TD Bank Financial Performance and Strategy Update

Q1 2017 Segment Results Highlights TD Canadian Retail Net income of $1.6 billion, up 4% YoY, revenue growth and lower insurance claims, partially offset by higher non-interest expenses and PCL PCL up 2% QoQ Expenses up 7% YoY primarily reflecting higher investment in strategic initiatives, including digitizing the customer experience and enhancing the product suite, increased investment in front-line employees and business growth, partially offset by productivity savings U.S. Retail In U.S. Dollar terms, U.S. Retail net income up 9% YoY. Strong revenue growth was partially offset by higher expenses and PCL PCL up 32% QoQ largely reflecting seasonal increases in the auto lending and credit card portfolios and prior quarter benefits Expenses up 5% YoY reflecting higher spend for technology modernization, volume growth and additional front line employees, partially offset by productivity savings Wholesale Banking 1. See slide 6, footnote 1, for definition of adjusted results. ☐ Net income up 66% YoY Revenue up 29% reflecting higher origination activity in debt and equity capital markets and higher trading-related revenue Expenses up 22% YoY reflecting higher variable compensation and operating expenses, and costs associated with the acquisition of Albert Fried & Company 15

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