Slides
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Title Slide S E C T I O N O N E Deeper, Faster, Disciplined TD Investor Day – September 29, 2025 Raymond Chun President and CEO
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Title Slide S E C T I O N O N E T D I N V E S T O R D A Y 2 0 2 5 From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media, and others. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words such as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “intend”, "strive", “confident”, “estimate”, “forecast”, “outlook”, “plan”, “goal”, "commit", “target”, “possible”, “potential”, “predict”, “project”, “may”, and “could” and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank’s control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: strategic, credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), operational (including technology, cyber security, process, systems, data, third-party, fraud, infrastructure, insider and conduct), model, insurance, liquidity, capital adequacy, compliance and legal, financial crime, reputational, environmental and social, and other risks. Examples of such risk factors include general business and economic conditions in the regions in which the Bank operates; geopolitical risk (including policy, trade and tax-related risks and the potential impact of any new or elevated tariffs or any retaliatory tariffs); inflation, interest rates and recession uncertainty; regulatory oversight and compliance risk; risks associated with the Bank’s ability to satisfy the terms of the global resolution of the investigations into the Bank’s U.S. Bank Secrecy Act (BSA)/anti-money laundering (AML) program; the impact of the global resolution of the investigations into the Bank’s U.S. BSA/AML program on the Bank’s businesses, operations, financial condition, and reputation; the ability of the Bank to execute on long-term strategies, shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions and integration of acquisitions, the ability of the Bank to achieve its financial or strategic objectives with respect to its investments, business retention plans, and other strategic plans; technology and cyber security risk (including cyber-attacks, data security breaches or technology failures) on the Bank’s technologies, systems and networks, those of the Bank’s customers (including their own devices), and third parties providing services to the Bank; data risk; model risk; fraud activity; insider risk; conduct risk; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information, and other risks arising from the Bank’s use of third-parties; the impact of new and changes to, or application of, current laws, rules and regulations, including without limitation consumer protection laws and regulations, tax laws, capital guidelines and liquidity regulatory guidance; increased competition from incumbents and new entrants (including Fintechs and big technology competitors); shifts in consumer attitudes and disruptive technology; environmental and social risk (including climate-related risk); exposure related to litigation and regulatory matters; ability of the Bank to attract, develop, and retain key talent; changes in foreign exchange rates, interest rates, credit spreads and equity prices; downgrade, suspension or withdrawal of ratings assigned by any rating agency, the value and market price of the Bank’s common shares and other securities may be impacted by market conditions and other factors; the interconnectivity of financial institutions including existing and potential international debt crises; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank’s results. For more detailed information, please refer to the “Risk Factors and Management” section of the Management’s Discussion and Analysis (“2024 MD&A”), as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable). All such factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, should be considered carefully when making decisions with respect to the Bank. The Bank cautions readers not to place undue reliance on the Bank’s forward-looking statements. Material economic assumptions underlying the forward-looking statements contained in this document and/or on the conference call held to discuss these matters are set out in this document, the 2024 MD&A under the headings “Economic Summary and Outlook” and “Significant Events”, under the headings “Key Priorities for 2025” and “Operating Environment and Outlook” for the Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking segments, and under the heading “2024 Accomplishments and Focus for 2025” for the Corporate segment, each as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable). Any forward-looking statements contained in this document and/or on the conference call held to discuss these matters represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank’s shareholders and analysts in understanding the Bank’s financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation. Caution Regarding Forward-Looking Statements
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Title Slide S E C T I O N O N E 2 — T D I N V E S T O R D A Y 2 0 2 5 $2.1T Assets1 $710B AUA1,3 $958B Loans1,2 $1.3T Deposits1 $542B AUM1,3 Wealth Management ~11%6 Canadian Business Bank ~11%6 Canadian Personal Bank ~25%6 170 years in Canada Top 2 bank1,8 20 years in U.S. Top 10 bank1,8 $54B Revenue6,7 A scaled, diversified North American bank with global reach U.S. Retail ~26%6 Wholesale Banking ~13%6 Insurance ~14%6 U.S.4,5 Canada4
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Title Slide S E C T I O N O N E 3 — T D I N V E S T O R D A Y 2 0 2 5 Strong client franchises across our geographies Canada Canadian Personal Bank #1 core deposits5, #2 credit cards6, #2 RESL7 Canadian Business Bank #2 deposits and credit8 Insurance #1 direct insurer12 #3 personal lines insurer12 Wealth Management #1 direct investing9 #1 institutional AUM10 #1 fastest growing bank-owned Private Wealth Management11 Bank 1 in 3 Canadians3 Wholesale Banking TDS + TD Cowen Global reach Operating in 15 countries Top 3 deposit share in ~80% of footprint16 (New York, Boston, Philadelphia) U.S. Retail #9 in deposit share15 #8 in C&I loans14 Two-thirds of stores in top 10 markets nationally Full-service platform driving growth in the U.S. Canada's premier retail banking franchise Most valuable brand1 17MM clients2 Top tier brand 10MM+ clients13 #7 in U.S. ECM & #6 in Convertibles17 #2 in Lending17 & Debt Origination18 in Canada2MM Business Bank clients4
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Title Slide S E C T I O N O N E 4 — T D I N V E S T O R D A Y 2 0 2 5 Superior capital generation +10 bps (Reported) FY’15-24 average annual reported / adjusted3 organic capital generation4 vs. peers1 (Reported: 53bps TD, 43bps peers1; Adj.3: 69bps TD, 52bps peers1) CET1 ratio5 as of Q3'25 14.8% Leading core deposit franchise 138 Liquidity coverage ratio2 as of Q3'25 % FY'24 P&C deposit funding ratio vs. 54% for peers1 in Canada 70% Leading core deposits advantage enables higher earnings and industry-leading capital generation Enduring impact Strong source of low-cost deposits Giving us a fundamental and enduring earnings advantage Further enabling industry- leading organic capital generation +17 bps (Adj.3)
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Title Slide S E C T I O N O N E 5 — T D I N V E S T O R D A Y 2 0 2 5 100 120 140 74 Q1’20 126 2020 97 2021 86 2022 89 2023 95 2024 103 Q3’25 Strong track record of credit risk management and well-positioned to adapt to uncertainty Well-reserved for elevated economic and credit uncertainty Diversified and well-managed loan portfolio Allowance Coverage Ratio (bps)1 $958B of Gross Loans & Acceptances3 <1% of Gross Loans most sensitive to policy & trade actions5 as of Q3'25~$10B Allowance for credit losses as of Q3'25 37% 35% 24% 4% Loans by type Business & Government RESL Personal Loans 66% 34%4 Loans by geography Canada U.S. 2 2 Credit Cards
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Title Slide S E C T I O N O N E 6 — T D I N V E S T O R D A Y 2 0 2 5 AML remediation is our #1 priority Key actions & updates Management remediation is on track with costs expected to be stable through FY'261 We have brought in the right talent and expertise to lead our AML remediation efforts Investments have been made in technology and processes to strengthen our controls Steps are being taken to adapt and reinforce our culture to position TD for the future
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Title Slide S E C T I O N O N E 7 — T D I N V E S T O R D A Y 2 0 2 5 Geopolitical risks Disruptive technologies Macroeconomic environment New innovations Going forward, a dynamic environment demands that we adapt
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Title Slide S E C T I O N O N E 8 — T D I N V E S T O R D A Y 2 0 2 5 While our business is strong, we are committed to regaining leading performance Return on Equity (ROE)1 Diluted Earnings Per Share (EPS)1 5yr CAGR1 15.6% 13.6% FY’19 FY’24 Adjusted3 above peer average4 FY'14 - FY'195 +340bps -250bps below peer average4 FY'20 - FY'256 FY’14 - FY’19 FY’19 - FY’24 9.4% 3.1% #3 15.0% #2 #3#1 12.6% 6.3% 2.3% Rank Peer Avg.4 5yr Total Shareholder Return2 14.5% 8.2% Reported ROE 8.6% -5.5% Reported Diluted EPS 5yr CAGR
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Title Slide S E C T I O N O N E 9 — T D I N V E S T O R D A Y 2 0 2 5 Our Strategic Review has revealed where we must do better Financially Accelerate growth in high fee income businesses Reset cost base to improve efficiency ratio Drive higher ROE in U.S. Retail and Wholesale Capital allocation to drive higher shareholder returns Strategically & Operationally Deepen relationships with our clients across TD Optimize distribution to meet clients where they desire Drive digital leadership across all our businesses Modernize technology & harness AI for productivity Continue to invest in risk and controls
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Title Slide S E C T I O N O N E 10 — T D I N V E S T O R D A Y 2 0 2 5 ~$6-7B Incremental NCIB program6 upon completing current NCIB ($8B total share buyback in FY'26) ~13% Adj.2 ROE 6-8% Y/Y Adj.2 EPS Growth Positive Adj.2 Operating Leverage4 We aim to accelerate growth and returns, and drive long-term shareholder value FY'26 Targets1 Medium-term (FY'29) Targets1 13% CET1 Ratio 40-50bps PCL Ratio5 ~16% Adj.2 ROE 7-10% Adj.2 EPS Growth Mid-to-high single digits Adj.2 PTPP7 CAGR (%) Positive Adj.2 Operating Leverage Mid-50s Adj.2 Efficiency Ratio8 (Net of ISE, %) 3-4% Adj.2 Expense Growth3
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Title Slide S E C T I O N O N E 11 — T D I N V E S T O R D A Y 2 0 2 5 Optimizing capital allocation for shareholder returns Capital allocation ($B) Annual Excess Capital Generation2,7 75+ bps Dividend Payout Ratio2,3 40-50% Medium-term Targets 4.4 6.4 7.3 1.4 2.8 6.1 FY’15-FY’19 Avg. FY’20-FY’24 Avg. FY'25E1 ~8.0 ~7.0 FY'26E1,2 5.8 9.2 13.4 ~15.0 Share Buybacks Common Dividends Returning ~$15B of excess capital generated from the sale of Schwab Reported 59% 75% 66%6 100%+6 Adjusted5 56% 68% 94%6 100%+6 Total Payout Ratio4
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12 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 12 — T D I N V E S T O R D A Y 2 0 2 5
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13 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Share of Wallet Deeper Digital Engagement Deeper Fee Income Deeper relationships
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Title Slide S E C T I O N O N E 14 — T D I N V E S T O R D A Y 2 0 2 5 Business Segment Current Medium-term Targets Canadian Personal Bank • 14MM clients • Primary banking leader1 • Can deepen share of wallet Consumer Card Penetration 56%3 63% SBB Card Penetration 33%3 48% RESL Off-Us Balances2 $25B4 $40B Wealth Management Total Clients 2.6MM5 3.4MM Canadian Personal Bank to Wealth Closed Referral Volume $28B5 $40B DI to Advice Referrals (AUA) $3B5 $5B Deeper Relationships – Share of Wallet Disciplined ExecutionSimpler & Faster We aim to be Canada's leading relationship bank Accelerating revenue growth • Increase product penetration • Turbocharge referral flow
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Title Slide S E C T I O N O N E 15 — T D I N V E S T O R D A Y 2 0 2 5 We are transforming our distribution model to better serve our clients and enable deeper relationships Deeper Relationships – Share of Wallet Disciplined ExecutionSimpler & Faster • Aim to achieve over the medium-term: – +835 Canadian Business Bank frontline FTE growth1 – +1,200 Wealth Management advisors2 – +500 U.S. Retail financial advisors – 500 bankers redeployed as RESL specialists – 500 bankers redeployed as Investment specialists • Salesforce effectiveness via data and tools providing full client views and personalized insights Larger, specialized salesforce Already seeing results • Reconfigure network to focus on highest value locations, layout designed for advice, and staffing model that is leaner and advice driven • Increase productivity through targeted analytics • Increase self-service through digital capability enhancement and in-branch education • Align branch processes and routines to deepen priorities Branches as advice centres Y/Y CPB branch referrals to Wealth3+18% Y/Y CPB revenue per frontline FTE4+12% Y/Y U.S. Retail to Wealth referrals5 +18% Y/Y CBB revenue per frontline FTE6 +6%
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Title Slide S E C T I O N O N E 16 — T D I N V E S T O R D A Y 2 0 2 5 Current1 Medium-term Targets Current1 Medium-term Targets Mobile users 8MM+ 11MM 5MM+ 6MM+ Self-serve transactions 93% 96% 84% 90% Digital sales3 27% 50% 34% 50% Meet clients where they want to do business and increase digital sales Intuitive mobile account opening Proactive client engagement Always-On virtual personal agent In-Branch self-serve education Driving: Client enablement Network optimization Reduced cost to serve Revenue growth Digital leadership enables deeper engagement and growth Deeper Relationships – Digital Disciplined ExecutionSimpler & Faster Largest in CA2
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Title Slide S E C T I O N O N E 17 — T D I N V E S T O R D A Y 2 0 2 5 We aim to grow our high fee income businesses FY’24 Reported / Adj.1 Revenue (Net of ISE) $14.2B • Expand advisor base to capture deepening opportunity • Grow private market capabilities Wealth Management Medium-term target3 adj.1 ROE contribution (Out of total adj.1 ROE improvement target3 of ~300bps) 170 bps+ High single digit Medium-term target3 adj.1 revenue (Net of ISE) CAGR Subject to market conditions Key growth drivers • Increase front office productivity • Scale Global Transaction Banking and Prime Services • Align balance sheet and resources to focus sectors and activity Wholesale Banking • Invest in client acquisition and improve underwriting margins Insurance Deeper Relationships – Fee Income Disciplined ExecutionSimpler & Faster Fee Businesses: Total Revenue (Net of ISE)1,2 by Business Segment $20.8B FY'24 Reported Revenue
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18 — T D I N V E S T O R D A Y 2 0 2 5 Simpler & Faster Client Experiences Simpler & Faster Operating Model Simpler & Faster Technology, Leveraging AI Simpler & Faster
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Title Slide S E C T I O N O N E 19 — T D I N V E S T O R D A Y 2 0 2 5 Leading through simpler and faster client experiences will support deeper relationships and outcomes We aim to lead on experience… …and are already seeing strong results Deeper Relationships Disciplined ExecutionSimpler & Faster – Client Experiences Predictive and proactive with clients (e.g., auto filling forms, pre-approvals) Simplified policies and controls (e.g., auto-adjudication, AI-driven claims) Expanded digital to service clients (e.g., digital disputes) Empowered colleagues through AI (e.g., TDS research automation) +17% Increase in 1-day RESL approvals1 43% Faster speed-to-answer in Contact Centres2 Examples
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Title Slide S E C T I O N O N E 20 — T D I N V E S T O R D A Y 2 0 2 5 Sharper focus, simpler operating model and faster decision making are enabling us to execute more quickly Deeper Relationships Disciplined ExecutionSimpler & Faster – Operating Model Simplify non-core activities Reduce organizational complexity Singular, end-to-end ownership Sourcing the best capabilities globally • Reduce from 10 to 8 layers1 by end of FY'25 • Simplify organization • Empower colleagues • Improve delivery oversight • Simplify accountability • Reduce complexity • Accelerate Global Delivery Workforce build with strategic partners • 60% faster cycle times on sourcing • Simplify portfolio (exit non-core businesses) • Simplify product shelf Fiserv partnership on merchant solutions >3% non-client facing head count reduction2 Global Transaction Banking Global Delivery Workforce Completed and In-flight Examples Priorities Outcomes
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Title Slide S E C T I O N O N E 21 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Relationships Disciplined ExecutionSimpler & Faster – Technology Annual Technology Spend1 34% 45% Current Medium-term Our technology spend focuses on growing the business Select investment priorities 2022 Current2 Medium-term Target3 Build unified view of clients and trusted data Simplified data in cloud 20% 60% 90% Lead in digital sales and service capabilities % of products digitally enabled 60% 70% 90%+ Modernize platforms and reduce risk Real-time events published daily 45MM 14B4 100B+ Scale AI capabilities (e.g., AI agents, fraud) % colleagues enabled with AI agents 0% 20% 100% Run the Business Grow the Business 11pts increase in share of "Grow the Business" spend 8% CAGR in total technology spend FY'22-FY'24
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Title Slide S E C T I O N O N E 22 — T D I N V E S T O R D A Y 2 0 2 5 We are executing AI-at-scale and aim to deliver $1B in value ~$500MM Annualized Cost Savings ~$500MM Annualized Revenue Uplift & Medium-term target value1 15 min Auto-claim settlement time 90% Reduction in home claims cycle Transforming manual auto claims process to streamlined, automated claims experience powered by AI Example: AI-powered claims & Predictive AI Generative AI Agentic AI Proactive protection, offers and decisions for clients Fast and flexible problem resolution and advice for clients and colleagues Efficient workflows across back-office processes incl. increased pace and accuracy >2,500 AI-related roles in house (e.g., data design & engineering, data science, advanced analytics) Deeper Relationships Disciplined ExecutionSimpler & Faster – Technology Client experience and personalization Financial crimes prevention Client facing virtual assistants Front office (e.g., banker) AI assistants RESL operations Wealth operations AI Examples
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23 — T D I N V E S T O R D A Y 2 0 2 5 Disciplined Execution Disciplined Governance and Controls Disciplined Cost Management Disciplined Capital Management
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Title Slide S E C T I O N O N E 24 — T D I N V E S T O R D A Y 2 0 2 5 We continue to reinforce robust governance & controls Building on Strong Financial Risk Foundation Enhancing Financial Crimes & Regulatory Compliance Capabilities Innovating on Dynamic Risk Categories Credit Elevated talent through recruiting of personnel with deep domain expertise from other GSIBs Ongoing benchmarking against industry best practices Investments in technology, automation and AI to enhance risk capabilities Market Liquidity Capital Adequacy Cyber Data Model Fraud Deeper Relationships Disciplined Execution – G&CSimpler & Faster People & Talent Process & Control Data & Technology
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Title Slide S E C T I O N O N E 25 — T D I N V E S T O R D A Y 2 0 2 5 Cost discipline aims to deliver ~$2-2.5B in annualized savings Expected cost reductions through restructuring & non-restructuring programs Deeper Relationships Disciplined Execution – Cost Mgmt.Simpler & Faster Medium-term Adj.3 Efficiency Ratio (Net of ISE, %) Target4 Mid-50s ~$400MM ~$500MM* FY’261 ~$1.1B+ FY'27 – FY'281 Medium-term cost savings1 ~$2-2.5B *~$500MM2 in remaining run-rate savings from FY'25 Restructuring Program
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Title Slide S E C T I O N O N E 26 — T D I N V E S T O R D A Y 2 0 2 5 ~$2-2.5B annualized savings1,2 delivered across key cost initiatives Global Delivery Workforce Cost Moderation • Third party spend savings (e.g., IT / software, marketing, real estate) • Use of strategic delivery providers • Workforce optimization • One-off technology investments • Workforce productivity • Governance & controls spend Deeper Relationships Disciplined Execution – Cost Mgmt.Simpler & Faster Procurement • Reengineering top 20 processes (60% of processing cost) • Governance & controls automation • Operations optimization ~$500MM+ Automation & AI Technology & Data Modernization • Core technology & data infrastructure simplification • Infrastructure updates • Analytics sophistication ~$350-400MM Distribution Transformation • Frontline productivity • Digital sales & adoption (e.g., self- serve digital onboarding) • Branch network optimization ~$350-450MM ~$200-300MM ~$200-300MM ~$400MM+
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Title Slide S E C T I O N O N E 27 — T D I N V E S T O R D A Y 2 0 2 5 Disciplined approach to investment allocation in support of our strategic priorities 30% 70% Investment allocation across strategic priorities Deeper Relationships Increase frontline sales coverage and RESL & Wealth specialists Improve digital & mobile capabilities (e.g., intuitive interfaces) Invest in key fee income businesses (e.g., Global Transaction Banking) Accelerate marketing to scale (e.g., Insurance) Example initiatives; non-exhaustive Deeper Relationships Disciplined Execution – Capital Mgmt.Simpler & Faster Modernize platforms & technology across organization Scale AI capabilities Optimize operational processes Simpler and Faster
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Title Slide S E C T I O N O N E 28 — T D I N V E S T O R D A Y 2 0 2 5 We aim to deliver ~300bps adj.1 ROE uplift over the medium-term Deeper Relationships Disciplined Execution – Capital Mgmt.Simpler & Faster Adjusted1 ROE Targets2 (%) Business Segment Medium-term Targets2 Canadian P&C Canadian Personal Bank Canadian Business Bank U.S. Retail Wealth Management & Insurance Wholesale Banking Total TD Bank Group (TDBG) ~40% ~13% ~30%+ Low-20s ~13% ~45%+ ~16% (vs. ~13% FY'26 target2)
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Title Slide S E C T I O N O N E 29 — T D I N V E S T O R D A Y 2 0 2 5 Strong base of high-return, diversified and advantaged businesses High confidence in ROE enhancement trajectory, aiming to deliver ~16% adj.3 in the medium-term1 Cost discipline through productivity and efficiency improvements Greater shareholder return focus, including intention to launch $6-7B new NCIB program in 20261,2 Revenue acceleration through deeper relationships and investment in fee income businesses Why TD
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Title Slide S E C T I O N O N E 30 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 2 to 3 Slide 2 1. As at October 31, 2024. 2. Gross loans and acceptances. 3. For additional information about this metric, refer to the Glossary in the Bank's Q3 2025 Report to Shareholders, which is in corporated by reference. 4. Revenue by geography includes Corporate segment revenue. 5. U.S. includes International. 6. As of FY 2024. 7. Reported revenue excluding Corporate segment. 8. By total assets. Slide 3 1. Brand Finance Global 500 Brand Value Rankings (April 2025). 2. As of June 2025. Includes Canadian Personal Bank, Canadian Business Bank including TD Auto Finance ( TDAF), Wealth Management, and Insurance clients. 3. As of Q3 2025. 4. As of Q3 2025. ~1MM Small Business Banking (SBB) clients, ~100K Commercial Banking clients, ~1MM TDAF clients. 5. Office of the Superintendent of Financial Institutions Canada ( OSFI) for personal deposits as of June 2025. 6. Peer Quarterly Earnings disclosure as of Q3 2025. Peers include BMO, BNS, CIBC, and RBC (excluding TD). 7. Canadian Banker's Association (CBA) as of April 2025. 8. Commercial market share based on CBA data as of March 31, 2025, inclusive of 8 participating Canadian financial institutions. Commercial deposits categorized as >$0.5MM and loans categorized as >$1MM. Commercial credit market share includes corporate le nding portfolios of market participants which for TD are part of the Wholesale Banking segment. SBB market share based on CBA data as of March 31 , 2025. SBB loans categorized as <$1MM and deposits categorized as <$0.5MM. 9. Revenue and AUA market share ranking is based on most current data available from Investor Economics (a division of ISS Marke t Intelligence) as of June 2025. 10. AUM market share ranking is based on most current data available from Investor Economics (a division of ISS Market Intelligence) as of December 2024. 11. Private Wealth Management and Full-Service Brokerage for 6-months ending June 2025, Investor Economics (a division of ISS Market Intelligence). 12. Rankings based on data compiled from MSA Research for the year ended December 31, 2024. Excludes public insurance entities (I nsurance Corporation of British Columbia, Manitoba Public Insurance, and Saskatchewan Auto Fund). 13. Client count includes Commercial Banking, Consumer Banking, TD Auto Finance, and Wealth Consumer Customers as of July 31, 202 5. 14. Based on TD Cards, C&I, CRE, and RESL volumes as compared to aggregated Call Reports of reporting U.S. Personal and Commercia l banks. Data obtained via S&P Capital through June 2025. 15. Based on FDIC market share analysis via S&P Capital data through 2024. 16. FDIC market share analysis in TD's footprint (Metropolitan Statistical Areas, MSAs, with TD stores from Maine to Florida) via SNL data through 2024. 17. Bloomberg. Calendar year-to-date through September 25, 2025. 18. Bloomberg. Calendar year-to-date through August 31, 2025. Ranking for Canadian corporate bonds.
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Title Slide S E C T I O N O N E 31 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 4 to 8 Slide 4 1. Peers are BMO, BNS, CIBC, and RBC. 2. OSFI's Liquidity Adequacy Requirements guideline requires Canadian banks to disclose the Liquidity Coverage Ratio (" LCR") based on an average of the daily positions during the quarter. 3. The Bank prepares its consolidated and interim consolidated financial statements in accordance with International Financial R eporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accord ance with IFRS as the “reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e., reported results exclud ing “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believe s that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s perform ance. Non-GAAP financial measures and non-GAAP ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See “Financial Results Overview” section in the Bank’s 2024 Annual Report and “How We Performed" section in the Bank’s Q3 2025 Report to Shareholders (available at www.td.com/investor and www.sedarplus.c a), which are incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results. 4. TD calculates Reported Capital Generation as reported net income after -tax (NIAT) less preferred and common dividends less risk -weighted assets (RWA) growth (excluding FX), which is converted to basis points (bps) impact to Common Equity Tier 1 (CET1) c apital. Adjusted Capital Generation is calculated in the same manner using adjusted NIAT. Capital Generation measures performance of generatin g incremental capital. FX impact to RWA for TD not disclosed in FY 2017 and prior. 5. This measure has been calculated in accordance with the OSFI's Capital Adequacy Requirements guidelines. Slide 5 1. Total allowance for credit losses as a % of gross loans and acceptances. 2. Q1 2020 represents pre-pandemic allowance coverage. 2020 represents peak pandemic allowance coverage. 3. As at October 31, 2024. 4. U.S. includes 1% International. 5. <1% population represents loans to Business & Government borrowers most sensitive to policy & trade actions, as a percentage of total bank gross loans. Slide 6 1. The total amount expected to be spent on remediation and governance and control investments is subject to inherent uncertaint ies and may vary based on the scope of work in the U.S. BSA/AML remediation plan which could change as a result of additional findings that are identified as work progresses as well as the Bank’s ability to successfully execute against the U.S. BSA/AML remediation program in accordance with the U.S. Retail segment’s fiscal 2025 and medium -term plan. Refer to the “Risk Factors That May Affect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s es timates. Slide 8 1. Please refer to Slide 2, Endnote 3. 2. Total Shareholder Return (TSR) defined as share price appreciation plus dividends over the period; TSR is calculated consistently across all peers. 3. Please refer to Slide 4, Endnote 3. 4. Peers are BMO, BNS, CIBC, and RBC. 5. Compound average annual total shareholder return from June 2014 to June 2019. 6. Compound average annual total shareholder return from July 2020 to July 2025.
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Title Slide S E C T I O N O N E 32 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 10 to 11 Slide 10 1. The Bank's expectations for 2026 and medium-term financial targets are based on forward-looking assumptions that have inherent r isk and uncertainties. Results may vary depending on actual economic conditions, including the level of unemployment, interes t rates, and economic growth or contraction, the operating environment, including regulatory requirements, political environment, and competitive l andscape, and the Bank's assumptions on future business performance, including credit conditions and performance, inclusive of p olicy and trade uncertainty and borrower or industry specific credit factors and conditions, and foreign exchange impact. These assumptions are subject t o inherent uncertainties and may vary based on factors outside the Bank’s control, including those set out at the beginning of t his presentation. Refer to the “Risk Factors That May Affect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s es timates. 2. Please refer to Slide 4, Endnote 3. 3. The Bank’s expectations regarding expense growth are based on the Bank’s assumptions regarding certain factors, including ris k and control investments, timing of business investments, employee -related expenses, foreign exchange impact, gross -up of the retailer program partners’ share of PCL for the Bank’s U.S. strategic card portfolio (“SCP Impact”), and productivity and restructuring saving s. In particular in estimating its expense growth expectations, the Bank has assumed that the following three factors on the Ban k’s fiscal 2026 adjusted expenses will be the same as the Bank’s fiscal 2025 adjusted expenses: (i) variable compensation commensurate with higher rev enue, (ii) foreign exchange translation, and (iii) SCP Impact. The Bank’s assumptions are subject to inherent uncertainties and may vary based on factors both within and outside the Bank’s control, including the accuracy of the Bank’s employee compensation and benefit ex pense forecasts, impact of business performance on variable compensation, inflation, the pace of productivity initiatives across the organization, unexpected expenses such as legal matters. Refer to the “Risk Factors That May Affect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s es timates. 4. Operating leverage is a non-GAAP measure. At the total Bank level, TD calculates operating leverage as the difference between th e % change in adjusted revenue (U.S. Retail in source currency) net of insurance service expense (ISE), and adjusted expenses (U.S. Retail in US$) grossed up by the retailer program partners' share of PCL for the Bank's U.S. strategic card portfolio. Collectively, these a djustments provide a measure of operating leverage that management believes is more reflective of underlying business performanc e. 5. PCL Ratio: Provision for Credit Losses on a quarterly annualized basis/Average Net Loans & Acceptances. 6. Subject to OSFI and TSX approvals. 7. Pre-tax, pre-provision earnings (PTPP) is a non-GAAP financial measure that is typically calculated by subtracting expenses from revenues. At the total Bank level, T D calculates PTPP as the difference between adjusted revenue (U.S. Retail in US$) net of insurance service expense (ISE), and adjusted expenses (U.S. Retail in US$), grossed up by the retailer program partners' share of PCL for the Bank's U.S. strategic card portfolio. Collectively, these adjustments provide a measure of PTPP that management believes is more reflective of underlying business performance. 8. Please refer to Slide 2, Endnote 3. Slide 11 1. Remaining share repurchases of current NCIB program are split evenly between Q4 2025 and Q1 2026. Dividends per share are assumed flat in 2026 for illustrative purposes. 2. Please refer to Slide 10, Endnote 1. 3. Please refer to Slide 2, Endnote 3. 4. TD calculates total payout ratio as total payout as a % of net income available to common shareholders (NIAC). Adjusted total payout ratio is calculated in the same manner using adjusted net income. 5. Please refer to Slide 4, Endnote 3. 6. TD assumes analyst consensus NIAC for FY 2025 and FY 2026. TD assumes YTD items of note for FY 2025 and no items of note for FY 2026. 7. Please refer to Slide 4, Endnote 4.
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Title Slide S E C T I O N O N E 33 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 14 to 20 Slide 14 1. % of clients surveyed who indicate TD is their primary financial institution; Ipsos Canadian Financial Monitor, June 2025. 2. Other Financial Institution (OFI) RESL volume captured for CPB clients with RESL product at OFI. 3. As of Q3 2025. 4. Volume captured from FY 2022 to July 2025. 5. As of FY 2024. Slide 15 1. Medium-term period-end balance, across Commercial Banking, Small Business Banking, and TDAF. 2. Advisors, Private Bankers, Specialists. 3. FY 2024 vs. FY 2023. 4. Canadian Personal Bank revenue per frontline FTE growth from FY 2023 to FY 2024. 5. FY 2024 vs. FY 2023. For Mass Affluent and High -Net-Worth clients only. 6. Canadian Business Bank revenue per frontline FTE growth from FY 2023 to FY 2024. Slide 16 1. As of Q3 2025. Note: Canada is for Canadian Personal Bank segment, U.S. is for U.S. Retail segment. 2. SensorTower: Based on average Monthly Active Users (MAU) for Big 5 Canadian Banks as of August 2025. 3. Total sales units sold through digital channels, divided by total sales units sold across all channels. Slide 17 1. Please refer to Slide 4, Endnote 3. 2. Total revenue (net of ISE) is a non-GAAP financial measure. The adjustment of insurance service expense (ISE) provides a measure of revenue that management believes is more reflective of underlying business performance . 3. Please refer to Slide 10, Endnote 1. Slide 19 1. Q3 2025 vs. Q4 2024; Mobile Mortgage Specialist Channel % of applications approved in 1 -day. 2. Improvement in speed-to-answers FY 2022 to YTD August 2025. Slide 20 1. Refers to management layers. 2. In FY 2025; note that reinvestments elsewhere across TD organization have added to overall head count.
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Title Slide S E C T I O N O N E 34 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 21 to 29 Slide 21 1. Annual technology spend includes all of Platforms & Technology. Excludes Fraud Operations, Financial Crimes, Fraud Protect, P rocurement (Strategic Sourcing, Vendor Management), and Global Security Services / Investigations. Excludes certain Platforms & Technology risk and control programs. The Bank's expectations regarding the breakdown of annual technology spend by "Run the Business" and "Grow the Business" are subject to inherent uncertainties and are based on the Bank's assumptions regarding certain factors, including general economic and market conditions, costs to run the business over the medium -term, timing of one-time risk & control costs, and the impact o f technology modernization benefits. Refer to the “Risk Factors That May Affect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s estimates. 2. As of August 2025. 3. The Bank’s expectations regarding medium-term targets for technology initiatives are subject to inherent uncertainties and are b ased on the Bank's assumptions regarding certain factors, including general economic and market conditions and the prioritiza tion and timing of business investments to execute against delivery roadmaps. Refer to the “Risk Factors That May Affect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Sharehol ders for additional information about risks and uncertainties that may impact the Bank’s estimates. 4. Multiple larger use cases in delivery pipeline for Q4 2025. All environment volumes included in calculation. Slide 22 1. The Bank's expectations regarding medium-term targets for incremental revenue and cost savings driven by AI are subject to inher ent uncertainties and are based on the Bank's assumptions regarding certain factors, including general economic and market co nditions and the prioritization and timing of business investments to execute against delivery roadmaps. Refer to the “Risk Factors That May A ffect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about ri sks and uncertainties that may impact the Bank’s estimates. Slide 25 1. The Bank's expectations regarding annualized cost savings over the medium -term are based on the Bank's forward-looking assumptions, including general economic conditions, foreign exchange impact, and the operating environment, including regulatory, lega l and political landscape. These assumptions are subject to inherent uncertainties and may vary based on factors outside the Bank’s control, including those set out at the beginning of this presentation. Refer to the “Risk Factors That May Affect Future Results” sectio n of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s es timates. 2. The Bank's expectations regarding the restructuring program are subject to inherent uncertainties and are based on the Bank's assumptions regarding certain factors, including rate of natural attrition, talent re -deployment opportunities, years-of-service, execution timing of actions, decisions to expand on or reduce the restructuring actions (e.g., scope of real estate optimization, additional rationalizati ons), and foreign exchange translation impacts. Refer to the “Risk Factors That May Affect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s estimates. 3. Please refer to Slide 4, Endnote 3. 4. Please refer to Slide 10, Endnote 1. Slide 26 1. Please refer to Slide 25, Endnote 1. 2. Cost savings include impacts to Insurance Service Expense (ISE). Slide 28 1. Please refer to Slide 4, Endnote 3. 2. Please refer to Slide 10, Endnote 1. Slide 29 1. Please refer to Slide 10, Endnote 1. 2. Please refer to Slide 10, Endnote 6. 3. Please refer to Slide 4, Endnote 3.
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Title Slide S E C T I O N O N E Deeper, Faster, Disciplined TD Investor Day – September 29, 2025 Kelvin Tran Chief Financial Officer
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Title Slide S E C T I O N O N E 36 — T D I N V E S T O R D A Y 2 0 2 5 $1,269B Q4’24 Total Deposits5 $958B Q4’24 Gross Loans4 $54B FY'24 Total Reported Revenue1 40%360%34%3 66% Total Reported Revenue by Business Segment +7% +9% +9% excl. Schwab insured deposit accounts Wholesale Banking Wealth Management & Insurance U.S. Retail Canadian Personal & Commercial Banking $1,269B $887B 45%2,355%2 13% 25% 26% 36% FY'24 $54B Our scaled & diversified business has delivered strong growth Total Gross Loans Total Deposits Q4’19 Q4’24 $689B +7% $958B Q4’19 Q4’24 5yr CAGR6 5yr CAGR6
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Title Slide S E C T I O N O N E 37 — T D I N V E S T O R D A Y 2 0 2 5 Stable funding and consistent risk management deliver steady earnings through the cycle Net Charge-Off Ratio by Product 5-year Average (FY'20-FY'24) vs. Peer Average4 Residential Mortgage 0.00% 1 bps Consumer Installment & Other 0.40% 30 bps Credit Cards 3.26% 54 bps Business & Government 0.10% 6 bps • ~70%2 of Canadian P&C deposits are non-term • #1 personal non-term market share in Canada3 • ~88%2 of U.S. Retail Banking deposits are non-term Diluted EPS5 Volatility6,7 (FY'20-FY'24) Reported: 44% ~250 bps lower 17% 20% TD Bank Canadian Peers Retail deposits represent 70%1 of total funding 4
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Title Slide S E C T I O N O N E 38 — T D I N V E S T O R D A Y 2 0 2 5 We aim to accelerate revenue growth across our businesses Key Drivers Above Historical Organic Growth Canadian P&C: Aim to deepen relationships and leverage digital capabilities Wealth Management & Insurance: Aim to leverage expanded product suite to acquire across TD enterprise client base and deepen within Wealth Aim to scale General Insurance business via AI & marketing U.S. Retail: Aim to deploy balance sheet capacity unlocked through restructuring, and accelerate growth through deeper U.S. Wealth relationships and Commercial Bank profitability leveraging TD Securities Wholesale Banking: Aim to leverage scale of TD Cowen, and accelerate Global Transaction Banking and Prime Services while enhancing frontline productivity Business Segment FY'24 $ Billions FY'19 – FY'24 CAGR Canadian P&C $19.8 5% U.S. Retail (USD) $10.1 (Adj.1: $10.3) 3% Wealth Management & Insurance (Net of ISE1,2) $6.9 2% Wholesale Banking $7.3 18% incl. TD Cowen 7% normalized3 TDBG Revenue (Net of ISE1,2) CAGR Medium-term4FY'19-FY'24 5% organic3 (Total: 6%) Relative to FY'19 – FY'24
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Title Slide S E C T I O N O N E 39 — T D I N V E S T O R D A Y 2 0 2 5 Our U.S. business has the capacity to grow within the asset cap, supporting clients and growing in priority markets $US, Billions Q4'24 Q3'25 Total Assets $434 $386 1 Capacity vs. Limitation - $48 2 Non-HQLA Investments $39 $40 Total Lending Capacity $39 $88 U.S. Retail Average Loans ($US, Billions) Illustrative Example1 10% asset reduction ($48B) to create capacity while maintaining buffer to asset cap of $434B Additional room from $40B of non-HQLA investments which could be run-off in favour of core loan production 2 Q3'25 Medium-term (Assuming historical growth) ~$220 $180 ~$50B Lending Capacity Remaining 4% CAGR11 2
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Title Slide S E C T I O N O N E 40 — T D I N V E S T O R D A Y 2 0 2 5 54% 54% 53% 51% 51% 51% 54% 53% 56% 58% 57% 56% 56% 55% 54% 54% 53% 55% 58% FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 57% FY'24 Canadian Peer Average3 10-year avg. 53.5% Historical peer outperformance but recent cost pressures require TD to do better 58% 55% 54% 52% 54% 50% 54% 50% 59% 62% TD Historical Reported Efficiency Ratio1 TD Historical Adjusted2 Efficiency Ratio1 vs. Peer Average3
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Title Slide S E C T I O N O N E 41 — T D I N V E S T O R D A Y 2 0 2 5 Disciplined productivity, prioritization, and execution are required to deliver mid-50s efficiency ratio and positive operating leverage Adj.1 Operating Leverage3 Positive Adj.1 Efficiency Ratio (Net of ISE, %) Mid-50s FY’24 $2B Cost Take Out FY’24 Pro-Forma 58% -4% 54% Medium-term Targets2 FY'24 Pro-Forma Efficiency Ratio of 54% Assuming $2B Cost Takeout Adj.1 Efficiency Ratio (Net of ISE)
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Title Slide S E C T I O N O N E 42 — T D I N V E S T O R D A Y 2 0 2 5 We have momentum and a plan to achieve our cost targets Canadian Personal Bank Canadian Business Bank U.S. Retail Wealth Management Insurance (incl. ISE) Wholesale Banking Total Cost Reduction2 $200-300 $150-200 ~$1,000 ~$75 $200-300 $500-600 ~$2-2.5B FY'26 through medium-term expected cost reductions of ~$2-2.5B2FY'25 Restructuring Program FY'25 Program ~$550-650MM Run-Rate Savings1 Workforce Optimization Real Estate Optimization Asset Write-Off & Other Rationalization Business Wind-Downs & Exits ~$500MM remaining run-rate savings to hit in FY'26+1 In Canadian dollars, millions
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Title Slide S E C T I O N O N E 43 — T D I N V E S T O R D A Y 2 0 2 5 Driving efficiencies across all businesses Efficiency Ratios Business Segment FY'24 (Reported unless otherwise indicated) Medium-term Adj.1 Targets3 (Net of ISE) Canadian P&C 40% High-30s Canadian Personal Bank 43% ~40% Canadian Business Bank 35% Low-30s U.S. Retail 96% (Adj.1 60%)2 Mid-to-high 50s Wealth Mgmt. & Insurance 32% (62% Net of ISE1) Low-50s Wealth Management 63% High-50s Insurance (Net of ISE1) 54% ~30% Wholesale Banking 77% (Adj.1 71%) Low-60s Total TDBG 62% (Adj.1 58% Net of ISE) Mid-50s Medium-term Target3 300+ bps Overall Adj.1 Efficiency Improvement (Net of ISE)
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Title Slide S E C T I O N O N E 44 — T D I N V E S T O R D A Y 2 0 2 5 We aim to lift adjusted1 ROE to ~16% in the medium-term Reported Q3'25 YTD ROE Adj.1 Q3'25 YTD ROE CAD P&C WM&I Tax, PCL, FX and Other5 RWA growth net of share buybacks6 Adj.1 PTPP4 ~6.5% Wholesale Banking U.S. Retail ~100 bps change in adj.1 Efficiency Ratio (Net of ISE) ~40 bps change in adj.1 ROE ~10 bps change in PCL Ratio ~60 bps change in adj.1 ROE ~100 bps change in adj.1 NIAT ~15 bps change in adj.1 ROE Adj.1 ROE medium- term target2 Return on Equity (ROE)2,3 Illustrative Adj.1 ROE Sensitivity 20.2% 12.9% ~(3.0%) ~(0.5%) ~16%
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Title Slide S E C T I O N O N E 45 — T D I N V E S T O R D A Y 2 0 2 5 -10 bps 70 bps 87 bps 177 bps 101 bps 32 bps 186 bps 71 bps 1 bps -24 bps 67 bps 34 bps 38 bps 81 bps 42 bps 32 bps 94 bps 31 bps 73 bps 30 bps FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 MTO Superior capital generation fueling reinvestment in the business and shareholder returns Proven organic capital generation1 TD historical adjusted2 organic capital generation vs. peer average3 Canadian Peer Average3 : 52 bps 10-year average: 69 bps -31 bps 61 bps 85 bps 158 bps 83 bps 73 bps 179 bps 112 bps -79 bps -114 bps TD organic capital generation (reported) Excess capital to be deployed across several priorities Reinvest in our business to build capabilities for growth, with disciplined focus on high-return, accretive opportunities Selectively pursue high-return M&A opportunities to fuel further growth Consistently return capital to shareholders through share buybacks and continued dividends 1 2 3 75+ bps Medium- term Target4 FY'15 – FY'22 average: 89 bps
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Title Slide S E C T I O N O N E 46 — T D I N V E S T O R D A Y 2 0 2 5 We aim to accelerate growth and returns, and drive long-term shareholder value FY'26 Targets1 Medium-term (FY'29) Targets1 ~$6-7B Incremental NCIB program6 upon completing current NCIB ($8B total share buyback in FY'26) ~13% Adj.2 ROE 6-8% Y/Y Adj.2 EPS Growth Positive Adj.2 Operating Leverage 40-50bps PCL Ratio4 13% CET1 Ratio5 7-10% Adj.2 EPS Growth 40-50% Dividend Payout Ratio8 Strong CET1 Ratio 75+ bps Annual excess capital generation9 Mid-50s Adj.2 Efficiency Ratio (Net of ISE, %) Positive Adj.2 Operating Leverage ~16% Adj.2 ROE Mid-to-high single digits Adj.2 PTPP7 CAGR (%) 3-4% Adj.2 Expense Growth3
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Title Slide S E C T I O N O N E 47 — T D I N V E S T O R D A Y 2 0 2 5 Appendix | Macroeconomic assumptions 2025 2026 2027 Interest Rates % (End of Period) CAN 2.50 2.50 2.75 US 4.25 3.50 3.50 10-year Bond Yield (End of Period) CAN 3.45 3.60 3.70 US 4.35 4.50 4.70 Real GDP CAN 0.9 1.1 2.0 US 1.7 2.1 2.3 Unemployment % CAN 7.0 6.8 6.1 US 4.3 4.3 4.0 Inflation % CAN (BoC Inflation Y/Y) 3.0 2.3 2.0 US (US Core PCE Price Index Y/Y) 2.8 2.3 2.0
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Title Slide S E C T I O N O N E 48 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 36 to 39 Slide 36 1. Excluding Corporate segment. 2. Revenue by geography includes Corporate segment revenue. 3. U.S. includes International. 4. Gross Loans by geography includes Acceptances. U.S. & International Gross Loans and Acceptances by Geographic Location, prima rily based on the geographic location of the customer’s address. Includes loans that are measured at FVOCI. 5. Period-end balance as at October 31, 2024. Includes Schwab insured deposit accounts. 6. 5-year CAGR is the compound annual growth rate calculated from 2019 to 2024. Slide 37 1. Average deposits as at October 31, 2024. Retail deposits are comprised of personal and business deposits where business depos its exclude wholesale funding. 2. Average deposits as at October 31, 2024. U.S. Retail deposits exclude Schwab insured deposit accounts. 3. As measured by Office of the Superintendent of Financial Institutions Canada (OSFI) market share data as of June 2025. 4. Peers are BMO, BNS, CIBC, and RBC. Peer data from Quarterly Earnings Release. 5. For additional information about this metric, refer to the Glossary in the Bank's Q3 2025 Report to Shareholders, which is in corporated by reference. 6. Volatility in adjusted EPS is a non-GAAP ratio that is calculated by taking the standard deviation on a quarter over quarter bas is in adjusted quarterly EPS from Q1 2020 to Q4 2024 and dividing by average adjusted quarterly EPS over the same time period . Adjusted EPS Volatility provides a measure that management believes is more reflective of underlying business. 7. The Bank prepares its consolidated and interim consolidated financial statements in accordance with International Financial R eporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accord ance with IFRS as the “reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e., reported results exclud ing “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believe s that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s perform ance. Non-GAAP financial measures and non-GAAP ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See “Financial Results Overview” section in the Bank’s 2024 Annual Report and “How We Performed" section in the Bank’s Q3 2025 Report to Shareholders (available at www.td.com/investor and www.sedarplus.c a), which are incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results. Slide 38 1. Please refer to Slide 37, Endnote 7. 2. FY 2019 to FY 2024 CAGR calculated using Claims and Related Expenses as a proxy for Insurance Service Expenses under IFRS 4 in 2019. 3. Impact of inorganic TD Cowen growth normalized through inclusion of last full year reported Cowen Inc. revenues into the Whol esale Banking starting period revenues. 4. The Bank's expectations for 2026 and medium-term financial targets are based on forward-looking assumptions that have inherent r isk and uncertainties. Results may vary depending on actual economic conditions, including the level of unemployment, interes t rates, and economic growth or contraction, the operating environment, including regulatory requirements, political environment, and competitive l andscape, and the Bank's assumptions on future business performance, including credit conditions and performance, inclusive of p olicy and trade uncertainty and borrower or industry specific credit factors and conditions, and foreign exchange impact. These assumptions are subject t o inherent uncertainties and may vary based on factors outside the Bank’s control, including those set out at the beginning of t his presentation. Refer to the “Risk Factors That May Affect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s es timates. Slide 39 1. Based on FY 2019 to FY 2024 average loan CAGR.
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Title Slide S E C T I O N O N E 49 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 40 to 43 Slide 40 1. TD calculates reported efficiency ratio as reported non -interest expenses as a % of total reported revenue. TD calculates adjust ed efficiency ratio as adjusted non-interest expenses as a % of adjusted total revenue (net of ISE) or adjusted non -interest expenses as a % of adjusted total revenue under IFRS 4 (prior to FY 2023). The efficiency ratio measures operating efficiency, and a lower ratio indicates a more efficient business operation. 2. Please refer to Slide 37, Endnote 7. 3. Please refer to Slide 37, Endnote 4. Slide 41 1. Please refer to Slide 37, Endnote 7. 2. Please refer to Slide 38, Endnote 4. 3. Operating leverage is a non-GAAP measure. At the total Bank level, TD calculates operating leverage as the difference between th e % change in adjusted revenue (U.S. Retail in source currency) net of insurance service expense, and adjusted expenses (U.S. Retail in US$) grossed up by the retailer program partners' share of PCL for the Bank's U.S. strategic card portfolio. Collectively, these adjustmen ts provide a measure of operating leverage that management believes is more reflective of underlying business performance. Slide 42 1. The Bank's expectations regarding the restructuring program are subject to inherent uncertainties and are based on the Bank's assumptions regarding certain factors, including rate of natural attrition, talent re -deployment opportunities, years-of-service, execution timing of actions, decisions to expand on or reduce the restructuring actions (e.g., scope of real estate optimization, additional rationalizati ons), and foreign exchange translation impacts. Refer to the “Risk Factors That May Affect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s estimates. 2. The Bank's expectations regarding annualized cost savings over the medium -term are based on the Bank's forward-looking assumptions, including general economic conditions, foreign exchange impact, and the operating environment, including regulatory, lega l and political landscape. These assumptions are subject to inherent uncertainties and may vary based on factors outside the Bank’s control, including those set out at the beginning of this presentation. Refer to the “Risk Factors That May Affect Future Results” sectio n of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s es timates. Slide 43 1. Please refer to Slide 37, Endnote 7. 2. Effective Q1 2025, certain amounts previously reported in the Corporate segment are now reported in the U.S. Retail segment. Comparative period amounts were reclassified to conform with the updated presentation, resulting in the restatement of certain U .S. Retail segment results. Refer to the Bank's Q1 2025 Report to Shareholders for additional information . 3. Please refer to Slide 38, Endnote 4.
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Title Slide S E C T I O N O N E 50 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 44 to 46 Slide 44 1. Please refer to Slide 37, Endnote 7. 2. Please refer to Slide 38, Endnote 4. 3. Please refer to Slide 37, Endnote 5. 4. Pre-tax, pre-provision earnings (PTPP) is a non-GAAP financial measure that is typically calculated by subtracting expenses from revenues. At the total Bank level, T D calculates PTPP as the difference between adjusted revenue (U.S. Retail in US$) net of insurance service expense (ISE), and adjusted expenses (U.S. Retail in US$), grossed up by the retailer program partners' share of PCL for the Bank's U .S. strategic card portfolio. Collectively, these adjustments provide a measure of PTPP that management believes is more reflective of underlying business performance. 5. Other includes impacts from Corporate Segment, and EPU impact from sale of Schwab investment. 6. Net of share repurchases targeting "strong" CET1 Ratio, which are subject to Regulatory and Board approvals. Slide 45 1. TD calculates Reported Capital Generation as reported net income after -tax (NIAT) less preferred and common dividends less risk -weighted assets (RWA) growth (excluding FX), which is converted to basis points (bps) impact to Common Equity Tier 1 (CET1) c apital. Adjusted Capital Generation is calculated in the same manner using adjusted NIAT. Capital Generation measures performance of generatin g incremental capital. FX impact to RWA for TD not disclosed in FY 2017 and prior. 2. Please refer to Slide 37, Endnote 7. 3. Peers are BMO, BNS, CIBC, and RBC. 4. Please refer to Slide 38, Endnote 4. Slide 46 1. Please refer to Slide 38, Endnote 4. 2. Please refer to Slide 37, Endnote 7. 3. The Bank’s expectations regarding expense growth are based on the Bank’s assumptions regarding certain factors, including ris k and control investments, timing of business investments, employee -related expenses, foreign exchange impact, gross -up of the retailer program partners’ share of PCL for the Bank’s U.S. strategic card portfolio (“SCP Impact”), and productivity and restructuring savings. In part icular in estimating its expense growth expectations, the Bank has assumed that the following three factors on the Bank’s fiscal 2026 adjusted expenses will be the same as the Bank’s fiscal 2025 adjusted expenses: (i) variable compensation commensurate with higher revenue, (ii) foreig n exchange translation, and (iii) SCP Impact. The Bank’s assumptions are subject to inherent uncertainties and may vary based on factors both within and outside the Bank’s control, including the accuracy of the Bank’s employee compensation and benefit expense forecasts, impact of business performance on variable compensation, inflation, the pace of productivity initiatives across the organization, unexp ected expenses such as legal matters. Refer to the “Risk Factors That May Affect Future Results” section of the Bank’s 2024 MD&A and the Q3 2025 Report to Shareholders for additional information about risks and uncertainties that may impact the Bank’s es timates. 4. PCL Ratio: Provision for Credit Losses on a quarterly annualized basis/Average Net Loans & Acceptances. 5. Calculated in accordance with the Office of the Superintendent of Financial Institutions Canada's ( OSFI's) Capital Adequacy Requirements guideline. 6. Subject to OSFI and TSX approvals. 7. Please refer to Slide 44, Endnote 4. 8. Please refer to Slide 37, Endnote 5. 9. Please refer to Slide 45, Endnote 1.
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Title Slide S E C T I O N O N E Canadian Personal Bank TD Investor Day – September 29, 2025 Sona Mehta Group Head, Canadian Personal Bank
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Title Slide S E C T I O N O N E 52 — T D I N V E S T O R D A Y 2 0 2 5 A premier retail bank with formidable scale and performance Credit Cards #2 Cards Market Share6 #1 Active Accounts7 Deposits #1 Personal Core Deposits5 #2 Total Personal Deposits5 Bank 1 in 3 Canadians1 14MM Clients1 $13.8B Revenue2 $301B Deposits3 $418B Loans3,4 Strong Canadian Personal Bank ROE2,11 RESL #2 RESL Market Share8 CAD P&C ROE outperforming peers2,11 Industry-leading Partnerships Peer Avg. TD 21% 33% #1 Branch Coverage10 #1 Mobile Active Clients9 CPB 45% Channels Canadian Personal Bank
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Title Slide S E C T I O N O N E 53 — T D I N V E S T O R D A Y 2 0 2 5 Leading Digital Adoption Best Positioned Branch Network Urban Branch coverage (91% vs. 83% peer avg.)6 #1 Hours vs. peers7 #1 More clients per branch vs. peer avg.8 25% More core deposits / branch vs. peer avg.8,9$60MM Active mobile banking1 (8.4MM clients)2 #1 Total Digital reach3 #1 Digital self-serve transactions4 93% Growth in Digital sales (FY'24 vs. FY'19)5 2x Leading distribution reach across digital and physical channels ATMPhone Specialized Salesforce Clients Branch Mobile Canadian Personal Bank
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Title Slide S E C T I O N O N E 54 — T D I N V E S T O R D A Y 2 0 2 5 We out-achieved our ambition of >50% New to Canada (N2C) acquisition We are consistently outgrowing the Canadian population… Cumulative CPB net client growth vs. Canadian population1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 CPB CAN Population Growth FY’22 FY’23 FY’24 +55% Growth in N2C Acquisition Our strong client acquisition fuels franchise growth We are a client acquisition powerhouse FY’23 FY’24 FY’25 Medium-term Target Continue outgrowing the Canadian population Canadian Personal Bank
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Title Slide S E C T I O N O N E 55 — T D I N V E S T O R D A Y 2 0 2 5 Preferential Core Deposit Mix Primary Banking Leader Core deposits as a % of total deposit base2 Peer 1 Peer 2 Peer 3 Peer 4 TD 52% 54% 55% 60% 68% Peer avg TD +700bps of clients onboard with a chequing or savings account1, powering our leading core deposit franchise 86% TD ranks #1 in % of total Canadians who name TD as their primary bank3 More Core Relationships TD ranks #1 in core deposits We are the undisputed leader in core banking and primacy % Canadians naming TD as their primary bank3 1.5x More products5 4x Lower attrition5 Primary banking clients have4: Maintain #1 Core Deposit Market Share Medium-term Target Canadian Personal Bank
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Title Slide S E C T I O N O N E 56 — T D I N V E S T O R D A Y 2 0 2 5 Financially Leverage AI, digital, and tech to drive cost efficiency Strategically & Operationally Deepen client relationships Make it easier to do business with us Boldly extend our digital leadership Deepen relationship banking across the Enterprise Continue to deliver strong ROE Our Strategic Review reinforces where we can accelerate growth Accelerate revenue growth across core business lines Canadian Personal Bank
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57 — T D I N V E S T O R D A Y 2 0 2 5 Adj.1 ROE Adj.1 Efficiency Ratio3 High single digit~40% ~40% Medium-term (FY'29) Targets We aim to deliver enhanced growth, efficiency, and returns Adj.1 PTPP2 CAGR3 (%) Canadian Personal Bank
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58 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 58 — T D I N V E S T O R D A Y 2 0 2 5 Canadian Personal Bank
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Title Slide S E C T I O N O N E 59 — T D I N V E S T O R D A Y 2 0 2 5 …with upside to grow franchised relationships We aim to accelerate growth in Cards, RESL and Wealth Average # of products held per client1,2 Leader in Core Relationships, creating deepening advantages… Peer Average TD +1,500 bps % of clients with Core Transaction account1 Medium-term Targets Consumer Card Penetration +700 bps SBB Card Penetration +1,500 bps RESL Off-Us Mortgage Balances3 $40B Closed Wealth Referral Volume $40B Deeper Relationships Disciplined ExecutionSimpler & Faster We start from a position of strength but must do more to deepen relationships Peer Average TD Leader +300bps Canadian Personal Bank
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Title Slide S E C T I O N O N E 60 — T D I N V E S T O R D A Y 2 0 2 5 We have a broad suite of proprietary Credit Cards to meet client needs… …with industry-leading relationships and loyalty programs with top tier brands ~560B Total TD Rewards Points redeemed4 4 Quarters of faster loan growth vs peer avg.2 8.4MM Active cardholders1 $23B balances +7% Y/Y3 Our leading Credit Card franchise delivers exceptional client value and choice Deeper Relationships Disciplined ExecutionSimpler & Faster Canadian Personal Bank
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Title Slide S E C T I O N O N E 61 — T D I N V E S T O R D A Y 2 0 2 5 FY’19 FY’21 FY’23 FY’25 YTD1 +37% Total pre-approved offers Progress & Momentum Consumer Credit Card Penetration2, % 53 54 55 56 FY’22 FY’23 FY’24 FY'25 YTD1 Accelerating Growth Medium-term Targets Deeper Relationships Disciplined ExecutionSimpler & Faster • Simpler Onboarding • Deeper data (Automation / AI / ML models) • Segment-specific strategies • Fully leveraging mobile Executing on Simple & Fast Consumer Cards +700 bps & Credit Card Penetration Business Cards +1,500 bps Unparalleled opportunity to deepen in Credit Cards among our core banking clients Canadian Personal Bank
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Title Slide S E C T I O N O N E 62 — T D I N V E S T O R D A Y 2 0 2 5 Innovating for simplicity & speed • Faster approvals • Faster pricing • Harnessing Agentic AI % increase in 1-day Approvals3, % RESL spread, bps Roll-on spread Portfolio spread Branch & MMS Productivity1, $ Delivering specialized advice • Expect to add 500 more RESL Specialists • Deepening specialist capability • Integrating proprietary channels FY’24 FY’25 YTD2 +41% Deliver profitable growth • Disciplined pricing • Higher proprietary mix • Grow franchised relationships Specialization Speed Delivering Returns Q4’24 Q3’25 +17% Deeper Relationships Disciplined ExecutionSimpler & Faster Growing our RESL business through specialization and speed, while delivering strong returns Accelerating Growth Disciplined market share growth with strong returns Capture $40B Off-Us Mortgage balances5 Medium-term Targets Canadian Personal Bank
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Title Slide S E C T I O N O N E 63 — T D I N V E S T O R D A Y 2 0 2 5 Digital Account Opening Servicing Capabilities Loyalty & Engagement • Intuitive, native mobile experiences • Simplified account opening & cross- channel onboarding • Machine Learning for adjudication models Jul'24 YTD Jul'25 YTD +20% Growth in share of Digital Sales1 • AI-driven personalized alerts & offers • Enhanced Card controls • Real-time Card provisioning • RESL Click-to-Renew Jul'24 YTD Jul'25 YTD +20% Growth in Digital RESL renewals, contribution Y/Y2 % # of Mobile Loyalty Hub Visits3 Accelerate Mobile Leadership • Loyalty Rewards • Benefits Education Hub • Flexible redemptions on everyday purchases #1 Mobile Active Clients 50% Digitally-led Sales Medium-term Targets Deeper Relationships Disciplined ExecutionSimpler & Faster Innovating to deliver Mobile First experiences and enable deeper client relationships Jul'24 YTD Jul'25 YTD +316% Canadian Personal Bank
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Title Slide S E C T I O N O N E 64 — T D I N V E S T O R D A Y 2 0 2 5 $23B FY’19 $28B FY’24 +23% Closed Wealth Volume1, $B Our Clients Retail Business Banking Wealth & Ins. Builds Relationship Depth $140B+ Closed Wealth referral volume1 over last 5 years2 Growing Client Flows from Canadian Personal Bank to Wealth Management Deeper Wealth Relationships among CPB Clients Deeper Relationships Disciplined ExecutionSimpler & Faster We deliver the whole bank to clients through relationship banking Medium-term Target $40B Closed Wealth Referral Volume (+43% vs. FY'24) Canadian Personal Bank
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65 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 65 — T D I N V E S T O R D A Y 2 0 2 5 Canadian Personal Bank
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Title Slide S E C T I O N O N E 66 — T D I N V E S T O R D A Y 2 0 2 5 Credit Card Onboarding Streamlined in-branch Chequing & Credit Card account opening +1,000 bps Expected enhanced relationship depth among New Clients4 RESL Pricing Faster pricing decisions through simplified processes +80% Reduction in RESL Pricing Exceptions5 4x Conversion rate2 10 min Call back time1 $4.6B+ TD Mortgage Direct funded volume3 Deeper Relationships Disciplined ExecutionSimpler & Faster TD Mortgage Direct Simple and fast digital leads to RESL specialists Bringing simpler and faster client experiences to key purchase journeys where speed drives outcomes Faster Leads Faster Onboarding Faster Pricing Canadian Personal Bank
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Title Slide S E C T I O N O N E 67 — T D I N V E S T O R D A Y 2 0 2 5 Integrating proprietary channels Our priorities E2E Client Experience • Right specialist for each client • Improved speed to client Outcomes • Simplified accountability • Improved delivery oversight • Reduced complexity Canadian Personal Bank Aligning all channels into the Business: • Canadian Personal Bank Call Centre • Canadian Personal Bank Digital Channel • Branch & MMS integrated referral ecosystem • Leads ecosystem seamlessly connecting clients between Digital to Phone, Branch, and MMS Deeper Relationships Disciplined ExecutionSimpler & Faster A simpler, faster, client-focused operating model Canadian Personal Bank
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Title Slide S E C T I O N O N E 68 — T D I N V E S T O R D A Y 2 0 2 5 We are executing AI-at-scale, aiming to deliver $300MM in value ~$100MM Annualized Cost Savings ~$200MM Annualized Revenue Productivity & +40% Capacity savings1 Medium-term Targets Transforming manual RESL operational processes to streamlined, automated processes powered by Agentic AI Example: Agentic AI Predictive AI Generative AI Personalize Pricing Credit Card Adjudication Predictive Forecasting Branch Knowledge Management System (KMS) Contact Centre KMS Client Facing Chatbot (TD Clari) Agentic AI RESL Document Review RESL Funding Credit Discharge Deeper Relationships Disciplined ExecutionSimpler & Faster Canadian Personal Bank
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69 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 69 — T D I N V E S T O R D A Y 2 0 2 5 Canadian Personal Bank
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Title Slide S E C T I O N O N E 70 — T D I N V E S T O R D A Y 2 0 2 5 As we grow, we have continued to maintain strong quality in our Credit Card portfolio Peer-leading credit qualityStrong acquisition FY’19 FY’24 New Accounts1 90 day+ Delinquency Rates, % Deeper Relationships Disciplined ExecutionSimpler & Faster Peers2 TD FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 +30% Canadian Personal Bank
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Title Slide S E C T I O N O N E 71 — T D I N V E S T O R D A Y 2 0 2 5 With headroom to further optimize We will continue to optimize our distribution network to elevate client experience, drive revenue growth and cost transformation Digital Service Migration • Enhance mobile capabilities • Leverage AI across channels • Optimize hours, staffing mix, footprint Specialized Advice • More RESL Specialization • More Investing Specialization • Amplifying salesforce effectiveness Digitally-led Sales • 50% Digitally-led Simple Sales • Stronger digital funnel conversion • Drive digital engagement & adoption Deeper Relationships Disciplined ExecutionSimpler & Faster $200MM Incremental Revenue $150MM Cost reduction Elevating distribution productivity Medium-term Targets Proactive branch network management: • 10% fewer branches and 5% repositioned1 • Optimized hours by 13%2 • 16% more customers per branch3 • 7% revenue CAGR per frontline FTE4 Enhancing Contact Centre interactions: • 43% faster speed-to-answer5 • Streamlined processes to reduce 1.4MM calls and 9MM minutes of call time5 Canadian Personal Bank
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Title Slide S E C T I O N O N E 72 — T D I N V E S T O R D A Y 2 0 2 5 Medium-term ~$200-300MM Automation & AI: • Reimagine our top processes • Colleague effectiveness tooling, coaching & training Distribution Transformation: • Digital sales: Achieve 50% mobile-first sales • Digital adoption: Grow self-serve client convenience • Optimize branch network Deeper Relationships Disciplined ExecutionSimpler & Faster Technology & Data Modernization: • Platform consolidation Cost discipline aims to deliver ~$200-300MM in run-rate savings Medium-term Adj.1 Efficiency Ratio Target ~40% Run-Rate Cost Savings Target Medium-term Key Cost Initiatives Canadian Personal Bank
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Title Slide S E C T I O N O N E 73 — T D I N V E S T O R D A Y 2 0 2 5 Premier retail bank with leading scale and track record of growth Aiming to deliver peer-leading adj.1 ROE of ~40% Significant deepening opportunity across Cards, RESL and Wealth AI and digital transformation enabling simple experiences, re-investment and cost savings Leading core deposit franchise banking 1 in 3 Canadians Personal Banking Why Canadian Personal Bank Canadian Personal Bank
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Title Slide S E C T I O N O N E 74 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 52 to 53 Slide 52 1. As of Q3 2025. 2. As of FY 2024. 3. As at October 31, 2024. 4. Personal loan volumes exclude indirect auto. 5. Office of the Superintendent of Financial Institutions Canada (OSFI) for personal deposits as of June 2025. 6. Peer Quarterly Earnings disclosure as of Q3 2025. Peers include BMO, BNS, CIBC, and RBC (excluding TD). 7. Nilson - 2024 Canadian Issuers. As of December 2024. 8. Canadian Banker's Association as of April 2025. 9. SensorTower: Based on average Monthly Active Users (MAU) for Big 5 Canadian Banks as of August 2025. 10. Based on peer disclosures as of Q2 2025. Supported by TD's percentage of Urban Branches vs. peers, branch density, and percen tage of Canadians within 2km of branch metrics. Please refer to Endnote 6 for list of peers. 11. For additional information about this metric, refer to the Glossary in the Bank's Q3 2025 Report to Shareholders, which is in corporated by reference. Slide 53 1. Please refer to Slide 52, Endnote 9. 2. As of Q3 2025. Active mobile users are users who have logged in via their mobile device at least once in the last 90 days. 3. Comscore MMX® Multi-Platform, Desktop & Mobile, Total audience, 3 -month average ending August 2025. 4. Self-serve share of transactions represents all financial transactions that are processed through unassisted channels (Online, M obile, ATM, and Phone IVR). As of Q3 2025. 5. Digital sales units include chequing, savings and credit cards. 6. TD analysis based on peer disclosures as of Q2 2025. Please refer to Slide 52, Endnote 6 for list of peers. 7. TD branches open 51 hours per week on average compared to peers at 41 hours. As of Q2 2025. Please refer to Slide 52, Endnote 6 for list of peers. 8. TD analysis based on peer disclosures as of FY 2024. Please refer to Slide 52, Endnote 6 for list of peers. 9. Core deposit volumes per OSFI as of June 2025 and branches as of Q3 2025 based on peer disclosure. Canadian Personal Bank
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Title Slide S E C T I O N O N E 75 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 54 to 59 Slide 54 1. Cumulative growth Q1 2023 to Q3 2025. Slide 55 1. YTD as of August 2025. 2. Please refer to Slide 52, Endnote 5. 3. % of clients surveyed who indicate TD is their primary financial institution; Ipsos Canadian Financial Monitor, June 2025. 4. Primary relationships defined as clients who have a combination of: a) recurring direct deposit, b) pre -authorized bill payment, c) online bill payment. 5. Chequing clients with primary banking relationship compared to Chequing clients without primary banking relationship. Slide 57 1. The Bank prepares its consolidated and interim consolidated financial statements in accordance with International Financial R eporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accord ance with IFRS as the “reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e., reported results exclud ing “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believe s that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s perform ance. Non-GAAP financial measures and non-GAAP ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See “Financial Results Overview” section in the Bank’s 2024 Annual Report and “How We Performed" section in the Bank’s Q3 2025 Report to Shareholders (available at www.td.com/investor and www.sedarplus.c a), which are incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results. 2. Pre-tax, pre-provision earnings (PTPP) is a non-GAAP financial measure that is typically calculated by subtracting expenses from revenues. At the total Bank level, T D calculates PTPP as the difference between adjusted revenue (U.S. Retail in US$) net of insurance service expense (ISE), and adjusted expenses (U.S. Retail in US$), grossed up by the retailer program partners' share of PCL for the Bank's U.S. strategic card portfolio. Collectively, these adjustments provide a measure of PTPP that management believes is more reflective of underlying business performance. 3. Please refer to Slide 52, Endnote 11. Slide 59 1. Ipsos Canadian Financial Monitor, June 2025. Core transaction account defined as core Chequing and / or Savings account. 2. Average number of product categories held across 4 categories (transaction, investment, borrowing, credit card). 3. Other Financial Institution (OFI) RESL volume captured for CPB clients with RESL product at OFI. Canadian Personal Bank
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Title Slide S E C T I O N O N E 76 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 60 to 64 Slide 60 1. Includes TD & MBNA cardholders as of Q3 2025. 2. Consecutive quarters Q4 2024 to Q3 2025 vs. peer average. P lease refer to Slide 52, Endnote 6 for list of peers. 3. As of Q3 2025. 4. FY 2020 to FY 2024. Slide 61 1. As of Q3 2025. 2. Defined as % of Chequing clients with at least one credit card. Slide 62 1. Funded volume per FTE as of June 2025. MMS - Mobile Mortgage Specialist. 2. As of June 2025. 3. Mobile Mortgage Specialist Channel % of applications approved in 1-day. 4. As of July 2025. 5. OFI RESL volume captured for CPB clients with RESL product at OFI. Slide 63 1. Includes Chequing, Savings, Credit Cards sold through Digital channels. 2. Contribution of Mortgage digital renewals towards total Mortgage volume renewed. 3. Number of unique visits to Mobile Loyalty hub. Slide 64 1. Wealth is defined as Financial Planning, Private Wealth Management, Direct Investing. 2. FY 2019 to FY 2024. Canadian Personal Bank
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Title Slide S E C T I O N O N E 77 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 66 to 73 Slide 66 1. As of YTD August 2025 8 of 10 clients responded to within 10 minutes. This includes leads generated outside of business hours. 2. Conversion rate as of Q3 2025 vs. traditional leads. 3. Since inception, May 2023 to Q3 2025. 4. Lift in Credit Card penetration from new streamlined Credit Card onboarding process. 5. Reduction in pricing exceptions on MMS channel, since launch in November 2024. Slide 68 1. Potential opportunity for capacity savings over the medium -term. Slide 70 1. New TD Credit Card accounts. 2. Peer quarterly financial disclosure. Please refer to Slide 52, Endnote 6 for list of peers. Slide 71 1. FY 2015 compared to Q3 2025 branches. FY 2015 compared to Q2 2025 repositioned. 2. Average hours reduced from 58.9 in Q1 2020 to 51 in Q1 2025. 3. FY 2019 compared to Q3 2025 customers per branch. 4. FY 2019 to FY 2024 5-year CAGR. 5. FY 2022 to YTD August 2025. Slide 72 1. Please refer to Slide 57, Endnote 1. Slide 73 1. Please refer to Slide 57, Endnote 1. Canadian Personal Bank
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Title Slide S E C T I O N O N E TD Investor Day – September 29, 2025 Barbara Hooper Group Head, Canadian Business Bank Canadian Business Bank
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Title Slide S E C T I O N O N E 79 — T D I N V E S T O R D A Y 2 0 2 5 Our advantages Trusted Advisors with Deep Client Relationships National Coverage & Local Presence Specialization in Key Industries Through-the-cycle Lending Commercial Banking6 #2 Credit #3 Deposits Small Business Banking7 #2 Credit #2 Deposits Top-tier market share across segments A leading Canadian franchise, positioned for growth TD Auto Finance #2 Auto / Indirect Loans8 $160B Deposits1 $121B Business loans1 $30B Retail auto loans1 $6B Revenue2 $2.1B NIAT2 ~24% of TDBG Reported NIAT ~15% of TDBG Adj.3 NIAT Clients5 2MM Efficiency Ratio2,4 35% ROE2,4 ~20% #1 Dealer Satisfaction with Prime and Non-Prime Credit Non-Captive Automotive Financing Providers9 Canadian Business Bank
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Title Slide S E C T I O N O N E 80 — T D I N V E S T O R D A Y 2 0 2 5 FY'04 FY'06 FY'08 FY'10 FY'12 FY'14 FY'16 FY'18 FY'20 FY'22 FY'24 Global Financial Crisis $16B Resilient growth across economic cycles, poised for market opportunities Growth rooted in deep client relationships 70% Of 5-year loan growth from existing clients5 50% Of Commercial client relationships >10 years4 85% Commercial & Small Business clients are also Canadian Personal Bank clients6 ~90% Annual client retention rate7 $121B Canadian Business Bank Business Loans2 Growth through the cycle fueled by deep client relationships COVID-19 TD Market Share1 FY'04 to FY'24 #5 ~10% share #2 >17% share +700 bps Canadian Business Bank
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Title Slide S E C T I O N O N E 81 — T D I N V E S T O R D A Y 2 0 2 5 Our key differentiators drive decisions closer to the client >70 Commercial Banking offices including 100% coverage of top 25 CMAs1 100% Retail branch coverage by Small Business account managers >65% Small Business customer acquisition via branch network2 Local team-based approach with heightened service focus Better Business Bankers empowered with local decision-making authority3 ~80% of Commercial Banking credit decisions made locally Dedicated account teams in Commercial Enterprise leading customer experience scores4 Access to top talent across the country 11.5 years Average tenure of CBB Bankers5 National scale Local coverage Trusted advisors Top talent ~80% Internal share of total hires (vs. external)6 Canadian Business Bank
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Title Slide S E C T I O N O N E 82 — T D I N V E S T O R D A Y 2 0 2 5 Specialized talent for key industries driving share gains Spotlight: Specialization driving Commercial Auto Dealer1 growth FY’19 FY’24 Commercial Auto Dealer Market Share2, % Low-20s National specialization Local specialization (examples) Agriculture TD Innovation Partners Real Estate Development Equipment Finance Commercial Mortgages Auto Mid-teens Franchise Professionals Transportation Project Finance & Infrastructure Diverse Segments Food & Beverage Canadian Business Bank
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Title Slide S E C T I O N O N E 83 — T D I N V E S T O R D A Y 2 0 2 5 Continue to leverage our disciplined risk capabilities as we grow Diversified Portfolios C&I Portfolio1 25% 21% 19% 14% 11% 5% 6% 42% 15% 14% 13% 9%6% CRE Portfolio1 $51B$70B Sound Performance via Robust Underwriting Favourable PCL performance Impaired PCLs, bps2 TD Peers4 Cycle-tested client base Consistent underwritingMulti Unit Residence (CMHC Insured) Residential (Construction & Development) Commercial and Industrial Retail Multi Unit Residence (Conventional) Office Other Agriculture Auto Health & Social Services Industrial & Trade Contractors Non-Bank Financial Institutions Other -10 10 30 50 70 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 YTD3 Canadian Business Bank
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Title Slide S E C T I O N O N E 84 — T D I N V E S T O R D A Y 2 0 2 5 Our Strategic Review reinforced where we can accelerate growth Financially Enhance already impressive efficiency ratio Accelerate revenue growth via client acquisition Maintain price discipline and focus on ROE Strategically & Operationally Expand distribution capacity Deepen relationship banking across the enterprise Simplify operating model including TD Merchant Solutions Invest in digital self-service, automation, and AI to enhance client experience and colleague productivity Canadian Business Bank
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85 — T D I N V E S T O R D A Y 2 0 2 5 We aim to deliver enhanced returns, growth, and efficiency Adj.1 ROE (%) Adj.1 Efficiency Ratio (%)Adj.1 PTPP2 CAGR (%) High single digitLow-20s Low-30s Medium-term (FY'29) Targets Canadian Business Bank
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86 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 86 — T D I N V E S T O R D A Y 2 0 2 5 Canadian Business Bank
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Title Slide S E C T I O N O N E 87 — T D I N V E S T O R D A Y 2 0 2 5 Frontline FTEs and revenue per FTE1 Proven ability to grow FTEs while improving productivity Distribution expansion to capture deepening opportunity Frontline FTE expansion2 +400 C&I Commercial +210 Specialized +185 Small Business +40 TD Auto Finance FTE Frontline growth to drive further success Deeper Relationships Disciplined ExecutionSimpler & Faster FY '22 FY '24 Medium- term ~5% CAGR +28% FY'24 to medium-term deposit growth CAGR Mid-to-high single digit FY'24 to medium-term loan growth CAGR3 High single digit Medium-term Targets Revenue per FTE FY'15 FY'24 4% CAGR 1% CAGR Canadian Business Bank
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Title Slide S E C T I O N O N E 88 — T D I N V E S T O R D A Y 2 0 2 5 Deepening with Canadian Business Bank clients Deepening across enterprise Commercial leads to Wealth as banker co-location scaled, # 1MM+ business clients with significant deepening opportunity FY'22 TTM Q3'254 ~870 ~2,350 +39% 3yr CAGR Deeper Relationships Disciplined ExecutionSimpler & Faster >750 bps Increase in closed lead rate (FY'22 – FY'25 YTD5) Meet more client needs via higher product penetration Key enablers powering client deepening Scale self-serve and digital onboarding capabilities Use AI to improve the client experience and increase share of wallet Upgrade Global Transaction Banking to support client needs 2.3 3.0 FY'24 Medium-term 5%+ CAGR Example: Average number of products1 per new Small Business Banking client2 Lower attrition rates3 for New Small Business Banking Clients2 >1,000 bps Canadian Business Bank
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89 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 89 — T D I N V E S T O R D A Y 2 0 2 5 Canadian Business Bank
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Title Slide S E C T I O N O N E 90 — T D I N V E S T O R D A Y 2 0 2 5 Modernization roadmap FY'25 Medium-term Simplify How We Operate • Modern credit & sales platform launch • 20+ CBB processes reimagined YTD1 • Improved workflows for account opening & transactions • Agentic AI for onboarding, credit funding & compliance automation • Document ingestion, fully integrated with sales platform Enable Digital • Self-service capabilities (TD Business Central) • Digitally-assisted onboarding in Small Business Banking (SBB) • Expanded self-serve, integrated with other lines of business (e.g., Global Transaction Banking) • End-to-end digital onboarding in SBB Harness the Power of Data & AI • AI-driven leads & chatbot (Knowledge Management System) for internal policy / procedures • AI-Powered auto-adjudication • Expanded and enhanced AI-powered auto- adjudication, assisted adjudication and annual review process Deeper Relationships Disciplined ExecutionSimpler & Faster Modernization driving speed & simplicity across the business AI, digitization, and automation provide opportunity to drive over the medium-term: Eliminate ~33% of manual operational work in SBB & Commercial ~50% digital onboarding in SBB2 1,000 bps increase in digital adoption3 (vs. FY'24) Canadian Business Bank
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Title Slide S E C T I O N O N E 91 — T D I N V E S T O R D A Y 2 0 2 5 Credit Adjudication: Automated Streamlined adjudication and proactive credit solutions for Small Business Banking and TD Auto Finance Small Business pre-approved offers FY'24 $5B Medium-term Targets Small Business auto-adjudicated 50% 70% $25B TD Auto Finance auto-adjudicated 48% >85% Automation in Commercial credit processes Limited -GenAI to reduce credit analysis and underwriting time 70% >25% Credit Adjudication: Assisted Automation and AI-supported credit analysis & underwriting in Commercial Deeper Relationships Disciplined ExecutionSimpler & Faster Automating core credit processes to enhance client experience Canadian Business Bank
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92 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 92 — T D I N V E S T O R D A Y 2 0 2 5 Canadian Business Bank
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Title Slide S E C T I O N O N E 93 — T D I N V E S T O R D A Y 2 0 2 5 Cost discipline aims to deliver ~$150-200MM in run-rate savings Medium-term ~$150-200MM Run-Rate Cost Savings Target Medium-term Key Cost Initiatives Procurement: • TD Merchant Solutions / Fiserv arrangement • Reduce third-party spend Technology & Data Modernization: • Further modernize the tech stack • Execute refreshed data strategy Deeper Relationships Disciplined ExecutionSimpler & Faster Medium-term adj.1 efficiency ratio (%) target Low-30s Automation & AI: • Reimagine top processes • Enhance colleague support tools (e.g., leveraging data to anticipate more client needs) Distribution Transformation • Increase digital adoption and onboarding • Grow self-service capabilities and convenience Canadian Business Bank
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Title Slide S E C T I O N O N E 94 — T D I N V E S T O R D A Y 2 0 2 5 We aim to deliver high single digit adjusted1 PTPP growth in the medium-term Deeper Relationships Disciplined ExecutionSimpler & Faster FY'24 Reported / Adjusted1 PTPP BAU Growth Deepening Opportunity Credit Modernization Other Efficiency Initiatives Medium-term PTPP 3.9 High single digit CAGR ~70% of PTPP impact ~30% of PTPP impact Adjusted1 PTPP2 ($B) Canadian Business Bank
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Title Slide S E C T I O N O N E 95 — T D I N V E S T O R D A Y 2 0 2 5 A leading Canadian franchise combining local coverage, empowered bankers, national scale Proven growth model, accelerated by more bankers serving more clients Diversified risk across loan portfolios, deep credit culture, favourable PCL Strong cost discipline with opportunity to drive more efficiency via digital & AI Lending through the cycle, with long tenured client relationships Why Canadian Business Bank Business Banking Canadian Business Bank
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Title Slide S E C T I O N O N E 96 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slide 79 Slide 79 1. 12-month averages as of FY 2024. 2. As of FY 2024. 3. The Bank prepares its consolidated and interim consolidated financial statements in accordance with International Financial R eporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accord ance with IFRS as the “reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e., reported results exclud ing “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believe s that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s perform ance. Non-GAAP financial measures and non-GAAP ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See “Financial Results Overview” section in the Bank’s 2024 Annual Report and “How We Performed" section in the Bank’s Q3 2025 Report to Shareholders (available at www.td.com/investor and www.sedarplus.ca), which are incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results. 4. For additional information about this metric, refer to the Glossary in the Bank's Q3 2025 Report to Shareholders, which is incorporated by reference. 5. As of Q3 2025. ~1MM Small Business Banking (SBB) clients, ~100K Commercial Banking clients, ~1MM TD Auto Finance ( TDAF) clients. 6. Commercial market share based on Canadian Bankers Association (CBA) data as of March 31, 2025, inclusive of 8 participating C anadian financial institutions. Commercial deposits categorized as >$0.5MM and loans categorized as >$1MM. Commercial credit mar ket share includes corporate lending portfolios of market participants which for TD are part of the Wholesale Banking segment. 7. SBB market share based on CBA data as of March 31, 2025. SBB loans categorized as <$1MM and deposits categorized as <$0.5MM. 8. Based on CBA data for Auto/Indirect Loans as of March 31, 2025. 9. TD Auto Finance received the highest score in the retail non -captive segment (2018-2021), in the retail non-captive prime segment (2022, 2024 & 2025) and the retail non -captive non-prime segment (2022-2025) in the J.D. Power Canada Dealer Financing Satisfa ction Studies, which measure auto dealers' satisfaction with their auto finance providers. Visit jdpower.com/awards for more details. Canadian Business Bank
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Title Slide S E C T I O N O N E 97 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 80 to 82 Slide 80 1. Credit market share per CBA, inclusive of 8 participating Canadian financial institutions. Credit market share includes corpo rate lending portfolios of market participants which for TD are part of the Wholesale Banking segment. 2. Amounts represent 12-month average business loans & acceptances. 3. Please refer to Slide 79, Endnote 4. 4. As of Q3 2025. Includes Commercial and SBB clients. 5. Based on 5-year data ending FY 2024. Includes Commercial and SBB clients. 6. As of Q3 2025. Calculated as number of clients that have active business banking products and at least one personal banking product as o f end of reporting period; excludes business credit card only; clients represent owners of commercial and small businesses. 7. Based on FY 2024 data. Includes Commercial and SBB clients but excludes TDAF Retail. Data presented has not been adjusted to reflect clients that have ceased operations. Slide 81 1. CMAs refer to Census Metropolitan Areas. 2. Based on account opening data FY 2023 to YTD Q3 2025. 3. Refers to Commercial Banking only. 4. Based on TD customer experience survey results a s of FY 2024 and YTD August 2025. 5. Tenure represents average years of service at TD as of Q3 2025. "Bankers" defined as employees that work in customer facing roles including relationship management roles, and including role s that provide direct managerial, analytical, or operational support to relationship management roles. 6. 3-year average; calculated as total internal hires divided by sum of total hires. Slide 82 1. Commercial Auto Dealer classified under SIC codes 6311 and 6312. 2. Commercial Auto Dealer market share based on CBA data as of December 31, 2024, inclusive of 8 participating Canadian financia l institutions. Commercial Auto Dealer market share includes corporate lending portfolios of market participants which for TD ar e part of the Wholesale Banking segment. Canadian Business Bank
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Title Slide S E C T I O N O N E 98 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 83 to 88 Slide 83 1. Commercial Banking period-end balance as at October 31, 2024. 2. Includes Commercial and SBB; excludes TDAF Retail. 3. YTD as of Q3 2025. 4. Peers are BMO, BNS, CIBC, and RBC. Slide 85 1. Please refer to Slide 79, Endnote 3. 2. Pre-tax, pre-provision earnings (PTPP) is a non-GAAP financial measure that is typically calculated by subtracting expenses from revenues. At the total Bank level, T D calculates PTPP as the difference between adjusted revenue (U.S. Retail in US$) net of insurance service expense (ISE), and adjusted expenses (U.S. Retail in US$), grossed up by the retailer program partners' share of PCL for the Bank's U.S. strategic card portfolio. Collectively, these adjustments provide a measure of PTPP that management believes is more reflective of underlying business performance. Slide 87 1. FTE figures represent 12-month averages and include Commercial, SBB, and TDAF. 2. Period-end balances as of FY 2022, FY 2024, and medium-term end. 3. Business banking loans exclude TDAF Retail balances. Slide 88 1. Up to maximum of 12 product categories, including deposit, loan, merchant acquiring, and cash management products & services. 2. New clients defined as SBB clients that have opened a profile with TD within the last 12 months. 3. Based on deposit-only new clients taking one additional product. 4. Trailing-twelve months results as of Q3 2025. 5. YTD as of Q3 2025. Canadian Business Bank
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Title Slide S E C T I O N O N E 99 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 90 to 94 Slide 90 1. YTD as of Q3 2025. 2. Represents the percentage of new SBB clients onboarded digitally. 3. Reflects expected increase in the percentage of active digital users across Canadian Business Bank in the medium -term; active users defined as Commercial and SBB clients registered on at least one digital banking platform ( EasyWeb, Web Business Banking, TD Business Central) and having completed at least one digital transaction in the past 3 months. Slide 93 1. Please refer to Slide 79, Endnote 3. Slide 94 1. Please refer to Slide 79, Endnote 3. 2. Please refer to Slide 85, Endnote 2. Canadian Business Bank
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Title Slide S E C T I O N O N E TD Investor Day – September 29, 2025 Leo Salom President and CEO TD Bank, America's Most Convenient Bank ® U.S. Retail
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Title Slide S E C T I O N O N E 101 — T D I N V E S T O R D A Y 2 0 2 5 Leading franchise Deeply embedded in our communities Unwavering customer focus Top 3 deposit market share in our footprint6 Top 10 market share in our footprint across Cards, C&I, CRE, RESL 7 #1 Small Business Administration Lender Maine to Florida8 "Outstanding" Community Reinvestment Act rating since 20149 #1 in Florida in the J.D. Power 2025 U.S. Retail Banking Satisfaction Study10 #1 TD Auto Finance in Dealer Satisfaction for 6-years in a row among National Non-Captive Prime Credit Lenders, in the J.D. Power 2025 U.S. Dealer Financing Satisfaction Study11 Deeply embedded top 10 P&C bank, a testament to our commitment to the U.S. market Note: All monetary figures and growth rates throughout the U.S. Retail presentation are in USD unless otherwise stated. Investment in Schwab has been excluded from all historic figures unless otherwise stated. 0.2 0.7 1.2 1.7 2.2 1.5 3.6 2.8 FY'05 FY'08 FY'11 FY'14 FY'17 FY'20 FY'23 FY'24 +15% CAGR5 PCL ($B) 0.00 0.23 0.70 0.40 0.61 2.15 0.69 1.23 Reported NIAT4 ($B) (0.7) 3.4 1.5 2.2 1.7 1.3 0.7 0.2 Adj.1 NIAT ($B) $10.3B FY'24 Adj.1 Revenue ~$386B Total Assets2 ~$314B Total Deposits3 10MM+ Clients2 ~$180B Total Loans3 ~1,100 Stores2 $10.1B FY'24 Reported Revenue U.S. Retail
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Title Slide S E C T I O N O N E 102 — T D I N V E S T O R D A Y 2 0 2 5 We have a leading franchise in core markets1… Hub location Rank by Deposits New Jersey / Pennsylvania #1 New York #2 New England #3 Florida #5 76% of U.S. Retail's capped deposits2 in markets with top 3 deposit share …with sustained average deposit growth3… …providing a competitive advantage vs. peers 142% Liquidity Coverage Ratio7,8 Regionals6,9: 108% Money Centres6,9: 114% 1.69% Deposit Customer Rate4 Regionals5,6: 1.80% Money Centres5,6: 1.90% Consumer Bank ~$133B 6% CAGR Commercial Bank ~$100B 6% CAGR Deposits ex. Sweeps ~$233B 6% CAGR Sweeps ~$81B -4% CAGR Substantial, low-cost deposit base Total Deposits ~$314B 3% CAGR U.S. Retail
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Title Slide S E C T I O N O N E 103 — T D I N V E S T O R D A Y 2 0 2 5 Ongoing investments and momentum in lending portfolios… …has enabled continuous loan growth… …and strong performance relative to peers New Card product launches Double Up, TD Clear, 3-2-1 rewards Deepening partnerships across Commercial and TD Securities Strategic Card partnerships Nordstrom and Target Digital capabilities for Retail and Small Business clients Underwriting, client interfaces Sustained growth across our diversified portfolio, while respecting the asset cap Expanded high-potential verticals Healthcare, Not-For-Profit, Municipal Finance 56% Loans / Deposit Ratio4 Regionals5,6: 77% Money Centres5,6: 55% 6.12% Loan Yield3 Regionals5,6: 5.70 Money Centres5,6: 6.52 ~$20B ~$74B ~$86B Total Loans1 Core Commercial Bank, 4% CAGR Core Consumer Bank, 4% CAGR 4% Core Loan CAGR2 Non-core loans ~$160B Total Core Loans U.S. Retail
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Title Slide S E C T I O N O N E 104 — T D I N V E S T O R D A Y 2 0 2 5 Total Loans down 7%; Core Loans up 2% Y/Y2 Deposits ex. Sweep balances stable Y/Y1 10% Asset reduction4 Historically low employee attrition rates3 Reported ROE5 up 180bps; Adj.6 ROE up 140bps FYTD Trusted relationships with clients and deep ties to our communities has led to minimal customer attrition Dedicated teams of bankers have sustained momentum in our core franchises Unique culture and proactive colleague engagement has enabled strong retention Execution against U.S. balance sheet restructuring program has generated the capacity to serve our core clients Strong fundamentals and bond repositioning have supported resilient financial performance Demonstrated resilience since the Global AML Settlement U.S. Retail
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Title Slide S E C T I O N O N E 105 — T D I N V E S T O R D A Y 2 0 2 5 The U.S. BSA/AML remediation program remains subject to risks and uncertainties, including the review by the Monitor, and approval by our Regulators, FinCEN and the DOJ1 Upgraded Leadership and Talent including: new Head of Financial Crime Risk Management (FCRM), ~40 new executives and ~700 FTE in U.S. FCRM Enhanced customer onboarding procedures and strengthened cash deposit requirements Improved investigative procedures with updated guidelines and streamlined workflow Implemented role-based targeted training and enhanced bank-wide general training Deployed new transaction monitoring platform with enhanced scenario coverage and capabilities Implemented first phases of specialized AI and Machine Learning capabilities Milestones completed • Further deployments of Machine Learning and specialized AI across transaction monitoring and customer screening platforms • Continued data enhancements with roll-out of dedicated data environments • Additional refinements and enhancements to governance, policies and procedures across Financial Crime Risk Management program • Continued training and development of colleagues across the organization to help ensure effective BSA/AML risk management • Continued progress on Lookback reviews In progress AML remediation is our #1 priority Note: "Management Remediation Actions" is considered by the Bank to consist of the root cause assessments, data preparation, design, documentation, frameworks, policies, standards, training, processes, systems, testing, and implementation of controls, as well as the hiring of resources. Majority of management remediation actions are expected to be complete by the end of calendar 2025 Significant work and important milestones remain in calendar 2026 and 2027 All management remediation actions will be subject to demonstrated sustainabilityas well as validation by the Bank’s internal audit function U.S. Retail
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Title Slide S E C T I O N O N E 106 — T D I N V E S T O R D A Y 2 0 2 5 Financially Continue to prune non-core businesses Accelerate revenue growth across core business lines Exercise disciplined capital deployment across the U.S. Retail segment Strategically & Operationally Deepen relationships with Consumer and Commercial clients Drive digital leadership across our businesses Modernize technology and harness AI for productivity Execute cost optimization to improve efficiency Our Strategic Review has revealed where we can do better Continue to enhance end-to-end governance & control infrastructure U.S. Retail
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107 — T D I N V E S T O R D A Y 2 0 2 5 Adj.1 ROE 18% Adj.1 ROTCE2 ~13% Adj.1 Efficiency Ratio2 (%) Mid-to-high 50sHigh single digit Adj.1 PTPP3 CAGR (%) Deliver sustainable earnings growth while maintaining expense discipline and investing in our franchise FY'26 Targets Adj.1 NIAT $2.9B Adj.1 ROE 14% Adj.1 ROTCE2 9.5% U.S. Retail Adj.1 PTPP3 Growth (%) High single digit Medium-term (FY'29) Targets
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108 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 108 — T D I N V E S T O R D A Y 2 0 2 5 U.S. Retail
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Title Slide S E C T I O N O N E 109 — T D I N V E S T O R D A Y 2 0 2 5 We are a deposit powerhouse… Disciplined ExecutionSimpler & FasterDeeper Relationships Powerful deposits franchise anchored in scale & loyalty… …providing foundation for future growth …reinforced by leading brand awareness… Regional Peers7 TD +1000 bps Unaided brand awareness, (%)6 7MM+ Chequing Accounts1 ~$233B Deposits ex. sweeps2 88% Non-Term Deposits4 • Drive digital convenience & engagement • Elevate relationship banking model • Innovate product & value proposition • Boost product penetration at onboarding Medium-term Targets Ex. Sweeps & Government deposits Mid single digit deposit growth Volume growth coupled with tractor repricing will yield significant revenue growth +300bps Chequing Acquisition vs. Industry5 1.69% Deposit Customer Rate3 U.S. Retail
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Title Slide S E C T I O N O N E 110 — T D I N V E S T O R D A Y 2 0 2 5 Leverage our deposit advantage Reimagine Retail distribution Scale Cards franchise Deepen U.S. Wealth relationships Accelerate Commercial profitability …enabling deeper client relationships and strong revenue trajectory Disciplined ExecutionSimpler & FasterDeeper Relationships Core business priorities Other revenue factors Revenue profile Core loan growth Nordstrom revenue share lift Investment portfolio yield Tractor repricing Non-core loan run-off Lower Sweep deposit balances U.S. Retail FY’24 Medium-term Target ~$10.3B Adjusted1 Mid-to-high single digit CAGR ~$10.1B Reported
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Title Slide S E C T I O N O N E 111 — T D I N V E S T O R D A Y 2 0 2 5 Disciplined ExecutionSimpler & FasterDeeper Relationships Digital sales1 from 34% to 50% Digital adoption2 from 57% to 70% Digital self-service3 from 84% to 90% Mobile-first experience with real- time account funding & ongoing onboarding Simple transactions migrated to self-service and solutioning-focused Contact Centre capabilities Digital advice through personalized nudges and Banker referrals Simplify & strengthen digital account opening & onboarding Improve relationship depth & primacy across Cards, Wealth, and Payments Deliver choice, consistency & continuity in customer experience Reimagining Retail Distribution by accelerating digital & mobile Medium-term Targets U.S. Retail
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Transitioning stores to advice-based model 112 — T D I N V E S T O R D A Y 2 0 2 5 Disciplined ExecutionSimpler & FasterDeeper Relationships • Shift simple transactions to digital channels, positioning stores as advice centres • Upskill colleagues and redesign stores to support tailored advice delivery • Embed advice across client interactions to deepen relationships & product penetration Enabling the transition… …while delivering ~10% Store closures / relocations ~$100-150MM Gross cost takeout U.S. Retail Relocations subject to regulatory approval
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Title Slide S E C T I O N O N E 113 — T D I N V E S T O R D A Y 2 0 2 5 Unlock insights in our deposit portfolio leveraging behavioural deposit underwriting model Amplify targeted cross-channel marketing, streamlining digital onboarding experiences Activate stores and store colleagues to drive Card advocacy and penetration Leverage Target & Nordstrom store Cards & servicing platform investments to enable Bankcard maturation Foundational investments in our proprietary Bankcard franchise have delivered strong results… …with significant opportunity to further deepen penetration with qualified clients Average Bankcard Loans ($B) FY’22 FY’24 2.0 2.7 +30% FY’24 Medium- term Target <18% +30% Achieving the medium-term Bankcard penetration target…. Accelerating penetration to grow the Cards franchise Deeper Relationships Disciplined ExecutionSimpler & Faster ~$700MM Revenue lift through the medium-term …coupled with the expanded Nordstrom partnership U.S. Retail
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Title Slide S E C T I O N O N E 114 — T D I N V E S T O R D A Y 2 0 2 5 Enhance referral funnel to increase high-quality referrals from stores Hire ~500 advisors to scale the U.S. Wealth franchise and support NextGen stores Continuously evolve product & platform capabilities ~3x Mass Affluent Investment Assets3 ~$300MM Revenue lift through the medium-term Organic growth in U.S. Wealth since TD Ameritrade divestiture with focus on Mass Affluent segment1 Medium-term targets ~$57B ~$600B Mass affluent assets Execution of tactical levers will aim to enable scale Significant deepening potential within ~3MM existing mass affluent base ~3x Mass Affluent Deposit and Investment balances for clients within U.S. Wealth's relationship banking model Mass Affluent client deposit and investment assets with TD2 Mass Affluent client deposit and investment assets with other financial institutions2 Deepening Mass Affluent powers U.S. Wealth's growth Deeper Relationships Disciplined ExecutionSimpler & Faster U.S. Retail
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Title Slide S E C T I O N O N E 115 — T D I N V E S T O R D A Y 2 0 2 5 Our Commercial Bank targets significant, profitable growth Deeper Relationships Disciplined ExecutionSimpler & Faster Strong, diversified base Focused strategies to acquire and deepen Small Business & Commercial Regional • Increase deposit acquisition and customer accounts in Small Business • Enhance treasury management & payment capabilities to capture deposit and fee opportunities Middle Market & Specialty • Deepen core client relationships through TD Securities Middle Market capabilities and other U.S. Retail products • Expand titled roles in syndications and increase number of bilateral deals, driving greater commitments and fees Commercial Bank Medium-term Targets U.S. Retail +500bps ROE ~$700MM Core Revenue2 +40% Cash Management fees Mid single digit Core loan CAGR ex. Institutional CRE1 +50% TD Securities Advisory fees Supported by hiring ~200 additional Commercial Bankers across our footprint
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116 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution 116 — T D I N V E S T O R D A Y 2 0 2 5 U.S. Retail
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Title Slide S E C T I O N O N E 117 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Relationships Disciplined ExecutionSimpler & Faster Targets ~$50B Capacity to the asset limitation Excluding non-HQLA capacity ~$20B ~10% U.S. RWA removed vs. FY'24 level Progress to date Asset limit $434B Capacity vs. asset limitation1 431 3 Q4’24 48 386 Q3’25 Capacity vs. limitation Total assets • Sold Correspondent Mortgage portfolio​ • Exited Commercial Auto portfolio • Exited Supply Chain Financing​ • Exited a portion of the EXIM portfolio​ • Transferred our Corporate Banking portfolio to TDS​ • Reduced elevated bank borrowing positions​ • Initiated the wind-down of Retail Cards Services, Point Of Sale financing business​ • Identified select Commercial Banking clients that do not meet our ROE objectives​ Balance sheet restructuring has simplified the U.S. franchise, enabling greater focus on core business profitability U.S. Retail
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Title Slide S E C T I O N O N E 118 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Relationships Disciplined ExecutionSimpler & Faster Data management • Deliver single client view to support relationship banking • Rationalize data assets to support improved control infrastructure and AI implementation Technology modernization • Streamline core technology architecture (scalable, cloud-native, modular environment) • Implement dynamic pricing across the segment • Enhance customer relationship management tools Core process transformation via AI • Deploy ~10 AI use cases to automate routine operations • Optimize end-to-end frontline processes by reducing processing time ~$200MM cost takeout through the medium-term Spotlight: Key AI themes Automating operational and analytical processes Knowledge management solutions Real-time data activation & insights engine Innovation will aim to drive sustainable savings and an agile operating model U.S. Retail
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119 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution — T D I N V E S T O R D A Y 2 0 2 5119 U.S. Retail
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Title Slide S E C T I O N O N E 120 — T D I N V E S T O R D A Y 2 0 2 5 Disciplined approach to enhancing our risk foundation Deeper Relationships Disciplined ExecutionSimpler & Faster Allowance Coverage1,2 (bps) Delivering an integrated Control and Compliance infrastructure across the three Lines of Defense Implementing robust fraud, data and cyber platforms Building on strong prudential risk foundation across Capital, Liquidity and Credit Strengthening across risk categories Prudently reserved for elevated economic and credit uncertainty 2022 2023 2024 0 150 180 210 240 U.S. Retail Regional avg. Money Center avg. 2025 U.S. Retail
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Title Slide S E C T I O N O N E 121 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Relationships Disciplined ExecutionSimpler & Faster Cost discipline aims to deliver ~$750MM in efficiency improvement 64% FY’25 Low-60s FY’26 Mid-to-high 50s Medium-term Adjusted1 efficiency ratio target profile Structural cost reduction levers & medium-term targets ~$750MM cost takeout Technology & Data Modernization ~$200MMAutomation & AI: Core process transformation via AI implementation Distribution Transformation • Lower product unit costs • ~10% store closure / relocation (Relocations subject to regulatory approval) ~$300MM Procurement: • Reduce 3rd party spend • Corporate real estate rationalization Cost Moderation: Governance & control optimization, wind-down and sustainability ~$250MM U.S. Retail
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Title Slide S E C T I O N O N E 122 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Relationships Disciplined ExecutionSimpler & Faster Medium-term ROE target profile U.S. Retail Bank Adjusted1 ROE2 U.S. Retail aims to deliver ~13% adj.1 ROE through the medium-term U.S. Retail • Underlying business performance reflects base revenue growth, macro- tailwinds • Execute against key deepening opportunities • Balance sheet restructuring aims to deliver ~$20B of RWA & $2B+ ACAP release • Cost optimization aims to eliminate ~$750MM from our cost infrastructure Continue to invest in our AML remediation, end-to-end governance and control infrastructure, business investments and technology transformation Q4'24 Q3’25 Underlying business performance Key deepening opportunities Balance sheet restructuring & capital optimization Cost optimization Medium-term Target ~13% 7.5% Adjusted1 5.3% Reported 8.9% Adjusted1 7.1% Reported Reported: 8.1% Adj.1: 11.5% Reported: 10.7% Adj.1: 13.5% Adj.1: 18% ROTCE2
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Title Slide S E C T I O N O N E 123 — T D I N V E S T O R D A Y 2 0 2 5 Top 10 banking franchise and leading foreign owned bank in the U.S. High confidence in ROE enhancement trajectory, aiming to deliver ~13% adj.1 in the medium-term Revenue acceleration potential through deeper client relationships in Consumer & Commercial Expense discipline, expected to yield ~$750MM of cost takeout through the medium-term Resilient financial performance with leading capital and liquidity levels among U.S. peers Why U.S. Retail U.S. Retail U.S. Retail
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Title Slide S E C T I O N O N E 124 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slide 101 Slide 101 1. The Bank prepares its consolidated and interim consolidated financial statements in accordance with International Financial R eporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accord ance with IFRS as the “reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e., reported results exclud ing “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believe s that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s perform ance. Non-GAAP financial measures and non-GAAP ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See “Financial Results Overview” section in the Bank’s 2024 Annual Report and “How We Performed" section in the Bank’s Q3 2025 Report to Shareholders (available at www.td.com/investor and www.sedarplus.ca), which are incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results. 2. Represents total combined assets of TD Bank, N.A. and TD Bank USA, N.A. as of July 31, 2025. Number of stores as of July 31, 2025. Client count includes Commercial Banking, Consumer Banking, TD Auto Finance, and Wealth Consumer Customers as of July 31, 2025. 3. Represents Q3 2025 total average loan and deposit volumes. 4. Effective Q1 2025, certain amounts previously reported in the Corporate segment are now reported in the U.S. Retail segment. Comparative period amounts were reclassified to conform with the updated presentation, resulting in the restatement of certain U .S. Retail segment results. Refer to the Bank's Q1 2025 Report to Shareholders for additional information. 5. For additional information about this metric, refer to the Glossary in the Bank's Q3 2025 Report to Shareholders, which is incorporated by reference. 6. Top 3 deposit share in 76% of footprint. FDIC market share analysis in TD's footprint ( MSAs with TD stores from Maine to Florida) via SNL data through 2024. 7. Based on TD Cards, C&I, CRE, and RESL volumes as compared to aggregated Call Reports of reporting U.S. Personal and Commercia l banks. Data obtained via S&P Capital through June 2025. 8. For 2024, TD Bank ranked #1 in Small Business Administration (SBA) lending in the Maine to Florida footprint for eighth conse cutive year. Lenders ranked by the U.S. SBA based on the SBA's data for the units of loans approved during the period October 1, 2023 to September 30, 2024. 9. TD Bank, N.A. received an Outstanding Community Reinvestment Act (CRA) rating from the Office of the Comptroller of the Currency ( OCC) for its most recent review period covering calendar years 2021 -2023. 10. TD Bank received the highest score in a tie in Florida in the J.D. Power 2025 U.S. Retail Banking Satisfaction Study, which m easures customers’ satisfaction with their primary bank. Visit jdpower.com/awards for more details. 11. TDAF is ranked #1 in Dealer Satisfaction among National Prime Credit Non -Captive Automotive Finance Lenders for 6th consecutive year in the J.D. Power 2025 U.S. Dealer Financing Satisfaction Study. Visit jdpower.com/awards for more details. U.S. Retail
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Title Slide S E C T I O N O N E 125 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 102 to 103 Slide 102 1. Based on 2024 FDIC deposit data for New Jersey/Pennsylvania, New York, New England and Florida . 2. Capped deposits reflect maximum per store contribution of $500MM to aggregate deposit total. 3. Represents Q3 2025 average deposit volumes. CAGR represents Q3 2019 vs. Q3 2025 total average deposit volumes. 4. Represents Q3 2025 average customer deposit rate, excluding Schwab sweep balances. 5. Based on Regional peers' and Money Centre peers' Call Reports as of June 30, 2025. 6. Regional peers: Citizens, M&T Bank, PNC, Truist, and U.S. Bank. Money Centre peers: Bank of America, Citi, JP Morgan and Wells Fargo. 7. Reflects TDGUS Liquidity Coverage Ratio as of calendar Q2 2025. 8. Office of the Superintendent of Financial Institutions Canada's ( OSFI's) Liquidity Adequacy Requirements guideline requires Canadian banks to disclose the Liquidity Coverage Ratio (" LCR") based on an average of the daily positions during the quarter. 9. Based on liquidity coverage ratio disclosed in Regional peers' and Money Centre peers' LCR public disclosures as of June 30, 2025. Regional peer calculation excludes Citizens and M&T Bank. Slide 103 1. Represents Q3 2025 average loan volumes excluding portfolios identified for sale or run -off as part of the U.S. Retail balance sheet restructuri ng program. 2. CAGR represents Q3 2019 vs. Q3 2025 total average loan volumes excluding portfolios identified for sale or run-off as part of the U.S. Retail balance sheet restructuring program. Loan portfolios identified for sale or run-off include the point-of-sale finance business which services third party retailers, correspondent lending, export and import lending, commercial auto dealer portfolio, and other non -core portfolios. 3. Loan yield represents Q3 2025 average yield on loans issued by TD Bank USA, N.A. and TD Bank, N.A. 4. Includes Schwab Sweep balances. 5. Please refer to Slide 102, Endnote 6. 6. Please refer to Slide 102, Footnote 5. U.S. Retail
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Title Slide S E C T I O N O N E 126 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 104 to 107 Slide 104 1. Based on average deposit volumes excluding Schwab sweep balances in Q3 2024 vs. Q3 2025. 2. Total Loans represents Q3 2025 average loan volumes. Core Loans represents Q 3 2025 average loan volumes excluding loan portfolios identified for sale or run -off including the point of sale finance business which services third party retailers, correspondent lending, export and import lending, commercial auto dealer portfolio, and other non -core portfolios. 3. Attrition rates based on internally sourced data from August 2020 to August 2025. 4. Based on total combined assets of TD Bank, N.A. and TD Bank USA, N.A. as of July 31, 2025 vs. total assets as of September 30, 2024. 5. Please refer to Slide 101, Endnote 5. 6. Please refer to Slide 101, Endnote 1. Slide 105 1. As previously disclosed in the Bank’s 2024 MD&A, on October 10, 2024, the Bank announced that, following active cooperation and engagement with authorities and regulators, it reached a resoluti on of previously disclosed investigations related to its U.S. BSA/AML compliance programs (the “Global Resolution”). The Bank and certain of its U.S. subsidiaries consented to orders with the Office of the Comptroller of the Currency (OCC) , the Federal Reserve Board, and the Financial Crimes Enforcement Network (FinCEN) and entered into plea agreements with the Department of Justice (DOJ), Criminal Division, Money Laundering and Asset Recovery Section and the United States At torney’s Office for the District of New Jersey. The Bank is focused on meeting the terms of the consent orders and plea agreements, including meeting its requirements to remediate the Bank ’s U.S. BSA/AML programs. In addition, the Bank is also undertaking several improvements to the Bank ’s enterprise-wide AML/Anti-Terrorist Financing and Sanctions ְs U.S. BSA/AML Program” and “Risk Factors That May Affect Future Results – Global Resolution of the Investigations into the Bank ’s U.S. BSA/AML Program” sections of the Bank’s 2024 MD&A and "Update on U.S. Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Program Remediation and Enterprise AML Program Improvement Activities" section of the Bank's Q3 2025 Report to Shareholders. Slide 107 1. Please refer to Slide 101, Endnote 1. 2. Please refer to Slide 101, Endnote 5. 3. Pre-tax, pre-provision earnings (PTPP) is a non-GAAP financial measure that is typically calculated by subtracting expenses from revenues. At the total Bank level, T D calculates PTPP as the difference between adjusted revenue (U.S. Retail in US$) net of insurance service expense (ISE), and adjusted expenses (U.S. Retail in US$), grossed up by the retailer program partners' share of PCL for the Bank's U.S. strategic card portfolio. Collectively, these adjustments provide a measure of PTPP that management believes is more reflective of underlying business performance. U.S. Retail
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Title Slide S E C T I O N O N E 127 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 109 to 114 Slide 109 1. Number of Chequing Accounts as of July 31, 2025. 2. Represents Q3 2025 average deposit volumes. 3. Please refer to Slide 102, Endnote 4. 4. Represents percentage of Q3 2025 total average deposit volumes that are held in non -term deposits. 5. Based on industry chequing acquisition information disclosed in the BAI Executive Report 2024 Banking Outlook. 6. According to Kantar TD Bank Enterprise Ad and Brand Tracking, Q2 2025. Unaided brand awareness is defined as the percentage o f respondents who spontaneously mention the brand. 7. Regional Peers include Citizens, Fifth Third, KeyBank, M&T Bank, PNC, Regions, Santander, and Truist. Slide 110 1. Please refer to Slide 101, Endnote 1. Slide 111 1. Digital sales based on Consumer Banking and Small Business Banking. 2. Active digital users as a percentage of total customer base. Active digital users are users who have logged in online or via their mobile device at least once in the last 90 days. 3. Self-serve share of transactions represents all financial transactions that are processed through unassisted channels (Online, M obile, ATM, and Phone IVR). Slide 114 1. Mass Affluent defined as customer who has an estimated $100,000 to $750,000 in investable assets. 2. Amounts are estimates based on an internal marketing model based on data as of January 2024. 3. Mass Affluent Investment Assets defined as Investment Management and Annuity balances and includes market appreciation. U.S. Retail
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Title Slide S E C T I O N O N E 128 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 115 to 123 Slide 115 1. Target core loan growth excludes portfolios identified for sale or run -off as part of the U.S. Retail balance sheet restructurin g program as well as Institutional CRE loans. 2. Revenue target excludes impact of expected rate changes and tractor repricing. Slide 117 1. As of March 31, 2025, TD's two U.S. banking subsidiaries, TD Bank USA, N.A. and TD Bank, N.A. (collectively, the "U.S. Bank") must comply with the asset limitation. The average combined total assets of the U.S. Bank cannot exceed ~US$434 billion (total assets as of September 30, 2024). The total assets test is performed quarterly and is an average of the assets for the current quarter and the prece ding quarter. Slide 120 1. Please refer to Slide 102, Endnote 6. Based on Regional peers' and Money Centre peers' Quarterly Results reporting from 2022 to calendar Q2 2025. 2. Allowance Coverage (bps) is depicted as U.S. GAAP / CECL Coverage methodology. In 2023, the U.S. Retail segment converted to the CECL methodology. 2024 U.S. Retail Allowance Coverage reflects asset sales . Slide 121 1. Please refer to Slide 101, Endnote 1. Slide 122 1. Please refer to Slide 101, Endnote 1. 2. Excluding Schwab. Slide 123 1. Please refer to Slide 101, Endnote 1. U.S. Retail
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Title Slide S E C T I O N O N E TD Investor Day – September 29, 2025 Paul Clark Senior Executive Vice President, Wealth Management Wealth Management
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Title Slide S E C T I O N O N E 130 — T D I N V E S T O R D A Y 2 0 2 5 Scaled and innovative leader in Canadian Wealth Management How we achieved our strong position Direct Investing (DI) #1 Ranked self-directed brokerage4 #1 AUA5#1 Revenue5 TD Asset Management (TDAM) & TD Epoch #1 Manager – Canadian Institutional Assets6 #1 Fastest growing ETF business7 Private Wealth Management (PWM) #1 Private Trust Estate Assets10 #1 Fastest growing bank-owned PWM business11 #4 Market Share6 Financial Planning (FP) #2 Fastest growing FP Advisors9 #3 Market Share6 History of reinventing ourselves Over 40-years of innovation, most recently real- time partial shares in Direct Investing Leader in leveraging institutional capability to drive innovation in retail products3 Organically grown wealth franchise with proven track record of deepening bank relationships Relentless focus on efficiency and simplicity #2 Mutual Funds8 Wealth Management $1.2T AUA / AUM1,2 $6.0B Revenue1 2.6K Advisors1Clients1 2.6MM$1.6B NIAT1 52% ROE1,2 63% Efficiency Ratio1,2
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Title Slide S E C T I O N O N E 131 — T D I N V E S T O R D A Y 2 0 2 5 We have the largest acquisition pipeline of any wealth business in Canada1 Unique and efficient deepening pipeline with existing TD clients… …and growing external opportunity Largest Direct Investing business2 Positioned to capture assets in motionLeading CAD P&C business4 100K With PWM Advice 3MM With TD Wealth $175B TD Wealth Share7 11.5MM Canadian Banking Clients without TD Wealth5 1MM MA & U/HNW Direct Investing Clients without Advice3 $1.2T Intergenerational Wealth Transfer6 Wealth Management
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Title Slide S E C T I O N O N E 132 — T D I N V E S T O R D A Y 2 0 2 5 We are now uniquely positioned to accelerate acquisition across every segment in every market in Canada … across all client segmentsExpanded capabilities creating new entry points for acquisition ... Scaled virtual relationship models: Financial Planning Direct and Private Banking Direct Launched Easy Trade Launched Family Office Co-Located Private Bankers & Financial Planners in retail branches, and Private Bankers in commercial centres Mass Affluent Hybrid model, goal-based planning High-Net-Worth (HNW) Full-service, customized advisory Ultra-High-Net-Worth (UHNW) Bespoke, holistic wealth solutions Mass Market Self-directed, digital-first capabilities Wealth Management
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Title Slide S E C T I O N O N E 133 — T D I N V E S T O R D A Y 2 0 2 5 Strategic Review confirmed the opportunity, our approach, and the outsized return it drives FinanciallyStrategically & Operationally Extend our leading efficiency ratio Accelerate revenue growth via client acquisition and deepening relationships Increase our mix of fee-based revenue Accelerate growth with TD's Canadian Banking clients Deepen relationships between Direct Investing and Advice Extend our leadership in Direct Investing and Asset Management Simplify our business model to improve client experience and advisor productivity Help strengthen the Bank's ROE Wealth Management
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134 — T D I N V E S T O R D A Y 2 0 2 5 We aim to deliver outsized growth and enhanced returns Medium-term (FY'29) Targets1 Adj.2 ROE >60% Adj.2 Efficiency Ratio (%) High-50s Revenue CAGR3 (%) Subject to market conditions Mid-to-high single digit Wealth Management AUA / AUM ~$1.6T
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135 — T D I N V E S T O R D A Y 2 0 2 5 135 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution Wealth Management
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Title Slide S E C T I O N O N E 136 — T D I N V E S T O R D A Y 2 0 2 5 Deepening our relationships with Canadian Banking clients can accelerate our growth and drive retention across the Bank Increasing the value of our relationships Deeper Relationships Disciplined ExecutionSimpler & Faster Annual run-rate medium-term target New Assets to Wealth $40B Driving Market Share Growth from Relationship Banking$3 Financial Planning1 $3 Direct Investing1 $4 Increase in client retention2 4x New Assets to Wealth Every $1 in assets from Canadian Personal Bank generates… Private Wealth Management1 Wealth Management
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Title Slide S E C T I O N O N E 137 — T D I N V E S T O R D A Y 2 0 2 5 Unparalleled Direct Investing (DI) pipeline into Advice Deeper Relationships Disciplined ExecutionSimpler & Faster Drive meaningful client and enterprise benefits $25B with Advice $5B Incremental Advice Assets Leveraging our differentiated DI High- Value Client relationship managers 50 DI Relationship Managers, the most established dedicated team in Canada 75K U/HNW1 Clients in DI without an Advice relationship + = Annual run-rate medium-term target Combined with our… 1,400 Private Wealth Management professionals Driving Advice Market Share $25B with Advice $275B Mass Affluent and U/HNW2 DI clients without Advice Wealth Management
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Title Slide S E C T I O N O N E 138 — T D I N V E S T O R D A Y 2 0 2 5 We continue to expand our advisor base to capture the outsized deepening opportunity Q4’19 Q4’24 Medium- term ~2,200 ~2,600 ~3,800 Financial Planners (FP) and Private Wealth Management Advisors1, # Deeper Relationships Disciplined ExecutionSimpler & Faster >75% of asset growth in FP currently generated by new Financial Planners3 1.7x more Net Asset Growth currently from new advisors4 vs. Private Investment Advisor average +1,200 Planners & Advisors over the medium-term2 Significantly expand our advisor base… … by leveraging our talent development and acquisition programs Compelling value proposition to external hires, including robust Relationship Banking referrals Enabling Financial Planners to specialize in investment management Development opportunities for TD employees with >50% of expansion sourced internally5 Transforming our discretionary business to attract top talent Wealth Management
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Title Slide S E C T I O N O N E 139 — T D I N V E S T O R D A Y 2 0 2 5 Direct Investing, the acquisition engine for Wealth, is claiming NextGen clients, while cementing leadership with active traders Innovate Easy Trade mobile experiences New accounts in TD Easy Trade over the medium-term 1MM+ Deeper Relationships Disciplined ExecutionSimpler & Faster FY’24 Medium-term1 +40% Direct Investing Clients, # Extend Active Trader capability leadership Active Traders over the medium-term +45% FY’24 Medium-term2 +30% Direct Investing Trades Per Day, # Acquiring new clients, particularly NextGen and multi-generation households, while deepening with existing clients Wealth Management
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Title Slide S E C T I O N O N E 140 — T D I N V E S T O R D A Y 2 0 2 5 Leverage proven leadership in institutional and retail asset management to enable growth in high-potential products Leading bank-owned private market capabilities Accelerating ETF growth to complement mutual funds Deeper Relationships Disciplined ExecutionSimpler & Faster $17 $54 FY’24 Medium-term +26% CAGR ETF AUM, $B Private Market AUM1.7x #1 Fastest growing ETF business in Canada2 67% TDAM ETFs with 4 or 5-star Morningstar rating3 >25% Exposure to private assets in certain client solutions 2x Weighted average fees in Institutional since adding alternatives1 Medium-term Targets ETF AUM3x $38 $65 FY’24 Medium-term +11% CAGR Private Market Alternatives AUM, $B Wealth Management
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141 — T D I N V E S T O R D A Y 2 0 2 5 141 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution Wealth Management
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Title Slide S E C T I O N O N E 142 — T D I N V E S T O R D A Y 2 0 2 5 Continue to reinvent our business models, processes and the way we serve clients by leveraging AI and digital capabilities Deeper Relationships Disciplined ExecutionSimpler & Faster ▪ Seamless client onboarding and account funding ▪ Client self-serve to reduce branch and call volumes Client experience ▪ Robust infrastructure for system stability and resiliency ▪ Data modernization and workflow integration Advisor capacity 99% Reduction in branch redirects from DI contact centres1 FY'25 80% Digital account opening in Direct Investing 50% Reduction in time required to write a financial plan FY'26 25% Advisor capacity improvement with AI and automation Medium-term Wealth Management Medium-term
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Title Slide S E C T I O N O N E 143 — T D I N V E S T O R D A Y 2 0 2 5 Combine our discretionary businesses to simplify our business model and enhance the value proposition Deeper Relationships Disciplined ExecutionSimpler & Faster Unify two successful discretionary offerings… Private Investment Counsel1 Private Investment Advice Discretionary1 Total assets Portfolio Managers …to position us for outsized growth $50B >100 $55B >320 Combined Platform2 Medium-term Target $185B ~625 Total assets Portfolio Managers Operating model and competing value propositions Dual Operating model and clear, unified value proposition, for growth beyond the medium-term Single ▪ Trading & onboarding platforms ▪ Client reporting systems ▪ Sets of policies and procedures Two separate Platform and Operational Efficiencies medium-term target $40MM Wealth Management
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144 — T D I N V E S T O R D A Y 2 0 2 5 144 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution Wealth Management
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Title Slide S E C T I O N O N E 145 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Relationships Disciplined ExecutionSimpler & Faster Cost discipline aims to deliver ~$75MM in run-rate savings Medium-term Adj.1 Efficiency Ratio (%) Target High-50s Medium-term ~$75MM Run-Rate Cost Savings Target Selected Medium-term Key Cost Initiatives Cost Moderation • Structural simplicity • Productivity initiatives • Vendor optimization Distribution Transformation • Digitization of the Direct Investing onboarding experience Automation & AI • Straight-through processing acceleration • Agentic AI automation Wealth Management
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Title Slide S E C T I O N O N E 146 — T D I N V E S T O R D A Y 2 0 2 5 Our leading efficiency generates capacity to reinvest in our business when and where it matters Efficiency Ratio, % 63 60 FY’24 Q3’25 Medium-term High-50s TD FY’24 FY’26 Medium-term +9% CAGR Technology Investment, $MM • Digital client experiences (Easy Trade) • Advisor productivity • Straight through processing Deeper Relationships Disciplined ExecutionSimpler & Faster Protecting our leading market position… ✓ Withstand economic downturns ✓ Adapt to the market and competitors ✓ Respond to margin compression ✓ Reinvest consistently in innovation Innovate for Tomorrow Run the Business71 65 Peer Average1Closest peer 31% 37% 46% Wealth Management
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Title Slide S E C T I O N O N E 147 — T D I N V E S T O R D A Y 2 0 2 5 This enables us to drive accretive growth and outsized returns for our shareholders ROE, % 52 62 FY’24 Q3’25 Medium-term Target >60 TD Deeper Relationships Disciplined ExecutionSimpler & Faster We consistently outperform our peers on ROE 23 Closest Peer Peer Average1 19 Wealth Management
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Title Slide S E C T I O N O N E 148 — T D I N V E S T O R D A Y 2 0 2 5 Confidence in continued industry-leading ROE and market share growth Expanded wealth offering and advisor base to capture acquisition opportunity Peer-leading efficiency generating capacity to reinvest when and where it matters Largest acquisition pipeline of any wealth business in Canada1 Why TD Wealth Wealth Scaled and innovative leader in Canadian wealth management Wealth Management
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Title Slide S E C T I O N O N E 149 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 130 to 131 Slide 130 1. Financials as at October 31, 2024 for AUA / AUM, and as of FY 2024 for revenue, return on equity (ROE), efficiency ratio and NIAT. AUA / AUM, revenue, ROE, efficiency ratio, and NIAT exclud e Private Banking. AUA / AUM include $651B AUA and $530B AUM. "Advisors" include Financial Planners and Private Wealth Management Advisors, Private Bankers, and Specialists. 2. For additional information about this metric, refer to the Glossary in the Bank's Q3 2025 Report to Shareholders, which is incorporated by reference. 3. Retail products for retail clients (refers to all non -institutional clients of TDAM). 4. TD Direct Investing was #1 in the Digital Brokerage Ranking, Globe and Mail, February 2025. 5. Investor Economics (a division of ISS Market Intelligence), June 2025. 6. Investor Economics (a division of ISS Market Intelligence), December 2024. 7. Securities and Investment Management Association (SIMA), October 2019 to July 2025. 8. Mutual fund market share among Big 6 Banks, SIMA, July 2025. 9. In advisor growth among Big 6 banks' financial planning units for 3 -years ending December 2024, Investor Economics (a division o f ISS Market Intelligence). 10. Private Trust estate assets, Investor Economics (a division of ISS Market Intelligence), December 2024. 11. Private Wealth Management and Full-Service Brokerage for 6-months ending June 2025, Investor Economics (a division of ISS Market Intelligence). Slide 131 1. Based on an in-house pipeline from the largest Direct Investing business in Canada and leading Personal Banking business with #1 position in Personal Core Deposits. 2. Please refer to Slide 130, Endnote 5. 3. Mass Affluent, High-Net-Worth, and Ultra-High-Net-Worth clients in Direct Investing without a TD Wealth Advice relationship. 4. Bank 1 in 3 Canadians and #1 in Personal Core Deposits. As of Q3 2025. 5. Canadian Personal Bank and Commercial Banking clients without TD Wealth relationship or TD mutual fund. Includes approximatel y 300K clients that have both CPB and CBB relationships. 6. Between 2024-2032, Household Balance Sheet Report, Investor Economics (a division of ISS Market Intelligence), November 2024. 7. TD Wealth Share based on asset market share of Direct Investing and Advice businesses, as of December 2024. Wealth Management
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Title Slide S E C T I O N O N E 150 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 134 to 139 Slide 134 1. Adjusted ROE, Revenue CAGR, Adjusted Efficiency Ratio, AUA / AUM do not include Private Banking. 2. The Bank prepares its consolidated and interim consolidated financial statements in accordance with International Financial R eporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accord ance with IFRS as the “reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e., reported results exclud ing “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believe s that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s perform ance. Non-GAAP financial measures and non-GAAP ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See “Financial Results Overview” section in the Bank’s 2024 Annual Report and “How We Performed" section in the Bank’s Q3 2025 Report to Shareholders (available at www.td.com/investor and www.sedarplus.ca), which are incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results. 3. Please refer to Slide 130, Endnote 2. Slide 136 1. For each dollar referred from Canadian Personal Bank, due to consolidation from Other Financial Institutions ( OFIs). 2. From Canadian Personal Bank clients with a Wealth relationship. Slide 137 1. High-Net-Worth and Ultra-High-Net-Worth clients with $750K+ AUA in Direct Investing without a TD Wealth Advice relationship. 2. AUA of Mass Affluent, High-Net-Worth and Ultra-High-Net-Worth clients with $250K+ AUA in Direct Investing without a TD Wealth Ad vice relationship. Slide 138 1. Advisors, Private Bankers, Specialists. 2. Based on distribution expansion sourced both internally and externally. 3. Planners with less than three years tenure. 4. Advisors with less than five years tenure and not part of a team. 5. Financial Planning and Private Wealth Management from 2022 to 2024. Slide 139 1. Based on expected client growth, including from Easy Trade App redesign. 2. Based on observed user growth trend in Active Traders and corresponding growth in trades per day. Wealth Management
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Title Slide S E C T I O N O N E 151 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 140 to 143 Slide 140 1. Institutional weighted average fees in FY 2024 compared to FY 2019. 2. SIMA, October 2019 to July 2025. 3. Based on Morningstar ratings and data as of August 31, 2025. Slide 142 1. November 2024 to October 2025. Slide 143 1. As of December 2024. 2. Subject to regulatory approval. Wealth Management
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Title Slide S E C T I O N O N E 152 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 145 to 148 Slide 145 1. Please refer to Slide 134, Endnote 2. Slide 146 1. Average of Canadian peers (Wealth Management segments of BMO, BNS, CIBC, RBC), peer earnings reports, Q 3 2025. Slide 147 1. Please refer to Slide 146, Endnote 1. Slide 148 1. Please refer to Slide 131, Endnote 1. Wealth Management
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Title Slide S E C T I O N O N E TD Investor Day – September 29, 2025 James Russell President & CEO, TD Insurance TD Insurance
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Title Slide S E C T I O N O N E 154 — T D I N V E S T O R D A Y 2 0 2 5 The leading Canadian digital direct insurer with a strong record of disruption Digital Insurer7 #1 Direct Insurer6 #1 Affinity Insurer6 #1 Personal Lines Insurer6,8 #3 75 years of protecting Canadians ~28% 5-year average ROE4,5 $6.5B TD Insurance (TDI) Premiums 8% CAGR1 4MM+ Clients2 #1 Brand in Home and Auto3 Diversified portfolio - home, auto, business, life & health Consistent track record of organic growth Differentiated claims experience via exclusive auto centres Proven transformation leadership using latest technologies TD Insurance
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Title Slide S E C T I O N O N E 155 — T D I N V E S T O R D A Y 2 0 2 5 Protecting TD Bank Clients Embedded and/or integrated with Bank products Protecting both TD Bank and non-Bank Clients Enhances financial security of Bank clients CPB Credit Protection Auto Insurance Small Business Insurance Business Credit Protection Travel Insurance Accident & Sickness Balance Protection Life Insurance Home Insurance Private Client Advice – White Glove Service for High-Net-Worth Clients Affinity Reach additional pools of potential TDI clients CBB Professional, Alumni & Employer Groups1 750 Unique Prospects110MM Insurance Affinity Clients11.6MM Travel for High-Net-Worth Clients TD Insurance products provide significant franchise value We protect TD clients with a strong suite of products and extend reach to additional valuable segments Wealth Management TD Insurance
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Title Slide S E C T I O N O N E 156 — T D I N V E S T O R D A Y 2 0 2 5 Brand Power +16% More efficient marketing1 Client Segments 1.5x Higher tenure from Affinity clients2 E2E Client Lifecycle Ownership 10MM+ Annual interactions with clients3 Cost Leadership 5-10 points Distribution cost advantage4 Low-cost advantage enables transformative investments Digitization & automation shifts costs to fixed; 20% avg. annual phone channel cost reduction5 Efficient marketing fuels growth, widening expense advantage vs. peers 1 2 3 4 Our growth flywheel Proprietary shopping, servicing and claims data drive analytics sophistication Scaled, direct model offers irreplicable unique advantages TD Insurance
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Title Slide S E C T I O N O N E 157 — T D I N V E S T O R D A Y 2 0 2 5 FinanciallyStrategically & Operationally Extend lead in client acquisition Excel in pricing and operations analytics Re-envision the business with AI Continue to prudently manage catastrophe risk Widen ROE advantage through expense management Double fee income, contributing to diversified enterprise revenue mix Strategic Review highlights opportunities to double General Insurance business TD Insurance
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158 — T D I N V E S T O R D A Y 2 0 2 5 Success enables enhanced growth, efficiency, and profitability Medium-term (FY'29) Targets Adj.1 ROE Adj.1 Efficiency Ratio2 (Net of ISE) ~28% ~30% Premiums CAGR2 (%) Double Digit TD Insurance
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159 — T D I N V E S T O R D A Y 2 0 2 5 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver 159 Deeper Relationships Simpler & Faster Disciplined Execution TD Insurance
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Title Slide S E C T I O N O N E 160 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Relationships Disciplined ExecutionSimpler & Faster Outpacing the industry through dominant brand strength & digital marketing leadership Best-in-class marketing organization • 2x marketing effectiveness1 (FY'19-FY'24), +100% demand, 3MM quotes • Leverage halo effect from TD's brand; Canada's most valuable brand2 • Top honours from Google for AI-based marketing excellence3 Investing in acquisition and targeting • Increase marketing spend to support direct insurance strategies • Extend #1 online share of voice5; 80%+ quotes completed online • Become #1 stop for Canadians shopping for home and auto insurance $4B $6B FY’19 FY’24 Medium- term 10% CAGR Double Digit CAGR Accelerate GI business to reach #2 market share rank $21B $27B $37B FY’19 FY’24 Illustrative over medium- term 5% CAGR Single Digit CAGR TDI Top 5 peer group6 (excluding TDI) Continuously enhancing marketing effectiveness • #1 in awareness for Home & Auto insurance4 • AI-driven personalized ads to sustain high performance • Proprietary data powers lifetime profitability models for targeting TD Insurance Gross Written Premiums, $B
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Title Slide S E C T I O N O N E 161 — T D I N V E S T O R D A Y 2 0 2 5 Unrivaled Digital Assets #1 Search Engine Optimization1 Mature Performance Ecosystem 75%Clients digitally engaged3 80%Quotes completed digitally 2MMMyInsurance transactions 161 — T D I N V E S T O R D A Y 2 0 2 5 4.8 Top Rated Insurance App2 Deeper Relationships Disciplined ExecutionSimpler & Faster Exceed client expectations with leading digital capabilities 90%+ 85%+ 3MM+ Current Medium- term $0.8BDigitally driven new premiums $2B TD Insurance
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162 — T D I N V E S T O R D A Y 2 0 2 5 — T D I N V E S T O R D A Y 2 0 2 5162 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution TD Insurance
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Title Slide S E C T I O N O N E 163 — T D I N V E S T O R D A Y 2 0 2 5 We continue to disrupt the industry, harnessing full potential of AI Deeper Relationships Disciplined ExecutionSimpler & Faster Vertically-integrated direct model enables scale efficiency • Ownership of client data & experience • Inhouse claims functions • Lower marginal cost Direct Advantages Strategic investments enable faster client service and lower costs • Cloud-based admin platform • Digital sales & self-service • Process re-engineering and task automation Digital Transformation (FY'19 to today) Uniquely positioned to deliver personalized client experiences via AI • GenAI chatbots • 80%+ calls triaged by AI agents • Guided self-service client journeys • AI-powered claims settlement • Advisors supported by AI tools AI in Everything (future state) Millions of customer interaction datapoints $50MM+ Annualized deflected costs via self-serve ~15% Shorter cycle times in Auto Centres $1B+ Annual cost base to be targeted for simplification & automation ~100% colleagues will be equipped with AI Future State TD Insurance
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Title Slide S E C T I O N O N E 164 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Relationships Disciplined ExecutionSimpler & Faster Reimagining insurance for our clients in the age of AI TD Insurance
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Title Slide S E C T I O N O N E 165 — T D I N V E S T O R D A Y 2 0 2 5 Deeper Relationships Disciplined ExecutionSimpler & Faster Accident occurs AI-powered app detects crash Emergency services Tow sent Claims & rental initiated To: Streamlined, automated claims experience powered by AI in the medium-term From: Manual auto claims process with multiple handoffs…. Raising the bar with fast and intuitive AI-powered claims ~90% reduction in Home claims cycle time2 Higher client satisfaction Auto claims settlements in less than 15 minutes1 Over the medium-term, we aim to deliver… Accident occurs Police report Initiate claim Vehicle sent for repairs Rental arranged TD Insurance
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166 — T D I N V E S T O R D A Y 2 0 2 5 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver 166 Deeper Relationships Simpler & Faster Disciplined Execution TD Insurance
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Title Slide S E C T I O N O N E 167 — T D I N V E S T O R D A Y 2 0 2 5 We have invested in next-generation analytics to drive profitable growth 300+ Data Scientists, Analytics / AI Specialists, and Actuarial Talent1 • 10MM annual TD MyInsurance logins • 1MM hours of annual client calls • 8B km of collected driving data • 10+ petabytes of data consumed annually for modeling sophistication • Integrated analytics ecosystem • Real time AI reinforcement learning • Advanced rating models • Agentic AI-supported fraud detection Our unique combination of Talent, Data and Technology…. Billions Of unique proprietary datapoints1, including: Cutting Edge Cloud-based deployment environment, enabling: Deeper Relationships Disciplined ExecutionSimpler & Faster New Usage Based Auto Insurance program … allows us to grow with confidence… Personalized advice to improve driving behaviour Advanced segmentation for accurate pricing New pricing variables AI-driven benefits over the medium-term $200MM+ … and aim to generate Data Technology Talent TD Insurance
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Title Slide S E C T I O N O N E 168 — T D I N V E S T O R D A Y 2 0 2 5 Pricing & Underwriting 100s Of pricing & product actions in FY'25 Reinsurance Management Claims Resourcing Monitoring & Controls Prevention & Advice $2.5B Reinsurance coverage including $150MM CAT Bond (first in Canada1) 120+ Dedicated CAT Claims staff, improving outcomes at lower costs2 Advanced Accumulation framework to manage concentration risk Partnered With Wildfire Defense Systems for loss prevention Deeper Relationships Disciplined ExecutionSimpler & Faster We have a robust toolbox to manage catastrophe risk TD Insurance
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Title Slide S E C T I O N O N E 169 — T D I N V E S T O R D A Y 2 0 2 5 Cost discipline aims to deliver ~$200-300MM in run-rate savings Medium-term ~$200-$300MM Run-Rate Cost Savings Target1 Medium-term Key Cost Initiatives Technology & Data Modernization: Lead in analytics sophistication (e.g., pricing, targeting, fraud detection) Automation & AI: Reimagine the business with AI, including transforming claims via chatbot, triage, summarization and content management Distribution Transformation: Advance digital adoption via best- in-class client experiences across sales, servicing and claims (e.g., online purchase, self-serve, photo-based estimation) Deeper Relationships Disciplined ExecutionSimpler & Faster Medium-term Adj.2 Efficiency Ratio (Net of ISE) Target ~30% TD Insurance
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Title Slide S E C T I O N O N E 170 — T D I N V E S T O R D A Y 2 0 2 5 Primed to lead and disrupt in AI-driven growth cycle Leading digital-first capabilities powering personalized experiences Proprietary data enabling superior risk management Sophisticated client acquisition through marketing investments Why TD Insurance Insurance Irreplicable growth flywheel fueled by direct model, brand power & cost leadership TD Insurance
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Title Slide S E C T I O N O N E 171 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 154 to 156 Slide 154 1. 5-year Total TDI Premiums CAGR FY 2019 to FY 2024. 2. As of July 2025. 3. Ipsos, TD Insurance ranking, English Canada past 12 months ending June 2025 among Home & Auto insurance holders or next 12 mo nths purchase intenders. 4. Average Return on Equity (ROE) from FY 2019 to FY 2024; ROE based on IFRS 4 from FY 2014 to FY 2022; IFRS 17 FY 2023 to FY 2024. 5. For additional information about this metric, refer to the Glossary in the Bank's Q3 2025 Report to Shareholders, which is incorporated by reference. 6. Rankings based on data compiled from MSA Research for the year ended December 31, 2024. Excludes public insurance entities (I nsurance Corporation of British Columbia, Manitoba Public Insurance, and Saskatchewan Auto Fund). 7. Based on gross written premiums originating from digital quotes for the six months ended June 2025. As compared to other majo r insurers based on metrics disclosed in their public presentations. 8. Home and auto insurance. Slide 155 1. As of July 2025. Slide 156 1. TD Master Brand media provided a 16% uplift in account acquisition contribution from July 2022 to April 2024. 2. Average client tenure for TD Affinity clients vs. non -Affinity TD clients. 3. Customer interactions in Fiscal 2024 across phone channel, TD MyInsurance application, and TD Insurance website. 4. TD sales, marketing, and other distribution expense, as a % of premiums, compared to general insurance industry commissions a nd other distribution expenses, as a % of premiums. 5. Average FY 2022 to FY 2024 phone channel costs reduction, as a % of premiums. TD Insurance
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Title Slide S E C T I O N O N E 172 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 158 to 161 Slide 158 1. The Bank prepares its consolidated and interim consolidated financial statements in accordance with International Financial R eporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accord ance with IFRS as the “reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e., reported results exclud ing “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believe s that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s perform ance. Non-GAAP financial measures and non-GAAP ratios used in this presentation are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. See “Financial Results Overview” section in the Bank’s 2024 Annual Report and “How We Performed" section in the Bank’s Q3 2025 Report to Shareholders (available at www.td.com/investor and www.sedarplus.ca), which are incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results. 2. Please refer Slide 154, Endnote 5. Slide 160 1. Measured as incremental General Insurance new business gross written premiums per $1 of incremental marketing spend. 2. TD Bank Group was ranked #1 most valuable brand in Canada by Brand Finance, 2025 Canada 100 report. 3. TD Bank Group won silver at Google Canada's Search Honors Awards on November 2024. 4. Please refer Slide 154, Endnote 3. 5. STAT Search Analytics - TD Insurance has organic share of voice representing the #1 highest amongst all Canadian General Insuran ce competitors for our tracked keyword set. As of July 2025. 6. Top personal lines peer group includes: Aviva Canada, Definity (including Travelers Canada pro forma), Desjardins General Ins urance, and Intact Insurance (including RSA Canada pro forma). Slide 161 1. Please refer Slide 160, Endnote 5. 2. Canada’s top-rated Home and Auto Insurance App. Based on user ratings on Google Play and App Store as of July 2025. 3. Measured as the share of accounts with an accountholder registered for digital self -service. TD Insurance
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Title Slide S E C T I O N O N E 173 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 165 to 169 Slide 165 1. Auto physical damage claims. 2. Measured by average time from claims first notice of loss to claims settlement by medium -term, as compared to Fiscal 2024. Slide 167 1. As of July 2025. Slide 168 1. TD Insurance sponsored the first-ever Canadian-denominated catastrophe bond (CAT bond) in January 2025, covering Canadian perils of earthquake and severe convective storm in the amount of $150 million. 2. As of July 2025. Slide 169 1. Including Insurance Service Expense. 2. Please refer to Slide 158, Endnote 1. TD Insurance
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Title Slide S E C T I O N O N E TD Investor Day – September 29, 2025 Tim Wiggan Group Head, Wholesale Banking Wholesale Banking
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Title Slide S E C T I O N O N E 175 — T D I N V E S T O R D A Y 2 0 2 5 We are a fast growing, client-centric investment bank Corporate & Investment Banking #11 $7.3B Revenue6 GTB FICC Equities M&A Lending Capital Markets Global Markets Canada International 13% U.S. 48% 39% Established leadership in core products #2 DCM8 #2 Loan Syndications9 Top 10 in strategic growth areas #6 Convertibles9 #7 ECM9 North American investment banking fees ranking7 Leader in core franchises #1 Canada Credit Service Quality10 #3 Cash Equities11 Top 10 in key growth areas#1 Munis Market Maker12 #10 Cash Equities11 $687B Total Assets2 $123B RWA5 15 Countries $99B Total Loans3 $75B Deposits4 ~10K Clients1 Research13 Publishing analysts100+1,300+ Stocks under coverage ~60% S&P 500 coverage Ranked by ExtelTop Wholesale Banking
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Title Slide S E C T I O N O N E 176 — T D I N V E S T O R D A Y 2 0 2 5 We have integrated TD Cowen, driving improved diversification FICC Equities Investment Banking Corporate Lending 15% 27% 58% FY'19 13% 48% 39% FY'24 $3.2B $7.3B Canada International U.S. Revenue Revenue Retained key leadership and talent Delivering holistic client solutions Integrated platform and products Driving synergies and efficiencies 29% 14% 39% 18% FY'19 31% 12% 34% 24% FY'24 $3.2B $7.3B Wholesale Banking
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Title Slide S E C T I O N O N E 177 — T D I N V E S T O R D A Y 2 0 2 5 We have strong client momentum, accelerating revenue growth $1.2B $2.1B FY'22 FY'25 YTD 21%+ CAGR7 Avg. Quarterly Revenue6 Client-Centered Leadership in Equities • Leading North America equities wallet share5 • First Canadian bank to launch algorithm swap trading Corporate & Investment Banking Global Markets Delivering Innovative DCM Solutions • Led US$8B pre-capitalized securities (P-Cap) deals3 (90%+ market share since 2023) • Led IFR North America Financial Bond of the Year4 Commodities Franchise with Market- Leading Capabilities • #1 Overall Commodities Dealer by Energy Risk, 2025 • Innovative client solutions (e.g., recently launched Gold-Linked structured note) Accelerating our U.S. ECM Franchise • Sole bookrunner on largest recent convertible offering1 • Ranked #4 in biotech issuance league tables YTD, raising US$2.2B in proceeds for clients across 16 transactions2 FY'25 YTD is ~1.8x higher than FY'226,8 Wholesale Banking
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Title Slide S E C T I O N O N E 178 — T D I N V E S T O R D A Y 2 0 2 5 Our disciplined risk culture supports clients through the cycle 0 20 40 60 FY19 FY20 FY21 FY22 FY23 FY24 YTD FY25 Prudent credit risk managementLoan portfolio diversification 9 bps 5-year3 avg. impaired PCL rate Market risk discipline Impaired PCLs (bps)2 U.S. Canada International 24% 19% 19% 13% 6% 6% 6% 4% Energy Diversified Financials CME Real Estate Healthcare 3% Mining Technology Other $51B Corporate loan balances1 Trading revenues grew ~50% faster than average trading VaR5 No loss days in excess of daily trading VaR 70% Investment grade lending exposure4 50% 43% 7% Wholesale Banking Over past 5 years:
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Title Slide S E C T I O N O N E 179 — T D I N V E S T O R D A Y 2 0 2 5 Our Strategic Review has revealed areas to accelerate growth Financially Optimize balance sheet and drive capital discipline Improve frontline productivity and performance Reduce costs through targeted efficiency initiatives Strategically & Operationally Deepen relationships by delivering the full product suite Invest in capabilities (GTB, e-trading, Prime Services) Build a scalable foundation to facilitate growth Continue enhancing our risk and control environment Wholesale Banking
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Title Slide S E C T I O N O N E 180 — T D I N V E S T O R D A Y 2 0 2 5 We are building on our history of driving profitable growth 14.6% 7.1% reported ~13% adj.2 8.9% adj.2 FY'24FY'18 - FY'22 Reported / Adj.2 Average4 Medium-term Target 61.1% 71.3% adj.2 Low- 60s adj.2 76.5% reported FY'24FY'18 - FY'22 Reported / Adj.2 Average3 Medium-term Target Efficiency Ratio1 Return on Equity1 Targeted plan to restore our efficiency ratio and ROE to historical levels Cowen close (Mar. 2023) Wholesale Banking Cowen close (Mar. 2023)
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181 — T D I N V E S T O R D A Y 2 0 2 5 We aim to deliver accelerated growth and enhanced returns Adj.1 ROE Adj.1 Efficiency Ratio (%) ~13% Low-60sHigh single digit Revenue CAGR (%) Subject to market conditions Wholesale Banking Medium-term (FY'29) Targets
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182 — T D I N V E S T O R D A Y 2 0 2 5 182 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution Wholesale Banking
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Title Slide S E C T I O N O N E 183 — T D I N V E S T O R D A Y 2 0 2 5 Syndicated & LevFin DCM Advisory Lending GTB ECM Deep reach across products, geographies and sectors Winning with clients and top-tier talent $3.1B Revenue1 3% 5% 10% 11% 13% 14% 19% 24% FY’24 revenue Canada 40% International 4% U.S. 56% 2.4K Clients3 1.2K Frontline Colleagues6 Corporate & Investment Banking Strong client franchise with full-service capabilities Disciplined ExecutionSimpler & FasterDeeper Relationships ~30% Growth Since FY'224 Canada5 ~80% ~70% Front Office MD / Director Colleagues Colleague Footprint Mining Real Estate Financials Technology Healthcare CME2 Energy Diversified Penetration of Top 100 Fee Payers# of Clients U.S.5 ~40% Growth Since FY'227 Canada6 ~40% ~50% U.S.6 Wholesale Banking
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Title Slide S E C T I O N O N E 184 — T D I N V E S T O R D A Y 2 0 2 5 Corporate & Investment Banking Focused on deepening client relationships to accelerate growth Average fee / client, FY'23 – FY'25 YTD1 # of clients, FY'23 – FY'25 YTD1 $1B+ Annual revenue opportunity from existing clients Large client base, opportunity to grow fees per client With focus on key sectors and deliberate actions TDS Leading Comparable Peer TDS Leading Comparable Peer -35% TDS ranking1 Top 10 Cusp of Top 10 Focus sectors FIG Energy CME2 Consumer Real estate Biotech 8th 8th 11th 11th 11th 13th Future growth sectors: Industrials, Technology, Healthcare Services Align balance sheet & resources towards focus sectors and sponsor activity Leverage expanded product suite to grow share of wallet Comparable Disciplined ExecutionSimpler & FasterDeeper Relationships Wholesale Banking
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Title Slide S E C T I O N O N E 185 — T D I N V E S T O R D A Y 2 0 2 5 Unified product roadmap, centralized investment, and seamless client experience driving meaningful value GTB product penetration of CIB clients Robust Portal, APIs and Embedded Banking Expanded Real-Time Payments and Data Solutions Seamless U.S.-Canada Capabilities Integrated Liquidity and Working Capital Solutions Digital Assets NextGen capabilities roadmap: Business lines: Corporate Cash Management Trade Finance and Working Capital Financial Institutions Corporate & Investment Banking Building a leading, integrated global transaction banking platform for the future Middle market Commercial clients TDS U.S. Retail TDS Canada large corporates U.S. large corporates Disciplined ExecutionSimpler & FasterDeeper Relationships ~20% FY'241 ~40%+ Opportunity Wholesale Banking
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Title Slide S E C T I O N O N E 186 — T D I N V E S T O R D A Y 2 0 2 5 $4.2B Revenue1 Leading platform differentiated by scale & product depth Strong clients, exceptional teams, proven results Fixed Income Securitized Products RepoCommodities Prime Brokerage Foreign Exchange Cash Equities Equity Derivatives 7.5K Clients2 1.6K Frontline Colleagues5 Global Markets Broad trading capabilities and deep institutional client relationships Disciplined ExecutionSimpler & FasterDeeper Relationships 43% 38% 11% 8% FY’24 Revenue Asia Europe Canada U.S. ~17% Growth Since FY'223 +90%4 Penetration of Top 100 Financial Institutions in the Americas # of Clients Front Office MD / Director Colleagues Colleague Footprint +200% Growth Since FY'226 Canada5 ~25% ~55% U.S.5 Wholesale Banking
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Title Slide S E C T I O N O N E 187 — T D I N V E S T O R D A Y 2 0 2 5 Client breadth anchored by proven product leadership Strategic growth opportunities 1 2 Global Markets Accelerating Fixed Income growth across core strengths & expansion opportunities Disciplined ExecutionSimpler & FasterDeeper Relationships ~$750MM Annual Fixed Income revenue opportunity Asset & Wealth Managers Banks & Intermediary Hedge Fund Managers Insurance Public Sector ~5K Clients1 Capture wallet share in underpenetrated core products – G10 rates, G10 credit Grow Mortgage-Backed Securities platform – "originate to distribute" in partnership with U.S. Retail Enhance product suite – derivative hedging solutions, total return swaps, portfolio trading 3 #1 in Canadian Investment Grade Credit Service Quality2 #1 in Canadian Provincial Bonds Service Quality2 Top 5 Largest ABCP Program Administrator3 Top 10 in Global SSA4 Wholesale Banking
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Title Slide S E C T I O N O N E 188 — T D I N V E S T O R D A Y 2 0 2 5 Growth and leadership across a widening set of securities Munis New Issue Deal Count4 Rank by deal count Munis Trades Daily Average3 Inception FY’25 YTD ~1,300 ~6,000 27 116% 13%Market share IG Credit Trades Daily Average6 Top 5 Participant5 Our edge: leading quant firm + global bank Balance sheet and client relationships Technology and operating model ~$10MM TDSAT revenue / Front Office FTE2 Inception FY’25 YTD ~300 ~2,000 30% TDSAT revenue CAGR since FY'221 Munis ETFs Primary Transactions5 Leading Market Maker5 Better execution and pricing for our clients Better liquidity and risk management for our traders Accelerated revenue growth and efficiency gains for our platform Delivering Global Markets Leading automated trading capabilities through TDSAT, built for the future Disciplined ExecutionSimpler & FasterDeeper Relationships Annualized projections Annualized projections ~20 Inception FY’25 ~130 Inception FY’25 <5 ~800 Wholesale Banking
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Title Slide S E C T I O N O N E 189 — T D I N V E S T O R D A Y 2 0 2 5 Expanding into Prime Services to access the entire equities wallet US$7.7B Cash Equities TAM US$14.5B Equity Flow Derivatives TAM Current Total Addressable Market (TAM) US$12.4B Prime Services TAM Expanded TAM #102 Top 5 #102 Top 5Cash Equities Equity Flow Derivatives – Top 10Prime Services Current Target Launching arranged financing Enabling synthetic prime Streamlining global clearing Deep client relationships & robust balance sheet position us for rapid growth Scaling Prime Services North America Wallet Share Rank ~$500MM Annual U.S. Prime Services revenue opportunity ~US$35B Total Americas Equities TAM1 Global Markets Deepening client relationships through Prime Services Disciplined ExecutionSimpler & FasterDeeper Relationships Wholesale Banking
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190 — T D I N V E S T O R D A Y 2 0 2 5 190 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution Wholesale Banking
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Title Slide S E C T I O N O N E 191 — T D I N V E S T O R D A Y 2 0 2 5 Simplifying how we operate to execute with speed and agility Realigned CIB leadership to create seamless client coverage Unified Global Markets leadership across Equities and FICC to streamline capital resource allocation Continued to enhance Risk, Compliance and Legal control environment to enable faster decision making Moving to an agile, product-led delivery model to build smarter tools that streamline workflows and improve the client experience Key Actions Revenue growth Reduced complexityClient satisfaction Deeper Relationships Disciplined ExecutionSimpler & Faster Wholesale Banking
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Title Slide S E C T I O N O N E 192 — T D I N V E S T O R D A Y 2 0 2 5 Technology investments driving simpler and faster operations Deeper Relationships Disciplined ExecutionSimpler & Faster Deliver client value Modernize capabilities Drive operational excellence Protect the Bank TDS AI Front Office Assistant – GenAI chatbot for instant access to equity research insights Maple – end-to-end, automated lending solution that includes origination, trading, middle-office and servicing Retiring legacy systems and upgrading core infrastructure TD One Portal – single sign-on to access TDS products and services Simplified client experience Outcomes Priorities Example Have reduced log-ins from 5+ to 1 Generate research insights in 1/10th the time1 Enhanced productivity 50%+ fewer manual interventions Increased efficiency Invested $170MM in currency & modernization since 20222 Stronger resiliency Wholesale Banking
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193 — T D I N V E S T O R D A Y 2 0 2 5 193 — T D I N V E S T O R D A Y 2 0 2 5 How we will deliver Deeper Relationships Simpler & Faster Disciplined Execution Wholesale Banking
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Title Slide S E C T I O N O N E 194 — T D I N V E S T O R D A Y 2 0 2 5 Strengthening our governance & control foundations Focused initiative to strengthen risk and control frameworks and modernize core processes Enhance regulatory responsiveness through enhanced control programs Automate and simplify processes Build stronger risk management capabilities Governance & Control Compliance Modernization AML Governance & Control Product Control Trade Surveillance Communication Surveillance Control Room Risk Initiatives Liquidity Risk Market Risk Interest Rate Risk Credit Risk Process Improvement Change ManagementData Strategy Data Quality & Accessibility Data Management Process Data Management Tooling Middle Office Tooling Reconciliations Payments Tax Operations Access Controls Client Onboarding Quality Engineering Delivery Excellence Production Engineering Development/Security/Ops Document Management Deeper Relationships Disciplined ExecutionSimpler & Faster Wholesale Banking
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Title Slide S E C T I O N O N E 195 — T D I N V E S T O R D A Y 2 0 2 5 Cost discipline aims to deliver ~$500-600MM in run-rate savings Automation & AI: Scaling automation & AI usage across the business in front line and support Medium-term ~$500-600MM Deeper Relationships Disciplined ExecutionSimpler & Faster Run-Rate Cost Savings Target Medium-term Key Cost Initiatives Medium-term Adj.1 Efficiency Ratio (%) Target Low-60s Cost Moderation: Enhancing colleague productivity, optimizing real estate strategy, moderating discrete investments Wholesale Banking Technology & Data Modernization: Modernizing platforms and simplifying processes Procurement: Optimizing vendor and workforce strategy
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Title Slide S E C T I O N O N E 196 — T D I N V E S T O R D A Y 2 0 2 5 Disciplined capital deployment through integrated client coverage Deploying our balance sheet to core clients Return hurdle Revenue hurdle Higher returning clients Lower returning clients Deepen relationships Expanded product capabilities Frontline productivity Client prioritization Active portfolio management RWA optimization To drive higher client relationship returns of corporate loan book RWAs can be repositioned to drive higher returns20% ~13% ROE ~10% ~15% ~95% ~90% ~80% 5% <1% CIB Clients1 <1% Loans2 <5% RWA3 ~2,400 Core relationships Up-tier candidates Redeployment opportunities ~$51B ~$46B ~$800MM Annual revenue opportunity from moving lower return clients to above hurdle rates Deeper Relationships Disciplined ExecutionSimpler & Faster Wholesale Banking
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Title Slide S E C T I O N O N E 197 — T D I N V E S T O R D A Y 2 0 2 5 We aim to deliver accelerated growth and enhanced returns Adjusted1 ROE Low-70s Low-60sAdjusted1 Efficiency Ratio FY’24 ROE Global Markets CIB Productivity and Efficiency Expenses PCL and Taxes Capital Medium-term ~13% Deeper Relationships Disciplined ExecutionSimpler & Faster Wholesale Banking 9% Adjusted1 7% Reported
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Title Slide S E C T I O N O N E 198 — T D I N V E S T O R D A Y 2 0 2 5 Why Wholesale Banking Strong client franchise with expanded platform fueling growth High confidence in ROE trajectory, aiming to deliver ~13% adj.1 over the medium-term Cost discipline through productivity and efficiency improvements Capital discipline through strategic lending, portfolio management, and RWA optimization Revenue acceleration through deeper relationships and investment in product capabilities Wholesale Banking Wholesale Banking
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Title Slide S E C T I O N O N E 199 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 175 to 177 Slide 175 1. Internal data. Defined as clients that generated revenues during FY 2024. 2. As at October 31, 2024. 3. As at October 31, 2024. Includes gross loans and bankers’ acceptances related to Wholesale Banking, excluding letters of credit, cash collateral, cre dit default swaps, and allowance for credit losses. 4. As at October 31, 2024. Includes Corporate Cash Management deposits for U.S. and Canada as well as Financial Institution deposits. 5. As at October 31, 2024. Amounts are calculated in accordance with Office of the Superintendent of Financial Institutions Canada ( OSFI) Capital Adequacy Requirements guideline. 6. As of FY 2024. 7. Calendar year-to-date through August 31, 2025 . Based on Dealogic, investment banking fees. 8. Calendar year-to-date through August 31, 2025 . Bloomberg, ranking for Canadian corporate bonds. 9. Calendar year-to-date through September 25, 2025 . Bloomberg. 10. Coalition Greenwich Voice of Client 2024 Canada Fixed Income Study. Rank based on Greenwich Quality Index. 11. July 2024 to June 2025. Sourced from a third-party market survey. 12. Calendar year-to-date through August 31, 2025 . Based on internal tracking, MarketAxess, and TMC data. 13. As of August 31, 2025. Slide 177 1. In June 2025, TDS was sole bookrunner for GameStop's US$2.25B zero -coupon convertible bond offering. 2. Calendar year-to-date through August 31, 2025 . Dealogic investment banking fees and publicly available company press releases. 3. Calendar year-to-date through August 31, 2025 . Bloomberg and publicly available company press releases. 4. 2024 International Financing Review (IFR) Award for Equitable Holdings US$600MM pre-capitalized securities (P-caps) issuance. TD was the Sole Structuring Advisor, Left Lead Bookrunner, Billing & Delivery Agent, Calculation Agent, and Lead Dealer Manager on the liability management exercise. 5. July 2024 through June 2025. Sourced from a third-party market survey, represents Top 10 ranking. 6. Calculated on rounded numbers. 7. For additional information about this metric, refer to the Glossary in the Bank's Q3 2025 Report to Shareholders, which is incorporated by reference. 8. Calculations based on quarterly revenue. FY 2025 YTD as of Q3 2025. Wholesale Banking
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Title Slide S E C T I O N O N E 200 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 178 to 183 Slide 178 1. As at October 31, 2024. Includes Corporate gross loans and bankers’ acceptances related to Wholesale Banking, excluding letters of credit, cash collateral, credit default swaps, and allowance f or credit losses. 2. This metric was calculated by taking the average of the quarterly impaired PCL ratio for each given time period. 3. This metric was calculated by taking the average of the quarterly reported impaired PCL ratio for the period of Q 4 2020 to Q3 2025. 4. As of October 31, 2024. 5. Trading revenue FY 2019 to FY 2024 CAGR of 12.1% / average VaR FY 2019 to FY 2024 CAGR of 8.2%. Slide 180 1. Please refer to Slide 177, Endnote 7. 2. The Bank prepares its consolidated and interim consolidated financial statements in accordance with International Financial R eporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers to results prepared in accord ance with IFRS as the “reported” results. The Bank also utilizes non-GAAP financial measures such as “adjusted” results (i.e., reported results excluding “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall Bank performance. The Bank believes that non -GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank ’s performance. Non-GAAP financial measures and non-GAAP ratios used in this presentation are not defined terms under IFRS and, t herefore, may not be comparable to similar terms used by other issuers. See “Financial Results Overview” section in the Bank’s 2024 Annual Report and “How We Performed" section in the Bank ’s Q3 2025 Report to Shareholders (available at www.td.com/investor and www.sedarplus.ca), which are incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to reported results. 3. This average metric is a non-GAAP measure. The metric was calculated by averaging the quarterly reported efficiency ratio for th e period of FY 2018 to FY 2022. Adjusted results equal reported results for this period. 4. This average metric is a non-GAAP measure. The metric was calculated by averaging the quarterly reported return on equity for th e period of FY 2018 to FY 2022. Reported and adjusted figures are substantially the same for this period (adjusted ROE 14.64% vs reported ROE 14.66%) with immaterial differences attributable to rounding. Slide 181 1. Please refer to Slide 180, Endnote 2. Slide 183 1. As of FY 2024. Corporate & Investment Banking revenue includes revenue from Equity Capital Markets and Debt Capital Markets which are subj ect to a revenue share agreement. 2. CME: Communications, Media, & Entertainment. 3. Corporate & Investment Banking clients that generated fee revenue during the three-year period ending April 2025. 4. Number of clients that generated revenue in the average three -year period ending FY 2022 compared to the average three-year period ending fiscal year-to-date as of April 2025. 5. Based on Dealogic investment banking fees from January 2023 to June 2025. Excludes sell-side fee payers. 6. FTE as of October 31, 2024. 7. From October 31, 2022 to October 31, 2024. Wholesale Banking
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Title Slide S E C T I O N O N E 201 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 184 to 187 Slide 184 1. Based on Dealogic investment banking fees for January 2023 through June 2025. Leading comparable peer is RBC. Represents Nort h American deal activity. 2. Please refer to Slide 183, Endnote 2. Slide 185 1. Based on internal data. Slide 186 1. As of FY 2024. Global Markets revenue includes revenue from Equity Capital Markets and Debt Capital Markets which are subject to a reven ue share agreement. 2. Global Markets clients that generated revenue during FY 2024. 3. Number of clients that generated revenue in FY 2024 compared to FY 2022. 4. Coalition Greenwich Institutional Client Analytics Analysis 2023. The proportion represents TD Bank’s client penetration acro ss Fixed Income and Equities products in the Americas. 5. Please refer to Slide 183, Endnote 6. 6. Please refer to Slide 183, Endnote 7. Slide 187 1. Please refer to Slide 175, Endnote 1. 2. Please refer to Slide 175, Endnote 10. 3. As of March 31, 2025. Moody's Global Asset -Backed Commercial Paper (ABCP) Program Tracker. 4. September 2024 to August 2025. Bloomberg Sovereign, Supranational, and Agency (SSA) bond rankings. Wholesale Banking
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Title Slide S E C T I O N O N E 202 — T D I N V E S T O R D A Y 2 0 2 5 Endnotes on Slides 188 to 198 Slide 188 1. Revenue CAGR from FY 2022 to FY 2024. 2. As of FY 2024. Calculated using front office employees only for TDSAT business. 3. Calendar year-to-date through August 31, 2025. Sourced from internal data and MSRB. 4. Annualized calculations convert partial period (calendar year-to-date through August 31, 2025) as if year -to-date results continued for full 12 months. Annualized calculations do not serve as a forecast. Bloomberg. 5. Annualized calculations convert partial period (calendar year-to-date through August 31, 2025) as if year -to-date results continued for full 12 months. Annualized calculations do not serve as a forecast. Based on internal tracking. 6. Calendar year-to-date through August 31, 2025. MarketAxess and Tradeweb. Slide 189 1. Coalition Greenwich Competitor Analytics 2024 (calendar year). TAM reflects Americas equities revenue pools excluding futures . 2. Sourced from a third-party market survey (July 2024 to June 2025). Slide 192 1. Based on internal data. 2. Represents investment in FY 2023, FY 2024, and forecast for FY 2025. Slide 195 1. Please refer to Slide 180, Endnote 2. Slide 196 1. Please refer to Slide 175, Endnote 1. 2. Please refer to Slide 178, Endnote 1. 3. Please refer to Slide 175, Endnote 5. Slide 197 1. Please refer to Slide 180, Endnote 2. Slide 198 1. Please refer to Slide 180, Endnote 2. Wholesale Banking