#1TD BTW TD Bank Group Investor Presentation www.XY wwwww WWXXXXXX NYXA VINME VIMM VINNA VANE D Canada Trust Q4 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 ("2022 MD&A") in the Bank's 2022 Annual Report under the heading "Economic Summary and Outlook", under the headings "Key Priorities for 2023" and "Operating Environment and Outlook" for the Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking segments, and under the heading "2022 Accomplishments and Focus for 2023" for the Corporate segment, and in other statements regarding the Bank's objectives and priorities for 2023 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, and the Bank's anticipated financial performance. 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 general business and economic conditions in the regions in which the Bank operates; geopolitical risk; inflation, rising rates and recession; the economic, financial, and other impacts of pandemics, including the COVID-19 pandemic; the ability of the Bank to execute on long-term 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, data security breaches or technology failures) 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; 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 foreign exchange rates, interest rates, credit spreads and equity prices; 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 2022 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 "Significant Acquisitions" or "Significant or 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 2022 MD&A under the heading "Economic Summary and Outlook", under the headings "Key Priorities for 2023" and "Operating Environment and Outlook" for the Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking segments, and under the heading "2022 Accomplishments and Focus for 2023" 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 Assets¹1 5th largest bank by Market Cap¹ Q4 2022 Financial Results 2 For the three months ended October 31, 2022. 3 Proven Performance, Future Growth Opportunities Delivering solid long-term shareholder returns² Strong Balance Sheet and Capital Position 4 Highly rated by major credit rating agencies³ 3 NB: Explanatory end notes are included on slides 71-80. TD#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 4#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 LO 5 Customers Communities Colleagues#6Proven Business Model: TD Snapshot Diversification and scale, underpinned by a strong risk culture TD Our Businesses Canadian Personal & Commercial Banking Personal banking, credit cards and auto finance Small business, commercial banking, merchant solutions and equipment finance U.S. Retail ■ Personal banking, credit cards and auto finance Small business and commercial banking Advice-based wealth and asset management Strategic investment in Schwab Announced proposed acquisition of First Horizon Wealth Management & Insurance Direct investing, advice-based wealth, and asset management Property, casualty, life and health insurance Wholesale Banking ☐ Research, investment banking and capital market services Global transaction banking AUA7 Presence in key global financial centres including New York, London and Singapore Announced proposed acquisition of Cowen Inc. Wealth Mgmt. & Insurance 2,220 retail locations in North America Canadian Q4 20224 (C$) P&C Banking U.S. Retail Financial Strength Deposits5 Loans6 $438B $503B $39B $520B $227B $7B $46B $517B AUM8 $45B $397B Earnings (rep.) $6.6B $5.6B $2.4B Network Highlights Employees 10 28,936 26,710 15,952 Customers ~15MM 9.9MM ~6MM Branches 1,060 1,160 ATMs11 3,401 2,693 Mobile Users 12 6.9MM 4.5MM Not Disclosed 6 00 16 TD Securities offices worldwide#7Competing in Attractive Markets TD Country Statistics 8th largest economy ■ Real GDP of C$2.2 trillion ◉ Population of ~39 million Canadian Banking System ■ One of the soundest banking systems in the world 13 Market leadership position held by the "Big 5" Canadian Banks Canadian chartered banks account for 73% of the residential mortgage market14 Mortgage lenders have recourse to both borrower and property in most provinces TD's Canadian Businesses Network of 1,060 branches and 3,401 ATMs11 " Composite market share of 21% " Ranked #1 or #2 in market share for most retail products 15 Comprehensive wealth offering Top ranked investment dealer Country Statistics ■ World's largest economy Real GDP of US$20 trillion Population of ~335 million U.S. Banking System Over 4,500 banks with market leadership position held by a few large banks 16 Five largest banks have assets of ~50% of U.S. GDP17 Mortgage lenders have limited recourse in most jurisdictions TD's U.S. Businesses Network of 1,160 stores and 2,693 ATMs 11 Operations in 4 of the top 10 metropolitan statistical areas 18 and 7 of the 10 wealthiest states 19 Operating in a US$6.2 trillion deposits market16 ☐ Expanding U.S. Wholesale business 7#8Top 10 North American Bank TD Q4 2022 (C$ except otherwise noted) TD Bank Group Canadian Ranking23 North American Ranking24 Total assets $1,918B 1st 5th Total deposits Market capitalization Reported net income (trailing four quarters) $1,230B 1st 5th $158.7B 2nd 5th $17.4B 1st 5th Adjusted net income 20 (trailing four quarters) $15.4B n/a n/a Average number of full-time equivalent staff 98,272 1st 5th Common Equity Tier 1 capital ratio21 16.2% 2nd 2nd Moody's long-term deposits/counterparty rating²² Aa1 n/a n/a 8#9Diversified Business Mix TD Q4 2022 Reported Earnings Mix25 Four key business lines Canadian Personal & Commercial Banking - Robust retail banking platform in Canada with proven performance U.S. Retail - Top 10 bank28 in the U.S. with attractive growth opportunities Wealth Management & Insurance - #1 online brokerage, institutional money manager29, Direct Distribution personal lines insurer 30, and Affinity Provider in Canada 31 Wholesale Banking - North American dealer focused on client- driven businesses Canadian Personal & Commercial, 42% 9 U.S. Retail Bank, 31%26 Wealth Management & Insurance, 13% Wholesale, 7% Investment in Charles Schwab, 8%27#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 • Acquired Chrysler Financial auto finance portfolio (2011) 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) • New Capabilities and Partnerships • Acquired Epoch (2013) 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 (2022) 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.32 (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) Announced proposed acquisition of Cowen Inc. (2022) 10 110#11Forward Focused First Horizon Acquisition Update First Horizon Accelerates TD's U.S. Retail Bank Growth Strategy Progress to Date Next Steps TD • • • • • . • Integration Management Office has defined Legal . Continue to work towards obtaining required regulatory approvals Day 1 (deal closing), integration and conversion roadmap Confirmed approach to primarily migrate to TD systems Engaged with community groups across TD's and First Horizon's footprints Established communication protocols with First Horizon employees and held listening sessions First Horizon shareholder approval received on May 31st Fed and OCC joint public meeting on August 18th Reaffirm confidence in ability to execute on cost synergies • Validated integration dependencies and pre- requisites and made substantial progress on "Target State" design • Continue planning and execution efforts required for deal closing, integration and conversion Continue community outreach sessions Continue identifying revenue synergy opportunities Continue communication with First Horizon employees and internally on deal closing, integration and conversion progression Finalizing integration and conversion plans across all lines of business and corporate functions Currently planning to close in the first half of F2023 subject to customary closing conditions, including approvals from U.S. and Canadian regulators 11#12Forward Focused Shaping the future of banking TD Among Fls, Largest Patent Portfolio in Canada and 5th Largest in U.S. SATISFACT CUSTOMER JDPOWER TO CANADA TRUST DIGITAL BEST BANK AWARD 2022 GLOBAL FINANCE Best Consumer Digital Bank in North America, 2nd Consecutive Year RWRDS CANADA Most Awarded Card Issuer by Rewards Canada readers with Best-in-Category TD Aeroplan Visa Infinite and TD Cash Back Visa Infinite Cards * * * * * * CEB COUNCIL OF EUROPE DEVELOPMENT BANK BANQUE DE DEVELOPPEMENT DU CONSEIL DE L'EUROPE RedCard NORDSTROM VISA Signature FIRST HORIZON. COWEN TD Canada Trust #1 in Customer Satisfaction with Small Business Banking 33 Sole Bookrunner on €100 million reopening of €1B 7- year Social Inclusion Bond, Supporting Ukrainian Refugees Extended Partnerships with Target and Nordstrom 12 Accelerating Growth through Strategic Acquisitions#13E 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 Q4 2022 Adoption and Recent Awards 34 15.7MM Active Enterprise Digital Users DIGITAL BEST BANK KAWARD 2022 6.9MM Active Canadian Banking Mobile Users CELENT MODEL BANK プロフグ 4.5MM Active U.S. Banking Mobile Users GLOBAL Best Consumer Digital Bank in North America Global Finance, 2022 Model Bank Award for Customer Engagement Celent, 2022 INNOVATORS 2022 GLOBAL FINANCE Outstanding Innovation in Mobile Banking & Most Innovative Bank in North America Global Finance, 2022 Never give out your info. We'll never osk for usernames, passwords, PINs or Social Security numbers, no matter how we contact you. Learn more Mobile check deposit t's easy-we guide you p by stop TD TD MySpend & TD Easy Trade Partner to Deliver Cash Flow Insights: Integrated cash flow insights from TD MySpend into TD Easy Trade, enabling clients to connect their spending habits and investments to better understand how they can reach their goals. Coal Detals -SA000 Curbution arou Dirtbution repay D Yes in see how your projection Save Changes Manage Goals TD's Digital Engagement and Advice strategy continues to deliver highly personalized experiences: Leveraging a human-centered design approach and our industry leading digital reach, this quarter, TD launched 16 new personalized experiences in the TD Canada app and 11 personalized experiences in the TD US app. These new experiences build on TD's previously introduced data-driven insights and provide select customers with actionable nudges, including personalized advice to support their financial wellbeing, awareness of how to optimize loyalty and rewards, and education on how digital tools can save them time and effort. You spent $(amount) at Starbucks. Get exclusive benefits next. time. See how My Accounts Every er Svinge 88.000.00 TDs Travel $10.000.00 Mau Fund RSP $5.0000 MySpend $264 912イ Bank R 23 B ACCOUNTS TRANSFER DEPOSIT SEND PEARL MONEY may thin month View Accounts Narage Transfers 13#14Forward Focused: Digital Adoption TD Digital Adoption (% of customers) 36 Active Mobile Users (millions)12 Self-Serve Transactions (as % of all financial transactions)37 +120 bps YoY 62.1 61.6 Canadian Retail 35 60.9 6.4 +8.1% YoY -20 bps YoY 6.9 6.8 92.0 91.8 91.6 Q4/21 Q3/22 Q4/22 Q4/21 Q3/22 Q4/22 Q4/21 Q3/22 Q4/22 U.S. Retail 35 51.4 +180 bps YoY 53.2 52.8 +8.1% YoY +80 bps YoY 4.5 80.1 80.0 4.4 79.2 4.2 Q4/21 Q3/22 Q4/22 Q4/21 Q3/22 Q4/22 Q4/21 Q3/22 Q4/22 14#15Purpose Driven B Centered on our vision, purpose and shared commitments Black Opportunity Fund Inclusive Lending Program for Black Entrepreneurs TD TM NATURE CONSERVANCY CANADA $10MM Investment into Boreal Wildlands Carbon Project Citizens Trust Bank A relationship you can bank on CAMSC Canadian Aboriginal and Minority Supplier Council Conseil canadien des fournisseurs autochtones et membres de minorités US$5MM Investment to Support Inclusive Growth in U.S. Southeast 15 TENT Sponsored Certification Program for Businesses Owned by Entrepreneurs who Recently Arrived to Canada as Refugees#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 16 TD#17• • • G Purpose Driven ESG Highlights Environment Developed a methodology for setting Scope 3 financed emissions targets and set 2030 Scope 3 targets for the Energy and Power Generation sectors Aim to hold $15 - $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 As at the end of 2021, achieved over $86 million of our $100 billion low-carbon economy target in the last four years • Social 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 VP and above to 45% by end of 2025 Met our commitment to double the representation of Black executives by the end of 2022 and actively working toward our goal to increase minority representation, including Black and Indigenous Peoples, at the Vice President and higher levels to 25% by the end of 2025 Launched TD Home Access Mortgage, a new product designed to increase homeownership opportunities in Black and Hispanic communities across several markets in within the Bank's footprint in the U.S. Q4 2022 TD and the Black Opportunity Fund launched the Black Entrepreneur Loan Program, an inclusive lending program for Black entrepreneurs that will provide loans in the range of $10,000 to $50,000 • • • • • • Governance TD Established the ESG Centre of Expertise to coordinate and streamline efforts Introduced regular ESG education sessions with our Board of Directors and Senior Executive Team (SET) Incorporated ESG metrics into the SET compensation plan Developed a climate risk inventory to help identify the impacts of climate change Developed a heatmapping framework to support climate risk identification and assessment Established an ESG Credit Risk team to overlay ESG and climate change-related risks on TD's credit portfolio • TD Securities invested in Canada's largest ever private conservation project and announced the formation of their ESG Solutions Carbon Advisory business Building Tomorrow Together 2021 Eavimental Social and Governance Report 2021 ESG Report 2021 TD Ready Commitment Report 2021 TD Ready Commitment Report 17 TD 2021 TD's Climate Action Plan Report on Progress and Update on TCFD 2021 Climate Action Report Advancing Our Climate Action Plan: Methodology for TD's Interim Financed Emissions Targets Energy and Power Generation-March 2022 TD Financed Emissions Methodology#18TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ TD 5th largest bank by Market Cap¹ Q4 2022 Financial Results 2 For the three months ended October 31, 2022. 3 Proven Performance, Future Growth Opportunities Delivering solid long-term shareholder returns² Strong Balance Sheet and Capital Position 4 Highly rated by major credit rating agencies³ 18#19Fiscal 2022 Highlights Strong performance EPS of $9.47, up 23% ■ Adjusted 20 EPS of $8.36, up 6% Revenue up 15% (Adj17 up 8%) ☐ Reported revenue includes net gain from mitigation of interest rate volatility to closing capital on First Horizon acquisition 38 and gain on sale of Schwab shares 39 ■ Volume growth and margin expansion in personal and commercial banking businesses PCL of $1,067MM Expenses up 7% (incl. U.S Strategic Card Portfolio ("SCP") partners' share) " Adjusted 20 expenses up 7.2% excluding the impact of SCP accounting and FX40 Higher employee-related expenses and higher spend supporting business growth PCL Expenses Net Income Revenue Expenses Net Income TD P&L ($MM) Reported 2022 2021 YOY Revenue 49,032 42,693 15% 1,067 (224) +$1,291 24,641 23,076 7% 17,429 14,298 22% Diluted EPS ($) 9.47 7.72 23% Adjusted 20 2022 2021 YOY 46,170 42,693 8% 24,359 22,909 6% 15,425 14,649 5% Diluted EPS8 ($) 8.36 7.91 6% Segment Earnings ($MM) Reported 2022 2021 YOY Canadian Personal & 6,558 Commercial Banking 5,885 11% U.S. Retail 5,620 4,985 13% Wealth Management & 2,395 2,596 Insurance (8%) Wholesale Banking 1,325 1,570 (16%) Corporate 1,531 (738) NM Adjusted 20 2022 2021 YOY U.S. Retail 5,524 4,985 11% Wholesale Banking 1,339 1,570 (15%) Corporate (391) (387) (1%) 19#20Q4 2022 Highlights Strong performance EPS of $3.62, up 77% YoY ■ Adjusted 20 EPS of $2.18, up 4% YoY Revenue up 42% YoY (Adj20 up 12% YoY) Reported revenue includes net gain from mitigation of interest rate volatility to closing capital on First Horizon acquisition 38 and gain on sale of Schwab shares 39 Margin expansion and volume growth in personal and commercial banking businesses and impact of FX PCL of $617MM Expenses up 10% YoY (incl. SCP partners' share) Adjusted 20 expenses increased 9.8% excluding the impact of SCP accounting and FX40 " Higher employee-related expenses, impact of FX and higher spend supporting business growth PCL Expenses Net Income Expenses TD P&L ($MM) Reported Q4/22 QoQ YOY Revenue 15,563 42% 42% 617 +$266 +$740 6,545 7% 10% 6,671 108% 76% Diluted EPS ($) 3.62 107% 77% Adjusted 20 Q4/22 QoQ YOY Revenue 12,247 6% 12% 6,430 7% 9% Net Income Diluted EPS ($) 4,065 7% 5% 2.18 4% 4% Segment Earnings ($MM) Reported Q4/22 QoQ YOY Canadian Personal & 1,694 1% 11% Commercial Banking U.S. Retail 1,539 7% 12% Wealth Management & 516 Insurance (10%) (15%) Wholesale Banking 261 (4%) (38%) Corporate 2,661 NM NM Adjusted 20 Q4/22 QoQ YOY U.S. Retail 1,590 9% 16% Wholesale Banking 275 1% (35%) Corporate 20 20 (10) 94% 85%#21Canadian Personal & Commercial Banking Strong quarter with record earnings from continued growth momentum Net income up 11% YoY Revenue up 16% YoY Margin expansion, volume growth and increased client activity Loan volumes up 9% Deposit volumes up 4%; including industry-leading market share gains in non-term deposits NIM 20,42 of 2.70% ■ Up 11 bps QoQ: higher deposit margins reflecting rising interest rates, partially offset by lower loan margins Up 22 bps YoY: higher deposit margins reflecting rising interest rates, partially offset by lower loan margins and balance sheet mix changes PCL of $229MM Expenses up 12% YoY ■ Higher spend supporting business growth, including technology and employee-related expenses Efficiency ratio of 43.1% P&L ($MM) Reported Revenue PCL Impaired Performing Expenses Net Income ROE⁹ Earnings ($MM) TD Q4/22 QoQ YOY 4,454 5% 16% 229 +$59 +$176 184 +$42 +$44 45 +$17 +$132 1,921 6% 12% 1,694 1% 11% 41.9% -40 bps -450 bps $1,529 $1,618 $1,568 $1,678 $1,694 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 21 24#22U.S. Retail (US$) Strong results supported by broad-based growth in its businesses Net income up 7% YoY (Adj²º up 10% YoY) Revenue up 22% YoY Higher deposit margins and volumes and higher earnings on investments, partially offset by lower income from PPP and lower loan margins ■ Personal loans up 10% Business loans flat, or up 5% ex-PPP loans Deposits flat, or up 3% excl. sweeps; gained market share in footprint in personal deposits NIM20,43 of 3.13% Up 51 bps QoQ; and up 52 bps QoQ ex. PPP Up 92 bps YoY; and up 107 bps YoY ex. PPP PCL of $169MM Expenses up 15% YoY (Adj 20 up 11% YoY) Reported expenses include acquisition/integration- related costs for First Horizon44 Revenue PCL Impaired TD P&L (US$MM) (except where noted) Reported Q4/22 QoQ YOY 2,699 12% 22% 169 +$86 +$231 125 +$20 +$72 Performing Expenses 44 +$66 +$159 1,482 11% 15% U.S. Retail Bank Net Income 926 3% 3% Schwab Equity Pickup 237 5% 22% Net Income 1,163 4% 7% Net Income (C$MM) 1,539 7% 12% ROE 15.4% +60 bps +90 bps Adjusted 20 Q4/22 QoQ YOY Expenses 1,432 9% 11% U.S. Retail Bank Net Income 963 5% 7% Net Income 1,200 5% 10% Net Income (C$MM) 1,590 9% 16% ROE 15.8% +80 bps +130 bps Earnings (US$MM) Higher employee-related expenses and business investments $1,092 $1,122 $1,163 $1,006 $1,079 Reported and adjusted efficiency ratios of 54.9% and 53.1% respectively Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 22#23Wealth Management & Insurance Solid performance amid challenging market conditions Net income down 15% YoY Revenue down 1% YoY Lower transaction and fee-based revenue in wealth and decrease in fair value of investments supporting claims liabilities, partially offset by higher insurance premiums Claims up 11% YoY Increased driving activity, inflationary costs and more severe weather-related events Expenses up 1% YoY TD P&L ($MM) Reported Q4/22 QoQ YOY Revenue 2,631 (5%) (1%) Insurance Claims 723 (13%) 11% Expenses 1,208 5% 1% 516 (10%) (15%) 39.5% -510 bps -1,190 bps 397 (3%) (7%) 517 (2%) (7%) Net Income ROE8 AUM ($B) AUA ($B)7 Earnings ($MM) $608 $636 $668 " Higher spend supporting business growth, including employee-related expenses and technology costs, largely offset by lower legal provisions and variable compensation $575 $516 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Efficiency ratio of 45.9% AUM and AUA7 both down 7% YoY ☐ Market depreciation, partially offset by net asset growth 23#24Wholesale Banking Solid performance reflects strength of diversified business model Net income down 38% YoY (Adj 20 down 35% YoY) Revenue up 1% YoY Higher global transaction banking, trading-related, and lending revenue, partially offset by lower underwriting revenue and loan underwriting commitments markdowns PCL of $26MM Expenses up 22% YoY (Adj20 up 19% YoY) ■ Reported expenses include acquisition and integration-related charges primarily for Cowen acquisition Continued investments in Wholesale Banking's U.S. dollar strategy, including the hiring of banking, sales and trading, and technology professionals, timing of employee-related costs, and impact of FX PCL TD P&L ($MM) Reported Q4/22 QoQ YOY Revenue 1,159 8% 1% Trading-related revenue (TEB)8,45 560 2% 10% 26 +$1 +$103 Expenses 802 16% 22% Net Income 261 (4%) (38%) ROE 8.2% -70 bps -1,040 bps Adjusted 20 Q4/22 QoQ YOY Expenses 784 13% 19% Net Income 275 1% (35%) ROE 8.6% -30 bps -1,000 bps Line of Business Revenues ($MM) Reported Q4/22 QoQ YOY Global Markets 663 10% 2% Corporate and Investment 473 14% 0% Banking Other 22 (61%) (17%) Earnings ($MM) $420 $434 $359 $271 $261 Q4/21 Q1/22 24 Q2/22 Q3/22 Q4/22 24#25Capital46 Strong capital and liquidity management supporting future growth Common Equity Tier 1 ratio of 16.2% Risk-Weighted Assets up 4.3% QoQ Leverage Ratio of 4.9% Liquidity Coverage Ratio of 128% Common Equity Tier 1 Ratio Q3 2022 CET 1 Ratio Internal capital generation Increase in RWA (net of FX) 47 Increase in Common Shares from Dividend Reinvestment Plan Sale of Schwab shares Mitigation of interest rate volatility to closing capital on First Horizon acquisition FX hedge on First Horizon closing Other48 Q4 2022 CET 1 Ratio Risk-Weighted Assets ($B) Q3 2022 RWA Credit Risk Market Risk Operational Risk Q4 2022 RWA TD 14.9% 44 (19) 13 49 49 35 12 (8) 16.2% $496 +22.0 -1.7 +1.1 $517 25#26Gross Lending Portfolio Includes B/As Period-End Balances ($B unless otherwise noted) Canadian Personal & Commercial Banking 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$) Personal Residential Mortgages Home Equity Lines of Credit (HELOC)49 Indirect Auto Credit Cards Other Personal Commercial Banking Non-residential Real Estate Residential Real Estate Commercial & Industrial (C&I) FX on U.S. Personal & Commercial Portfolio U.S. Retail Portfolio ($) Wealth Management & Insurance Portfolio Wholesale Banking Portfolio Other 50 Total 51 26 TD Q3/22 Q4/22 514.8 520.0 411.5 414.6 244.5 244.9 112.2 113.7 27.0 27.2 16.4 17.4 11.4 11.4 9.1 9.2 103.3 105.4 US$ 168.0 US$ 80.9 33.5 US$ 172.0 US$ 83.3 35.0 7.0 7.3 26.2 26.7 13.6 13.7 0.6 0.6 US$ 87.1 US$ 88.7 17.2 18.2 7.5 7.6 62.4 62.9 47.1 62.2 215.1 234.2 8.0 7.9 79.3 95.4 1.8 2.1 819.0 859.6#27Provision for Credit Losses (PCL) By Business Segment Highlights Quarter-over-quarter PCL increase largely recorded in the Canadian and U.S. consumer lending portfolios PCL 52: $MM and Ratios 53 TD $617 ■Canadian Personal & Commercial Banking $229 ■ U.S. Retail $351 ■ Corporate ■Wholesale Banking $170 $225 ■Wealth Management & Insurance $72 $107 $32 $137 ($123) $27 $21 ($9) $49 $53 $23 $60 ($77) ($5) $25 $26 $1 ($23) ($18) ($6) ($76) PCL Ratio (bps) Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Canadian Personal & 4 3 5 13 17 Commercial Banking U.S. Retail (net)54 (15) 4 (4) 20 40 U.S. Retail & Corporate (gross)55 (20) (5) 30 64 Wholesale Banking (51) (3) (6) 13 Total Bank (7) 1 37 17 29 22 12 27 27#28Allowance for Credit Losses (ACL) ACL 52: $B and Coverage Ratios 56 Highlights ACL increased $445 million quarter-over- quarter, reflecting: - The impact of foreign exchange Deterioration in our economic forecasts Some normalization of credit performance - Volume growth TD 124 126 122 108 103 103 97 93 $9.2 $9.4 87 85 86 bps $8.9 74 $7.9 $8.0 $7.7 $7.3 $7.1 $6.9 $6.9 $7.4 ■ United States 59% 60% 59% $5.3 ■ Canada 62% 58% 58% 57% 57% 57% 57% 59% 61% 38% 39% 41% 40% 41% 42% 42% 43% 43% 43% 43% 41% Partially offset by release of overlays previously set aside for economic uncertainty ACL 52 by Asset Type: $B ■Q3/22 ■ The Bank's allowance coverage remains elevated to account for ongoing uncertainty that could affect: The economic trajectory, and Credit performance ■Q4/22 57 U.S. Strategic Card Partners' Share $7.4 $6.9 $2.9 $3.0 $2.2 $2.4 $1.6 $1.7 $0.3 $0.3 Residential Mortgages Consumer instalment and, other personal $0.8 $0.9 Credit Card $0.8 $0.9 Business & Government Total 58 Performing 0.21 0.27 Impaired 0.05 0.06 1.4 1.6 0.1 0.2 2.0 2.1 0.2 0.2 2.5 2.6 6.2 6.6 0.3 0.3 0.7 0.8 Ratio56 (bps) 9 11 78 83 659 653 97 92 85 86 28#29TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ 5th largest bank by Market Cap¹ Q4 2022 Financial Results 2 For the three months ended October 31, 2022. 3 4 Proven Performance, Future Growth Opportunities Delivering solid long-term shareholder returns² Strong Balance Sheet and Capital Position Highly rated by major credit rating agencies³ 29 29 TD#30Consistent Earnings Growth Reported Earnings (C$MM) 59 5-year CAGR 60 Reported Earnings: 10.6% (7.8% adjusted 20) Reported EPS: 11.5% (8.6% adjusted 20) ■ Corporate ■Wholesale Banking Wealth Management & Insurance ■ U.S. Retail ■Canadian Personal & Commercial $11,334 $11,686 $11,895 $10,517 $14,298 TD $17,429 2017 2018 2019 202061 2021 2022 30 50 62#31$0.22 1995 Strong, Consistent Dividend History Dividends Per Share (C$) 1996 1997 1998 1999 ~11% Annualized Growth 2000 2001 2002 2003 2004 2005 2006 2007 2008 Annual Dividend 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 31 2020 2021 2022 TD $3.56 166-year continuous dividend history Dividend yield: 3.8%8 Exceed Target payout range: 40%-50%#328 Solid Total Shareholder Returns in Fiscal 2022 One-Year Three-Year Five-Year Ten-Year TD TD Bank Group Canadian Ranking 23 0.9% 2nd North American Ranking24 2nd 9.6% 3rd 4th 7.8% 3rd 5th 12.2% 3rd 7th 32 32#33Canadian Personal & Commercial Banking Consistent Strategy How we compete: Legendary personal connected customer service Focus on underrepresented products and markets The power of One TD Winning culture and team HEST DEALER & SATISFACTION J.D.POWER Net Income (C$MM) $5,413 $5,113 $3,996 TD 6,558 $5,885 2018 2019 2020 2021 2022 NATIONAL TD AUTO FINANCE 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 Study63 Q4 2022 Highlights Total Deposits HIGHEST CUSTOMER SATISFACTION J.D. POWER TD Canada Trust #1 in Customer Satisfaction with Small Business Banking J.D. Power 2022 Canada Small Business Banking Customer Satisfaction Study33 C$438B Branches Total Loans C$520B ATMs11 Earnings⁹ C$6.6B Employees 10 28,936 Customers ~15MM Mobile Users 12 6.9MM 33 3 1,060 3,401#34■ Canadian Personal & Commercial Banking Personal Banking #1 or #2 market share in most retail products 15 Canadian branch network continues to lead the market in total hours open, while also offering customers the option of virtual and phone appointments in order to meet with our branch advisors remotely TD #1 in Canadian digital banking apps with the highest number of average smartphone monthly active users (MAUS) in Canada according to data.ai64 #1 for average digital reach of any bank in Canada, and amongst one of the leaders for domestic digital reach among major developed market banks, according to Comscore65 TD is the leading Canadian bank for web-traffic and engagement based on monthly unique visitors, total monthly visits, visit duration, and pages per visits 66 Credit Cards Dual card issuer of high value brands, including TD First Class Visa and TD Aeroplan Visa, and MBNA World Elite Mastercard Successful partnership with Amazon on co-brand card and first Canadian bank to launch Amazon Shop with Points ☐ North American operational scale and professional expertise Business Banking Customized Commercial Banking financing solutions with specialty groups in Real Estate and Agriculture TD Auto Finance ranked "Highest in Dealer Satisfaction among Non-Captive Lenders with Retail Credit"63 for the fifth year in a row in the J.D. Power 2022 Canada Dealer Financing Satisfaction Study J.D. Power ranked TD Bank "Highest in Small Business Banking Customer Satisfaction" among the Big 5 Canadian Banks33 34 =4#35U.S. Retail Consistent Strategy How we compete: Transform Distribution Reported Net Income (US$MM) $3,253 ☐ Drive Leading Customer Acquisition and Engagement ☐ Scale & Evolve our Cards Franchise $3,750 $2,278 TD $4,370 $3,967 ■ Enable Wealth Offering Across TD Bank, America's Most Convenient BankⓇ $3,401 $3,750 $2,278 $3,967 $4,291 Enable World Class Residential Mortgage Business 2018 2019 2020 Adjusted 20 2021 2022 SATISFACTIO TD Auto Finance ranked "Highest in Dealer J.D.POWER APTIVE NATIONAL TD AUTO FINANCE Satisfaction among National Non-Captive Lenders with Prime Credit," J.D. Power 2022 US Dealer Financing Satisfaction Study67 Q4 2022 Highlights Total Deposits68 C$503B US$378B Employees 10 26,710 Total Loans 68 C$227B US$170B Customers 9.9MM Assets Under Administration C$46B US$34B Mobile Users 12 4.5M Assets Under Management C$45B US$33B Stores 1,160 Reported Earnings⁹ C$5.6B US$4.4B ATMs11 2,693 35 55#36U.S. Retail Personal & Commercial Banking Top 10 bank 69 with over 9.9MM 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 Enhanced the TD Overdraft Relief program on September 28, allowing customers to overdraw by up to US$50 before incurring an overdraft fee; providing 24 hours to cure and avoid a fee for those who overdraw by more than US$50; eliminating all overdraft transfer fees for customers using the savings overdraft protection service; and implementing an approach of processing all credits before any debits Eliminated non-sufficient funds fees and gift card inactivity fees Announced expanding presence in Charlotte, NC with a plan to open 15 stores by 2025 including at least 25% of stores in minority or low-to-moderate income communities Ranked #1 in total number of approved U.S. Small Business Administration (SBA) loan units in our Maine-to-Florida footprint for the sixth consecutive year in 2022 Auto Lending Indirect retail lending through dealers across the country and comprehensive solutions for dealers, including floor plan, commercial banking and wealth management Real-time payments for the dealer network TD Auto Finance ranked "Highest in Dealer Satisfaction among Non- Captive Lenders with Prime Credit"67 for the third year in a row in the J.D. Power 2022 U.S. Dealer Financing Satisfaction Study Credit Cards TD 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 Our Retail Card Services business established financing partnerships with home furnishings brand RH (formerly Restoration Hardware) and jewelry retailer Blue Nile, to launch private label credit card programs Strategic Card Partnership business has extended the partnership agreements with Target through 2030 and with Nordstrom through 2026 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 robo-advisor (TD Automated Investing), robo/hybrid (TD Automated Investing Plus) solutions, and a Multi-custodial securities-based collateral lending platform Advisor-led client discovery and goals-based planning, offering banking, investment management, trust, estate planning and insurance and annuity products 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 half of fiscal 2023, subject to closing conditions 36#37Wealth Management & Insurance Consistent Strategy How we compete: Reported Net Income (C$MM) TD Provide trusted advice to help our customers feel confident about their financial future $2,596 $2,395 $2,030 $1,770 $1,750 ☐ Deliver legendary customer experiences ☐ Grow and deepen customer relationships leveraging One TD $1,770 $1,862 $2,128 $2,596 $2,395 Optimize processes to enable our colleagues to execute with speed and impact 2018 2019 2020 2021 2022 Foster a diverse and inclusive culture Adjusted 20 #1 Online Broker in Canada MoneySense Best Online Brokers in Canada 29 Q4 2022 Highlights Total Deposits70 C$39B Total Loans 70 C$7B Employees 10 Customers 15,952 ~6MM Assets Under Administration? C$517B Assets Under Management C$397B Insurance Premiums⁹ C$5.3B Earnings⁹ C$2.4B 37 32#38Wealth Management and Insurance TD Wealth ☐ Offers wealth and asset management products and advice to retail and institutional clients in Canada through the direct investing, advice- based, and asset management businesses TD Asset Management is Canada's largest institutional money manager71, the #1 Canadian Pension Manager71 and ranked #1 among Big 5 Banks in mutual fund net sales in 202272 ■ Market leadership in Direct Investing, ranked #1 by assets, trades, number of accounts and revenue 15 ☐ TD Direct Investing was recognized as the #1 Online Broker in Canada in MoneySense magazine's 2022 review 29 and ranked #1 among Canadian Banks in the Globe & Mail's annual digital broker survey73 Launched the TD Easy Trade mobile app, designed to make investing simpler for new and emerging investors Introduced MoneyTalk Live, an exclusive live daily investing broadcast for TD Direct Investing clients through WebBroker Added three new ETFs, including two Environmental, Social and Governance (ESG) ETFs, as well as the TD Global Carbon Credit Index ETF providing investors with global exposure to the growing carbon credit market Introduced "Advice Connect", a team-based financial planning offer that services mass affluent, digitally savvy Advice clients Insurance ☐ Personal lines products in Canada, including Home & Auto, Life & Health, Creditor and Travel insurance #1 Direct Distribution personal lines insurer 74 and leader in affinity market in Canada 74 #3 position for personal lines market share 74 in home and auto general insurance Strengthened TD Insurance's digital capabilities through new enhanced self-serve features, including online quote and bind, as well as coverage, billing and payment management online Expanded network of one-stop claims Auto Centers, bringing footprint to 24 locations nationally 38#39Wholesale 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 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 #1 Overall Canadian Fixed-Income Service Quality Leader in the 2022 Coalition Greenwich study for the 4th 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 ▪ Named Canadian FX Service Quality Leader for Corporates in the 2022 Coalition Greenwich Study for the 3rd consecutive year Reported Net Income (C$MM) TD $1,570 $1,418 $1,325 $1,054 $608 $1,054 $608 $1,418 $1,570 $1,339 2018 2019 2020 2021 2022 Q4 2022 Highlights Average gross lending portfolio75 Trading-related revenue (TEB)⁹ Earnings⁹ Employees 10 C$85.0B C$2.5B C$1.3B 5,301 39#40Wholesale Banking TD 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: - In Q4 2022, TD Securities officially launched its Carbon Advisory business within the ESG Solutions group, and announced a $10 million investment into the Boreal Wildlands Carbon Project, the largest single private conservation project ever undertaken in Canada TD Securities acted as Sole Bookrunner on the Council of Europe Development Bank's €100 million reopening of its €1 billion seven-year Social Inclusion Bond, in support of the long-term needs of Ukraine refugees in their host communities Continue to build an integrated North American dealer franchise with global reach: - - Joint-bookrunner on Anglian Water's inaugural $350 million Maple bond offering, the first ever green Maple transaction Financial advisor to Yesware, a portfolio company of Foundry, Battery Ventures and Google Ventures, on its sale to Vendasta 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 40 40#41TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ TD 5th largest bank by Market Cap¹ Q4 2022 Financial Results 2 For the three months ended October 31, 2022. 3 Proven Performance, Future Growth Opportunities Delivering solid long-term shareholder returns² Strong Balance Sheet and Capital Position 4 Highly rated by major credit rating agencies³ 41 =14#42TD 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")76) 2. TLAC leverage ratio77: 6.75% As of Q4-2022, 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 Ratio78,79 Current Risk-based TLAC Ratio: 35.2%80 Leverage-Based TLAC Ratio 78,79 Current Leverage-based TLAC Ratio: 9.4%80 14.5% 3.9% Minimum Risk-based TLAC Ratio: 24.0% Minimum Leverage-based TLAC Ratio: 6.75% 16.2% 2.4% 2.1% 24.0% 4.3% 0.6% 0.6% 6.75% CET1 Additional Tier 1 Tier 2 Senior Debt 81 Total TLAC Required CET1 Additional Tier 1 Tier 2 Senior Total TLAC Debt 81 Required 42#43Industry-Leading Credit Ratings Issuer Ratings²² Rating Agencies Moody's S&P DBRS Fitch Ratings vs. Peer Group22 Senior Debt Ratings83 Outlook A1 Stable A Stable AA AA- Stable Stable ID Moody's Senior Debt 8³ / Hold Co84 Rating S&P Senior Debt83 / Hold Co84 Rating Fitch Senior Debt83 / HoldCo84 Rating Aa1 Aa2 Aa3 A1 22 A2 AA+ A+ AA AA AA- A- A+ A+ A A A3 A- A- aa1 BBB+ BB+ TD Canadian Peers23 U.S. Peers24 TD Canadian Peers23 U.S. Peers24 TD Canadian Peers23 U.S. Peers24 43#44Leading Non-Common Equity Capital Ratings NVCC Tier 2 Subordinated Debt Ratings²² Moody's S&P Fitch A A- A2 A3 Baa1 Baa2 Baa3 Ba1 TD A A- BBB+ BBB BBB- BB+- Canadian Peers23 TD TD BBB+ BBB BBB- BB+- Canadian Peers23 TD Canadian Peers 23 Additional Tier 1 NVCC LRCN and Preferred Share Ratings 22 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 Peers23 TD Canadian Peers23 TD Canadian Peers 23 Industry leading ratings 22 for Additional Tier 1 and Tier 2 capital instruments 44#45Robust 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 HQLA82 of the Bank for the purpose of LCR reporting for quarter ended October 31, 2022, was $366 billion (July 31, 2022 - $333 billion), with Level 1 assets representing 84% (July 31, 2022 - 84%). ■ The Bank's NSFR for the quarter ended October 31, 2022 was at 122% and has met the regulatory requirements Q4'22 Average HQLA (CAD $B) 140% 84% 120% 128% 124% 119% 121% 100% 80% 60% Q1'22 Q2'22 Q3'22 Q4'22 ◉ Level 1 Cash & Central Bank Reserve Level 1 Sovereign Issued/ Guaranteed Level 1 MDBs, PSES, Provincials ■ Liquidity Coverage Ratio (LCR) - - - Regulatory Minimum 45 16% Level 2A Sovereign Issued/Guaranteed Level 2A PSES, Corp bonds, Municipals ☐ Level 2B Equities, Sovereigns, RMBS Prudent liquidity management commensurate with risk appetite#46Deposit Overview TD Large base of personal and business deposits 85 that make up 75% of the Bank's total funding ■ TD Canada Trust ("TDCT") ranked #1 in Total Non-Personal Deposits 86 – legendary customer service and the power of One TD U.S. Retail is a top 1069 bank in the U.S. with 9.9MM customers, operating retail stores in 15 states and the District of Columbia Deposit volumes grew modestly during Q4 2022 ■ Both Personal and Business deposits continue to deliver growth. Retail deposits remain the primary source of long-term funding for the Bank's non-trading assets Deposits enable the bank to manage its funding activities through wholesale funding markets in various channels, currencies, and tenors Personal Deposits ($B) 700 600 500 400 300 200 100 0 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 9% CAGR 7 Q4/21 7 Q1/22 Q2/22 7 Q3/22 Q4/22 46 46 450 400 350 300 250 200 150 100 50 0 Q3/17 Business & Government ($B) Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 11% CAGR Q3/20 Q4/20 Q1/21 T Q2/21 7 T Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 7 T#47Low Risk, Deposit Rich Balance Sheet87 Large base of stable retail and commercial deposits ◉ Personal and business deposits are TD's primary sources of funds Customer service business model delivers stable base of "sticky" and franchise deposits ■ Wholesale funding profile reflects a balanced secured and unsecured funding mix Maturity profile is well balanced Funding Mix 88 P&C Deposits 75% Trading Deposits 91 1% 80 TD Maturity Profile 92,93 (C$B) (To first par redemption date) Maturity 70 Issuance 60 50 40 30 20 10 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 ■MBS Covered Bond Senior Debt ABS Tier 1 Subordinated Debt Wholesale Term Debt H 94 Personal Term Deposits 5% Other Deposits 89 29% Personal Non-Term Deposits 40% Wholesale Term Debt 12% Short Term Liabilities 90 13% 47 Term Asset. Backed Securities 1% Mortgage 96 Securitization 9% Senior Unsecured MTN 58% Covered Bonds Capital 95 13% 19%#48Wholesale Term Debt Composition⁹7 TD 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: €1.25B 3.5Y Fixed Covered Bond USD$1.75B 60NC5 NVCC AT1 Limited Recourse Capital Notes (LRCN) USD$3.0B 2/5Y Fixed Senior Debt By Currency 98,99 By Term 98,99 C$2.0B 5Y Fixed Senior Debt C$1.5B 60NC5 NVCC AT1 LRCN USD$0.2B 2Y Fixed Term CRT Evergreen ABS Wholesale Term Debt 98,99 GBP $5B 3% AUD $5B 3% EUR $30B 18% CAD $67B 38% USD $66B 38% 4 to 5 Year $70B 40% < 4 Year $52B 30% 5 to 7 Year $24B 14% > 7 Year $26B 15% Term Asset Backed Securities $2B 1% Mortgage Securitization 96 $15B 9% Senior Unsecured MTN $99B 57% Capital 95 $23B 13% Covered Bonds $34B 20% 48#49TD Global Legislative Covered Bond Program Key Highlights Covered Bond Collateral Canadian residential real estate property with no more than 4 residential units TD Housing Market Risks Tests and Credit Enhancements 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 limit 100 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") 49 49#50TD Global Legislative Covered Bond Program Highlights ◉ TD has a C$80B legislative covered bond program Covered bond 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 conventional amortizing mortgages Strong credit ratings; Aaa / AAA22,94 TD has C$35B aggregate principal amount of covered bonds outstanding and the total cover pool for covered bonds is C$57B. TD's total on balance sheet assets are C$1,918B, for a covered bond ratio of 1.80% (5.5% limit) 102 TD joined the Covered Bond Label 103 and reports using the Harmonized Transparency Template TD has adopted the 2023 Harmonized Transparency Template and is compliant with minimum disclosure and transparency standards as per Article 14 of the EU Covered Bond Directive TD Cover Pool as at October 31, 2022 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 42.67% 104 The weighted average of non-zero credit scores is 783 Current LTV 6% 14% 25% 22% 13% 10% 5% Issuances AUD GBP 9% CAD 2% Provincial Distribution Interest Rate Types Atlantic 2% Quebec 8% 7% USD British Columbia 20% 20% EUR Ontario 57% 62% Prairies 13% 50 Variable 26% Fixed 74% <20 20.01-30.00 30.01-40.00 40.01-50.00 50.01-55.00 Credit Score 2% 2% 75.01-80.00 0% 0% >80.00 55.01-60.00 60.01-65.00 65.01-70.00 70.01-75.00 <599 1% 600-650 14 5% 1% 651-700 701-750 12% 751-800 35% >800 46%#51Bail-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, 2018105. 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 106. 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 107 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. 51#52Limited Recourse Capital Notes (LRCN) LRCN Overview ☐ ID ▪ LRCN holders' interests rank equally with other LRCNs and Preferred Shares and are senior to common shares. LRCNs are issued only to institutional investors with no trading restrictions within the US nor, after 4 months, within Canada LRCNs qualify as AT1 capital, while being tax deductible for banks. LRCNs are not currently subject to withholding tax and pay Additional Amounts if withholding tax is levied in the future (LRCNs only, not on recourse assets) ■ Limited Recourse: Upon a Recourse Event, investors in LRCNs have recourse only to the assets held in the Trust, initially ☐ Preferred Shares 108; TD can also exchange the Preferred Shares into AT1 perpetual debt, subject to OSFI approval Recourse Events are defined as follows: 1. Non-payment in cash of interest (5 business day cure right) 4. Event of Default (bankruptcy, insolvency or liquidation) 2. Non-payment in cash of the principal on the maturity date 3. Non-payment of redemption proceeds in cash 5. A Trigger Event 109 LRCN Structure 1 Proceeds LRCN Investors TD (Issuer) LRCNs 2 Preferred Shares Trust 1 TD (Issuer) 2 ■ TD issues LRCNs to investors and receives proceeds in return Coupon payments are paid by TD, generated through internal cash flow Limited Recourse Trust (Trust) ■ The Trust is established by TD and acquires Non-Cumulative 5-Year NVCC Fixed Rate Reset Preferred Shares from TD ("LRCN Preferred Shares") ■ Upon a Recourse Event, the Limited Recourse assets held in the Trust are delivered to investors ■ The dividend rate (including reset spread and benchmark reference) and payment frequency on the LRCN Preferred Shares match LRCNs 52#53Appendix Economic Outlook TD#54TD Economics Update 110 Global Outlook: Weakening global economy to unfold in 2023 TD ■ Elevated inflation, climbing rates, energy crises, and the war in Ukraine continue to weigh on the global economic outlook. Softening goods demand will allow manufacturers to play catch-up in 2023, which we should see ultimately trickle-down into consumer prices. ■ In Europe, the energy crisis is fuelling inflation. Recent recoveries in natural gas storage should help avoid the worst outcome, but the likelihood of recession continues to erode sentiment. The ECB raised its policy rates by 75 basis points in October 2022, the third hike in a row. ■ The impact of the war on North America has been most apparent in the inflation data. Higher food and energy prices had helped push headline inflation to record highs. The retreat of commodity prices from their 2022 peaks has helped see headline inflation start to trend lower. U.S. Outlook: Inflated Third Quarter Growth; Inflation and labor supply are challenges ■ After contracting for the first half of 2022, the U.S. economy expanded by 2.6% (ann.) in Q3 2022 thanks to an unsustainable surge in net exports. Underlying demand in the domestic economy was flat on the quarter, maintaining a deceleration trend since the start of the year. Weakness in rresidential investment has weighed on heavily on economic growth, as higher borrowing costs cool housing. ■ The labor market has remained tight by historical standards, keeping wage growth healthy. But there are early signs that demand for labour is cooling. Canada Outlook: Growth slowing, housing market cooling and a tight labor market " The Canadian economy has decelerated sharply in the second half of the year, growing only 0.1% month- on-month in August 2022. Higher borrowing costs have cooled the housing market and are likely to weigh on consumer spending going forward. ■ The job market has remained tight, with employment reversing the prior months' weakness in October. Labour shortages and elevated job vacancies continue to put pressure on wage growth. 54#55Interest Rate Outlook 111 7 Interest Rates, Canada and U.S. % U.S. Federal 6 Funds Rate 5 3 2 Bank of Canada Overnight Policy Rate 0 2000 2002 2005 2008 2011 2013 2016 2019 TD Forecast 2022 2024 ■ The Federal Reserve raised the federal funds rate target to the 3.75% to 4.00% range in November. We expect a 50-bps rate hike in December and two additional 25 bps. hikes in 2023. This will bring the federal funds rate to a peak 5.00% in 2023. ■ The Bank of Canada (BoC) also raised the overnight rate in October to 3.75%. We expect the BoC to hike the policy rate another 50 bps before the end of 2022, and 25 bps in early next year bringing the rate to a peak 4.50% in 2023. The Federal Reserve and the Bank of Canada are expected to reach policy rates of 5.00% and 4.50% in 2023, respectively. 55#56Appendix Credit Quality TD#57Gross Impaired Loan Formations By Business Segment Highlights Gross impaired loan formations increased 2 basis points quarter- over-quarter, reflecting: Some normalization of credit performance GIL Formations 112: $MM and Ratios 113 16 12 12 11 $1,187 $1/1 bp $1,006 $937 TD 14 bps $1,209 $38/4 bps $796 $654 / 29 bps $779 / 39 bps $594 / 28 bps $512/25 bps $416/21 bps $517/10 bps $380/8 bps $407 / 8 bps $425/9 bps $412/8 bps Q4/21 Q1/22 ■Canadian Personal & Commercial Banking ■Wholesale Banking 40 57 Q2/22 Q3/22 ■ U.S. Retail ■ Wealth Management & Insurance Q4/22#58Gross Impaired Loans (GIL) By Business Segment Highlights Gross impaired loans were stable quarter-over-quarter, remaining at cyclically low levels GIL 114: $MM and Ratios 115 32 33 TD 30 30 29 bps 28 $2,411 $2,560 $3/3 bps $2,397 $2/2 bps $3/3 bps $2,332 $3/4 bps $7/ $12/ 1 bp 2 bps $7/ 1 bp $7/ 1 bp $1,469/ 74 bps $1,621/ 80 bps $1,488/ 71 bps $1,475/ 69 bps $2,503 $3/4 bps $1,523/ 65 bps $931 / $928/ 19 bps $929 / 19 bps $899 / 18 bps $847 / 18 bps 16 bps Q4/21 Q1/22 Q2/22 Q3/22 ■ U.S. Retail ■Canadian Personal & Commercial Banking ■Wholesale Banking 58 Q4/22 ■Wealth Management & Insurance $46/ 5 bps#59Credit Quality Net impaired loans as a % of net loans and acceptances (bps) Provision for credit losses as a % of net average loans and acceptances (bps) 100 Net impaired loans and PCL ratios (bps) 156 56 52 52 50 50 48 46 46 38 41 34 37 34 34 43 39 38 45 39 39 TD 32 34 37 33 Q4 2022 29 24 24 45 25 20 20 22 22 + 1 17 IFRS IFRS 9 116 -3 Q4 2022 20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 59#60Provision for Credit Losses (PCL) 52,117 Impaired and Performing Highlights Impaired PCL remains well below pre- pandemic levels Quarter-over-quarter increase largely in the Canadian and U.S. consumer lending portfolios Performing PCL related to current quarter allowance build in: U.S Retail Corporate Canadian Personal and Commercial Banking Performing U.S. Retail TD PCL ($MM) Q4/21 Q3/22 Q4/22 Total Bank (123) 351 617 Impaired 220 340 454 Performing (343) 11 163 Canadian Personal & 53 170 229 Commercial Banking Impaired 140 142 184 (87) 28 45 (76) 107 225 Impaired 68 135 166 Performing (144) (28) 59 Wholesale Banking (77) 25 26 Impaired (14) 24 Performing (63) 25 2 Corporate (23) 49 137 U.S. strategic cards partners' share Impaired 26 63 80 Performing (49) (14) 57 Wealth Management & Insurance Impaired I Performing I 60 60#61Canadian Personal Banking TD Highlights Continued strong asset quality in Canadian Personal Banking Canadian Personal Banking (Q4/22) Residential Mortgages Home Equity Lines of Credit (HELOC) Gross Loans ($B) GIL ($MM) GIL/Loans (%) 244.9 172 0.07 113.7 94 0.08 Indirect Auto 27.2 74 0.27 Credit Cards 17.4 87 0.50 Other Personal 11.4 43 0.38 Unsecured Lines of Credit 9.2 27 0.29 Total Canadian Personal Banking 414.6 470 0.11 Change vs. Q3/22 3.1 31 0.00 Canadian RESL Portfolio - Loan to Value by Region (%) 118, 119 Q3/22 Q4/22 Mortgage HELOC Total RESL Mortgage HELOC Total RESL Atlantic 51 39 47 54 42 50 BC 51 40 46 54 42 49 Ontario 49 38 43 52 40 46 Prairies 60 49 56 59 48 54 Quebec 55 49 52 56 50 53 Canada 52 40 46 54 42 49 61#62TD Quarterly Portfolio Volumes ($B) $334 $340 $348 $357 $360 Canadian Real Estate Secured Lending Portfolio Highlights (Q4 2022) Canadian RESL credit quality remained strong ☐ Uninsured average Bureau score 121 of 793 ■ Uninsured ■Insured 77% 78% 79% 80% 80% ■ 45% variable interest rate, of which 27% Mortgage and 18% HELOC ■ ~10% of RESL portfolio renewing 122 in the next 12 months Key origination metrics comparable or better than pre-pandemic ■ Less than 1% of the RESL portfolio is uninsured, has a bureau score of 650 or lower and LTV greater than 75% 91% of RESL portfolio is amortizing ■ 72% of HELOC portfolio is amortizing Condo and Investor 123 RESL credit quality consistent with broader portfolio ■ Condo RESL represents ~15% of RESL outstanding with 23% insured ■ Hi-rise condo construction loans are ~1% of the Canadian Commercial portfolio ■ Investor RESL represents ~10% of RESL outstanding 23% 22% 21% 20% 20% Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Canadian RESL Portfolio - Current Loan to Value (%) 118 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Uninsured Insured 49 49 48 47 49 48 48 47 45 47 Regional Breakdown 120 ($B) ■Insured $195 Uninsured 86% $72 $52 $360B $9 $32 86% 59% 66% 74% 34% 14% 14% 41% 26% Atlantic BC Ontario Prairies Quebec 2% 20% 54% 15% 9% % of RESL Portfolio 62 62#63Canadian Commercial and Wholesale Banking Highlights Gross impaired loans increased quarter-over- quarter as new formations outpaced resolutions Canadian Commercial and Wholesale Banking (Q4/22) TD Gross Loans/ BAS ($B) GIL GIL/Loans ($MM) (%) Commercial Banking 124 105.4 461 0.44 Wholesale Banking 95.4 46 0.05 Total Canadian Commercial and Wholesale Banking 200.8 507 0.25 Change vs. Q3/22 18.2 92 66 0.02 Industry Breakdown 80 Gross Loans/ BAS ($B) GIL ($MM) Real Estate - Residential 27.7 3 Real Estate - Non-residential Financial Govt-PSE-Health & Social Services 23.3 37 47.2 - 14.8 74 Oil and Gas 2.4 36 Metals and Mining 2.6 31 Forestry 0.6 1 Consumer125 7.7 118 Industrial/Manufacturing 126 11.6 102 Agriculture 9.8 10 Automotive 10.2 11 Other 127 Total 42.9 84 200.8 507 63#64U.S. Personal Banking (USD) TD Highlights U.S. Personal Banking 128 (Q4/22) Continued strong asset quality in U.S. Personal Banking Gross Loans ($B) GIL GIL/Loans ($MM) (%) Residential Mortgages 35.0 343 0.98 Home Equity Lines of Credit (HELOC)49 7.3 205 2.83 Indirect Auto 26.7 156 0.59 Credit Cards 13.7 194 1.41 Other Personal 0.6 4 0.70 Total U.S. Personal Banking (USD) 83.3 902 1.08 Change vs. Q3/22 (USD) 2.4 3 (0.03) Foreign Exchange 30.1 327 n/a Total U.S. Personal Banking (CAD) 113.4 1,229 1.08 U.S. Real Estate Secured Lending Portfolio 1 Indexed Loan to Value (LTV) Distribution and Refreshed FICO Scores 12 128 129 Current Residential Estimated LTV Mortgages 1st Lien HELOC 2nd Lien HELOC (%) (%) (%) Total (%) >80% 6 1 4 CO 6 61-80% 33 13 30 31 <=60% 61 86 66 63 Current FICO Score >700 93 91 90 93 64 ht#65U.S. Commercial Banking (USD) Highlights Gross impaired loans decreased quarter-over- quarter TD U.S. Commercial Banking 128 (Q4/22) Gross Loans/ BAS ($B) GIL ($MM) GIL/Loans (%) Commercial Real Estate (CRE) Non-residential Real Estate 25.8 49 0.19 18.2 35 0.19 Residential Real Estate 7.6 14 0.18 Commercial & Industrial (C&I) 62.9 167 0.27 Total U.S. Commercial Banking (USD) 88.7 216 0.24 Change vs. Q3/22 (USD) 1.6 (36) (0.05) Foreign Exchange 32.1 78 n/a Total U.S. Commercial Banking (CAD) 120.8 294 0.24 Commercial Real Estate Commercial & Industrial Gross Loans/ BAS (US$B) GIL (US$MM) Gross Loans/ BAs (US$B) GIL (US$MM) Office 4.6 15 Health & Social Services 11.2 21 Retail 5.2 10 Professional & Other Services 7.9 32 Apartments 6.7 8 Consumer125 6.1 37 Residential for Sale 0.1 1 Industrial/Mfg 126 5.6 47 Industrial 1.7 6 Government/PSE 11.3 3 Hotel 0.6 2 Financial 6.6 1 Commercial Land 0.1 - Automotive 3.1 3 Other 6.8 7 Other 130 11.1 23 Total CRE 25.8 49 49 Total C&I 62.9 167 65#66Appendix Additional Information TD#67First Horizon Acquisition Mitigation of Interest Rate Volatility to Closing Capital ☐ ☐ Purchase accounting requires TD to fair value First Horizon's assets and liabilities at closing Since fair values are sensitive to interest rates, changes in rates will impact the fair values and therefore the amount of goodwill and capital, relative to the Bank's assumptions at announcement (illustration below) During Q3 2022, TD implemented a strategy to mitigate interest rate volatility to capital upon closing of the acquisition TD To achieve this, the Bank de-designated certain interest rate swaps hedging fixed income investments in fair value hedge accounting relationships This strategy did not involve any new market transactions and is therefore economically neutral and costless The mark-to-market gains or losses on the de-designated swaps are expected to mitigate the capital impact of fluctuations in goodwill that will arise as interest rates change Values shown below are illustrative and reflect the estimated impact of changes in interest rates, First Horizon's Balance sheet, and other assumptions. Actual results may vary. Illustrative Example Change in Term Interest Rates US$B Announcement Assumptions At time of Hedge +50 bps increase -50 bps decrease Purchase Price 13.4 13.4 13.4 13.4 Fair Value 5.7 4.2 3.8 4.6 Goodwill & Intangibles 7.7 9.2 9.6 8.8 Impact to Capital Goodwill & Intangibles (7.7) (9.2) (9.6) (8.8) Hedge MTM, gain/(loss) 0.0 0.0 0.4 (0.4) Total (7.7) (9.2) (9.2) (9.2) 67#68Fiscal 2022: PTPP 20,131 & Operating Leverage Modified for partners' share of SCP PCL, FX and Insurance Fair Value Change 20,132 TOTAL BANK 1 Reported Results ($MM) FY 2022 Revenue Expenses 49,032 24,641 FY 2021 Revenue Expenses 42,693 23,076 SFI Reference Page 2, L3 & L6 2 PTPP 24,391 19,617 3 PTPP (YOY %) 24.3% (11.0%) 4 Revenue (YoY %) 14.8% (2.2%) 5 Expenses (YoY %) 6.8% 6.8% 6 Operating Leverage 8.1% (9.0%) 7 Adjusted Results ($MM) 20 46,170 24,359 42,693 22,909 Page 2, L16 & L17 8 Minus: U.S. Retail value in C$133, 134 12,201 6,824 10,758 6,417 Page 9, L35 & L36 9 Plus: U.S. Retail value in US$133, 134 9,455 5,292 8,554 5,101 Page 10, L35 & L36 10 Minus: Insurance fair value change 136 (252) (73) Page 6, L14 11 Plus: Corporate PCL 125 203 (114) Page 13, L6 12 Subtotal (Line 12)137 43,676 23,030 40,562 21,479 13 Line 12 PTPP 20,646 19,083 14 Line 12 PTPP (YoY %) 8.2% 3.0% 15 Line 12 Revenue (YoY %) 7.7% 3.4% 16 Line 12 Expenses (YoY %) 140 7.2% 3.7% 17 Line 12 Operating Leverage 0.5% (0.3%) 68 TD#69Q4 2022: PTPP17,120 & Operating Leverage 17,121 Modified for partners' share of SCP PCL, FX and Insurance Fair Value Change TD TOTAL BANK 1 Reported Results ($MM) Q4 2022 Revenue Expenses 15,563 6,545 Q3 2022 Revenue Expenses 10,925 6,096 Q4 2021 Revenue Expenses 10,941 5,947 SFI Reference Page 2, L3 & L6 2 PTPP 9,018 4,829 4,994 3 PTPP (QoQ %) 86.7% (7.7%) (2.0%) 4 PTPP (YOY %) 80.6% (5.2%) (18.6%) 5 Revenue (YoY %) 42.2% 2.0% (7.6%) 6 Expenses (YoY %) 10.1% 8.5% 4.2% 7 Operating Leverage 32.2% (6.6%) (11.8%) 8 Adjusted Results ($MM) 20 12,247 6,430 11,603 6,033 10,941 5,898 Page 2, L16 & L17 9 Minus: U.S. Retail value in C$133, 135 3,595 1,909 3,101 1,686 2,780 1,617 Page 9, L35 & L36 10 Plus: U.S. Retail value in US$133, 135 2,699 1,432 2,409 1,310 2,212 1,288 Page 10, L35 & L36 11 Minus: Insurance fair value change 136 (64) (28) (38) Page 6, L14 12 Plus: Corporate PCL 137 137 49 (23) Page 13, L6 13 Subtotal (Line 13)1 139 11,415 6,090 10,939 5,706 10,411 5,546 14 156 Line 13 PTPP Line 13 PTPP (QoQ %) Line 13 PTPP (YOY %) 5,325 5,233 4,865 1.8% 6.1% (1.7%) 9.5% 5.8% 9.8% 17 Line 13 Revenue (YoY %) 9.6% 7.3% 6.5% 18 19 180 Line 13 Expenses (YoY %) 141 9.8% 8.7% 3.9% Line 13 Operating Leverage (0.2%) (1.4%) 2.7% 69#70Endnotes TD#71Endnotes TD 1. See slide 8. 2. See slide 32. 3. See slide 43. 4. Q4 2022 is the quarter comprising the period from August 1, 2022 to October 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 Retail includes wealth deposits. 6. Total Loans based on total of average personal and business loans during the quarter. 7. Includes assets under administration (AUA) administered by TD Investor Services, which is part of the Canadian Personal and Commercial Banking segment. 8. For additional information about this metric, refer to the Glossary in the Bank's 2022 MD&A (available at www.td.com/investor and www.sedar.com), which is incorporated by reference. 9. For the full 2022 fiscal year. 10. Average number of full-time equivalent staff in these segments during the quarter. 11. 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. 12. Number of active mobile users, in millions. Active mobile users are users who have logged in via their mobile device at least once in the last 90 days. 13. World Economic Forum, Global Competitiveness Reports 2008-2020. 14. As per Canada Mortgage and Housing Corporation (CMHC) Residential Mortgage Industry Report (October 2022). 15. Market share ranking is based on internally produced reports. 16. FDIC Institution Directory and 2022 FDIC Summary of Deposits. 17. U.S. Peers - defined as C, TFC, BAC, JPM, WFC, PNC, USB, based on Q3/22 results ended September 30, 2022 sourced from SNL. 18. United States Census Bureau, Population Division, 2020 Population and Housing State Data (August 2021). 19. State wealth based on Market Median Household Income. 71#72Endnotes TD 20. 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 "Financial Results Overview" in the Bank's 2022 MD&A (available at www.td.com/investor and www.sedar.com), 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. 21. This measure has been calculated in accordance with OSFI's Capital Adequacy Requirements guideline. See slide 25. 22. As of October 31, 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. 23. Canadian Peers - defined as other 4 big banks (RY, BMO, BNS and CM). All Peers are based on Q4 2022 results ended October 31, 2022. 24. 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 Q3/22 results ended September 30, 2022. 25. 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. 26. 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. 27. 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 2022 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. 28. Based on total assets. Source: SNL Financial, Top 50 US banks and Thrifts in the U.S. 29. "Best online brokers in Canada for 2022". MoneySense, August 2022. For more information, visit https://www.moneysense.ca/ 30. Rankings based on data available from OSFI, Insurers, Insurance Bureau of Canada, and Provincial Regulators as at December 2021. 31. Rankings based on data available from OSFI, Insurers, Insurance Bureau of Canada, and Provincial Regulators as at December 2021. 72#73Endnotes TD 32. 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/. 33. For J.D. Power 2022 award information, visit jdpower.com/awards. 34. 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. 35. Canadian Retail: Digital Adoption based on Canadian Personal & Commercial Banking and Wealth Management. 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. 36. 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. 37. Self-serve share of transactions represents all financial transactions that are processed through unassisted channels (Online, Mobile, ATM, and Phone IVR). 38. Mitigation of interest rate volatility to closing capital on First Horizon acquisition includes the following components, reported in the Corporate Segment: i) mark-to-market gains (losses) on interest rate swaps, recorded in non-interest income, ii) basis adjustment amortization related to de-designated fair value hedge accounting relationships, recorded in net interest income, and iii) interest income (expense) recognized on the interest rate swaps, reclassified from non-interest income to net interest income with no impact to total adjusted net income. Refer to the "Significant Events and Pending Acquisitions" section in the 2022 MD&A for further details. 39. Gain on sale of 28.4 million non-voting common shares of Schwab is reported in the Corporate segment - Q4 2022: $997 million after-tax. Refer to Note 12 of the Consolidated Financial Statements for further details. 40. FX impact solely related to the U.S. Retail Bank. Adjusted expenses excluding the partners' share of net profits for the U.S. SCP and adjusted expenses excluding the partners' share of net profits and FX are non-GAAP financial measures. For further information about these non-GAAP financial measures, please see endnote 20. 41. Wealth assets includes assets under management (AUM) and assets under administration (AUA). 42. 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. 73#74Endnotes TD 43. 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. 44. Adjusted non-interest expenses exclude the acquisition and integration-related charges for the First Horizon acquisition - Q4 2022: $67 million US$50 million ($51 million or US$37 million after-tax), Q3 2022: $29 million or US$22 million ($22 million or US$17 million after-tax) 45. Includes net interest income TEB of $407 million, and trading income of $153 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. 46. Capital and liquidity measures on slide 25 are calculated in accordance with OSFI's Capital Adequacy Requirements, Leverage Requirements, and Liquidity Adequacy Requirements guidelines. 47. FX impact on RWA has a negligible impact on the CET 1 ratio, because the CET 1 ratio is currency hedged. 48. "Other" represents the impact of unrealized losses on FVOCI securities, partially offset by a decrease in the threshold deduction. Both impacts are mainly due to TD's share of Schwab's AOCI 49. U.S. HELOC includes Home Equity Lines of Credit and Home Equity Loans. 50. Includes acquired credit impaired loans and loans booked in the Corporate segment. 51. Includes loans measured at fair value through other comprehensive income. 52. Includes acquired credit impaired (ACI) loans. Q4'21 has been restated to include ACI loans. 53. PCL Ratio: Provision for Credit Losses on a quarterly annualized basis/Average Net Loans & Acceptances. 54. 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. 55. 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. 56. Coverage Ratio: Total allowance for credit losses as a % of gross loans and acceptances. 57. U.S. Strategic Cards Partners' Share represents the retailer program partners' share of the U.S. Strategic Cards Portfolio ACL. 58. Consumer instalment and other personal includes the HELOC, Indirect Auto and Other Personal portfolios. 74#75Endnotes TD 59. For the purpose of calculating contribution by each business segment, earnings from the Corporate segment are excluded. 60. Compound annual growth rate for the five-year period ended October 31, 2022. 61. Corporate results in 2020 include a net gain on sale of the Bank's investment in TD Ameritrade. 62. Corporate results in 2022 include a net gain from mitigation of interest rate volatility to closing capital on the First Horizon acquisition and gain on sale of Schwab shares 63. 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. 64. Source: from data.ai- average monthly mobile active users as of September 2022. 65. Source: from Comscore MMX® Multi-Platform, Financial Services - Banking, Total audience, 3-month average ending September 2022, Canada, United States, Spain, France and U.K. 66. Similarweb Traffic & Engagement, 1H 2022, Canada for the period between January 2022 to June 2022. 67. J.D. Power 2022 U.S. Dealer Financing Satisfaction Study of dealers' satisfaction; among companies between 214,000 and 542,000 transactions. Visit jdpower.com/awards for more information. 68. 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. 69. Based on total deposits. Source: SNL Financial, Top 50 Banks and Thrifts in the U.S. 70. Total Deposits based on average wealth deposits. Total Loans based on average wealth loans. 71. Investor Economics "Managed Money Advisory Service-Canada" (Fall 2022). Assets under management (AUM) as of June 2022. 72. Mutual Fund net sales ranking from Investment Funds Institute of Canada for 12-month trailing mutual fund net sales when compared to the Big 5 Banks as at October 31, 2022. The Big 5 Banks consist of Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Scotiabank, and The Toronto-Dominion Bank. 73. "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. 74. Based on Gross Written Premiums for Personal Lines Property and Casualty business. Ranks based on data available from OSFI, Insurers, Insurance Bureau of Canada, and Provincial Regulators as at December 2021. 75#76Endnotes TD 75. Includes gross loans and bankers' acceptances related to Wholesale Banking, excluding letters of credit, cash collateral, CDS, and allowance for credit losses. 76. On June 17, 2021, OSFI announced a 1.50% increase to the DSB, setting the DSB at 2.50%, effective October 31, 2021. 77. 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. 78. Reflects debt outstanding as at, and converted at FX rate as at October 31, 2022. 79. Sums may not add up precisely due to rounding. 80. These measures have been calculated in accordance with OSFI's Total Loss Absorbing Capacity (TLAC) guideline. 81. 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. 82. This measure has been calculated in accordance with OSFI's Liquidity Adequacy Requirements guideline. 83. Subject to conversion under the bank recapitalization "bail-in" regime. 84. Ratings reflect holding company senior unsecured ratings. 85. Business deposits exclude wholesale funding. 86. Market share ranking is based on internally produced reports. 87. As at October 31, 2022. 88. Excludes certain liabilities: trading derivatives, other liabilities, wholesale mortgage trading business, non-controlling interest and certain equity capital such as common equity. 89. Bank, Business & Government Deposits less covered bonds and senior MTN notes. 90. Obligations related to securities sold short and sold under repurchase agreements. 91. Consists primarily of bearer deposit notes, certificates of deposit and commercial paper. 92. For wholesale term debt that has bullet maturities. 76#77Endnotes TD 93. 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. 94. Includes Limited Recourse Capital Notes, Preferred Shares and Innovative T1. 95. 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. 96. Represents mortgage-backed securities issued to external investors only. 97. As at October 31, 2022. 98. Excludes certain private placement and structured notes. 99. In Canadian dollars equivalent with exchange rate as at October 31, 2022. 100.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. 101.Ratings by Moody's and DBRS, respectively, as at October 31, 2022. 102.In Canadian dollars equivalent with exchange rate as at date of issuance. 103.The Covered Bond Label Foundation and its affiliates are not associated with and do not approve or endorse TD's covered bond products. 104.Current Loan to Value is calculated with the Teranet-National Bank House Price Index and weighted by balance. 105.Any non-NVCC preferred shares and non-NVCC subordinated debt issued after September 23, 2018 would also be in scope. 106. Term as defined in the bail-in regulations. 107.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. 108. Initially, the assets held in the Trust will consist of the series of Preferred Shares issued in connection with each LRCN series. Following the issuance of the LRCNs, the assets held in the Trust may also consist of (i) common shares issued upon a Trigger Event, (ii) cash from the redemption, or the purchase by the Bank for cancellation, of the Preferred Share series, or (iii) any combination thereof, depending on the circumstances. 77#78Endnotes TD 109.Under the OSFI Guideline for Capital Adequacy Requirements (CAR), Chapter 2 - Definition of Capital, effective November 2018, each of the following constitutes a Trigger Event: (i) the Superintendent publicly announces that the Superintendent is of the opinion that the Bank has ceased, or is about to cease, to be viable and that, after the conversion or write-off, as applicable, of all contingent instruments and taking into account any other factors or circumstances that are considered relevant or appropriate, it is reasonably likely that the viability of the Bank will be restored or maintained; or (ii) the federal or a provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government without which the Bank would have been determined by the Superintendent to be non-viable. 110.Source: TD Economics, November 2022. For recent economic analysis and research please refer to https://economics.td.com. 111.Source: TD Economics, November 2022. For recent economic analysis and research please refer to https://economics.td.com. 112.Gross Impaired Loan formations represent additions to Impaired Loans & Acceptances during the quarter; excludes the impact of acquired credit-impaired loans. 113.GIL Formations Ratio: Gross Impaired Loan Formations/Average Gross Loans & Acceptances. 114.Gross Impaired Loans (GIL) excludes the impact of acquired credit-impaired loans. 115.GIL Ratio: Gross Impaired Loans/Gross Loans & Acceptances (both are spot) by portfolio. 116. 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. 117.PCL-impaired represents Stage 3 PCL under IFRS 9, performing represents Stage 1 and Stage 2 on financial assets, loan commitments, and financial guarantees. 78#79Endnotes TD 118.RESL Portfolio Current Loan to Value is calculated with the Teranet-National Bank House Price Index™ and weighted by the total exposure, based on outstanding mortgage balance and/or the HELOC authorized credit limit for both insured and uninsured exposures. The Teranet- National Bank House Price Index™ 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. Teranet-National Bank House Price IndexTM data and marks are used with the permission of Teranet Inc. and National Bank of Canada. The contents of this work and any product to which it relates are not endorsed, sold or promoted by Teranet, NBC nor any of their suppliers or affiliates. None of Teranet, NBC, nor their third party data licensors nor any of their affiliates make any express or implied warranties, and expressly disclaim all warranties of merchantability, fitness for a particular purpose or use, adequacy, accuracy, timeliness or completeness with respect to the work product and any product it relates to. Without limiting the foregoing, in no event shall Teranet, NBC, their third party licensors or their affiliates shall be subject to any damages or liabilities for any errors, omissions or delays of the dissemination of the Index nor be liable for any direct, special, incidental, punitive or consequential damages, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability or otherwise. 119. 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. 120.Includes Small Business Banking and Business Credit Cards. 121.Average bureau score is exposure weighted. 122.Excludes the revolving portion of HELOC. 123.Investor RESL reflects RESL where collateral is a non-owner-occupied investment property. 124.Includes Small Business Banking and Business Credit Cards. 125.Consumer includes: Food, Beverage and Tobacco; Retail Sector. 126.Industrial/Manufacturing includes: Industrial Construction and Trade Contractors; Sundry Manufacturing and Wholesale Banking. 127.Other includes: Power and Utilities; Telecommunications, Cable and Media; Transportation; Professional and Other Services; Other. 128.Excludes acquired credit-impaired loans. 129.Loan To Value is calculated with the Loan Performance Home Price Index as of August 2022, based on outstanding mortgage balance and/or the HELOC authorized credit limit. FICO Scores updated September 2022. 130.Other includes: Agriculture; Power and utilities; Telecommunications, cable and media; Transportation; Resources; Other. 79#80Endnotes TD 131.Pre-tax, pre-provision earnings (PTPP) is a non-GAAP financial measure that is typically calculated by subtracting expenses from revenues. At the total Bank level, TD calculates PTPP as the difference between adjusted revenue (U.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. 132.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. 133. 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. 134.Fiscal 2022 U.S. Retail reported revenues included acquisition and integration-related charges for the First Horizon acquisition of C$114 million pre-tax and a litigation settlement recovery of C$224 million pre-tax which were reported as items of note 135. For quarters ended October 31, 2022 and July 31, 2022: U.S. Retail reported expenses included acquisition and integration-related charges for the First Horizon acquisition (pre-tax) of C$85 million and C$29 million, respectively, which were reported as items of note. 136.Adjusts for fair value changes in investments supporting insurance claims liabilities, as reported on page 6, line 14 of the Bank's Q4 2022 Supplementary Financial Information package (Income (loss) from Financial Instruments designated at FVTPL - Related to Insurance Subsidiaries). 137.Adjusts for the impact of the accounting requirements for the U.S. strategic card portfolio. Eliminating 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. 138.Line 12 metrics reflect the adjustments described in lines 8 through 11 on slide 28. 139. Line 13 metrics reflect the adjustments described in lines 9 through 12 on slide 64. 140.Excluding only the impact of the US Strategic Card Portfolio partners' share, year-over year expense growth would have been 7.8% ($22,795MM in FY 2021 and $24,562MM in FY 2022, representing a year-over-year increase of $1,767MM). 141.Excluding only the impact of the US Strategic Card Portfolio partners' share, year-over year expense growth would have been 11.8% ($5,875MM in Q4 2021 and $6,567MM in Q4 2022, representing a year-over-year increase of $692MM). 80#81Investor Relations Contacts TD Phone: (416) 308-9030 or 1 (866) 486-4826 Email: [email protected] Website: www.td.com/investor 81