Wholesale Banking - Positioned for Growth

Leading Non-Common Equity Capital Ratings NVCC Tier 2 Subordinated Debt Ratings¹ 23 1 A2 A3 i Baa1 I Baa2 I Baa3 I I iBa1 I I TD Moody's A- BBB+ BBB BBB- BB+ Canadian Peers² TD S&P Fitch TD I 'BBB+ I BBB BBB- I 'BB+ Canadian Peers² I TD Canadian Peers² I Additional Tier 1 NVCC LRCN and Preferred Share Ratings¹ A2 ¦A3 Baa1 Moody's A | A- ! BBB+ S&P | ¡A- I BBB+ Fitch !Baa2 BBB BBB Baa3 i BBB- BBB- I I Ba1 | BB+ !BB+ I TD Canadian Peers² I TD Canadian Peers² | TD Canadian Peers² Industry leading ratings¹ for Additional Tier 1 and Tier 2 capital instruments 42 42

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