Building - td.com

1 Building To g e t h e r2021 Annual ReportTable of ContentsOUR STRATEGY 1 Group President and CEO s Message 2 Chair of the Board s Message 4 Proven Business Model 5 Purpose-Driven 7 Our Environmental, Social and Governance strategy 8 Forward-Focused 11 MANAGEMENT S DISCUSSION AND ANALYSIS 14 Glossary 125 FINANCIAL RESULTSC onsolidated Financial Statements 127 Notes to Consolidated Financial Statements 139 Ten-Year Statistical Review 218 Board Committees 220 Shareholder and Investor Information 221 For information on TD s commitment to the community and our

2 Environment visit the TD Annual Report online by visiting BANK GROUP ANNUAL REPORT 2021 OUR STRATEGY1 Our StrategyAnchored in our proven business model, we are guided by our purpose to give our customers, communities and colleagues the opportunities and confidence to thrive in a changing world. Proven Business ModelDeliver consistent earnings growth, underpinned by a strong risk culturePurpose-DrivenCentre everything we do on our vision, purpose and shared commitmentsForward-FocusedShape the future of banking in the digital ageOur BusinessEvery day, TD enriches the lives of millions of customers who rely on us for their financial needs and to help them achieve their goals.

3 (as at October 31, 2021)~90,000 TD colleagues5th largest bank in North America11 By total assets, as at October 31, million customers served around the globe15 millionactive digital customers74,000+ hours volunteered by colleagues in our communities in 2021500 community organizations received support in 2021 through the TD Ready Commitment2TD BANK GROUP ANNUAL REPORT 2021 GROUP PRESIDENT AND CEO S MESSAGEG roup President and CEO s MessageIn 2021, TD bankers once again demonstrated their resilience and dedication to the Bank and to those we we close this second year of unprecedented disruption, TD is strong, our businesses are growing, and we are well-positioned for the future.

4 90,000 colleagues across the globe worked at TD locations and from home to operate the Bank with excellence, advance our strategy and support the millions of families and businesses who have placed their trust in us. They also supported the communities in which we live and work, identified new opportunities to drive sustainable and inclusive growth, and contributed significantly to the economic recovery. I could not be more proud of what our colleagues accomplished they delivered for all our stakeholders, including our shareholders,during a time of prolonged and Progress In 2021, TD delivered earnings of $ billion ($ billion on an adjusted basis), a 20% increase over 2020 and above our 2019 pre-pandemic level.

5 Our personal and commercial banking businesses in Canada and the recorded strong volume and fee income growth as we added new customers and deepened existing relationships. Our Wealth and Insurance businesses delivered higher revenues and our Wholesale bank built on last year s record performance, winning key client mandates and continuing to advance our dollar strategy. Our capital position remained strong with a Common Equity Tier 1 ratio of per cent at year-end, up more than 200 basis points from the fourth quarter last year. Reflecting these strong results, we declared a ten-cent dividend increase for the first quarter of fiscal 2022, after an industry-wide pause last year at the request of our regulators.

6 We are pleased to be able to return capital to our shareholders, while retaining significant flexibility to invest in both organic and inorganic growth technology increasingly shaping our customers day-to-day engagement with the Bank, we continued to innovate to support their changing needs. In 2021, we introduced new capabilities such as virtual check-in at our stores, a self-service portal for TD Auto Finance andAI-enhanced digital experiences in our mobile banking addition, TD Securities completed the acquisition ofHeadlands Tech Global Markets, further strengthening ourelectronic bond trading capabilities as we deliver data-driveninnovation to expand our growing global MasraniGroup President and Chief Executive Officer TD BANK GROUP ANNUAL REPORT 2021 GROUP PRESIDENT AND CEO S MESSAGE3 All across the Bank, we continued to invest in our most important asset our people to enable them to grow their careers at TD.

7 In the past year, more than three-quarters of our colleagues used our TD Thrive online learning platform to expand their skill set and deepen their knowledge to better serve our customers. I am pleased to recognize their extraordinary efforts with a one-time award of five TD shares to all eligible non-executive employees. Sustainable and Inclusive GrowthAt TD, our purpose is to enrich the lives of our customers, communities and colleagues, and we know that we will not thrive unless the communities around us thrive. Environmental, Social and Governance (ESG) priorities are integral to our success and represent the foundations upon which we will build the next phase of growth at TD and across our economies.

8 In order to reinforce our ongoing efforts to embed these principles in our strategy and operations across the Bank, ESG performance is linked to the Senior Executive Team s compensation, with the addition of new metrics in 2021 related to climate change, diversity and inclusion and employee engagement. The urgency of climate change is real, and TD has taken important action to contribute to the transition to a low-carbon entered fiscal 2021 with the launch of our Climate Action Plan, including a target of net-zero emissions from our operations and financing activities by 2050, and we concluded the year with a pledge to join the United Nations-sponsored Net-Zero Banking Alliance to foster global coordination and cooperation.

9 We set clear goals as the year advanced and invested in our businesses to support our clients as they developed their own strategies to transition to a net-zero world. Through TD Securities expertise in Green Bond underwriting and the work of the Sustainable Finance and Corporate Transitions Group, we are helping the economies and businesses we support seize new opportunities and drive change. As a result of these and other efforts, I was particularly pleased that TD was listed on the Dow Jones Sustainability World Index for the eighth consecutive year. The pandemic has also reinforced the need to accelerate efforts to create a more inclusive world and workforce. TD is Building on our long track record of progress and is implementing programs across the Bank and within the community to help create a more inclusive future for everyone, in a society without bias, discrimination or racism.

10 In recognition of our sustained efforts in creating a diverse and inclusive workplace, TD was recognized as one of Canada s Best Diversity Employers by Mediacorp and was named to the Forbes List of Best Employers for Diversity in the 2021, we were there when our customers needed us most and we are dedicated to promoting financial and economic inclusion to help more households and businesses gain access to much-needed financial services. During the pandemic, we extended billions in additional credit and payment deferrals and helped deliver government relief programs including the Canada Emergency Business Account Program and the Paycheck Protection Program in the Recently, we announced a new strategic alliance with Canada Post, which aims to increase access to financial services for Canadians in rural, remote and Indigenous communities.