Investor Presentaiton

Leading 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

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