#1TD BTW TD Bank Group Investor Presentation www.XY wwwww WWXXXXXX NYXA VINME VIMM VINNA VANE D Canada Trust Q3 2022#2Caution Regarding Forward-Looking Statements TD From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, the Management's Discussion and Analysis ("2021 MD&A") in the Bank's 2021 Annual Report under the headings "Economic Summary and Outlook" and "The Bank's Response to COVID-19", under the headings "Key Priorities for 2022" and "Operating Environment and Outlook" for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, and under the heading "Focus for 2022" for the Corporate segment, and in other statements regarding the Bank's objectives and priorities for 2022 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, the Bank's anticipated financial performance, and the potential economic, financial and other impacts of the Coronavirus Disease 2019 (COVID-19). Forward-looking statements are typically identified by words such as "will", "would”, “should”, “believe”, “expect”, “anticipate", "intend", "estimate", "plan", "goal", "target", "may", and "could". By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties - many of which are beyond the Bank's control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: strategic, credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), operational (including technology, cyber security, and infrastructure), model, insurance, liquidity, capital adequacy, legal, regulatory compliance and conduct, reputational, environmental and social, and other risks. Examples of such risk factors include the economic, financial, and other impacts of pandemics, including the COVID-19 pandemic; general business and economic conditions in the regions in which the Bank operates; geopolitical risk; the ability of the Bank to execute on longterm strategies and shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans; technology and cyber security risk (including cyber-attacks or data security breaches) on the Bank's information technology, internet, network access or other voice or data communications systems or services; model risk; fraud activity; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information, and other risks arising from the Bank's use of third-party service providers; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization "bail-in" regime; regulatory oversight and compliance risk; increased competition from incumbents and new entrants (including Fintechs and big technology competitors); shifts in consumer attitudes and disruptive technology; exposure related to significant litigation and regulatory matters; ability of the Bank to attract, develop, and retain key talent; changes to the Bank's credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; Interbank Offered Rate (IBOR) transition risk; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; environmental and social risk (including climate change); and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. For more detailed information, please refer to the "Risk Factors and Management" section of the 2021 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the heading "Pending Acquisition" or "Significant and Subsequent Events, and Pending Acquisitions" in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, should be considered carefully when making decisions with respect to the Bank. The Bank cautions readers not to place undue reliance on the Bank's forward-looking statements. Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2021 MD&A under the headings "Economic Summary and Outlook" and "The Bank's Response to COVID-19", under the headings "Key Priorities for 2022" and "Operating Environment and Outlook" for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, and under the heading "Focus for 2022" for the Corporate segment, each as may be updated in subsequently filed quarterly reports to shareholders. Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation. 2#3TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹1 5th largest bank by Market Cap¹ Q3 2022 Financial Results 2 For the three months ended July 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 NB: Explanatory end notes are included on slides 66-74. TD 3#4TD Framework Own Execute Innovate Think Customer Develop Our Vision Be the better bank TD Framework Our Purpose To enrich the lives of our customers, communities. and colleagues TD Think like a customer; provide legendary experiences and trusted advice Act like an owner; lead with integrity to drive business results and contribute to communities Our Shared Commitments Execute with speed and impact; only take risks we can understand and manage Innovate with purpose; simplify the way we work Develop our colleagues; embrace diversity and respect one another 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 Customers Communities Colleagues LO 5#6Proven Business Model: TD Snapshot Diversification and scale, underpinned by a strong risk culture TD Our Businesses Canadian Retail ☐ Personal banking, credit cards and auto finance Small business, commercial banking, merchant solutions and equipment finance Direct investing, advice-based wealth, and asset management Property, casualty, life and health insurance U.S. Retail Personal banking, credit cards and auto finance Small business and commercial banking Advice-based wealth and asset management Strategic investment in Schwab Announced proposed acquisitions of First Horizon and Cowen Inc. Wholesale Banking Research, investment banking and capital market services Global transaction banking Presence in key global financial centres Q3 20224 (C$) Canadian Retail U.S. Retail Financial Strength Deposits5 $478B $499B 2,218 retail locations in North America Loans6 $518B $214B AUA7 $526B $42B AUM7 $408B $46B Earnings (rep.) $8.9B $5.5B Network Highlights Employees⁹ 45,036 25,968 Customers >17MM 9.7MM Branches 1,060 1,158 ATMs 10 3,399 2,693 Mobile Users 11 6.8MM 4.4MM 16 TD Securities offices worldwide including New York, London and Singapore CO 6#7Competing in Attractive Markets TD Country Statistics ■ 9th largest economy ■ Real GDP of C$2.1 trillion ◉ Population of ~38 million Canadian Banking System ■ One of the soundest banking systems in the world 12 Market leadership position held by the "Big 5" Canadian Banks Canadian chartered banks account for 73% of the residential mortgage market13 Mortgage lenders have recourse to both borrower and property in most provinces TD's Canadian Businesses Network of 1,060 branches and 3,399 ATMs 10 " Composite market share of 21% " Ranked #1 or #2 in market share for most retail products 14 Comprehensive wealth offering Top ranked investment dealer Country Statistics ■ World's largest economy Real GDP of US$20 trillion Population of ~335 million U.S. Banking System Over 4,500 banks with market leadership position held by a few large banks 15 Five largest banks have assets of ~50% of U.S. GDP15 Mortgage lenders have limited recourse in most jurisdictions TD's U.S. Businesses Network of 1,158 stores and 2,693 ATMs 10 Operations in 4 of the top 10 metropolitan statistical areas and 6 of the 10 wealthiest states 16 Operating in a US$5.9 trillion deposits market 15 ☐ Expanding U.S. Wholesale business#8Top 10 North American Bank TD Q3 2022 (C$ except otherwise noted) TD Bank Group Canadian Ranking20 North American Ranking21 Total assets $1,841B 2nd 6th Total deposits $1,202B 1st 5th Market capitalization $150.8B 2nd 5th Reported net income (trailing four quarters) $14.5B 2nd 6th Adjusted net income 17 (trailing four quarters) $15.2B n/a n/a Average number of full-time equivalent staff 97,117 1st 5th Common Equity Tier 1 capital ratio 18 14.9% 2nd 2nd Moody's long-term deposits/counterparty rating 19 Aa1 n/a n/a 00#9Diversified Business Mix TD Three key business lines Canadian Retail - Robust retail banking platform in Canada with proven performance U.S. Retail - Top 10 bank 25 in the U.S. with attractive growth opportunities Wholesale Banking - North American dealer focused on client-driven businesses Q3 2022 Reported Earnings Mix22 Canadian Retail, 57% Wholesale, 7% U.S. Retail Bank, 29% 23 Investment in Charles Schwab, 7% 24 9#10Growing Platform / North American Scale TD 2000-2010: Canadian Leadership, Entry into US Canada: • US: . • • Acquisition of Canada Trust (2000) TD Waterhouse privatization (2001) TD Waterhouse USA / Ameritrade transaction (2006) Privatization of TD Banknorth (2007) • Commerce Bank acquisition and integration (2008-2009) Riverside and TSFG acquisition (2010) 2011-2015-Acquiring Assets 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 FIRST HORIZON Increasing Retail Focus and U.S. Expansion • _ From Traditional Dealer To Client-Focused North American Dealer 2000-2004 Foundation for Growth Acquisition of Newcrest Capital (2000) 2005-2010 Client-focused Dealer - Strategically exited select businesses (structured products, non-franchise credit, proprietary trading) 2011-2017 - Building in the U.S. • Partnering with TD Bank, America's Most Convenient BankⓇ to expand U.S. presence (2012) Achieved Primary Dealer status in the U.S.26 (2014) Expanded product offering to U.S. clients and grew our energy sector presence in Houston (2015-2016) Acquired Albert Fried & Company, a New York-based broker-dealer (2017) Integrated North American dealer franchise with global reach • Broadened global market access to clients by opening offices in Tokyo and Boston (2018) Expanded U.S. real estate banking franchise with addition of Kimberlite Group advisory team (2020) Acquired Headlands Tech Global Markets' electronic fixed income trading business (2021) Announced proposed acquisition of Cowen Inc. (2022) 10#11Forward Focused First Horizon Acquisition Update • • • • . • • First Horizon Accelerates TD's U.S. Retail Bank Growth Strategy Progress to Date Integration Management Office has defined Legal • Day 1 (deal closing), integration and conversion roadmap Confirmed approach to primarily migrate to TD systems with few exceptions 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 • • • • Next Steps TD Continue to work with regulators through the normal course application process 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 Transaction close expected in Q1 FY2023, subject to receipt of regulatory approvals 11#12First 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, 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 US$B Announcement Assumptions At time of Hedge +50 bps increase Change in Term Interest Rates -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) 12#13Forward Focused Shaping the future of banking Next Evolution of Work 2022 MoneySense BEST ONLINE BROKER Powered Enhancements for Canadian Personal Bank LD POWER Greenwich Quality Leader 2022 TD Direct Investing recognized as the #1 online broker in Canada Canadian FX Service Quality Leader for Corporates in Coalition Greenwich Study for 3rd consecutive year TD Auto Finance ranked "Highest in Dealer Satisfaction among National Non- Captive Lenders with Prime Credit," 3 years in a row 27 RH Blue Nile Established Financing Partnerships to Launch Private Label Credit Card Programs TD COWEN Strategic Expansion of TD Securities' U.S. Capabilities & Scale to Accelerate Growth 13#14E 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 TD Q3 2022 Adoption and Recent Awards 28 15.5MM Active Enterprise Digital Users DIGITAL BEST D BANK KAWARD GLONANCE 2021 Best Consumer Digital Bank in North America Global Finance, 2021 6.8MM Active Canadian Banking Mobile Users CELENT MODEL BANK Model Bank Award for Customer Engagement Celent, 2022 4.4MM Active U.S. Banking Mobile Users INNOVATORS 2022 GLOBAL FINANCE Outstanding Innovation in Mobile Banking & Most Innovative Bank in North America Global Finance, 2022 Quarterly Digital Enhancements TD introduced TD Payment Plans, a new credit card feature available to eligible TD cardholders with EasyWeb online banking access. With TD Payment Plans, eligible TD cardholders can enroll qualifying purchases of $100 or more into equal monthly payments, with 6, 12, or 18-month term options. Currently available on EasyWeb, the capability will roll-out to the TD Mobile App in Q4/22. Egible Transaction Select a Payment Plan My 2022 Dr Land Conten How many months would you like to pay off this purchase? monte Pom P Pan Pomer Fe Pamer Pure Aqu ON Pan Ame Pamer Par Pan talke Pr PRA TP M GOO K 400% 101 000 3000 SIDS 170137 Basings PLAY ONE BUT 009 Plan Stalk” 5000 Pa 800 Pamer Param $0.27 Puan A Condensply Conce catie MP Phenom LIVE VIDEO MoneyTalk Live: TD Direct Investing clients can access MoneyTalk Live - a new live investing program - directly in WebBroker, allowing clients to stay informed and up to date with current market conditions. MoneyTalk Live is part of Direct Investing commitment to providing clients with educational resources to help build their investing knowledge and confidence. MONEYTALK LIVE LIVE WEEKDAYS AT 12PM ET August 8-12, 2022 Monday CANADIAN EQUITIES MICHAEL O'BRIEN Tuesday ECONOMY BEATA CARANCI Wednesday FIXED INCOME HAFIZ NOORDIN Thursday MARKETINSIGHTS Friday SEMICONDUCTOR STOCKS JULIEN NONO-WOMDIN ECONOMY BEATA CAR CANADIAN EQUITIES - M. MARKET INSIGHTS-HAL Have questions for any upcoming show? Email us at [email protected]. Want to watch more episodes? Visit MoneyTalkGo.com 14#15Canadian Retail29 Forward Focused: Digital Adoption U.S. Retail 29 TD Digital Adoption (% of total customers) 30 Active Mobile Users (millions)11 Self-Serve Transactions (as % of all financial transactions)31 60.7 +90 bps YoY 63.2 61.6 6.3 +7.9% YoY -40 bps YoY 6.8 6.7 92.0 91.6 91.6 Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/22 50.7 +210 bps YoY 53.0 52.8 4.1 +8.5% YoY 4.4 4.4 78.9 +120 bps YoY 80.6 80.1 Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/22 15#16Purpose Driven Centered on our vision, purpose and shared commitments TD TD Securities Underwriting Hope BPTN's OBSIDI academy in partnership with TD #TDThanksYou❤ 3 wellspring CANCER SUPPORT 16#17Our Strategy Our Environmental, Social and Governance strategy reflects the commitments we make and is represented by the actions we take together to drive progress. It is embedded in our proven business model, guided by our purpose and inspired by our forward focus. The TD Ready Commitment accelerates and amplifies our collective actions in the communities we serve. Environmental Support climate goals and create a more vibrant planet through our collective actions and sustainable financial products, services and programs Social Provide equitable access to financial products, services and information, and contribute to more inclusive economic outcomes Governance Build enterprise resilience through ESG integration Working together, toward an inclusive and sustainable future TD 17#18• • • • • G Purpose Driven ESG Highlights Environment Developed a customized 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 TD joined Circular Economy Leadership Canada (CELC) in May 2022 For the 8th consecutive year, listed on the Dow Jones Sustainability World Index Recognized with a "Global Silver Class" distinction in the 2022 S&P Global Sustainability Yearbook • Social Our financial contribution totaled $1 million to support humanitarian relief efforts in Ukraine and assist refugees globally Agreed to conduct a racial-equity assessment of its Canadian and U.S. employment policies Made a broader and longer-term commitment to increase women in roles VP and above to 45% by end of 2025 In 2020, set a target to double the representation of Black executives by the end of 2022 and increase Black, Indigenous Peoples and minority community representation at VP+ levels by 2025 Recognized by DiversityInc as Top Company for Diversity in 2022 and ranked ninth on the Forbes list of Best Employers for Diversity 2022 TDAM released its inaugural snapshot "TDAM's Commitment to Diversity & Inclusion: a Brief Report - 2021" . • • • 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 Announced a US$100 million equity fund in support of minority-owned small businesses in the U.S., with US$25 million earmarked for Black and Latinx businesses Building Tomorrow Together 2021 Environmental, Soo and Governance Report 2021 TD Ready Commitment Report COMMITMENT TD 2021 TD's Climate Action Plan: Report on Progress and Update on TCFD Advancing Our Climate Action Plan: Methodology for TD's Interim Financed Emissions Targets Energy and Power Oeneration - March 2022 D 18#19TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ TD 5th largest bank by Market Cap¹ Q3 2022 Financial Results 2 For the three months ended July 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 19#20Q3 2022 Highlights Strong revenue performance EPS of $1.75, down 9% YoY (Adj¹7 $2.09, up 6%) Revenue up 2% YoY (Adj 17 up 8% YoY) ■ ■ Reported revenue includes the net loss from mitigation of interest rate volatility to closing capital on First Horizon acquisition 32 Margin and volume growth in personal and commercial banking businesses PCL of $351MM ■ Impaired PCL up YoY on normalization of credit performance in U.S. consumer lending portfolios Performing PCL provision reflects deterioration in macroeconomic forecasts, largely offset by release of previous overlays for economic uncertainty Expenses up 9% YoY (incl. SCP partners' share) Adjusted 17 expenses up 9.9% excl. the partners' share of SCP 33 PCL, or 8.7% excl. the partners' share of SCP33 PCL and FX33 Higher employee-related expenses and higher spend supporting business growth PCL Expenses U.S. Retail TD P&L ($MM) Reported Q3/22 QoQ YOY Revenue 10,925 (3%) 2% 351 +$324 +$388 Impaired 340 +$26 +$98 Performing 11 +$298 +$290 Expenses 6,096 1% 9% Net Income 3,214 (16%) (9%) Diluted EPS ($) 1.75 (15%) (9%) Adjusted 17 Q3/22 QoQ YOY Revenue 11,603 5% 8% 6,033 1% 8% Net Income Diluted EPS ($) 3,813 3% 5% 2.09 3% 6% Segment Earnings ($MM) Reported Q3/22 QoQ YOY Canadian Retail 2,253 1% 6% 1,442 5% 11% Wholesale 271 (25%) (18%) Corporate (752) ΝΑ NA Adjusted 17 Q3/22 QoQ YOY U.S. Retail 1,464 22% 13% Corporate (175) (122%) (43%) 20#21Canadian Retail Strong quarter with record revenue Net income up 6% YoY Revenue up 7% YoY ■ Volume and margin growth, higher fee-based revenue in banking and higher insurance volumes, partially offset by lower wealth revenue Loan volumes up 9% PCL ■ Deposit volumes up 7% TD P&L ($MM) Reported Q3/22 QoQ YOY Revenue 7,020 6% 7% 170 +$110 +$70 Impaired 142 ($21) ($12) Performing 28 +$131 +$82 Insurance Claims 829 40% (1%) Expenses 2,957 1% 8% Net Income ROE7 2,253 1% 6% 42.9% -170 bps -470 bps $2,137 $2,254 $2,236 $2,253 Wealth assets 34 down 3% NIM7,35 of 2.70% Up 8 bps QoQ: higher deposit margins reflecting rising interest rate environment, partially offset by lower loan margins ■ Up 9 bps YoY: higher deposit margins reflecting rising interest rate environment, partially offset by lower loan margins and mortgage prepayments PCL of $170MM Expenses up 8% YoY ■ Higher spend supporting business growth, including technology and employee-related expenses Efficiency ratio of 42.1% Earnings ($MM) $2,125 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 21 24#22U.S. Retail (US$) Strong quarter with continued momentum Net income up 7% YoY (Adj 17 up 8% YoY) Revenue up 11% YoY Higher deposit margins and volumes, partially offset by lower income from PPP and lower loan margins - Personal loans up 8% Business loans down 7%, or up 2% ex-PPP loans Deposits up 3% or up 5% excl. sweeps NIM17,36 of 2.62% ☐ Up 41 bps QoQ; and up 43 bps QoQ ex. PPP Up 46 bps YoY; and up 58 bps YoY ex. PPP PCL of $83MM Expenses up 8% YoY (Adj 17 up 6% YoY) Reported expenses include acquisition/integration- related costs for First Horizon Higher employee-related expenses and business investments, partially offset by productivity savings Reported and adjusted efficiency ratios of 55.3% and 54.4% respectively P&L (US$MM) (except where noted) Reported Revenue PCL Impaired TD Q3/22 QoQ YOY 2,409 4% 11% 83 +$98 +$157 105 +$30 +$52 Performing (22) +$68 +$105 Expenses 1,332 3% 8% U.S. Retail Bank Net Income Schwab Equity Pickup 896 (1%) 1% 226 28% 40% Net Income 1,122 4% 7% Net Income (C$MM) 1,442 5% 11% ROE 14.8% +60 bps +100 bps Adjusted 17 Q3/22 QoQ YOY Revenue 2,409 12% 11% Expenses 1,310 2% 6% U.S. Retail Bank Net Income 913 19% 2% Net Income 1,139 20% 8% Net Income (C$MM) ROE 1,464 22% 13% 15.0% +250 bps +120 bps $1,052 $1,092 $1,079 $1,122 $1,006 Earnings (US$MM) 22 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22#23Wholesale Solid performance in Q3 Net income down 18% YoY Revenue down 1% YoY ■Lower underwriting fees and loan underwriting commitment markdowns, partially offset by higher trading-related and global transaction banking revenue P&L ($MM) PCL of $25MM Expenses up 9% YoY ■ Continued investments in Wholesale Banking's U.S. dollar strategy, including the hiring of banking, sales and trading, and technology professionals, partially offset by lower variable compensation TD Reported Q3/22 QoQ YOY Revenue 1,076 (14%) (1%) Trading-related revenue 547 (TEB)7,3 (20%) 17% PCL 25 +$34 +$23 Impaired 0 +$1 $0 Performing 25 +$33 +$23 Expenses Net Income ROE 691 (11%) 9% 271 (25%) (18%) 8.9% -420 bps -680 bps Earnings ($MM) $420 $434 $359 $330 $271 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 23 23#2438 Capital³ Strong capital and liquidity management supporting future growth Common Equity Tier 1 ratio of 14.9% Risk-Weighted Assets up 1.4% QoQ Leverage Ratio of 4.3% Liquidity Coverage Ratio of 121% Common Equity Tier 1 Ratio Q2 2022 CET 1 Ratio Internal capital generation TD 14.7% 42 Increase in Common Shares from Dividend Reinvestment Plan 12 Increase in RWA (net of FX) 39 (22) Mitigation of interest rate volatility to closing capital on First Horizon acquisition (10) Q3 2022 CET 1 Ratio 14.9% Risk-Weighted Assets ($B) Q2 2022 RWA Credit Risk Market Risk Operational Risk Q3 2022 RWA $489 +5.1 +1.1 +0.5 $496 24#25Gross Lending Portfolio Including B/As Period-End Balances ($B unless otherwise noted) Canadian Retail Portfolio Personal Residential Mortgages Home Equity Lines of Credit (HELOC) Indirect Auto Credit Cards Other Personal TD Q2/22 Q3/22 511.0 522.8 409.1 418.7 239.3 244.5 107.9 112.2 26.9 27.0 15.6 16.4 19.4 18.6 8.9 9.1 101.9 104.1 Unsecured Lines of Credit Commercial Banking (including Small Business Banking) U.S. Retail Portfolio (all amounts in US$) Personal Residential Mortgages US$ 163.8 US$ 77.7 31.6 US$ 168.0 US$ 80.9 Home Equity Lines of Credit (HELOC)40 Indirect Auto Credit Cards Other Personal Commercial Banking Non-residential Real Estate Residential Real Estate Commercial & Industrial (C&I) FX on U.S. Personal & Commercial Portfolio U.S. Retail Portfolio ($) Wholesale Portfolio Other41 Total 42 33.5 6.8 7.0 25.9 26.2 12.8 13.6 0.6 0.6 US$ 86.1 US$ 87.1 17.0 17.2 7.3 7.5 61.8 62.4 46.4 47.1 210.2 215.1 68.4 79.3 2.6 1.8 792.2 819.0 25#26Provision for Credit Losses (PCL) By Business Segment Highlights PCL increased quarter-over-quarter, largely reflecting: - A prior quarter performing allowance release Coupled with nominal performing PCL 43: $MM and Ratios44 ■ Wholesale Corporate TD $351 $25 $49 $107 ■ U.S. Retail provisions in the current quarter ($37) ■Canadian Retail $2 $72 $23 $27 $21 $170 ($123) $100 $53 $33 $60 ($18) ($96) ($76) ($5) ($9) ($6) ($23) ($43) ($77) Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 PCL Ratio (bps) Canadian Retail 8 3 5 13 U.S. Retail (net)45 (18) (15) 4 (4) 20 U.S. Retail & Corporate (gross)46 (27) (20) 9 (5) 30 Wholesale 1 (51) (3) (6) 13 Total Bank (2) (7) 1 17 26 26#27Allowance for Credit Losses (ACL) ACL 43: $B and Coverage Ratios47 Highlights ACL remained stable quarter-over- quarter reflecting: Deterioration in our macroeconomic forecasts Largely offset by release of overlays previously set aside for economic uncertainty TD 124 126 122 108 103 103 97 $9.2 $9.4 93 $8.9 87 85 bps 74 $7.9 $8.0 $7.7 $7.3 $7.1 $6.9 $6.9 ■ United States 59% 60% 59% $5.3 ■ Canada 62% 58% 58% 57% 57% 57% 57% 61% 38% 39% 20 20 ୪ 20 41% 40% 41% 42% 42% 43% 43% 43% 43% ■ The Bank's allowance coverage remains elevated to account for ongoing uncertainty that could affect: ― The economic trajectory, and - Credit performance ACL43 by Asset Type: $B ■Q2/22 ■ Q3/22 48 ■U.S. Strategic Card Partners' Share $6.9 $6.9 $2.9 $2.9 $2.2 $2.2 $1.6 $1.6 $0.3 $0.3 Residential Mortgages Consumer instalment and other personal $0.8 $0.8 Credit Card $0.8 $0.8 Business & Government Total 49 Performing Impaired Ratio47 (bps) 0.21 0.21 0.05 0.05 99 1.4 1.4 2.0 2.0 2.6 2.5 6.2 6.2 0.2 0.1 0.2 0.2 0.3 0.3 0.7 0.7 81 78 690 659 101 97 87 85 27#28TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ 5th largest bank by Market Cap¹ Q3 2022 Financial Results 2 For the three months ended July 31, 2022. 3 4 Proven Performance, Future Growth Opportunities Delivering solid long-term shareholder returns² Strong Balance Sheet and Capital Position Highly rated by major credit rating agencies³ TD 28#29Consistent Earnings Growth Reported Earnings (C$MM) 50 5-year CAGR51 Reported Earnings: 9.9% (9.5% adjusted 17) Reported EPS: 10.6% (10.2% adjusted 17) ■ Corporate ■Wholesale Banking ■ U.S. Retail ■Canadian Retail $11,334 $11,686 $11,895 $10,517 $8,936 TD $14,298 2016 2017 2018 2019 202052 2021 29 29#30$0.22 Strong, Consistent Dividend History Dividends Per Share (C$) 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ~11% Annualized Growth 2008 Annual Dividend 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TD $3.5653 164-year continuous dividend history Dividend yield: 4.0%7 Target payout range: 40%-50% 30 30#31Solid Total Shareholder Returns TD TD Bank Group Canadian Ranking 20 One-Year 4.2% 3rd North American Ranking21 3rd Three-Year 7.0% 5th 7th Five-Year 9.6% 3rd 4th Ten-Year 12.0% 3rd 7th 31#32Canadian Retail TD Consistent Strategy How we compete: Legendary personal connected Reported Net Income (C$MM) $8,481 $7,183 customer service $6,525 $6,863 $6,026 Focus on underrepresented products and markets The power of One TD Winning culture and team $6,525 $7,183 $7,421 $6,124 $8,481 ID POWER Highest in Dealer Satisfaction among Non- Captive Lenders with Retail Credit for the 5th year in a row J.D. Power 2022 Canada Dealer Financing Satisfaction Study55 2017 2018 2019 Adjusted 17 2020 2021 Q3 2022 Highlights Total Deposits54 C$478B Employees⁹ 45,036 Total Loans 54 C$518B Customers >17MM Assets Under Administration C$526B Mobile Users 11 6.8MM Assets Under Management C$408B Branches 1,060 Gross Insurance Premiums8 C$5.2B ATMs 10 3,399 Earnings C$8.9B 32#33Canadian Retail Personal Banking #1 or #2 market share in most retail products 14 Canadian branch network continues to lead the market in total hours open, while also offering customers the option of virtual and phone appointments in order to meet with our branch advisors remotely #1 in Canadian digital banking apps with the highest number of digital unique visitors and highest digital engagement according to Comscore 56 #1 for average digital reach of any bank in Canada, and amongst one of the leaders for domestic digital reach among major developed market banks, according to Comscore57 TD is the leading Canadian bank for web-traffic and engagement based on monthly unique visitors, total monthly visits, visit duration, and pages per visits 58 Credit Cards Dual card issuer of high value brands, including TD First Class Visa and TD Aeroplan Visa, and MBNA World Elite Mastercard Successful partnership with Amazon on co-brand card and first Canadian bank to launch Amazon Shop with Points North American operational scale and professional expertise Business Banking ■ TD #1 in Business Banking loan market share and #2 deposit market share 14 Customized Commercial Banking financing solutions with specialty groups in Real Estate, Agriculture, Automotive and Equipment Finance TD Auto Finance ranked "Highest in Dealer Satisfaction among Non- Captive Lenders with Retail Credit"55 for the fifth year in a row in the J.D. Power 2022 Canada Dealer Financing Satisfaction Study Wealth ■ ☐ ■ TD Asset Management is Canada's largest institutional money manager 59 and the #1 Canadian Pension Manager60 Market leadership in Direct Investing by assets, trades, and revenue14 TD's WebBroker platform ranked #1 among bank-owned brokerages in the Globe & Mail's annual brokerage rankings, and #1 amongst fully integrated Order Execution Only (OEO) offerings 61 TD Direct Investing was recognized as the #1 Online Broker in Canada in MoneySense magazine's 2022 review Insurance Personal lines products in Canada, including Home & Auto, Life & Health, Creditor and Travel insurance Largest direct distribution insurer 62 and leader in affinity market62 #3 position for market share 62 in home and auto general insurance Leading digital insurer in Canada, with enhanced self-serve capabilities, including same day online quote, bind and modify coverage online 33 33#34TD U.S. Retail Consistent Strategy How we compete: Legendary service and convenience Grow and deepen customer relationships Differentiated brand as the "human" bank Reported Net Income (US$MM) $3,967 $3,750 $3,253 $2,536 $2,278 Productivity initiatives that enhance both the customer and colleague experience ☐ Conservative risk appetite $2,565 $3,401 $3,750 $2,278 $3,967 ☐ Unique employee culture 2017 2018 2019 2020 2021 Adjusted 17 TD Auto Finance ranked "Highest in Dealer Satisfaction among National Non-Captive Lenders with Prime Credit," J.D. Power 2022 US Dealer Q3 2022 Highlights Total Deposits 64 C$499B US$388B Employees⁹ 25,968 Total Loans 64 C$214B US$166B Customers ~9.7MM Financing Satisfaction Survey 27 Assets Under Administration C$42B US$32B Mobile Users 11 ~4.4M Assets Under Management C$46B US$36B Stores 1,158 Reported Earnings C$5.5B US$4.3B ATMs 10 2,693 ID POWER Highest in Customer Satisfaction for Small Business Banking in the South Region J.D. Power 2021 Small Business Banking Survey63 34#35U.S. Retail Personal & Commercial Banking Top 10 bank 65 with over 9MM customers, operating retail stores in 15 states and the District of Columbia Offer online and mobile banking tools; instant debit card issuance, mobile check-in available at stores, and point of sale and payments solutions for business, including direct integration with Autobooks to support online invoicing and payments or small business clients Introduced TD Essential Banking, a low-cost, no-overdraft-fee deposit account and announced overdraft policy changes to enhance access to financial services for underserved communities Launched TD Home Access Mortgage, a new product designed to increase home ownership opportunities in Black and Hispanic communities across several markets within our footprint Ranked #1 in total number of approved U.S. Small Business Administration (SBA) loan units in our Maine-to-Florida footprint for the fifth consecutive year in 2021 Ranked #1 in the 2021 J.D. Power Small Business Banking Satisfaction Study in the South Region for the third time63 Auto Lending Indirect retail lending through dealers across the country and comprehensive solutions for dealers, including floor plan, commercial banking and wealth management TD Auto Finance ranked "Highest in Dealer Satisfaction among Non- Captive Lenders with Prime Credit" 27 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 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) and robo/hybrid (TD Automated Investing Plus) solutions Advisor-led client discovery and goals-based planning, offering banking, investment management, trust, estate planning and insurance and annuity products First Horizon Announced proposed acquisition of First Horizon on February 28, 2022, expanding TD AMCB into U.S. southeast; transaction expected to close in the first quarter of fiscal 2023, subject to closing conditions 35#36Wholesale 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 Canada's Best Investment Bank in the 2021 Euromoney Awards ■ 2021 GlobalCapital joint winner for Most Impressive SSA Coverage Team, and Most Impressive SSA House for Post-Libor Solutions ▪ Named Overall Canadian Fixed-Income Service Quality Leader in the 2022 Coalition Greenwich study for the fourth consecutive year ■ Ranked #1 in Base Metals and #2 in Precious Metals in the 2022 Energy Risk Commodity Rankings ▪ Named Lead Manager of the Year for SSA Green Bonds in Environment Finance's 2022 Bond Awards ▪ Named Canadian FX Service Quality Leader for Corporates in 2022 by Coalition Greenwich Study for the 3rd consecutive year Net Income (C$MM) $1,039 $1,054 $608 $1,418 TD $1,570 2017 2018 2019 2020 2021 Q3 2022 Highlights Average gross lending portfolio66 C$72.2B Trading-related revenue (TEB)8 C$2.5B Earnings C$1.5B 5,163 Employees⁹ 36#37Wholesale 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: - - TD Securities acted as the Sole Active Bookrunner on Dream Residential REIT's US$125 million Initial Public Offering and facilitated the first Pre-IPO Corporate ESG Assessment in any Canadian IPO, demonstrating TD's market leadership within equity capital markets. In Q3 2022, TD Securities ranked as the top Canadian bank for global Green, Social, Sustainability, and Sustainability-Linked ("GSSS") Bonds and Sustainability-Linked Loans underwriting67. Continue to build an integrated North American dealer franchise with global reach: Active Bookrunner on Eversource Energy's US$1.5 billion 2- and 5-year senior notes issuances, the largest Eversource offering ever. Proposed acquisition of Cowen Inc. will accelerate Wholesale Banking's U.S. dollar growth strategy by expanding its product and service offering, increasing depth in key business lines, and adding scale and high-quality talent. 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 37 32#38TD Bank Group Key Themes 1 Top 10 North American Bank 6th largest bank by Total Assets¹ TD 5th largest bank by Market Cap¹ Q3 2022 Financial Results 2 For the three months ended July 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 38#39TD TLAC Requirements ■ Canadian D-SIBS were required to meet their regulatory TLAC requirements by November 1, 2021. OSFI has stipulated that D-SIBs will be subject to 2 supervisory ratios: 1. Minimum risk-based TLAC ratio: 24.00% (21.50% + 2.50% Domestic Stability Buffer ("DSB") 68) 2. TLAC leverage ratio69: 6.75% As of Q3-2022, 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 Ratio 70,71 Leverage-Based TLAC Ratio 70,71 Current Risk-based TLAC Ratio: 32.0%72 Current Leverage-based TLAC Ratio: 8.5%72 Minimum Risk-based TLAC Ratio: 24.0% 13.2% Minimum Leverage-based TLAC Ratio: 6.75% 3.5% 14.9% 1.2% 2.5% 24.0% 4.0% 0.3% 0.7% 6.75% CET1 Additional Tier 1 Tier 2 Senior 73 Debt Total TLAC Required CET1 Additional Tier 1 Tier 2 Senior Debt 73 Total TLAC Required 39#40Industry-Leading Credit Ratings Issuer Ratings 19 Rating Agencies Moody's S&P DBRS Fitch Ratings vs. Peer Group 19 Senior Debt Ratings 74 Outlook A1 Stable A Stable AA Stable AA- Stable TD Moody's Senior Debt75 / HoldCo76 Rating S&P Senior Debt75 / Hold Co76 Rating Fitch Senior Debt 75 / HoldCo76 Rating Aa1 AA+ AA+ Aa2 AA AA Aa3 AA- AA- A1 A+ A+ A2 A A A3 A- A- Baat BBB+ BBB+ TD Canadian Peers 20 U.S. Peers21 Canadian U.S. TD TD Peers 20 Peers21 Canadian Peers 20 U.S. Peers21 40 40#41Leading Non-Common Equity Capital Ratings NVCC Tier 2 Subordinated Debt Ratings 19 Moody's S&P Fitch A A- A2 A3 Baa1 Baa2 Baa3 Ba1 TD A A- BBB+ BBB BBB- BB+- Canadian Peers 20 TD TD BBB+ BBB BBB- BB+- Canadian Peers 20 TD Canadian Peers 20 Additional Tier 1 NVCC LRCN and Preferred Share Ratings 74 Moody's S&P Fitch A2 A A A3 A- A- Baa1 BBB+ BBB+ Baa2 BBB BBB Baa3 BBB- BBB- Ba1 BB+ BB+ TD Canadian Peers 20 TD Canadian Peers 20 TD Canadian Peers 20 Industry leading ratings 19 for Additional Tier 1 and Tier 2 capital instruments 41#42Robust Liquidity Management Liquidity Risk Management Framework Target a 90-day survival horizon under a combined Bank-specific and market-wide stress scenario, and a minimum buffer over regulatory requirements prescribed by the OSFI Liquidity Adequacy Requirements (LAR) guideline. Manage structural liquidity exposure by matching funding to asset term or market depth. We maintain a comprehensive contingency funding plan to enhance preparedness for recovery from potential liquidity stress events Liquidity Coverage Ratio (LCR) TD Liquidity Risk Management Framework TD holds a variety of liquid assets commensurate with liquidity needs in the organization. ■ The average eligible HQLA74 of the Bank for the purpose of LCR reporting for quarter ended July 31, 2022, was $333 billion (April 30, 2022 - $323 billion), with Level 1 assets representing 84% (April 30, 2022 - 85%). ■ The Bank's NSFR for the quarter ended July 31, 2022 was at 123% and has met the regulatory requirements Q3'22 Average HQLA (CAD $B) 140% 84% 120% 126% 124% 119% 121% 100% 80% 60% Q4'21 Q1'22 Q2'22 Q3'22 ◉ Level 1 Cash & Central Bank Reserve Level 1 Sovereign Issued/ Guaranteed Level 1 MDBs, PSES, Provincials ■ Liquidity Coverage Ratio (LCR) --Regulatory Minimum 16% Level 2A Sovereign Issued/Guaranteed Level 2A PSES, Corp ☐ bonds, Municipals Level 2B Equities, Sovereigns, RMBS Prudent liquidity management commensurate with risk appetite 42#43- Deposit Overview Leader in Deposits Large base of personal and business deposits 77 that make up 75% of the Bank's total funding ☐ TD Canada Trust ("TDCT") ranked #1 in Total Personal Deposits 78 – legendary customer service and the power of One TD TD U.S. Retail is a top 1065 bank in the U.S. with 9.6MM customers, operating retail stores in 15 states and the District of Columbia Deposit volumes grew modestly during Q3 2022 ☐ Both Personal and Business deposits continue to deliver growth. Retail deposits remain the primary source of long-term funding for the Bank's non-trading assets ☐ Deposits enable the bank to manage its funding activities through wholesale funding markets in various channels, currencies, and tenors Personal Deposits ($B) 700 600 500 400 300 200 100 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Business & Government ($B) 450 400 350 300 250 200 9% CAGR 150 100 0212 3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 50 Q3/22 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 11% CAGR 43#44Low Risk, Deposit Rich Balance Sheet79 TD Maturity Profile 84,85 (C$B) (To first par redemption date) 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 60 50 40 30 Wholesale funding profile reflects a balanced secured and unsecured funding mix 20 10 Maturity profile is well balanced 0 Funding Mix 80 P&C Deposits 75% Personal Term Deposits 4% Personal Non-Term Deposits 41% Trading Deposits 83 1% Issuance Maturity 2018 2019 2020 2021 YTD 2022 2023 2024 2025 2026 ■MBS ■Covered Bond ■Senior Debt ■ ABS ■Tier 186 Subordinated Debt Wholesale Term Debt Wholesale Term Debt 11% Term Asset. Backed Securities 1% Mortgage Securitization Other Deposits81 29% Short Term Liabilities 82 14% 10%88 Senior Unsecured MTN 57% Capital 87 12% Covered Bonds 20% 44#45Wholesale Term Debt Composition 89 Funding Strategy ☐ Wholesale term funding through diversified sources across domestic and international markets Well-established C$80 billion Legislative Covered Bond Program is an important pillar in global funding strategy Programmatic issuance for the established ABS program, backed by Canadian credit card receivables, in the U.S. market Broadening of investor base through currency, tenor and structure diversification Recent transactions: C$2.75B 5Y Fixed Senior Debt USD$5.50B 3/5/10Y Fixed & Float Senior Debt C$0.80B 5Y Fixed Preferred Shares USD$2.00B 3Y Fixed Covered Bond €2.50B 3Y Fixed Covered Bond AUD$2.40B 3Y Fixed & Float Covered Bond C$1.50B 3.5Y Fixed Senior Debt €2.25B 5/10Y Fixed Senior Debt By Currency 90,91 GBP $4B 3% AUD $5B 3% EUR $25B 16% CAD $61B 40% USD $59B 38% By Term 90,91 TD Wholesale Term Debt 90,91 4 to 5 Year $60B 39% < 4 Year $46B 30% 5 to 7 Year $24B 16% > 7 Year $24B 15% Term Asset Backed Securities $2B 1% Mortgage Securitization 88 $15B 10% Senior Unsecured MTN $87B 57% Capital 87 $19B 12% Covered Bonds $31B 20% 45 45#46Canadian Registered Covered Bond Program Key Highlights Covered Bond Collateral Housing Market Risks • Tests and Credit Enhancements ■ Required Ratings and Ratings Triggers ■ - Interest Rate and Currency Risk TD Canadian residential real estate property with no more than 4 residential units Uninsured conventional first lien assets with original loan to value ratio that is 80% or less 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 limit⁹2 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") 46#47TD Global Legislative Covered Bond Program Highlights TD has a C$80B legislative covered bond program ☐ ☐ Covered bonds issuance for Canadian issuers governed by CMHC-administered guidelines Only uninsured Canadian residential real estate assets are eligible, no foreign assets in the pool Covered pool is composed of 100% amortizing mortgages Strong credit ratings; Aaa / AAA 19,93 TD has C$32.9B aggregate principal amount of covered bonds outstanding and the total cover pool for covered bonds is -C$50.6B. TD's total on balance sheet assets are ~C$1,840.81B, for a covered bond ratio of 1.79% (5.5% limit) 94 TD joined the Covered Bond Label 95 and reports using the Harmonized Transparency Template Cover Pool as at July 31, 2022 TD High quality, conventional first lien Canadian Residential mortgages originated by TD All loans have original LTVs of 80% or lower. Current weighted average LTV is 39.31%96 The weighted average of non-zero credit scores is 782 Current LTV 28% 25% Issuances CAD AUD 10% 2% GBP 8% USD EUR 21% 59% Provincial Distribution Interest Rate Types 7% Quebec 8% Atlantic 2% British Columbia 20% Variable 25% Ontario 56% Fixed 75% Prairies 14% <599 18% 11% <20 20.01-30.00 30.01-40.00 40.01-50.00 50.01-55.00 Credit Score 55.01-60.00 6% 60.01-65.00 2% 2% 65.01-70.00 70.01-75.00 0% 0% 0% 75.01-80.00 >80.00 1% 1% 5% 12% 600-650 651-700 701-750 751-800 35% 46% >800 47#48Bail-in Implementation TD Regulation Overview On April 18, 2018, the Government of Canada published final regulations under the CDIC Act and the Bank Act providing details of the bank recapitalization "bail-in" regime and final Total Loss Absorbing Capacity (TLAC) guideline. The issuance regulations under the Bank Act and the conversion regulations under the CDIC Act came into force on September 23, 2018. ■ All Canadian Domestic Systemically Important Banks (D-SIBs) were required to comply with the TLAC guideline by November 1, 2021. ■ The legislation builds on CDIC's existing resolution toolkit to allow it to take temporary control of a failing D-SIB and grants CDIC statutory powers to convert certain of the D-SIB's qualifying debt into common shares of the bank at the point of non-viability. ■ Pursuant to the TLAC guideline, the Bank is subject to a ◉ 1) minimum risk-based TLAC ratio of 24.00% of RWA (21.50% plus a 2.50% Domestic Stability Buffer69) ◉ 2) minimum TLAC leverage ratio of 6.75% 48#49Bail-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, 201897. 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 98. 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 99 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. 49#50Appendix Economic Outlook TD#51TD Economics Update 100 Global Outlook: High inflation and recession risks revise global outlook to downside ■ Elevated inflation, energy crises, and the war in Ukraine continue to weigh on the global economic outlook. Although not all countries are experiencing negative pressures to the same scale, global economic prospects have worsened yet again. - TD ■ In Europe, the energy crisis is fuelling inflation and has most bracing for a challenging winter. To keep inflation expectations anchored in the mid-term, the ECB raised its policy rates by 50 basis points – the first hike in 10 years. ■ The impact of the war on North America has been most apparent in the consumer inflation data. Higher food and energy prices have helped push headline inflation to record highs. The recent retreat of commodity prices from their peaks signals future price relief for consumers as lower input prices are gradually passed on. U.S. Outlook: Growth decelerates; inflation and labor supply are challenges ■ The U.S. economy contracted for a second consecutive quarter in Q2 2022, falling by 0.9% (ann.). Inflation remained elevated at 8.5% year/year in July, though price pressures are showing some signs of slowing. ■ The labor market remains tight, with labor demand strong and low unemployment pushing wage growth to the fastest pace in over 25 years. ■ Canada Outlook: Growth slows given high inflation, rate hikes and a tight labor market ■ In contrast to its G7 counterparts, the Canadian economy is expected to continue to outperform over the near-term. Second quarter growth is expected to be 4% (ann.), though a sharp deceleration is expected through the second half of the year. ■ With the labour market remaining tight and inflation elevated, the Bank of Canada is expected to hike rates by at least another 75bps - taking the policy rate to 4.0% - by year-end. 51#52Interest Rate Outlook 101 7 Interest Rates, Canada and U.S. % 6 LO 5 3 2 Bank of Canada Overnight Policy Rate U.S. Federal Funds Rate ID Forecast ■ The Federal Reserve raised the federal funds rate target to the 2.25% to 2.50% range in July. We anticipate an additional 125 bps rate hike across FOMC meetings until the end of the year. This will bring the federal funds rate to 3.75% by the end of 2022. ■ The Bank of Canada (BoC) also raised the overnight rate in July to 2.50% and raised again to 3.25% in September. We expect the BoC to hike the policy rate another 75 bps bringing the terminal rate to 4.00% by year-end. The Federal Reserve and the Bank of Canada are expected to achieve policy rates of 3.75% and 4.00% by 2023, respectively. 0 2000 2002 2005 2008 2011 2013 2016 2019 2022 52 62#53Appendix Credit Quality TD#54Gross Impaired Loan Formations By Business Segment Highlights Gross impaired loan formations were stable quarter-over-quarter GIL Formations 102: $MM and Ratios 103 16 11 11 $1,187 12 12 TD 12 bps $1,006 $937 $830 $16/3 bps $796 $779/39 bps $594 / 28 bps $512 / 25 bps $424 / 21 bps $416/21 bps $390 / 8 bps $380 / 8 bps $408/8 bps $425 / 8 bps $412 / 8 bps Q3/21 Q4/21 Q1/22 Q2/22 ■Canadian Retail ■ U.S. Retail ■ Wholesale Q3/22 54#55Gross Impaired Loans (GIL) By Business Segment Highlights Gross impaired loans decreased 2 basis points quarter-over-quarter to a new cyclical low GIL 104: $MM and Ratios 105 35 32 33 33 30 30 TD 28 bps $2,651 $68/11 bps $2,411 $2,560 $7/1 bp $12/2 bps $2,397 $7/1 bp $2,332 $7/1 bp $1,543/ 76 bps $1,469 / 74 bps $1,621 / 80 bps $1,488 / 71 bps $1,475/ 69 bps $1,040 / 22 bps $930 / $932 / 19 bps 19 bps $902/ 18 bps $850 / 16 bps Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 ■Canadian Retail ■ U.S. Retail ■ Wholesale 55 59#56Credit Quality Net impaired loans and PCL ratios (bps) 156 56 Net impaired loans as a % of net loans and acceptances (bps) Provision for credit losses as a % of net average loans and acceptances (bps) 100 52 52 50 50 48 46 46 38 41 34 37 34 34 43 39 38 IFRS 39 39 45 34 37 33 IFRS 9 106 32 32 24 24 -3 TD Q3 2022 25 25 20 22 22 + Q3 2022 17 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 9 56#57Provision for Credit Losses (PCL) 43,107 Impaired and Performing Highlights ☐ Impaired PCLs remain at cyclically low levels - Quarter-over-quarter increase largely reflected in the U.S. consumer lending portfolios Performing PCL reflects a nominal current quarter allowance build TD PCL ($MM) Q3/21 Q2/22 Q3/22 Total Bank (37) 27 351 Impaired 242 314 340 Performing (279) (287) 11 Canadian Retail 100 60 170 Impaired 154 163 142 Performing (54) (103) 28 U.S. Retail (96) (18) 107 Impaired 63 96 135 Performing (159) (114) (28) Wholesale 2 (9) 25 25 Impaired (1) Performing 2 (8) 25 Corporate (43) (6) 49 U.S. strategic cards partners' share Impaired 25 56 33 63 Performing (68) (62) (14) 57 40#58Canadian Personal Banking TD Highlights Gross impaired loans decreased quarter-over- quarter in the consumer lending portfolios Canadian Personal Banking (Q3/22) Residential Mortgages Home Equity Lines of Credit (HELOC) Indirect Auto Gross Loans ($B) GIL ($MM) GIL/Loans (%) 244.5 167 0.07 112.2 87 0.08 27.0 68 0.25 Credit Cards 16.4 79 0.48 Other Personal 18.6 41 0.22 Unsecured Lines of Credit 9.1 24 0.26 Total Canadian Personal Banking 418.7 442 0.11 Change vs. Q2/22 9.6 (34) (0.01) Canadian RESL Portfolio – Loan to Value by Region (%) 108, 109 - Q2/22 Q3/22 Mortgage HELOC Total RESL Mortgage HELOC Total RESL Atlantic 52 40 49 51 39 47 BC 51 41 47 51 40 46 Ontario 49 39 45 49 38 43 Prairies 60 50 56 60 49 56 Quebec 56 50 54 55 49 52 Canada 52 41 48 52 40 46 58#59Canadian Real Estate Secured Lending Portfolio Highlights (Q3 2022) Canadian RESL credit quality remained strong ■ Uninsured average Bureau score 111 of 793 ■ 44% variable interest rate, of which 27% Mortgage and 17% HELOC 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 current LTV greater than 75% 91% of RESL portfolio is amortizing ■ 72% of HELOC portfolio is amortizing Condo and Investor 112 RESL credit quality consistent with broader portfolio ■ Condo RESL represents ~15% 113 of RESL outstanding with 24% insured Hi-rise condo construction loans are ~1% of the Canadian Commercial portfolio ■ Investor RESL represents ~10% of RESL outstanding TD Quarterly Portfolio Volumes ($B) $328 $334 $340 $348 $357 ■ Uninsured ■Insured 76% 77% 78% 79% 80% 24% 23% 22% 21% 20% Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Canadian RESL Portfolio - Current Loan to Value (%) 108 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Uninsured Insured 49 49 49 48 47 48 48 48 47 45 Regional Breakdown 110 ($B) $193 Uninsured 85% $71 $52 $357B ■Insured $9 $32 86% 58% 65% 73% 35% 15% 14% 42% 27% Atlantic BC Ontario Prairies Quebec 2% 20% 54% 15% 9% % of RESL Portfolio 59#60Canadian Commercial and Wholesale Banking Highlights Continued good asset quality in Canadian Commercial and Wholesale Banking Canadian Commercial and Wholesale Banking (Q3/22) TD Gross Loans/ BAS ($B) GIL GIL/Loans ($MM) (%) Commercial Banking 110 104.1 408 0.39 Wholesale 79.3 7 0.01 Total Canadian Commercial and Wholesale Change vs. Q2/22 183.4 415 0.23 13.1 (18) (0.02) Industry Breakdown 110 Gross Loans/ BAS ($B) GIL ($MM) Real Estate - Residential 27.7 2 Real Estate - Non-residential 21.5 10 Financial 41.1 1 Govt-PSE-Health & Social Services 13.0 53 Oil and Gas 2.0 38 Metals and Mining 2.6 9 Forestry 0.6 1 Consumer114 7.7 113 Industrial/Manufacturing 115 11.1 101 Agriculture 9.7 6 Automotive 9.5 6 Other116 Total 36.9 75 183.4 415 60#61U.S. Personal Banking (USD) TD Highlights U.S. Personal Banking 117 (Q3/22) Gross impaired loans decreased quarter-over- quarter Gross Loans ($B) GIL ($MM) GIL/Loans (%) Residential Mortgages 33.5 368 1.10 Home Equity Lines of Credit (HELOC)40 7.0 216 3.11 Indirect Auto 26.2 158 0.61 Credit Cards 13.6 153 1.13 Other Personal 0.6 4 0.63 Total U.S. Personal Banking (USD) 80.9 899 1.11 Change vs. Q2/22 (USD) 3.2 (25) (0.08) Foreign Exchange 22.6 254 n/a Total U.S. Personal Banking (CAD) 103.5 1,153 1.11 U.S. Real Estate Secured Lending Portfolio 117 Indexed Loan to Value (LTV) Distribution and Refreshed FICO Scores 118 Current Estimated LTV Residential Mortgages 1st Lien HELOC 2nd Lien HELOC (%) (%) (%) Total (%) >80% 5 1 61-80% 32 12 <=60% 63 87 Current FICO Score >700 93 91 3250 4 31 65 65 90 92 61#62U.S. Commercial Banking (USD) TD Highlights Gross impaired loans increased primarily related to a new formation this quarter U.S. Commercial Banking 117 (Q3/22) Commercial Real Estate (CRE) Non-residential Real Estate Residential Real Estate Commercial & Industrial (C&I) Gross Loans/ BAS ($B) GIL ($MM) GIL/Loans (%) 24.7 60 0.24 17.2 42 0.24 7.5 18 0.24 62.4 192 0.31 Total U.S. Commercial Banking (USD) 87.1 252 0.29 Change vs. Q2/22 (USD) 1.0 16 0.02 Foreign Exchange 24.5 70 n/a Total U.S. Commercial Banking (CAD) 111.6 322 0.29 Commercial Real Estate Commercial & Industrial Gross Loans/ BAS (US$B) GIL (US$MM) Gross Loans/ BAs (US$B) GIL (US$MM) Office 4.6 19 Health & Social Services 11.1 22 Retail 5.2 12 Professional & Other Services 7.9 31 Apartments 6.7 8 Residential for Sale 0.1 1 Industrial 1.7 6 Hotel 0.6 2 Consumer114 Industrial/Mfg115 Government/PSE Financial 6.4 38 5.6 29 11.2 6.8 Commercial Land 0.1 - Automotive 3.0 Other 5.7 12 Other119 10.4 63 Total CRE 24.7 60 Total C&I 62.4 52235 192 62 62#63Appendix Additional Information TD#64Q3 2022: PTPP17,120 & Operating Leverage 17,121 Modified for partners' share of SCP PCL, FX and Insurance Fair Value Change TD TOTAL BANK 1 Reported Results ($MM) 2 PTPP 3 PTPP (QoQ %) 4 PTPP (YOY %) 5 Revenue (YoY %) 6 Expenses (YoY %) Q3 2022 Revenue Expenses 10,925 6,096 Q2 2022 Revenue Expenses 11,263 6,033 Q3 2021 Revenue Expenses 10,712 5,616 SFI Reference Page 2, L3 & L6 4,829 5,230 5,096 (7.7%) (1.6%) 13.3% (5.2%) 16.2% (4.9%) 2.0% 10.1% 0.4% 8.5% 5.3% 5.8% 7 Operating Leverage B (6.6%) 4.8% (5.4%) 8 Adjusted Results ($MM) 17 11,603 6,033 11,039 5,999 10,712 5,576 Page 2, L16 & L17 9 Minus: U.S. Retail value in C$122, 123 3,101 1,686 2,719 1,632 2,681 1,518 Page 9, L35 & L36 10 Plus: U.S. Retail value in US$122, 123 2,409 1,310 2,146 1,289 2,180 1,233 Page 10, L35 & L36 11 Minus: Insurance fair value change 124 (28) (117) 15 Page 6, L14 12 Plus: Corporate PCL 125 49 (6) (43) Page 12, L6 13 Subtotal (Line 13)126 10,939 5,706 10,583 5,650 10,196 5,248 14 156 Line 13 PTPP Line 13 PTPP (QoQ %) 5,233 4,933 4,948 6.1% (4.3%) 11.2% Line 13 PTPP (YoY %) 5.8% 10.9% 2.7% 17 Line 13 Revenue (YoY %) 7.3% 8.6% 3.7% 18 Line 13 Expenses (YoY %) 127 8.7% 6.6% 4.5% 19 Line 13 Operating Leverage (1.4%) " 2.0% (0.9%) 64#65Endnotes TD#66Endnotes TD 1. See slide 8. 2. See slide 31. 3. See slide 40. 4. Q3 2022 is the quarter comprising the period from May 1, 2022 to July 31, 2022. 5. Deposits based on total of average personal and business deposits during the quarter. U.S. Retail includes Schwab Insured Deposit Accounts (IDAS), Canadian Retail includes wealth deposits. 6. Total Loans based on total of average personal and business loans during the quarter. 7. For additional information about this metric, refer to the Glossary in the Bank's Third Quarter 2022 MD&A (available at www.td.com/investor and www.sedar.com), which is incorporated by reference. 8. For trailing four quarters. 9. Average number of full-time equivalent staff in these segments during the quarter. 10. Total ATMs includes branch, remote and TD Branded ATMs in Canada: Total ATMs includes store, remote, mobile and TD Branded ATMs in the U.S. 11. Active mobile users defined as TD customers who have logged in using the Canadian or U.S. mobile or tablet apps (applications) within the last 90 days. Total ATMs include branch, remote, mobile and TD Branded ATMs. 12. World Economic Forum, Global Competitiveness Reports 2008-2020. 13. As per Canada Mortgage and Housing Corporation (CMHC) Residential Mortgage Industry Report (October 2021). 14. Market share ranking is based on most current data available from the Office of the Superintendent of Financial Institutions Canada (OSFI) for personal deposits and loans as at May 2022, from the Canadian Bankers Association for Real Estate Secured Lending as at March 2022, from the Canadian Bankers Association for business deposits and loans as at December 2021, and from Strategic Insight for Direct Investing asset, trades, and revenue metrics as at March 2022. 15. FDIC Institution Directory and 2021 FDIC Summary of Deposits. 16. State wealth based on Market Median Household Income. 66 60#67Endnotes TD 17. The Bank prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accordance with IFRS as the "reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e., reported results excluding "items of note") and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believes that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank's performance. Non-GAAP financial measures and ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See "How We Performed" in the Bank's Third Quarter 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. 18. This measure has been calculated in accordance with OSFI's Capital Adequacy Requirements guideline. See slide 24. 19. As of July 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. 20. Canadian Peers - defined as other 4 big banks (RY, BMO, BNS and CM). All Peers are based on Q3 2022 results ended July 31, 2022. 21. North American Peers - defined as Canadian Peers and U.S. Peers. U.S. Peers - defined as C, TFC, BAC, JPM, WFC, PNC, USB, based on Q2/22 results ended June 30, 2022. 22. For the purpose of calculating contribution by each business segment, earnings from the Corporate segment are excluded. Numbers may not add to 100% due to rounding. 23. For financial reporting purposes, the Bank's share of Schwab's earnings is part of the U.S. Retail business segment, but it is shown separately here for illustrative purposes. 24. On October 6, 2020, the Bank acquired an approximately 13.5% stake in Schwab following the completion of Schwab's acquisition of TD Ameritrade Holding Corporation ("TD Ameritrade") of which the Bank was a major shareholder (the "Schwab transaction"). For further details, refer to "How the Bank reports" in the "Financial Results Overview" section of the 2021 MD&A. The Bank's share of Schwab's earnings is reported with a one-month lag and the Bank started recording its share of Schwab's earnings on this basis in the first quarter of fiscal 2021. 25. Based on total assets. Source: SNL Financial, Top 50 US banks and Thrifts in the U.S. 26. Primary dealers serve as trading counterparties of the New York Fed in its implementation of monetary policy. For more information please visit https://www.newyorkfed.org/. 27. J.D. Power 2022 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. 67#68Endnotes TD 28. Enterprise active digital users include Canadian Personal and Commercial Banking, TD WebBroker, MBNA active users, TD Insurance active users, and U.S. Retail. Canadian active mobile users based on Canadian Personal and Commercial Banking. U.S. active mobile users based on U.S. Retail and Small Business Banking. 29. Canadian Retail: Digital Adoption based on Canadian Personal & Commercial Banking and Wealth. Active Mobile Users and Self-Serve Share of Financial Transactions based on Canadian Personal & Small Business Banking. U.S. Retail: based on U.S. Retail and Small Business Banking. 30. Active digital users as a percentage of total customer base. Active digital users are users who have logged in online or via their mobile device at least once in the last 90 days. 31. Self-serve share of transactions represents all financial transactions that are processed through unassisted channels (Online, Mobile, ATM, and Phone IVR). 32. Mitigation of interest rate volatility to closing capital on First Horizon acquisition includes i) mark-to-market gains (losses) on interest rate swaps, recorded in non-interest income, and ii) basis adjustment amortization related to de-designated fair value hedge accounting relationships, recorded in net interest income. Both the mark-to-market gains (losses) on the swaps and the basis adjustment amortization are reported in the Corporate segment. Refer to Note 8 of the Interim Consolidated Financial Statements for further details. 33. FX impact solely related to the U.S. Retail Bank. Adjusted expenses excluding the partners' share of PCL for the U.S. SCP and adjusted expenses excluding the partners' share of PCL and FX are non-GAAP financial measures. For further information about these non-GAAP financial measures, please see endnote 18. 34. Wealth assets includes assets under management (AUM) and assets under administration (AUA). 35. Net interest margin (NIM) is calculated by dividing net interest income by average interest-earning assets. Average interest-earning assets used in the calculation of NIM is a non-GAAP financial measure. NIM and average interest-earning assets are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. 36. U.S. Retail NIM is calculated by dividing segment's net interest income by average interest-earning assets excluding the impact related to deposit sweep arrangements and the impact of intercompany deposits and cash collateral, which management believes better reflects segment performance. In addition, the value of tax-exempt interest income is adjusted to its equivalent before-tax value. Net interest income and average interest-earning assets used in the calculation of this metric are non-GAAP financial measures. 37. Includes net interest income TEB of $567 million, and trading loss of $20 million. Trading-related revenue (TEB) is a non-GAAP financial measure, which is not a defined term under IFRS and, therefore, may not be comparable to similar terms used by other issuers. 38. Capital and liquidity measures on slide 24 are calculated in accordance with OSFI's Capital Adequacy Requirements, Leverage Requirements, and Liquidity Adequacy Requirements guidelines. 68#69Endnotes TD 39. FX impact on RWA has a negligible impact on the CET 1 ratio, because the CET 1 ratio is currency hedged. 40. U.S. HELOC includes Home Equity Lines of Credit and Home Equity Loans. 41. Includes acquired credit impaired loans and loans booked in the Corporate segment. 42. Includes loans measured at fair value through other comprehensive income. 43. Includes acquired credit impaired (ACI) loans. Prior periods have been restated to include ACI loans. 44. PCL Ratio: Provision for Credit Losses on a quarterly annualized basis/Average Net Loans & Acceptances. 45. 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. 46. 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. 47. Coverage Ratio: Total allowance for credit losses as a % of gross loans and acceptances. 48. U.S. Strategic Cards Partners' Share represents the retailer program partners' share of the U.S. Strategic Cards Portfolio ACL. 49. Consumer instalment and other personal includes the HELOC, Indirect Auto and Other Personal portfolios. 50. For the purpose of calculating contribution by each business segment, earnings from the Corporate segment are excluded. 51. Compound annual growth rate for the five-year period ended October 31, 2021. 52. Corporate results in 2020 include a net gain on sale of the Bank's investment in TD Ameritrade. 53. Based on quarterly dividend of $0.89 declared on May 26, 2022, annualized. 54. Total Deposits based on total of average personal, business and wealth deposits. Total Loans based on total of average personal and business loans. 55. 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. 56. Source: Comscore Mobile Metrix®, Financial Services – Banking (Mobile Apps), Total Audience, 3-month average ending March 2022, Canada. 57. Source: Comscore MMX® Multi-Platform, Financial Services - Banking, Total audience, 3-month average ending March 2022, Canada, United States, Spain, France and UK. 69#70Endnotes ID 58. Similarweb Traffic & Engagement, 1H 2022, Canada for the period between January 2022 to June 2022. 59. Investor Economics "Managed Money Advisory Service-Canada" (Spring 2022). Assets under management (AUM) as of December 2021. As measured by the sum of AUM across the "DB Pension Plan", "DC Pension Plan", "Corporations and Governments", "Not-for-profits, Foundations & Endowments" and "Other Institutional" categories disclosed in the Investor Economics report. 60. Investor Economics "Managed Money Advisory Service-Canada" (spring 2022). Assets under management (AUM) as of December 2021. As measured by the sum of AUM across the "DB Pension Plan" and "DC Pension Plan" categories disclosed in the. Investor Economics report. 61. "The 2022 Globe and Mail digital broker ranking: Does the zero-commission revolution flip the script on who's best?" Globe and Mail, February 2022. 62. Based on Gross Written Premiums for Property and Casualty business. Ranks based on data available from OSFI, Insurers, Insurance Bureau of Canada, and Provincial Regulators as at December 31, 2021. 63. TD Bank ranked Highest in Customer Satisfaction with Small Business Banking in the South Region in the 2021 J.D. Power Small Business Banking Satisfaction Study. For J.D. Power 2021 award information visit jdpower.com/awards. 64. 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. 65. Based on total deposits. Source: SNL Financial, Top 50 Banks and Thrifts in the U.S. 66. Includes gross loans and bankers' acceptances related to Wholesale Banking, excluding letters of credit, cash collateral, CDS, and allowance for credit losses. 67. #1 among Canadian banks for global Green, Social, Sustainability, and Sustainability-Linked ("GSSS") Bonds and #1 among Canadian banks for Sustainability-Linked Loans underwriting. Reflects TD's apportioned league table credit for bookrunner roles in Q3 as of August 16, 2022. Source: Bloomberg. 68. On June 17, 2021, OSFI announced a 1.50% increase to the DSB, setting the DSB at 2.50%, effective October 31, 2021. 69. On August 12, 2021, OSFI confirmed that the exclusion of sovereign-issued securities from the leverage ratio exposure measure will not be extended past December 31, 2021. However, central bank reserves will continue to be excluded from the leverage ratio exposure measure; Minimum leverage-based TLAC ratio is increasing to 7.25% effective February 1, 2023 as a result of the 50bps increase in the leverage ratio buffer applicable to D-SIBS. 70. Reflects debt outstanding as at, and converted at FX rate as at July 31, 2022. 70 10#71Endnotes TD 71. Sums may not add up precisely due to rounding. 72. These measures have been calculated in accordance with OSFI's Total Loss Absorbing Capacity (TLAC) guideline. 73. Includes par value of outstanding senior unsecured long-term debt issued after September 23, 2018 with a remaining term to maturity of greater than 1 year. Senior unsecured long-term debt with original term to maturity less than 400 days will not be eligible for bail-in and would not qualify as TLAC. 74. This measure has been calculated in accordance with OSFI's Liquidity Adequacy Requirements guideline. 75. Subject to conversion under the bank recapitalization "bail-in" regime. 76. Ratings reflect holding company senior unsecured ratings. 77. Business deposits exclude wholesale funding. 78. Market share ranking is based on internally produced reports. 79. "The Top 40 Money Managers (as of December 31, 2021)" Benefits Canada, May 2022. 80. Excludes certain liabilities: trading derivatives, other liabilities, wholesale mortgage trading business, non-controlling interest and certain equity capital such as common equity. 81. Bank, Business & Government Deposits less covered bonds and senior MTN notes. 82. Obligations related to securities sold short and sold under repurchase agreements. 83. Consists primarily of bearer deposit notes, certificates of deposit and commercial paper. 84. For wholesale term debt that has bullet maturities. 85. 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. 86. Includes Limited Recourse Capital Notes, Preferred Shares and Innovative T1. 87. 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. 88. Represents mortgage-backed securities issued to external investors only. 71#72Endnotes 89. As at July 31, 2022 90. Excludes certain private placement and structured notes. 91. In Canadian dollars equivalent with exchange rate as of July 31, 2022. TD 92. 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. 93. Ratings by Moody's and DBRS, respectively, as at July 31, 2022. 94. In Canadian dollars equivalent with exchange rate as at date of issuance. 95. The Covered Bond Label Foundation and its affiliates are not associated with and do not approve or endorse TD's covered bond products. 96. Current Loan to Value is calculated with the Teranet-National Bank House Price Index and weighted by balance. 97. Any non-NVCC preferred shares and non-NVCC subordinated debt issued after September 23, 2018 would also be in scope. 98. Term as defined in the bail-in regulations. 99. 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. 100. Source: TD Economics, August 2022. For recent economic analysis and research please refer to https://economics.td.com. 101. Source: TD Economics, August 2022. For recent economic analysis and research please refer to https://economics.td.com. 102. Gross Impaired Loan formations represent additions to Impaired Loans & Acceptances during the quarter; excludes the impact of acquired credit-impaired loans. 103. GIL Formations Ratio: Gross Impaired Loan Formations/Average Gross Loans & Acceptances. 104. Gross Impaired Loans (GIL) excludes the impact of acquired credit-impaired loans. 105. GIL Ratio: Gross Impaired Loans/Gross Loans & Acceptances (both are spot) by portfolio. 72#73Endnotes TD 106. Effective November 1, 2017, the Bank adopted IFRS 9, which replaces the guidance in IAS 39. The Bank made the decision not to restate comparative period financial information and has recognized any measurement differences between the previous carrying amount and the new carrying amount 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. 107. PCL-impaired represents Stage 3 PCL under IFRS 9, performing represents Stage 1 and Stage 2 on financial assets, loan commitments, and financial guarantees. 108. RESL Portfolio Loan to Value is calculated with the Teranet-National Bank House Price IndexTM and weighted by the total exposure. 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. 109. 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. 110. Includes Small Business Banking and Business Credit Cards. 111. Average bureau score is balance weighted. 112. Based on Gross Written Premiums for Property and Casualty business. Ranks based on data available from OSFI, Insurers, Insurance Bureau of Canada, and Provincial Regulators as at December 31, 2021. 113. Condo RESL outstandings reported in Q2'22 have been restated from $62B to $53B. 114. Consumer includes: Food, Beverage and Tobacco; Retail Sector. 115. Industrial/Manufacturing includes: Industrial Construction and Trade Contractors; Sundry Manufacturing and Wholesale. 116. Other includes: Power and Utilities; Telecommunications, Cable and Media; Transportation; Professional and Other Services; Other. 117. Excludes acquired credit-impaired loans. 118. Loan To Value is calculated with the Loan Performance Home Price Index as of May 2022, based on outstanding mortgage balance and/or the HELOC authorized credit limit. FICO Scores updated June 2022. 119. Other includes: Agriculture; Power and utilities; Telecommunications, cable and media; Transportation; Resources; Other. 73#74Endnotes TD 120. Pre-tax, pre-provision earnings (PTPP) is a non-GAAP financial measure that is typically calculated by subtracting expenses from revenues. At the total Bank level, TD calculates PTPP as the difference between revenue (U.S. Retail in $US) net of fair value changes in investments 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. 121. 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. 122. 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. 123. Q2 2022 U.S. Retail reported revenues included a litigation settlement recovery of C$224 million pre-tax which was reported as an item of note. Q3 2022 U.S. Retail reported expenses included acquisition and integration-related charges for the First Horizon acquisition of C$29 million pretax which was reported as an item of note. 124. Adjusts for fair value changes in investments supporting insurance claims liabilities, as reported on page 6, line 14 of the Bank's Q3 2022 Supplementary Financial Information package (Income (loss) from Financial Instruments designated at FVTPL - Related to Insurance Subsidiaries). 125. Adjusts for the impact of the accounting requirements for the U.S. strategic card portfolio. Subtracting the partners' share of the PCL removes a source of volatility that is not reflective of the Bank's underlying economic exposure. This can be done by adding Corporate PCL (which consists solely of the partners' share of the PCL) back to non-interest expenses. 126. Line 13 metrics reflect the adjustments described in lines 9 through 12 on slide 64. 127. Excluding only the impact of the US Strategic Card Portfolio partners' share, year-over year expense growth would have been 9.9% ($5,533MM in Q3 2021 and $6,082MM in Q3 2022, representing a year-over-year increase of $549MM). 74#75Investor Relations Contacts TD Phone: (416) 308-9030 or 1 (866) 486-4826 Email: [email protected] Website: www.td.com/investor 75