 33. FX impact solely related to the U.S. Retail Bank. Adjusted expenses excluding the partners' share of PCL for the U.S. SCP and adjusted expenses excluding the partners' share of PCL and FX are non-GAAP financial measures. For further information about these non-GAAP financial measures, please see endnote 18. 34. Wealth assets includes assets under management (AUM) and assets under administration (AUA). 35. Net interest margin (NIM) is calculated by dividing net interest income by average interest-earning assets. Average interest-earning assets used in the calculation of NIM is a non-GAAP financial measure. NIM and average interest-earning assets are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. 36. U.S. Retail NIM is calculated by dividing segment's net interest income by average interest-earning assets excluding the impact related to deposit sweep arrangements and the impact of intercompany deposits and cash collateral, which management believes better reflects segment performance. In addition, the value of tax-exempt interest income is adjusted to its equivalent before-tax value. Net interest income and average interest-earning assets used in the calculation of this metric are non-GAAP financial measures. 37. Includes net interest income TEB of $581 million, and trading income of $99 million. Trading-related revenue (TEB) is a non-GAAP financial measure, which is not a defined term under IFRS and, therefore, may not be comparable to similar terms used by other issuers. 38. Capital and liquidity measures on slide 23 are calculated in accordance with OSFI's Capital Adequacy Requirements, Leverage Requirements, and Liquidity Adequacy Requirements guidelines. 40 67#68Endnotes TD 39. FX impact on RWA has a negligible impact on the CET 1 ratio, because the CET 1 ratio is currency hedged. 40. Excludes Schwab's unrealized losses on FVOCI securities. 41. U.S. HELOC includes Home Equity Lines of Credit and Home Equity Loans. 42. Includes acquired credit impaired loans and loans booked in the Corporate segment. 43. Includes loans measured at fair value through other comprehensive income. 44. Includes acquired credit impaired (ACI) loans. Prior periods have been restated to include ACI loans. 45. PCL Ratio: Provision for Credit Losses on a quarterly annualized basis/Average Net Loans & Acceptances. 46. Net U.S. Retail PCL ratio excludes credit losses associated with the retailer program partners' share of the U.S. Strategic Cards Portfolio, which is recorded in the Corporate Segment. 47. Gross U.S. Retail & Corporate PCL ratio includes the retailer program partners' share of the U.S. Strategic Cards Portfolio, which is recorded in the Corporate Segment. 48. Coverage Ratio: Total allowance for credit losses as a % of gross loans and acceptances. 49. U.S. Strategic Cards Partners' Share represents the retailer program partners' share of the U.S. Strategic Cards Portfolio ACL. 50. Consumer instalment and other personal includes the HELOC, Indirect Auto and Other Personal portfolios. 51. For the purpose of calculating contribution by each business segment, earnings from the Corporate segment are excluded. 52. Compound annual growth rate for the five-year period ended October 31, 2021. 53. Corporate results in 2020 include a net gain on sale of the Bank's investment in TD Ameritrade. 54. Based on quarterly dividend of $0.89 declared on December 2, 2021, and March 3, 2022, annualized. 55. Total Deposits based on total of average personal, business and wealth deposits. Total Loans based on total of average personal and business loans. 56. Source: Comscore Mobile Metrix®, Financial Services - Banking (Mobile Apps), Total Audience, 3-month average ending March 2022, Canada. 57. Source: Comscore MMX® Multi-Platform, Financial Services - Banking, Total audience, 3-month average ending March 2022, Canada, United States, Spain, France and UK. 68#69Endnotes TD 58. As at February 28, 2022. 59. "Managed Money Advisory Service (as of June 30, 2021)" Investor Economics, Fall 2021. 60. "The Top 40 Money Managers (as of December 31, 2021)" Benefits Canada, May 2022. 61. "The 2022 Globe and Mail digital broker ranking: Does the zero-commission revolution flip the script on who's best?" Globe and Mail, February 2022. 62. Based on Gross Written Premiums for Property and Casualty business. Ranks based on data available from OSFI, Insurers, Insurance Bureau of Canada, and Provincial Regulators as at December 31, 2021. 63. J.D. Power 2021 U.S. Dealer Financing Satisfaction Study of dealers' satisfaction; among companies between 375,000 and 910,000 transactions. Visit www.jdpower.com/awards for more information. 64. TD Bank ranked Highest in Customer Satisfaction with Small Business Banking in the South Region in the 2021 J.D. Power Small Business Banking Satisfaction Study. For J.D. Power 2021 award information visit www.jdpower.com/awards. 65. Total Deposits based on total of average personal deposits, business deposits and Schwab Insured Deposit Accounts (IDAs). Total Loans based on total of average personal and business loans. 66. Based on total deposits. Source: SNL Financial, Top 50 Banks and Thrifts in the U.S. 67. Includes gross loans and bankers' acceptances related to Wholesale Banking, excluding letters of credit, cash collateral, CDS, and allowance for credit losses. 68. On June 17, 2021, OSFI announced a 1.50% increase to the DSB, setting the DSB at 2.50%, effective October 31, 2021. 69. On August 12, 2021, OSFI confirmed that the exclusion of sovereign-issued securities from the leverage ratio exposure measure will not be extended past December 31, 2021. However, central bank reserves will continue to be excluded from the leverage ratio exposure measure; Minimum leverage-based TLAC ratio is increasing to 7.25% effective February 1, 2023 as a result of the 50bps increase in the leverage ratio buffer applicable to D-SIBS. 70. Reflects debt outstanding as at, and converted at FX rate as at April 30, 2022. 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. 69 69#70Endnotes TD 73. Includes par value of outstanding senior unsecured long-term debt issued after September 23, 2018 with a remaining term to maturity of greater than 1 year. Senior unsecured long-term debt with original term to maturity less than 400 days will not be eligible for bail-in and would not qualify as TLAC. 74. This measure has been calculated in accordance with OSFI's Liquidity Adequacy Requirements guideline. 75. Subject to conversion under the bank recapitalization "bail-in" regime. 76. Ratings reflect holding company senior unsecured ratings. 77. Business deposits exclude wholesale funding. 78. Market share ranking is based on internally produced reports. 79. Excludes certain liabilities: trading derivatives, other liabilities, wholesale mortgage trading business, non-controlling interest and certain equity capital such as common equity. 80. Bank, Business & Government Deposits less covered bonds and senior MTN notes. 81. Obligations related to securities sold short and sold under repurchase agreements. 82. Consists primarily of bearer deposit notes, certificates of deposit and commercial paper. 83. For wholesale term debt that has bullet maturities. 84. 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 approvals. 85. Includes Limited Recourse Capital Notes, Preferred Shares and Innovative T1. 86. Includes Limited Recourse Capital Notes, Preferred Shares and Subordinated Debt. Subordinated debt includes certain private placement notes. These instruments are not considered wholesale funding as they may be raised primarily for capital management purposes. 87. Represents mortgage-backed securities issued to external investors only. 88. Excludes certain private placement and structured notes. 89. In Canadian dollars equivalent. 90. On March 27, 2020, OSFI announced that the covered bond ratio limit is temporarily increased to 10% to enable access to Bank of Canada facilities, while the maximum covered bond assets encumbered relating to market instruments remains limited to 5.5% of an issuer's on-balance sheet assets. Effective October 21, 2020, the Bank of Canada no longer accepts own-name covered bonds for Term Repo operations. OSFI has announced the unwinding of the temporary increase to the covered bond limit effective April 6, 2021. 70#71Endnotes TD 91. Ratings by Moody's and DBRS, respectively, as at April 30, 2022. 92. The Covered Bond Label Foundation and its affiliates are not associated with and do not approve or endorse TD's covered bond products. 93. Current Loan to Value is calculated with the Teranet-National Bank House Price Index and weighted by balance. 94. Any non-NVCC preferred shares and non-NVCC subordinated debt issued after September 23, 2018 would also be in scope. 95. Term as defined in the bail-in regulations. 96. In determining the multiplier, CDIC must take into consideration the requirement in the Bank Act for banks to maintain adequate capital and that equally ranking bail-in eligible instruments must be converted in the same proportion and receive the same number of common shares per dollar of claim. 97. Source: TD Economics, May 2022. For recent economic analysis and research please refer to https://economics.td.com. 98. Source: TD Economics, May 2022. For recent economic analysis and research please refer to https://economics.td.com. 99. Gross Impaired Loan formations represent additions to Impaired Loans & Acceptances during the quarter; excludes the impact of acquired credit- impaired loans. 100.GIL Formations Ratio: Gross Impaired Loan Formations/Average Gross Loans & Acceptances. 101.Gross Impaired Loans (GIL) excludes the impact of acquired credit-impaired loans. 102.GIL Ratio: Gross Impaired Loans/Gross Loans & Acceptances (both are spot) by portfolio. 103.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 on November 1, 2017 through an adjustment to opening retained earnings. As such, fiscal 2018 and 2019 results reflect the adoption of IFRS 9, while prior periods reflect results under IAS 39. 104.PCL-impaired represents Stage 3 PCL under IFRS 9, performing represents Stage 1 and Stage 2 on financial assets, loan commitments, and financial guarantees. 105.RESL Portfolio Loan to Value is calculated with the Teranet-National Bank House Price Index™ and weighted by the total exposure. The Teranet-National Bank House Price Index TM is a trademark of Teranet Enterprises Inc. and National Bank of Canada and has been licensed for internal use by The Toronto-Dominion Bank's Real Estate Secured Lending team only. 71#72Endnotes TD 106. The territories are included as follows: Yukon is included in British Columbia; Nunavut is included in Ontario; and Northwest Territories is included in the Prairies region. 107.Includes Small Business Banking and Business Credit Cards. 108.Consumer includes: Food, Beverage and Tobacco; Retail Sector. 109.Industrial/Manufacturing includes: Industrial Construction and Trade Contractors; Sundry Manufacturing and Wholesale. 110.Other includes: Power and Utilities; Telecommunications, Cable and Media; Transportation; Professional and Other Services; Other. 111.Excludes acquired credit-impaired loans. 112.Loan To Value based on authorized credit limit and Loan Performance Home Price Index as of February 2022. FICO Scores updated March 2022. 113.Other includes: Agriculture; Power and utilities; Telecommunications, cable and media; Transportation; Resources; Other. 114.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 supporting insurance claims liabilities, and adjusted expenses (U.S. Retail in $US), grossed up by the retailer program partners' share of PCL for the Bank's U.S. strategic card portfolio. Collectively, these adjustments provide a measure of PTPP that management believes is more reflective of underlying business performance. 115.Operating leverage is a non-GAAP ratio that is typically calculated by dividing revenue growth by expense growth. At the total bank level, TD calculates operating leverage as the difference between the % change in adjusted revenue (U.S. Retail in source currency) net of fair value changes in investments supporting insurance claims liabilities, and the % change in adjusted expenses (U.S. Retail in source currency) grossed up by the retailer program partners' share of PCL for the Bank's U.S. strategic card portfolio. Collectively, these adjustments provide a measure of operating leverage that management believes is more reflective of underlying business performance. 116. Adjusts for the impact of foreign exchange on the U.S. Retail Bank by using source currency figures. These adjustments are done to reflect measures that the Bank believes are more reflective of underlying business performance. 117.Adjusts for fair value changes in investments supporting insurance claims liabilities, as reported on page 6, line 14 of the Bank's Q2 2022 Supplementary Financial Information package (Income (loss) from Financial Instruments designated at FVTPL - Related to Insurance Subsidiaries). 22 72#73Endnotes TD 118.Adjusts for the impact of the accounting requirements for the U.S. strategic card portfolio. Subtracting the partners' share of the PCL removes a source of volatility that is not reflective of the Bank's underlying economic exposure. This can be done by adding Corporate PCL (which consists solely of the partners' share of the PCL) back to non-interest expenses. 119.Line 13 metrics reflect the adjustments described in lines 9 through 12 on slide 63. 120.Excluding only the impact of the US Strategic Card Portfolio partners' share, year-over year expense growth would have been 6.5% ($5,627MM in Q2 2021 and $5,993MM in Q2 2022, representing a year-over-year increase of $366MM). 73 23#74Investor Relations Contacts TD Phone: (416) 308-9030 or 1 (866) 486-4826 Email: [email protected] Website: www.td.com/investor 74