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1 TD bank GROUP 2017 ANNUAL REPORT19504 FSC Logo The TD logo and other trade-marks are the property of The toronto - dominion bank or a wholly-owned subsidiary, in Canada and/or other Annual ReportReady for youTD bank GROUP ANNUAL REPORT 2017 SHAREHOLDER AND INVESTOR INFORMATION209 Design: q30 design inc., Printing: TC Transcontinental Printing2017 Snapshot 1 Year at a Glance 2 Performance Indicators 4TD Framework and Strategy 5 GROUP President and CEO s Message 6 Chairman of the Board s Message 7 MANAGEMENT S DISCUSSION AND ANALYSIS 11 FINANCIAL RESULTSC onsolidated Financial Statements 118 Notes to Consolidated Financial Statements 127 Ten-Year Statistical Review 203 Glossary 207 Shareholder and Investor Information 209 For information on TD s commitments to the community see the TD Corporate Responsibility Report online by visiting (2017 report available April 2018)

2 For more information, see the interactive TD Annual Report online by visiting and Investor InformationMARKET LISTINGSThe common shares of The toronto - dominion bank are listed for trading on the toronto Stock Exchange and the New York Stock Exchange under the symbol TD . The toronto - dominion bank preferred shares are listed on the toronto Stock information regarding the bank s listed securities, including ticker symbols and CUSIP numbers, is available on our website at under Investor Relations/Share Information or by calling TD Shareholder Relations at 1-866-756-8936 or 416-944-6367 or by e-mailing FOR FISCAL 2017 Ernst & Young LLPDIVIDENDSD irect dividend depositing: Shareholders may have their dividends deposited directly to any bank account in Canada or the For this service, please contact the bank s transfer agent at the address dollar dividends.

3 Dividend payments sent to addresses or made directly to bank accounts will be made in funds unless a shareholder otherwise instructs the bank s transfer agent. Other shareholders can request dividend payments in funds by contacting the bank s transfer agent. Dividends will be exchanged into funds at the bank of Canada daily average exchange rate published at 16:30 (Eastern) on the fifth business day after the record date, or as otherwise advised by the information is available at under Investor Relations/Share Information. Dividends, including the amounts and dates, are subject to declaration by the Board of Directors of the REINVESTMENT PLANFor information regarding the bank s dividend reinvestment plan, please contact our transfer agent or visit our website at under Investor Relations/Share YOUAND YOUR INQUIRY RELATES TOPLEASE CONTACTAre a registered shareholder (your name appears on your TD share certificate)

4 Missing dividends, lost share certificates, estate questions, address changes to the share register, dividend bank account changes, the dividend reinvestment plan, eliminating duplicate mailings of shareholder materials or stopping (and resuming) receiving annual and quarterly reportsTransfer Agent: AST Trust Company (Canada) Box 700, Station BMontr al, Qu bec H3B 3K31-800-387-0825 (Canada and only)or 416-682-3860 Facsimile: or your TD shares through the Direct Registration System in the United StatesMissing dividends, lost share certificates, estate questions, address changes to the share register, eliminating duplicate mailings of shareholder materials or stopping (and resuming) receiving annual and quarterly reportsCo-Transfer Agent and Registrar: Box 505000 Louisville, KY 40233 or462 South 4th Street, Suite 1600 Louisville, KY 402021-866-233-4836 TDD for hearing impaired: 1-800-231-5469 Shareholders outside of : 201-680-6578 TDD shareholders outside of.

5 Own TD shares that are held in the name of an intermediary, such as a bank , a trust company, a securities broker or other nomineeYour TD shares, including questions regarding the dividend reinvestment plan and mailings of shareholder materialsYour intermediaryTD SHAREHOLDER RELATIONSFor all other shareholder inquiries, please contact TD Shareholder Relations at 416-944-6367 or 1-866-756-8936 or e-mail Please note that by leaving us an e-mail or voicemail message you are providing your consent for us to forward your inquiry to the appropriate party for may communicate directly with the independent directors through the Chairman of the Board, by writing to.

6 Chairman of the Board The toronto - dominion bank Box 1 toronto - dominion Centre toronto , Ontario M5K 1A2or you may send an e-mail c/o TD Shareholder Relations at E-mails addressed to the Chairman received from shareholders and expressing an interest to communicate directly with the independent directors via the Chairman will be provided to Mr. OFFICEThe toronto - dominion bank Box 1 toronto - dominion Centre King St. W. and Bay St. toronto , Ontario M5K 1A2 Product and service information 24 hours a day, seven days a week:In Canada contact TD Canada Trust 1-866-222-3456 In the contact TD bank , America s Most Convenient bank 1-888-751-9000 French: 1-800-895-4463 Cantonese/Mandarin: 1-800-387-2828 Telephone device for the hearing impaired: 1-800-361-1180 Website: In Canada: In the : E-mail: (Canada only.)

7 Customers can e-mail customer service via )ANNUAL MEETINGT hursday, March 29, 2018 9:30 (Eastern) Design Exchange toronto , OntarioSUBORDINATED NOTES SERVICEST rustee for subordinated notes:Computershare Trust Company of CanadaAttention: Manager,Corporate Trust Services100 University Avenue, 11th FloorToronto, Ontario M5J 2Y1 Vous pouvez vous procurer des exemplaires en fran ais du rapport annuel au service suivant :Affaires internes et publiquesLa Banque Box 1, toronto - dominion CentreToronto (Ontario) M5K 1A2 NORMAL COURSE ISSUER BIDOn September 18, 2017, the bank announced that the TSX and OSFI approved the bank s amended NCIB to repurchase for cancellation up to an additional 20 million of the bank s common shares.

8 Pursuant to the amended Notice of Intention filed with the TSX, the NCIB ends on March 20, 2018, such earlier date as the bank may determine or such earlier date as the bank may complete its purchases. A copy of the Notice may be obtained without charge by contacting TD Shareholder Relations by phone at 416-944-6367 or 1-866-756-8936 or by e-mail at bank GROUP ANNUAL REPORT 2017 2017 SNAPSHOT12017 Snapshot1201320142015201620170$12,00010, 0008,0006,0004,0002,000 NET INCOME available to common shareholders(millions of Canadian dollars) $ PER COMMON SHARE(Canadian dollars)TOTAL SHAREHOLDER RETURN(5-year CAGR)TD S PREMIUM RETAIL EARNINGS ON COMMON EQUITY(percent)AdjustedReported201320142 01520162017400$1,4008001,0001,2006002000 TOTAL ASSETS(billions of Canadian dollars)

9 TD s 5-year CAGR Reported Adjusted TD s 5-year CAGR Reported Adjusted TD s 2017 Return on Common Equity Adjusted TD s 5-year CAGR Canadian peers 5-year CAGR Canadian peers 90% Retail 10% Wholesale$1,279 billion of total assets as at October 31, s premium earnings mix reflects our North American retail focus lower-risk businesses with stable, consistent earnings60%30%10%Canadian RetailWholesale1 Refer to the footnotes on pages 2 and 3 for information on how these results are calculated. 2 Reported basis excluding Corporate $6543210 DILUTED EARNINGS PER SHARE(Canadian dollars)AdjustedReportedTD bank GROUP ANNUAL REPORT 2017 YEAR AT A GLANCE21 The toronto - dominion bank ( TD or the bank ) prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS), the current Generally Accepted Accounting Principles (GAAP), and refers to results prepared in accordance with IFRS as the reported results.

10 The bank also utilizes non-GAAP financial measures to arrive at adjusted results to assess each of its businesses and to measure overall bank performance. To arrive at adjusted results, the bank removes items of note , from reported results. Refer to the Financial Results Overview in the accompanying 2017 Management s Discussion and Analysis (MD&A) for further explanation, a list of the items of note, and a reconciliation of non-GAAP financial measures. Five-year CAGR is the compound annual growth rate calculated from 2012 to 2017 on a reported and adjusted basis. Reference to retail earnings includes the total reported earnings of the Canadian Retail and Retail TSR is calculated based on share price movements and dividends reinvested over the trailing one, three, five, and ten year periods ending October 31, 2017.