Footnotes and Important Disclosures on Page 2

Highlights from Q3 2014

Key Themes
Adjusted net income
1,2
of $2.2B, up 37% YoY, adjusted EPS
1,3
of $1.15, up 40% YoY (adjusted earnings
1
up 8% & adjusted EPS
1
up 10% YoY after adding back $418MM in insurance charges taken in Q3/13)
Strong performance from both Retail and Wholesale segments
Good organic growth, favourable credit, contribution from acquisitions, and higher insurance earnings
On track to deliver 7 to 10% medium-term EPS growth in Fiscal 2014
Share buyback Q3 2014 Report to Shareholders Page 86
Repurchased 4 million common shares under the normal course
issuer bid for a total amount of $220 million during the third
quarter (18 million common shares repurchased as of Oct 31,
2013)
CAD Retail Q3 2014 Report to Shareholders Page 15
Expect current loan growth to largely hold while margins to
decline in Q4/14. Credit loss rates likely to remain relatively
stable. Insurance results will continue to depend upon, among
other things, the frequency and severity of weather-related
events and a challenging environment due to regulatory
reforms and legislative changes. Focus on increasing
productivity continues. Quarterly expenses are expected to
increase due to seasonality, timing of investment spend, and
business growth.
U.S. Retail Q3 2014 Report to Shareholders Page 18
Modest earnings growth for FY2014 expected with net interest
margin anticipated to decline due to continued core margin
pressure and lower accretion on acquired loans. PCL is
expected to begin to normalize driven by loan growth and
expected slowing recovery rate. Control of expense growth
remains a focus while investment in growth and regulatory
compliance continues.
Financial Results
Volume, Expense, Credit & Capital
Adjusted Retail earnings
1,4
: $2,004MM, up 38% YoY
CAD Retail: $1,443MM, up 54% YoY (P&C 11%, Wealth
14%, Insurance -25% after adding back the $418MM after-
tax charges taken in Q3/13)
U.S. Retail: US$518MM, up 4% YoY
Wholesale earnings: $216MM, up 46% YoY
Good loan and deposit volume growth in Canada &the U.S.
CAD Retail: Loans 6% YoY Personal 5% (including RESL
3%), Business 11%. Deposits 4% Personal 3%, Business 6%,
Wealth 1%
US Retail: Loans 8% YoY Personal 3%, Business 13%.
Deposits 5% - Personal 6%, Business 7%, TD Ameritrade 3%
Expenses excl. acquisitions/disposals & FX impact up 4.8% YoY
Primarily attributable to higher investment in regulatory and
growth initiatives, partly offset by productivity gains
Operating leverage slightly negative
Favourable credit performance
Adjusted PCL
1
down 12% YoY mainly reflecting favourable
credit performance in U.S. auto loans and home equity products,
partially offset by an increase in Corporate PCL due to a decline
in releases for incurred but not identified credit losses related to
the Canadian loan portfolio
Basel III Common Equity Tier 1 ratio of 9.3%up 10 bps QoQ due
mainly to solid organic capital generation, partly offset by increase
in risk-weighted assets across segments, share buybacks and
treatment of Ameritrade goodwill
Items of Interest
Business Outlook
Canadian Retail Q3 2014 Report to Shareholders Page 13
Good volumes, very strong operating leverage
Adjusted earnings
1
increased 54% YoY driven by good loan
and deposit volume growth, higher wealth assets, the addition
of Aeroplan and a rebound in insurance earnings
NIM up 1 bp to 2.98% sequentially
Adjusted expenses
1,5
up 6% YoY due to higher employee-
related costs including variable compensation in the wealth
business, volume growth and the addition of Aeroplan, partly
offset by productivity gains
Very strong adjusted operating leverage
1,5
of ~380 bps
Personal banking PCL up $5MM YoY due to the addition of
Aeroplan, partially offset by better credit performance and
lower bankruptcies; business banking PCL up $7MM YoY
driven by prior year recoveries
U.S. Retail Q3 2014 Report to Shareholders Page 16
Solid fundamentals support earnings growth
Earnings in U.S. dollars increased 4% YoY driven by strong
organic growth, favourable credit and good expense
management, partially offset by lower security gains
Relatively stable margin, down 1 bp QoQ primarily on lower
loan origination margins
Expenses down 1% YoY due to permanent expense
reductions partially offset by higher personnel costs to support
growth
Wholesale Q3 2014 Report to Shareholders Page 19
Diversified model delivering solid results, ROE 18.4%
Earnings up 46% primarily due to higher trading-related
revenue, equity and debt underwriting volumes, and M&A fees
Expenses up 12%, driven by higher variable compensation in
line with higher revenue, partially offset by lower operating
expenses
Corporate Q3 2014 Report to Shareholders Page 20
Adjusted net loss
1,6
of $53MM, higher than $11MM in Q3/13
Attributable to increase in corporate expenses as a result of
ongoing investment in enterprise projects and initiatives, partly
offset by positive tax items
Segment Results
1
2
Caution Regarding Forward-Looking Statements
Fromtime to time, the Bank makes written and/or oral forward-looking statements, including in this
document, in other filings with Canadian regulators or the U.S. Securities and Exchange Commission,
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
ReformAct of 1995. Forward-looking statements include, but are not limited to, statements made in this
document, the Managements Discussion and Analysis in the Banks 2013 Annual Report (2013
MD&A) under the headings Economic Summary and Outlook, for each business segment Business
Outlook and Focus for 2014 and in other statements regarding the Banks objectives and priorities for
2014 and beyond and strategies to achieve them, and the Banks anticipated financial performance.
Forward-looking statements are typically identified by words such as will, should, believe, expect,
anticipate, intend, estimate, plan, may, and could.
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 Banks control and the effects of which can be difficult to
predict may cause actual results to differ materially fromthe expectations expressed in the forward-
looking statements. Risk factors that could cause such differences include: credit, market (including
equity, commodity, foreign exchange, and interest rate), liquidity, operational (including technology),
reputational, insurance, strategic, regulatory, legal, environmental, capital adequacy, and other risks.
Examples of such risk factors include the general business and economic conditions in the regions in
which the Bank operates; disruptions in or attacks (including cyber attacks) on the Banks information
technology, internet, network access or other voice or data communications systems or services; the
evolution of various types of fraud to which the Bank is exposed; the failure of third parties to comply
with their obligations to the Bank or its affiliates relating to the care and control of information; the
impact of recent legislative and regulatory developments; the overall difficult litigation environment,
including in the U.S.; increased competition including through internet and mobile banking; changes to
the Banks credit ratings; changes in currency and interest rates; increased funding costs for credit due
to market illiquidity and competition for funding; and the occurrence of natural and unnatural
catastrophic events and claims resulting fromsuch events. The Bank cautions that the preceding list is
not exhaustive of all possible risk factors and other factors could also adversely affect the Banks
results. For more detailed information, please see the Risk Factors and Management section of the
2013 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news
releases (as applicable) related to any transactions discussed under the heading Significant Events in
the relevant MD&A, which applicable releases may be found on www.td.com. All such factors should
be considered carefully, as well as other uncertainties and potential events, and the inherent
uncertainty of forward-looking statements, when making decisions with respect to the Bank and the
Bank cautions readers not to place undue reliance on the Banks forward-looking statements.
Material economic assumptions underlying the forward-looking statements contained in this document
are set out in the 2013 MD&A under the headings Economic Summary and Outlook, and for each
business segment, Business Outlook and Focus for 2014, each as updated in subsequently filed
quarterly reports to shareholders.
Any forward-looking statements contained in this document represent the views of management only
as of the date hereof and are presented for the purpose of assisting the Banks shareholders and
analysts in understanding the Banks 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 fromtime to time by or on its behalf, except as
required under applicable securities legislation.
Footnotes and Important Disclosures
[1] The Bank prepares its consolidated financial statements in accordance with International Financial
Reporting Standards (IFRS), the current generally accepted accounting principles (GAAP), and refers
toresultspreparedinaccordancewithIFRSasthereported results. TheBankalsoutilizesnon-GAAP
financial measures to arrive at adjusted results (i.e. reported results excluding items of note, net of
income taxes) to assess each of its businesses and measure overall Bank performance. Adjusted net
income, adjustedearnings per share(EPS) andrelatedterms usedinthis presentationarenot defined
terms under GAAPand, therefore, may not becomparabletosimilar terms usedby other issuers. See
Howthe Bank Reports in the Banks Third Quarter 2014 Earnings News Release and Management
Discussion&Analysis(td.com/investor) for further explanation, reportedbasisresults, alist of theitems
of note, andareconciliationof non-GAAPmeasures. [2] Reportednet incomefor Q32014was$2,107
million, up 38%YoY. [3] Reported EPSfor Q3 2014 was $1.11, up 41%YoY. [4] Retail comprises
Canadian Retail and U.S. Retail segments as reported in the Banks Third Quarter 2014 Earnings
News Release and Management Discussion & Analysis. Reported retail earnings for Q3 2014 were
$1,961 million, up 38%YoY. [5] Reported Canadian Retail operating leverage for Q3 2014 was 260
bps. Reported Canadian Retail expenses for Q3 2014 were $2,076 million, up 7%YoY[6] Reported
Corporatenet lossfor Q32014was$70million.
Total Bank and Segment P&L
$MM
1
Total Bank Earnings
Q3/14 Q2/14 Q3/13
Retail
4
$ 2,004 1,897 1,447
Wholesale 216 207 148
Corporate (53) (30) (11)
Net Income (adjusted)
1
$ 2,167 2,074 1,584
Net Income (reported) 2,107 1,988 1,523
Canadian Retail
Q3/14 Q2/14 Q3/13
Revenue $ 4,934 4,678 4,488
PCL 228 238 216
Insurance Claims and
Related Expenses
771 659 1,140
Expenses (adjusted)
1,5
2,018 1,987 1,901
Net Income (adjusted)
1
$ 1,443 1,349 934
Net Income (reported) 1,400 1,326 910
U.S. Retail (in US$MM)
Q3/14 Q2/14 Q3/13
Revenue $ 1,891 1,886 1,970
PCL 118 155 217
Expenses 1,220 1,213 1,231
Net Income, U.S. Retail
Bank
$ 449 425 431
Net Income, TD AMTD $ 69 70 68
Total Net Income $ 518 495 499
Net Income, U.S. Retail
Bank (C$)
$ 485 470 444
Net Income, TD AMTD (C$) $ 76 78 69
Net Income (C$) $ 561 548 513
Wholesale
Q3/14 Q2/14 Q3/13
Revenue $ 680 678 564
PCL 5 7 23
Expenses 392 405 351
Net Income $ 216 207 148
Corporate
Q3/14 Q2/14 Q3/13
Net Corporate Expenses $ (170) (159) (120)
Other 90 103 83
Non-Controlling Interests 27 26 26
Net Income (Loss)
(adjusted)
1
$ (53) (30) (11)
Net Income (Loss)
(reported)
(70) (93) (48)