Wholesale Banking - Positioned for Growth

Wholesale Banking Challenging quarter TD Net income down 93% YoY (Adj¹ down 35% YoY) ◉ Reported net income includes acquisition and integration-related charges for TD Cowen² Revenue up 28% YoY ■ Reflects the inclusion of TD Cowen ■ Higher equity commissions, advisory and equity underwriting fees, and loan underwriting commitment markdowns in the prior year PCL of $57MM Expenses up 80% YoY (Adj¹ up 59% YoY) ■ ■ Reported expenses include acquisition and integration-related charges for TD Cowen² Investments to grow TD Cowen and our U.S. business P&L ($MM) Reported Q4/23 QoQ YOY Revenue 1,488 -5% 28% Trading-related revenue 590 -6% 5% (TEB)3,4 PCL 57 +$32 +$31 Expenses 1,441 16% 80% Net Income 17 -94% -93% ROE 0.5% -690 bps -770 bps Adjusted¹ Q4/23 QoQ YOY Expenses² 1,244 13% 59% Net Income 178 -53% -35% ROE 4.9% -540 bps -370 bps Line of Business Revenues ($MM) Reported Q4/23 QoQ YOY Global Markets 891 -8% 34% Corporate and Investment 627 -3% 33% Banking Other (30) NM NM 21 21

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