TD Bank Financial Performance and Strategy Update

Strong, Consistent Dividend History Dividends Per Share (C$) $0.22 11% Annualized Growth $2.16 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TD Q1/17: Announced $0.05 dividend increase¹ Dividend yield: 3.4%2 Q3/12: Increased target payout range to 40%-50%3 Dividend has grown over time 1. For the quarter ended April 2017. 2. Dividend yield based on dividend declared per share for Q1/17 divided by average of high and low common share prices for the period. 3. In Q3/12, the Bank's target payout range was changed to 40-50% of adjusted earnings (see slide 4, footnote 3 for the definition of adjusted results). 13

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