Summary of TD Bank's Conference Call Company Overview - **Company**: Toronto-Dominion Bank (TD Bank) - **Event**: Barclays 21st Annual Global Financial Services Conference - **Date**: September 13, 2023 - **Participants**: Leo Salom (President and CEO), John Aiken (Barclays) Key Points Industry Context - The U.S. banking industry faced significant challenges in 2023, including the second, third, and fourth largest bank failures in U.S. history, leading to $1 trillion in deposit outflows over the last 15 months [2][4] - TD Bank has a strong position with $150 billion in excess deposits, providing flexibility in a turbulent market [2][4] Deposit Base and Lending Strategy - Approximately 60% of TD's deposits are from retail checking accounts and low savings products, creating a stable funding base [3] - TD has become the third largest government banking cash manager in the U.S., enhancing its liquidity and lending capabilities [4] - Despite ongoing downward pressure on deposit levels, TD is well-positioned to selectively take market share from competitors facing liquidity challenges [4] Strategic Partnerships - TD holds a 12.4% stake in Schwab, with a sweep arrangement totaling $103 billion, which has decreased year-on-year as clients invest in T-bills and equities [6][7] - A new agreement with Schwab raised the minimum sweep amount to $60 billion and extended the contract to 2034, providing Schwab with flexibility during uncertain market conditions [7] Growth and Acquisition Strategy - TD's focus has shifted to organic growth following the unsuccessful acquisition of First Horizon, emphasizing its ability to grow organically with a client base of 10 million and nearly 1,200 stores [9][10] - Plans to enhance capabilities in three areas: cards business, wealth management, and mid-market business [11] Wealth Management and Advisory Services - TD is expanding its investment advisory business for mass affluent and high net worth clients, adding 75 advisers this year [13][14] - The wealth management business has seen a 13% year-on-year growth in assets under administration (AUA) [16] Capital Markets and Cowen Acquisition - The acquisition of Cowen enhances TD's capital markets capabilities, providing access to a mid-market clientele and a full range of services [19][20] - Cowen's integration is expected to accelerate TD's growth plans in the mid-market space [21] Economic Outlook - The U.S. economy shows resilience with positive job growth and consumer spending, although a shift from goods to services is noted [26] - Inflation is cooling, but interest rates may weigh on economic growth in 2024, with a potential for gradual deceleration rather than a recession [26][27] - TD is well-positioned with strong capital ratios and liquidity to navigate economic challenges [28][29] Lending Performance - In Q3, TD's mortgage business grew by 17%, with commercial lending up 9% [31] - The bank aims to increase its credit card penetration from 14-15% to 25-30% of customers, having launched new credit card offerings [32][33] Regulatory Environment - TD is in discussions with regulators regarding compliance matters, but believes these issues are manageable [24] - The bank is prepared for potential changes in capital requirements stemming from Basel III regulations [52][54] Operational Efficiency - TD is focusing on productivity improvements and cost management to support growth initiatives [56][58] - Investments in technology and infrastructure are aimed at enhancing efficiency and service quality [58][60] Integration with Canadian Operations - TD leverages its North American platform to provide seamless services to clients with cross-border needs, particularly Canadian snowbirds [49][62] Conclusion TD Bank is navigating a challenging banking environment with a strong deposit base, strategic partnerships, and a focus on organic growth. The bank is well-positioned to capitalize on market opportunities while managing regulatory and economic challenges.

The Toronto-Dominion Bank (NYSE:TD) Scotiabank 24th Annual Financials Summit Conference September 6, 2023 10:25 AM ET Company Participants Bharat Masrani - Group President and CEO Conference Call Participants Meny Grauman - Scotiabank Meny Grauman Okay. So we are back for the second group of companies. It's my pleasure now to introduce TD Bank Group's President and CEO, Bharat Masrani. Good to see you, Bharat. Bharat Masrani Good to see you. Meny Grauman Have a seat. There's some water here. Bharat Masrani ...

The Toronto-Dominion Bank (NYSE:TD) Q3 2023 Results Conference Call August 24, 2023 1:00 PM ET Company Participants Brooke Hales - Head, IR Bharat Masrani - CEO Kelvin Tran - CFO Ajai Bambawale - Chief Risk Officer Michael Rhodes - Group Head, Canadian Personal Banking Leo Salom - President and CEO, TD Bank, America's Most Convenient Bank Riaz Ahmed - Group Head, Wholesale Banking Conference Call Participants Meny Grauman - Scotiabank Sohrab Movahedi - BMO Capital Markets Doug Young - Desjardins Capital Mar ...

Exhibit 99.1 TD Bank Group Reports Third Quarter 2023 Results Report to Shareholders • Three and nine months ended July 31, 2023 The financial information in this document is reported in Canadian dollars and is based on the Bank's unaudited Interim Consolidated Financial Statements and related Notes prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise noted. Reported results conform to generally acce ...

| --- | |---------------| | | | | | TD Bank Group | | Quarterly | 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 pursua ...

The Toronto-Dominion Bank (NYSE:TD) Q2 2023 Earnings Conference Call May 25, 2023 1:30 PM ET Company Participants Brooke Hales - Investor Relations Bharat Masrani - Chief Executive Officer Kelvin Tran - Chief Financial Officer Ajai Bambawale - Chief Risk Officer Leo Salom - President and CEO, TD Bank, America's Most Convenient Bank Riaz Ahmed - Group Head, Wholesale Banking Raymond Chun - Group Head, Wealth Management and Insurance Michael Rhodes - Group Head, Canadian Personal Banking Barbara Hooper - Grou ...

Exhibit 99.1 TD Bank Group Reports Second Quarter 2023 Results Report to Shareholders • Three and six months ended April 30, 2023 The financial information in this document is reported in Canadian dollars and is based on the Bank's unaudited Interim Consolidated Financial Statements and related Notes prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise noted. Reported results conform to generally acc ...

The Toronto-Dominion Bank (NYSE:TD) NBF 21st Annual Financial Services Conference March 29, 2023 11:40 AM ET Company Participants Michael Rhodes – Group Head Canadian Personal Banking, TD Bank Group Conference Call Participants Unidentified Analyst All right. I'd like to welcome to the stage our next guest, Michael Rhodes, Group Head Canadian Personal Banking. Michael was here last year as well when we're dealing with a different issue geopolitical one. And this year it's a closer to home issue, but nonethe ...

The Toronto-Dominion Bank (NYSE:TD) RBC Capital Markets Global Financial Institutions Conference Call March 7, 2023 11:20 AM ET Company Participants Kelvin Tran - Chief Financial Officer Conference Call Participants Darko Mihelic - RBC Capital Markets Darko Mihelic Good morning, everybody. My name is Darko Mihelic. For those of you who haven't met me, I'm the research analyst in Toronto. I cover the Canadian banks and the Canadian life insurers. And welcome to the session. We're excited to have Kelvin Tran, ...

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 for ...