TD Bank Group Reports Fourth Quarter and Fiscal 2010 Results

Dec 02, 2010, 06:30 ET from TD BANK FINANCIAL GROUP

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    This quarterly earnings release should be read in conjunction with our
    unaudited fourth quarter 2010 consolidated financial results ended
    October 31, 2010 included in this Earnings News Release and with our
    audited 2010 Consolidated Financial Statements, which is available on our
    website at http://www.td.com/investor/. This analysis is dated
    December 2, 2010. Unless otherwise indicated, all amounts are expressed
    in Canadian dollars, and have been primarily derived from the Bank's
    Annual or Interim Consolidated Financial Statements prepared in
    accordance with Canadian generally accepted accounting principles (GAAP).
    The accounting policies used in the preparation of these consolidated
    financial results are consistent with those used in the Bank's
    October 31, 2010 Consolidated Financial Statements. Certain comparative
    amounts have been reclassified to conform to the presentation adopted in
    the current period. Additional information relating to the Bank is
    available on the Bank's website http://www.td.com, as well as on SEDAR at
    http://www.sedar.com and on the U.S. Securities and Exchange Commission's
    (SEC) website at http://www.sec.gov (EDGAR filers section).

    FOURTH QUARTER FINANCIAL HIGHLIGHTS, compared with the fourth quarter
    last year:

    -   Reported diluted earnings per share were $1.07, compared with $1.12.
    -   Adjusted diluted earnings per share were $1.38, compared with $1.46.
    -   Reported net income was $994 million, compared with $1,010 million.
    -   Adjusted net income was $1,260 million, compared with $1,307 million.

    FULL YEAR FINANCIAL HIGHLIGHTS, compared with last year:

    -   Reported diluted earnings per share were $5.10, compared with $3.47.
    -   Adjusted diluted earnings per share were $5.77, compared with $5.35.
    -   Reported net income was $4,644 million, compared with $3,120 million.
    -   Adjusted net income was $5,228 million, compared with $4,716 million.

    Adjusted measures are non-GAAP. Refer to the "How the Bank Reports"
    section of the Management's Discussion and Analysis for an explanation of
    reported and adjusted results.

    FOURTH QUARTER ADJUSTMENTS (ITEMS OF NOTE)

    The fourth quarter reported earnings figures included the following items
    of note:

    -   Amortization of intangibles of $115 million after tax (14 cents per
        share), compared with $116 million after tax (13 cents per share) in
        the fourth quarter last year.
    -   A loss of $8 million after tax (1 cent per share), due to the change
        in fair value of derivatives hedging the reclassified
        available-for-sale debt securities portfolio, compared with a loss of
        $73 million after tax (9 cents per share) in the fourth quarter last
        year.
    -   Integration and restructuring charges of $18 million after tax
        (2 cents per share), relating to the U.S. Personal and Commercial
        Banking acquisitions, compared with $89 million after tax (10 cents
        per share) in the fourth quarter last year.
    -   A loss of $4 million after tax, due to the change in fair value of
        credit default swaps hedging the corporate loan book, net of
        provision for credit losses (PCL), compared with a loss of
        $19 million after tax (2 cents per share) in the fourth quarter last
        year.
    -   An increase in the tax provision of $121 million (14 cents per share)
        reflecting the resolution of a number of outstanding tax matters
        related to certain previously discontinued strategies in the
        Wholesale Banking segment.

TORONTO, Dec. 2 /PRNewswire-FirstCall/ - TD Bank Group (TD or the Bank) today announced its financial results for the fourth quarter ended October 31, 2010. Overall results for the quarter reflected very strong retail earnings performance.

"The fourth quarter completed a great year for TD, with our retail operations delivering a record $4.8 billion in adjusted earnings for 2010. Canadian Personal and Commercial Banking had yet another strong quarter, while our U.S. operations continued to perform very well despite new regulatory challenges and ongoing weakness in the economy," said Ed Clark, Group President and Chief Executive Officer, TD. "Our results in Wholesale Banking also exceeded our expectations, even though markets remained challenging."

Canadian Personal and Commercial Banking

Canadian Personal and Commercial Banking posted earnings of $773 million in the fourth quarter, up 24% from the same period last year. Revenue grew 10% while PCL declined by 24%. Expenses increased by 9% due to the timing of business investment initiatives and higher project-related costs. TD Canada Trust (TDCT) reported strong volume growth, primarily in core banking, financing services, real estate secured lending, and insurance. During the quarter, TDCT also announced it will introduce Sunday hours across approximately 300 branches, providing seven-day banking in those branches.

"For the fourth straight quarter, earnings at Canadian Personal and Commercial Banking grew more than 20%, marking an outstanding year for the business. We continued to win market share, benefitting from our leadership position in branch hours and the ongoing investment in our network," said Tim Hockey, Group Head, Canadian Banking and Insurance, TD. "This quarter, customer satisfaction levels also hit a record by every measure we track, which speaks to our commitment to delivering the absolute best in customer service and convenience. For 2011, we expect healthy but more moderate growth in revenue, as volume growth slows and competitive pricing continues to pressure margins."

Wealth Management

Global Wealth net income, which excludes TD's reported investment in TD Ameritrade, was $118 million in the quarter, up 22% from the same period last year, driven by increased fee-based revenue from higher client assets and increased net interest margin. The fourth quarter marked the seventh consecutive quarter of improved profit for the business. TD Ameritrade contributed $33 million in earnings to the segment, down 44% from the same period last year, due to lower earnings at TD Ameritrade and the translation effect of a stronger Canadian dollar.

"We see good momentum in the business and we remain competitive in attracting new client assets with our product and service offering," said Mike Pedersen, Group Head, Wealth Management, Direct Channels and Corporate Shared Services, TD. "I'm proud to be leading a business poised for growth."

U.S. Personal and Commercial Banking

U.S. Personal and Commercial Banking generated US$257 million in reported net income for the quarter. On an adjusted basis, the segment earned US$275 million, up 40% from the fourth quarter last year. Revenue in U.S. dollar terms grew 14% from the same period last year, driven by increased loan and deposit volume, wider product spreads, and recent acquisitions. Total PCL dropped to US$142 million, down 29% compared with the same period last year.

"TD Bank, America's Most Convenient Bank, finished the year on a high note, delivering US$1 billion in adjusted earnings for 2010, despite the sluggish pace of recovery of the U.S. economy and the low interest rate environment," said Bharat Masrani, Group Head, U.S. Personal and Commercial Banking, TD. "We're confident we have built a competitive growth platform around a business model focused on long-term profitability. While we remain somewhat cautious given the macroeconomic challenges, we will continue to take market share in 2011 and are excited by the early performance we've seen from the acquisitions in Florida and the Carolinas completed this year."

Wholesale Banking

Wholesale Banking recorded net income of $95 million on a reported basis, and $216 million on an adjusted basis, for the quarter. Last year's results reflected strong, broad-based performance driven by the unprecedented rate of recovery in the global financial system. This quarter, as markets continued to normalize, the business experienced lower client volumes and fewer trading opportunities, partially offset by better currency trading, investment banking income and investment portfolio gains.

"This quarter was a strong finish to a very good year. TD Securities generated close to $1 billion in adjusted net income in 2010 despite a challenging operating environment," said Bob Dorrance, Group Head, Wholesale Banking, TD. "Our client-driven franchise strategy served us well through the choppy markets and we are well positioned for continued good performance through 2011."

Corporate

The Corporate segment, which includes the Bank's other activities, recorded a net loss of $290 million, up $28 million, on a reported basis, and a net loss of $163 million, up $109 million, on an adjusted basis, from the same period last year. The higher adjusted net loss this quarter was primarily attributable to higher net corporate expenses and the impact of favourable tax-related items last year, partially offset by favourable hedging and treasury activities.

Capital

TD's Tier 1 capital ratio was 12.2%. Capital quality remained very high, with tangible common equity comprising about 75% of Tier 1 capital.

"We expect to hold more capital as a result of the new rules being finalized by regulators. However, our current levels are very strong and we do not believe we will need to raise additional capital as a result," Clark said. "Our dividend policy remains driven by our outlook for earnings, rather than our capital position, and we expect to provide the market with some clarity in that regard in the next several months."

Conclusion

"Looking back on 2010, this has been a year of significant growth for TD and we're poised to continue to deliver strong results despite the challenging economy and the regulatory environment, which still remains uncertain," Clark said. "The pace of recovery has been slower than we would like and interest rates remain near historic lows. However, we're confident that our ongoing investments in our franchise, and our unrelenting focus on the needs of our customers and clients will help us achieve sustainable growth in the years ahead. Our success wouldn't be possible without the dedication shown by our employees every day and I want to thank them for another great year."

The foregoing contains forward-looking statements.

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    Caution Regarding Forward-Looking Statements

    From time to time, the Bank makes written and/or oral forward-looking
    statements, including in this earnings news release, 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 Reform Act of 1995. Forward-looking
    statements include, but are not limited to, statements made in this
    earnings news release, the Bank's 2010 Management's Discussion and
    Analysis ("MD&A") under the headings "Economic Summary and Outlook" and,
    for each business segment, "Business Outlook and Focus for 2011" and in
    other statements regarding the Bank's objectives and priorities for 2011
    and beyond and strategies to achieve them, and the Bank's 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 statements require the Bank to make
    assumptions and are subject to inherent risks and uncertainties, general
    and specific. Especially in light of the current uncertainty related to
    the financial, economic 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 such
    differences include: credit, market (including equity, commodity, foreign
    exchange and interest rate), liquidity, operational, reputational,
    insurance, strategic, regulatory, legal, environmental and other risks,
    all of which are discussed in the MD&A. Additional risk factors include
    the impact of recent U.S. legislative developments, as discussed under
    "Significant Events in 2010" in the "How we Performed" section of this
    earnings news release; changes to and new interpretations of capital and
    liquidity guidelines and reporting instructions; increased funding costs
    for credit due to market illiquidity and competition for funding; and the
    failure of third parties to comply with their obligations to the Bank or
    its affiliates relating to the care and control of information. We
    caution 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 see the "Risk Factors and
    Management" section of the 2010 MD&A. 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 we caution 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 are set out in the 2010 MD&A under the
    headings "Economic Summary and Outlook" and, for each business segment,
    "Business Outlook and Focus for 2011", 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 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.
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This document was reviewed by the Bank's Audit Committee and was approved by the Bank's Board of Directors, on the Audit Committee's recommendation, prior to its release.

    FINANCIAL HIGHLIGHTS
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    (millions of Canadian                                     For the twelve
     dollars, except          For the three months ended        months ended
     as noted)             --------------------------------------------------
                             Oct. 31,  July 31,  Oct. 31,  Oct. 31,  Oct. 31,
                                2010      2010    2009(1)     2010    2009(1)
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    Results of operations
    Total revenue           $  5,017  $  4,744  $  4,718  $ 19,565  $ 17,860
    Provision for credit
     losses                      404       339       521     1,625     2,480
    Non-interest expenses      3,263     2,966     3,095    12,163    12,211
    Net income - reported(2)     994     1,177     1,010     4,644     3,120
    Net income - adjusted(2)   1,260     1,304     1,307     5,228     4,716
    Economic profit(3)           105       208       262       876       561
    Return on common
     equity - reported          9.7%     12.2%     11.0%     12.1%      8.4%
    Return on invested
     capital(3)                11.0%     12.0%     12.6%     12.1%     11.4%
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    Financial position
    Total assets            $619,545  $603,467  $557,219  $619,545  $557,219
    Total risk-weighted
     assets                  199,910   189,190   189,585   199,910   189,585
    Total shareholders'
     equity                   42,302    41,336    38,720    42,302    38,720
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    Financial ratios
    Efficiency ratio -
     reported                  65.0%     62.5%     65.6%     62.2%     68.4%
    Efficiency ratio -
     adjusted                  61.4%     58.8%     58.4%     58.6%     59.2%
    Tier 1 capital to
     risk-weighted assets      12.2%     12.5%     11.3%     12.2%     11.3%
    Provision for credit
     losses as a % of net
     average loans             0.60%     0.51%     0.79%     0.62%     0.97%
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    Common share
     information - reported
     (Canadian dollars)
    Per share
      Basic earnings        $   1.08  $   1.30  $   1.12  $   5.13  $   3.49
      Diluted earnings          1.07      1.29      1.12      5.10      3.47
      Dividends                 0.61      0.61      0.61      2.44      2.44
      Book value               44.29     43.41     41.13     44.29     41.13
    Closing share price        73.45     73.16     61.68     73.45     61.68
    Shares outstanding
     (millions)
      Average basic            874.9     870.2     855.6     867.1     847.1
      Average diluted          879.7     875.1     861.1     872.1     850.1
      End of period            878.5     874.1     858.8     878.5     858.8
    Market capitalization
     (billions of Canadian
     dollars)               $   64.5  $   63.9  $   53.0  $   64.5  $   53.0
    Dividend yield              3.4%      3.4%      3.7%      3.5%      4.8%
    Dividend payout ratio      56.4%     47.2%     54.3%     47.6%     70.3%
    Price to earnings ratio     14.4     14.2       17.8      14.4      17.8
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    Common share
     information - adjusted
     (Canadian dollars)
    Per share
      Basic earnings        $   1.39  $   1.44  $   1.47  $   5.81  $   5.37
      Diluted earnings          1.38      1.43      1.46      5.77      5.35
    Dividend payout ratio      44.1%     42.4%     41.5%     42.1%     45.6%
    Price to earnings ratio     12.7      12.5      11.6      12.7      11.6
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    (1) As explained in the "How the Bank Reports" section, effective the
        second quarter ended April 30, 2009, the reporting periods of U.S.
        entities are aligned with the reporting period of the Bank.
    (2) Adjusted measures are non-GAAP. Refer to the "How the Bank Reports"
        section for an explanation of reported and adjusted results.
    (3) Economic profit and return on invested capital are non-GAAP financial
        measures. Refer to the "Economic Profit and Return on Invested
        Capital" section for an explanation.

HOW WE PERFORMED

How the Bank Reports

The Bank prepares its Consolidated Financial Statements in accordance with GAAP and refers to results prepared in accordance with GAAP as "reported" results. 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", net of income taxes, from reported results. The items of note relate to items which management does not believe are indicative of underlying business performance. The Bank believes that adjusted results provide the reader with a better understanding of how management views the Bank's performance. The items of note are listed in the table on the following page. As explained, adjusted results are different from reported results determined in accordance with GAAP. Adjusted results, items of note, and related terms used in this document are not defined terms under GAAP and, therefore, may not be comparable to similar terms used by other issuers.

Effective April 30, 2009, the reporting periods of TD Bank, N.A., which operates as TD Bank, America's Most Convenient Bank, were aligned with the reporting period of the Bank to eliminate the one month lag in financial reporting. Prior to April 30, 2009, the reporting period of TD Bank, N.A. was included in the Bank's financial statements on a one month lag. In accordance with the CICA Handbook Section 1506, Accounting Changes, this alignment is considered a change in accounting policy. The Bank has assessed that the impact to prior periods is not material and therefore, an adjustment was made to opening retained earnings of the second quarter of 2009, to align the reporting period of TD Bank, N.A. to that of the Bank's reporting period.

The following table provides the operating results - reported for the Bank.

    Operating Results - Reported
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    (millions of Canadian                                     For the twelve
     dollars)                 For the three months ended        months ended
                           --------------------------------------------------
                             Oct. 31,  July 31,  Oct. 31,  Oct. 31,  Oct. 31,
                                2010      2010      2009      2010      2009
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    Net interest income     $  2,983  $  2,921  $  2,825  $ 11,543  $ 11,326
    Non-interest income        2,034     1,823     1,893     8,022     6,534
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    Total revenue              5,017     4,744     4,718    19,565    17,860
    Provision for credit
     losses                      404       339       521     1,625     2,480
    Non-interest expenses      3,263     2,966     3,095    12,163    12,211
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    Income before income
     taxes, non-controlling
     interests in
     subsidiaries, and
     equity in net income of
     an associated company     1,350     1,439     1,102     5,777     3,169
    Provision for income
     taxes                       374       310       132     1,262       241
    Non-controlling interests
     in subsidiaries, net
     of income taxes              27        26        27       106       111
    Equity in net income of
     an associated company,
     net of income taxes          45        74        67       235       303
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    Net income - reported        994     1,177     1,010     4,644     3,120
    Preferred dividends           48        49        48       194       167
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    Net income available to
     common shareholders -
     reported               $    946  $  1,128  $    962  $  4,450  $  2,953
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    Non-GAAP Financial Measures - Reconciliation of Adjusted to Reported Net
    Income
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    Operating results -                                       For the twelve
     adjusted                 For the three months ended        months ended
                           --------------------------------------------------
    (millions of Canadian    Oct. 31,  July 31,  Oct. 31,  Oct. 31,  Oct. 31,
     dollars)                   2010      2010      2009      2010      2009
    -------------------------------------------------------------------------
    Net interest income     $  2,983  $  2,921  $  2,825  $ 11,543  $ 11,326
    Non-interest income(1)     2,049     1,861     1,984     8,020     7,294
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    Total revenue              5,032     4,782     4,809    19,563    18,620
    Provision for credit
     losses(2)                   404       339       521     1,685     2,225
    Non-interest expenses(3)   3,088     2,811     2,807    11,464    11,016
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    Income before income
     taxes, non-controlling
     interests in
     subsidiaries, and
     equity in net income of
     an associated company     1,540     1,632     1,481     6,414     5,379
    Provision for income
     taxes(4)                    315       392       231     1,387       923
    Non-controlling interests
     in subsidiaries, net
     of income taxes              27        26        27       106       111
    Equity in net income of
     an associated company,
     net of income taxes(5)       62        90        84       307       371
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    Net income - adjusted      1,260     1,304     1,307     5,228     4,716
    Preferred dividends           48        49        48       194       167
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    Net income available to
     common shareholders -
     adjusted                  1,212     1,255     1,259     5,034     4,549
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    Adjustments for items
     of note, net of income
     taxes
    Amortization of
     intangibles(6)             (115)     (117)     (116)     (467)     (492)
    Increase (decrease) in
     fair value of
     derivatives hedging the
     reclassified available-
     for-sale debt
     securities portfolio(7)      (8)      (14)      (73)        5      (450)
    Integration and
     restructuring charges
     relating to U.S.
     Personal and Commercial
     Banking acquisitions(8)     (18)       (5)      (89)      (69)     (276)
    Increase (decrease) in
     fair value of credit
     default swaps hedging
     the corporate loan book,
     net of provision for
     credit losses(9)             (4)        9       (19)       (4)     (126)
    Recovery of income taxes
     due to changes in
     statutory income tax
     rates(10)                     -         -         -        11         -
    Release of insurance
     claims(11)                    -         -         -        17         -
    General allowance release
     (increase) in Canadian
     Personal and Commercial
     Banking and Wholesale
     Banking(12)                   -         -         -        44      (178)
    Settlement of TD
     Banknorth shareholder
     litigation(13)                -         -         -         -       (39)
    FDIC special assessment
     charge(14)                    -         -         -         -       (35)
    Agreement with Canada
     Revenue Agency(15)         (121)        -         -      (121)        -
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    Total adjustments for
     items of note              (266)     (127)     (297)     (584)   (1,596)
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    Net income available to
     common shareholders -
     reported               $    946  $  1,128  $    962  $  4,450  $  2,953
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    (1)  Adjusted non-interest income excludes the following items of note:
         fourth quarter 2010 - $8 million loss due to change in fair value of
         credit default swaps (CDS) hedging the corporate loan book, as
         explained in footnote 9; $7 million loss due to change in fair value
         of derivatives hedging the reclassified available-for-sale (AFS)
         debt securities portfolio, as explained in footnote 7; third quarter
         2010 - $15 million gain due to change in fair value of credit
         default swaps (CDS) hedging the corporate loan book; $53 million
         loss due to change in fair value of derivatives hedging the
         reclassified available-for-sale (AFS) debt securities portfolio;
         second quarter 2010 - $5 million loss due to change in fair value of
         CDS hedging the corporate loan book; $34 million gain due to change
         in fair value of derivatives hedging the reclassified AFS debt
         securities portfolio; first quarter 2010 - $11 million loss due to
         change in fair value of CDS hedging the corporate loan book;
         $12 million gain due to change in fair value of derivatives hedging
         the reclassified AFS debt securities portfolio; $25 million recovery
         of insurance claims, as explained in footnote 11; fourth quarter
         2009 - $30 million loss due to change in fair value of credit
         default swaps (CDS) hedging the corporate loan book; $61 million
         loss due to change in fair value of derivatives hedging the
         reclassified available-for-sale (AFS) debt securities portfolio;
         third quarter 2009 - $118 million loss due to change in fair value
         of CDS hedging the corporate loan book; $24 million loss due to
         change in fair value of derivatives hedging the reclassified AFS
         debt securities portfolio; second quarter 2009 - $61 million loss
         due to change in fair value of CDS hedging the corporate loan book;
         $166 million loss due to change in fair value of derivatives hedging
         the reclassified AFS debt securities portfolio; first quarter 2009 -
         $13 million gain due to change in fair value of CDS hedging the
         corporate loan book; $313 million loss due to change in fair value
         of derivatives hedging the reclassified AFS debt securities
         portfolio.
    (2)  Adjusted provision for credit losses (PCL) excludes the following
         items of note: second quarter 2010 - $60 million release in general
         allowance for credit losses in Canadian Personal and Commercial
         Banking and Wholesale Banking, as explained in footnote 12; third
         quarter 2009 - $65 million increase in general allowance for credit
         losses in Canadian Personal and Commercial Banking (excluding VFC)
         and Wholesale Banking; second quarter 2009 - $110 million increase
         in general allowance for credit losses in Canadian Personal and
         Commercial Banking (excluding VFC) and Wholesale Banking; first
         quarter 2009 - $80 million increase in general allowance for credit
         losses in Canadian Personal and Commercial Banking (excluding VFC)
         and Wholesale Banking.
    (3)  Adjusted non-interest expenses excludes the following items of note:
         fourth quarter 2010 - $147 million amortization of intangibles as
         explained in footnote 6; $28 million of integration charges related
         to U.S. Personal and Commercial Banking acquisitions, as explained
         in footnote 8; third quarter 2010 - $147 million amortization of
         intangibles; $8 million of integration charges related to U.S.
         Personal and Commercial Banking acquisitions; second quarter 2010 -
         $149 million amortization of intangibles; first quarter 2010 -
         $149 million amortization of intangibles; $71 million of integration
         and restructuring charges related to U.S. Personal and Commercial
         Banking acquisitions; fourth quarter 2009 - $151 million
         amortization of intangibles; $137 million restructuring and
         integration charges related to the Commerce acquisition; third
         quarter 2009 - $158 million amortization of intangibles;
         $109 million of integration and restructuring charges related to
         U.S. Personal and Commercial Banking acquisitions; $55 million the
         Federal Deposit Insurance Corporation (FDIC) special assessment
         charge, as explained in footnote 14; second quarter 2009 -
         $171 million amortization of intangibles; $77 million integration
         and restructuring charges related to the Commerce acquisition;
         settlement of TD Banknorth shareholder litigation of $58 million, as
         explained in footnote 13; first quarter 2009 - $173 million
         amortization of intangibles; $106 million integration and
         restructuring charges related to U.S. Personal and Commercial
         Banking acquisitions.
    (4)  For reconciliation between reported and adjusted provision for
         income taxes, see the 'Non-GAAP Financial Measures - Reconciliation
         of Reported to Adjusted Provision for Income Taxes' table.
    (5)  Adjusted equity in net income of an associated company excludes the
         following items of note: fourth quarter 2010 - $17 million
         amortization of intangibles, as explained in footnote 6; third
         quarter 2010 - $16 million amortization of intangibles; second
         quarter 2010 - $22 million amortization of intangibles; first
         quarter 2010 - $17 million amortization of intangibles; fourth
         quarter 2009 - $17 million amortization of intangibles; third
         quarter 2009 - $20 million amortization of intangibles; second
         quarter 2009 - $16 million amortization of intangibles; first
         quarter 2009 - $15 million amortization of intangibles.
    (6)  Amortization of intangibles primarily relates to the Canada Trust
         acquisition in 2000, the TD Banknorth acquisition in 2005 and its
         privatization in 2007, the Commerce acquisition in 2008, the
         acquisitions by TD Banknorth of Hudson United Bancorp (Hudson) in
         2006 and Interchange Financial Services (Interchange) in 2007, and
         the amortization of intangibles included in equity in net income of
         TD Ameritrade.
    (7)  Effective August 1, 2008, as a result of deterioration in markets
         and severe dislocation in the credit market, the Bank changed its
         trading strategy with respect to certain trading debt securities.
         The Bank no longer intends to actively trade in these debt
         securities. Accordingly, the Bank reclassified certain debt
         securities from trading to the available-for-sale category in
         accordance with the Amendments to CICA Handbook Section 3855,
         Financial Instruments - Recognition and Measurement. As part of the
         Bank's trading strategy, these debt securities are economically
         hedged, primarily with CDS and interest rate swap contracts. This
         includes foreign exchange translation exposure related to the debt
         securities portfolio and the derivatives hedging it. These
         derivatives are not eligible for reclassification and are recorded
         on a fair value basis with changes in fair value recorded in the
         period's earnings. Management believes that this asymmetry in the
         accounting treatment between derivatives and the reclassified debt
         securities results in volatility in earnings from period to period
         that is not indicative of the economics of the underlying business
         performance in Wholesale Banking. As a result, the derivatives are
         accounted for on an accrual basis in Wholesale Banking and the gains
         and losses related to the derivatives in excess of the accrued
         amounts are reported in the Corporate segment. Adjusted results of
         the Bank exclude the gains and losses of the derivatives in excess
         of the accrued amount.
    (8)  As a result of U.S. Personal and Commercial Banking acquisitions and
         related integration and restructuring initiatives undertaken, the
         Bank may incur integration and restructuring charges. Restructuring
         charges consist of employee severance costs, the costs of amending
         certain executive employment and award agreements, contract
         termination fees, and the write-down of long-lived assets due to
         impairment. Integration charges consist of costs related to employee
         retention, external professional consulting charges, marketing
         (including customer communication and rebranding), and
         integration-related travel costs. Beginning in Q2 2010, U.S.
         Personal and Commercial Banking has elected not to include any
         further Commerce-related integration and restructuring charges in
         this item of note as the efforts in these areas wind down and in
         light of the fact that the integration and restructuring is
         substantially complete. For the twelve months ended October 31,
         2010, the integration charges were driven by the FDIC-assisted and
         South Financial acquisitions and there were no restructuring charges
         recorded.
    (9)  The Bank purchases CDS to hedge the credit risk in Wholesale
         Banking's corporate lending portfolio. These CDS do not qualify for
         hedge accounting treatment and are measured at fair value with
         changes in fair value recognized in current period's earnings. The
         related loans are accounted for at amortized cost. Management
         believes that this asymmetry in the accounting treatment between CDS
         and loans would result in periodic profit and loss volatility which
         is not indicative of the economics of the corporate loan portfolio
         or the underlying business performance in Wholesale Banking. As a
         result, the CDS are accounted for on an accrual basis in Wholesale
         Banking and the gains and losses on the CDS, in excess of the
         accrued cost, are reported in the Corporate segment. Adjusted
         earnings exclude the gains and losses on the CDS in excess of the
         accrued cost. When a credit event occurs in the corporate loan book
         that has an associated CDS hedge, the PCL related to the portion
         that was hedged via the CDS is netted against this item of note.
    (10) This represents the impact of scheduled changes in the income tax
         statutory rate on net future income tax balances.
    (11) The Bank accrued an additional actuarial liability in its insurance
         subsidiary operations for potential losses in the first quarter of
         2008 related to a court decision in Alberta. The Alberta
         government's legislation effectively capping minor injury insurance
         claims was challenged and held to be unconstitutional. In Q3 2009,
         the government of Alberta won its appeal of the decision. The
         plaintiffs sought leave to appeal the decision to the Supreme Court
         of Canada and in Q1 2010, the Supreme Court of Canada denied the
         plaintiffs' application to seek leave to appeal. As result of this
         favourable outcome, the Bank released its provision related to the
         minor injury cap litigation in Alberta.
    (12) Effective November 1, 2009, TD Financing Services (formerly VFC
         Inc.) aligned their loan loss methodology with that used for all
         other Canadian Personal and Commercial Banking retail loans; any
         general provisions resulting from the revised methodology are
         included in "General allowance increase in Canadian Personal and
         Commercial Banking and Wholesale Banking."
    (13) Upon the announcement of the privatization of TD Banknorth in
         November 2006, certain minority shareholders of TD Banknorth
         initiated class action litigation alleging various claims against
         the Bank, TD Banknorth, and TD Banknorth officers and directors. The
         parties agreed to settle the litigation in February 2009 for
         $61.3 million (US$50 million) of which $3.7 million (US$3 million)
         had been previously accrued on privatization. The Court of Chancery
         in Delaware approved the settlement of the TD Banknorth
         Shareholders' Litigation effective June 24, 2009, and the settlement
         became final.
    (14) On May 22, 2009, FDIC, in the U.S., finalized a special assessment
         resulting in a charge of $55 million before tax or US$49 million
         before tax.
    (15) The Bank resolved several outstanding tax matters related to
         Wholesale Banking strategies that have been previously reassessed by
         the Canada Revenue Agency (CRA) and that were awaiting resolution by
         the CRA appeals division or the courts. The Bank no longer enters
         into these types of strategies.


    Reconciliation of Reported Earnings per Share (EPS) to Adjusted EPS(1)
    -------------------------------------------------------------------------
    (Canadian dollars)                                        For the twelve
                              For the three months ended        months ended
                           --------------------------------------------------
                             Oct. 31,  July 31,  Oct. 31,  Oct. 31,  Oct. 31,
                                2010      2010      2009      2010      2009
    -------------------------------------------------------------------------
    Diluted - reported      $   1.07  $   1.29  $   1.12  $   5.10  $   3.47
    Items of note affecting
     income (as above)          0.31      0.14      0.34      0.67      1.88
    -------------------------------------------------------------------------
    Diluted - adjusted      $   1.38  $   1.43  $   1.46  $   5.77  $   5.35
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic - reported        $   1.08  $   1.30  $   1.12  $   5.13  $   3.49
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) EPS is computed by dividing net income available to common
        shareholders by the weighted-average number of shares outstanding
        during the period.


    Non-GAAP Financial Measures - Reconciliation of Reported to Adjusted
    Provision for Income Taxes(1)
    -------------------------------------------------------------------------
    (millions of Canadian                                     For the twelve
     dollars, except          For the three months ended        months ended
     as noted)             --------------------------------------------------
                             Oct. 31,  July 31,  Oct. 31,  Oct. 31,  Oct. 31,
                                2010      2010      2009      2010      2009
    -------------------------------------------------------------------------
    Provision for income
     taxes - reported       $    374  $    310  $    132  $  1,262  $    241
    -------------------------------------------------------------------------
    Adjustments for items
     of note: Recovery of
     (provision for) income
     taxes(2)
    Amortization of
     intangibles                  49        46        52       197       229
    Fair value of derivatives
     hedging the reclassified
     available-for-sale debt
     securities portfolio         (1)       39       (12)       19       114
    Integration and
     restructuring charges
     relating to U.S.
     Personal and Commercial
     Banking acquisitions         10         3        48        38       153
    Fair value of credit
     default swaps hedging
     the corporate loan book,
     net of provision for
     credit losses                 4        (6)       11         5        70
    Income tax benefit due
     to changes in statutory
     income tax rates              -         -         -        11         -
    Insurance claims               -         -         -        (8)        -
    General allowance
     increase (release) in
     Canadian Personal and
     Commercial Banking and
     Wholesale Banking             -         -         -       (16)       77
    Settlement of TD
     Banknorth shareholder
     litigation                    -         -         -         -        19
    FDIC special assessment
     charge                        -         -         -         -        20
    Agreement with Canada
     Revenue Agency             (121)        -         -      (121)        -
    -------------------------------------------------------------------------
    Total adjustments for
     items of note               (59)       82        99       125       682
    -------------------------------------------------------------------------
    Provision for income
     taxes - adjusted       $    315  $    392  $    231  $  1,387  $    923
    -------------------------------------------------------------------------
    Effective income tax
     rate - adjusted(3)        20.5%     24.0%     15.6%     21.6%     17.2%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) For explanations of items of note, see the "Non-GAAP Financial
        Measures - Reconciliation of Adjusted to Reported Net Income" table
        in the "How We Perform" section of this document.
    (2) The tax effect for each item of note is calculated using the
        effective statutory income tax rate of the applicable legal entity.
    (3) Adjusted effective income tax rate is the adjusted provision for
        income taxes before other taxes as a percentage of adjusted net
        income before taxes.

ECONOMIC PROFIT AND RETURN ON INVESTED CAPITAL

The Bank utilizes economic profit as a tool to measure shareholder value creation. Economic profit is adjusted net income available to common shareholders less a charge for average invested capital. Average invested capital is equal to average common equity for the period plus the average cumulative after-tax goodwill and intangible assets amortized as of the reporting date. The rate used in the charge for capital is the equity cost of capital calculated using the capital asset pricing model. The charge represents an assumed minimum return required by common shareholders on the Bank's invested capital. The Bank's goal is to achieve positive and growing economic profit.

Return on invested capital (ROIC) is adjusted net income available to common shareholders divided by average invested capital. ROIC is a variation of the economic profit measure that is useful in comparison to the equity cost of capital. Both ROIC and the equity cost of capital are percentage rates, while economic profit is a dollar measure. When ROIC exceeds the equity cost of capital, economic profit is positive. The Bank's goal is to maximize economic profit by achieving ROIC that exceeds the equity cost of capital.

Economic profit and ROIC are non-GAAP financial measures as these are not defined terms under GAAP. Readers are cautioned that earnings and other measures adjusted to a basis other than GAAP do not have standardized meanings under GAAP and, therefore, may not be comparable to similar terms used by other issuers.

The following table reconciles between the Bank's economic profit, ROIC, and adjusted net income available to common shareholders. Adjusted results, items of note, and related terms are discussed in the "How the Bank Reports" section.

    Reconciliation of Net Income Available to Common Shareholders - Adjusted,
    Economic Profit, and Return on Invested Capital
    -------------------------------------------------------------------------
    (millions of Canadian                                     For the twelve
     dollars)                 For the three months ended        months ended
                           --------------------------------------------------
                             Oct. 31,  July 31,  Oct. 31,  Oct. 31,  Oct. 31,
                                2010      2010      2009      2010      2009
    -------------------------------------------------------------------------
    Average common equity   $ 38,816  $ 36,564  $ 34,846  $ 36,639  $ 35,341
    Average cumulative
     goodwill/intangible
     assets amortized, net
     of income taxes           5,093     4,994     4,698     4,943     4,541
    -------------------------------------------------------------------------
    Average invested
     capital                $ 43,909  $ 41,558  $ 39,544  $ 41,582  $ 39,882
    Rate charged for
     invested capital          10.0%     10.0%     10.0%     10.0%     10.0%
    -------------------------------------------------------------------------
    Charge for invested
     capital                $  1,107  $  1,047  $    997  $  4,158  $  3,988
    -------------------------------------------------------------------------
    Net income available to
     common shareholders -
     reported               $    946  $  1,128  $    962  $  4,450  $  2,953
    Items of note impacting
     income, net of income
     taxes                       266       127       297       584     1,596
    -------------------------------------------------------------------------
    Net income available to
     common shareholders -
     adjusted               $  1,212  $  1,255  $  1,259  $  5,034  $  4,549
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Economic profit         $    105  $    208  $    262  $    876  $    561
    -------------------------------------------------------------------------
    Return on invested
     capital                   11.0%     12.0%     12.6%     12.1%     11.4%
    -------------------------------------------------------------------------

Significant Events in 2010

Acquisition of The South Financial Group, Inc.

On September 30, 2010, the Bank acquired 100% of the outstanding common shares of The South Financial Group, Inc. (South Financial) for total consideration to common shareholders of approximately $65 million paid in cash and common shares in the amount of $11 million and $54 million, respectively. Each common share of South Financial was exchanged for US $0.28 cash or 0.004 of a Bank common share, resulting in the issuance of approximately 720 thousand common shares of the Bank. In addition, immediately prior to completion of the transaction, the United States Department of the Treasury sold the Bank its South Financial preferred stock and the associated warrant acquired under the Treasury's Capital Purchase Program and discharged all accrued but unpaid dividends on that stock for total cash consideration of approximately $134 million. The acquisition was accounted for by the purchase method. The results of South Financial from the acquisition date to October 31, 2010 have been consolidated with the Bank's results for the year ended October 31, 2010. The results are included with TD Bank, N.A. and are reported in the U.S. Personal and Commercial Banking segment. As at September 30, 2010, the acquisition contributed $6.6 billion of loans and $9.0 billion of deposits to the Bank's Consolidated Balance Sheet. The purchase price allocation is subject to refinement as the Bank completes the valuation of the assets acquired and liabilities assumed.

U.S. Legislative Developments

Recent market and economic conditions have led to new legislation and numerous proposals for changes in the regulation of the financial services industry, including significant additional legislation and regulation in the United States. On July 21, 2010 the President of the United States signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") which provides for widespread reform of the U.S. financial industry. At over 2,300 pages in length, the Act will affect every financial institution in the United States and many financial institutions, including the Bank, that operate outside the United States. The Act makes significant changes in areas such as banking and bank supervision and the resolution of systemically important financial companies, consumer protection, securities, derivatives, and executive compensation, among others. The Act also calls for a large number of regulatory rulemaking projects, as well as numerous studies and on-going reports as part of its implementation. Accordingly, while the Act will have an effect on the business of the Bank, especially its business operations in the United States, the full impact on the Bank will not be known until such time as the implementing regulations are released.

Other regulatory changes include the amendments to Regulation E, or the Electronic Funds Transfer Act, which prohibits financial institutions from charging fees to consumers for paying automated teller machine and point of sale transactions that result in an overdraft, and the Credit Card Act, which will, among other things, significantly restrict the Bank's ability to charge interest rates and assess fees to reflect individual customer risk. For more detail on the impact of Regulation E, see the U.S. Personal and Commercial Banking segment disclosure in the "How Our Businesses Performed" section of this report.

The Bank continues to monitor closely these and other legislative developments and analyze the impact such regulatory and legislative changes may have on its businesses.

HOW OUR BUSINESSES PERFORMED

For management reporting purposes, the Bank's operations and activities are organized around four key business segments operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. The Bank's other activities are grouped into the Corporate segment.

Results of each business segment reflect revenue, expenses, assets, and liabilities generated by the businesses in that segment. The Bank measures and evaluates the performance of each segment based on adjusted results where applicable, and for those segments the Bank notes that the measure is adjusted. Amortization of intangible expenses is included in the Corporate segment. Accordingly, net income for the operating business segments is presented before amortization of intangibles, as well as any other items of note not attributed to the operating segments. For further details, see the "How the Bank Reports" section, the "Business Focus" section in the 2010 Management Discussion and Analysis, Appendix A of this Earnings News Release, and Note 33 to the 2010 Consolidated Financial Statements. For information concerning the Bank's measures of economic profit and return on invested capital, which are non-GAAP financial measures, see the "How We Performed" section of this document and in the 2010 Management Discussion and Analysis.

Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB), which means that the value of non-taxable or tax-exempt income, including dividends, is adjusted to its equivalent before-tax value. Using TEB allows the Bank to measure income from all securities and loans consistently and makes for a more meaningful comparison of net interest income with similar institutions. The TEB increase to net interest income and provision for income taxes reflected in Wholesale Banking results is reversed in the Corporate segment. The TEB adjustment for the quarter was $117 million, compared with $120 million in the fourth quarter last year, and $92 million in the prior quarter. On a full year basis, the TEB adjustment was $415 million, compared with $470 million in the same period last year.

The Bank securitizes retail loans and receivables, and records a gain or loss on sale, including the recognition of an asset related to retained interests. Credit losses incurred on retained interests after securitization are recorded as a charge to non-interest income in the Bank's Interim Consolidated Financial Statements. For segment reporting, PCL related to securitized volumes is included in Canadian Personal and Commercial Banking but is reversed in the Corporate segment and reclassified as a charge to non-interest income to comply with GAAP.

    Canadian Personal and Commercial Banking
    -------------------------------------------------------------------------
    (millions of Canadian                         For the three months ended
     dollars, except                           ------------------------------
     as noted)                                   Oct. 31,  July 31,  Oct. 31,
                                                    2010      2010      2009
    -------------------------------------------------------------------------
    Net interest income                         $  1,854  $  1,819  $  1,668
    Non-interest income                              814       827       766
    -------------------------------------------------------------------------
    Total revenue                                  2,668     2,646     2,434
    Provision for credit losses                      239       236       313
    Non-interest expenses                          1,331     1,222     1,226
    Net income                                       773       841       622
    -------------------------------------------------------------------------
    Selected volumes and ratios
    Return on invested capital                     32.9%     35.5%     27.1%
    Margin on average earning assets (including
     securitized assets)                           2.91%     2.92%     2.88%
    Efficiency ratio                               49.9%     46.2%     50.4%
    Number of Canadian retail branches             1,127     1,116     1,116
    Average number of full-time equivalent staff  34,844    34,573    33,080
    -------------------------------------------------------------------------

    Quarterly comparison - Q4 2010 vs. Q4 2009
    ------------------------------------------

Canadian Personal and Commercial Banking net income for the quarter was $773 million, an increase of $151 million, or 24%, compared with the fourth quarter last year. The annualized return on invested capital for the quarter was 32.9%, compared with 27.1% in the fourth quarter last year.

Canadian Personal and Commercial Banking revenue is derived from personal banking, business banking, and insurance. Revenue for the quarter was $2,668 million, an increase of $234 million, or 10%, compared with the fourth quarter last year, primarily due to strong volume growth in real estate secured lending, financing services, personal and business deposits, and insurance. Compared with the fourth quarter last year, real estate secured lending volume, including securitized assets, increased $17.0 billion, or 10%, while consumer loan volume increased $3.4 billion, or 11%. Business loans and acceptances volume increased $1.6 billion, or 5%. Personal deposit volume increased $6.8 billion, or 5%, while business deposit volume increased $6.1 billion, or 12%. Gross originated insurance premiums increased $75 million, or 10%. Margin on average earning assets increased by 3 bps to 2.91% compared with the fourth quarter last year as higher margins in real estate secured lending were partially offset by margin compression in deposits and lower mortgage breakage revenue.

PCL for the quarter was $239 million, a decrease of $74 million, or 24%, compared with the fourth quarter last year. Personal banking PCL was $221 million, a decrease of $58 million, or 21%, mainly due to better credit conditions resulting from an improving economic environment. Business banking PCL was $18 million, a decrease of $16 million, or 47%, due to higher commercial banking provisions taken in the fourth quarter last year. Annualized PCL as a percentage of credit volume was 0.37%, a decrease of 16 bps, compared with the fourth quarter last year. Net impaired loans were $553 million, a decrease of $2 million, compared with the fourth quarter last year. Net impaired loans in commercial banking remain at relatively low levels largely due to active management. Net impaired loans as a percentage of total loans were 0.85%, compared with 0.93% as at October 31, 2009.

Non-interest expenses for the quarter were $1,331 million, an increase of $105 million, or 9%, compared with the fourth quarter last year, primarily due to project-related costs, which included costs related to a project cancellation, the timing of business investments, and higher employee compensation costs.

The average full-time equivalent (FTE) staffing levels increased by 1,764, or 5%, compared with the fourth quarter last year reflecting continued investment in our businesses. The efficiency ratio for the quarter improved to 49.9%, compared with 50.4% in the fourth quarter last year.

    Quarterly comparison - Q4 2010 vs. Q3 2010
    ------------------------------------------

Canadian Personal and Commercial Banking net income for the quarter decreased $68 million, or 8%, compared with the prior quarter. The annualized return on invested capital for the quarter was 32.9%, compared with 35.5% in the prior quarter.

Revenue for the quarter increased $22 million compared with the prior quarter. Compared with the prior quarter, real estate secured lending volume, including securitized assets, increased $4.4 billion, or 2%, consumer loan volume increased $0.8 billion, or 2%, while business loans and acceptances increased $0.7 billion, or 2%. Personal deposit volume increased $1.7 billion, or 1%, while business deposit volume increased $1.4 billion, or 3%. Gross originated insurance premiums decreased $58 million, or 7% due to seasonality of policy renewals. Margin on average earning assets decreased 1 bp to 2.91%.

PCL for the quarter increased $3 million compared with the prior quarter. Personal banking PCL decreased $1 million while business banking PCL increased $4 million. Net impaired loans increased $28 million, or 5%, compared to the prior quarter. Net impaired loans as a percentage of total loans were 0.85%, compared with 0.82% as at July 31, 2010.

Non-interest expenses for the quarter increased $109 million, or 9%, compared with the prior quarter largely due to higher project-related costs, including a large project cancellation, and the timing of business investment initiatives.

The average FTE staffing levels increased by 271 compared with the prior quarter. The efficiency ratio for the current quarter worsened to 49.9%, compared with 46.2% in the prior quarter.

    Wealth Management
    -------------------------------------------------------------------------
    (millions of Canadian dollars,                For the three months ended
     except as noted)                          ------------------------------
                                                 Oct. 31,  July 31,  Oct. 31,
                                                    2010      2010      2009
    -------------------------------------------------------------------------
    Net interest income                         $     97  $     93  $     67
    Non-interest income                              542       523       520
    -------------------------------------------------------------------------
    Total revenue                                    639       616       587
    Non-interest expenses                            468       447       444
    Net income
    Global Wealth                                    118       117        97
    TD Ameritrade                                     33        62        59
    -------------------------------------------------------------------------
    Total                                            151       179       156
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Selected volumes and ratios - Global Wealth
    Assets under administration (billions of
     Canadian dollars)                               224       211       191
    Assets under management (billions of
     Canadian dollars)                               183       174       171
    Return on invested capital                     13.5%     16.2%     13.6%
    Efficiency ratio                               73.2%     72.6%     75.6%
    Average number of full-time equivalent staff   7,000     7,027     6,769
    -------------------------------------------------------------------------

    Quarterly comparison - Q4 2010 vs. Q4 2009
    ------------------------------------------

Wealth Management net income for the quarter was $151 million, a decrease of $5 million, or 3%, compared with the fourth quarter last year. Global Wealth net income, which excludes TD Ameritrade, was $118 million, an increase of $21 million, or 22%, largely driven by increased fee-based revenue from higher average client assets in the advice-based and asset management businesses, and higher net interest margin. The Bank's reported investment in TD Ameritrade generated net income for the quarter of $33 million, a decrease of $26 million, or 44%, compared with the fourth quarter last year. The decrease was due to lower earnings and the translation effect of a stronger Canadian dollar. For its fourth quarter ended September 30, 2010, TD Ameritrade reported net income of US$114 million, a decrease of US$43 million, or 27%, compared with the fourth quarter last year. Wealth Management's annualized return on invested capital for the quarter was 13.5%, compared with 13.6% in the fourth quarter last year.

Wealth Management revenue is derived from online brokerage, advice-based businesses, and asset management services. Global Wealth revenue for the quarter was $639 million, an increase of $52 million, or 9%, compared to the fourth quarter last year. The increase was primarily due to higher assets under administration and assets under management which drove strong fee-based revenue growth in the advice-based and asset management businesses, the inclusion of U.K. acquisitions, increased net interest margin, and higher client margin loans and deposit balances. This increase was partially offset by reduced trading volumes in the online brokerage business combined with lower commissions per trade in Canada as active traders accounted for a higher proportion of trading volumes.

Non-interest expenses for the quarter were $468 million, an increase of $24 million, or 5%, compared with the fourth quarter last year. This increase was primarily due to higher variable compensation and trailer fees driven by increased revenue from higher asset levels in the advice-based and asset management businesses, higher investment to support business growth, and the inclusion of U.K. acquisitions. This increase was partially offset by reduced staffing levels in the U.S. wealth management businesses resulting from the winding down of the financial advisory business.

The average FTE staffing levels increased by 231, or 3%, compared with the fourth quarter last year, primarily due to additional FTE staff related to the U.K. acquisitions, growth in client-facing FTE staff, and growth in support FTE for infrastructure, partially offset by a reduction of staff in the U.S. wealth management businesses. The efficiency ratio for the current quarter improved to 73.2%, compared with 75.6% in the fourth quarter last year.

Assets under administration of $224 billion as at October 31, 2010, increased by $33 billion, or 17%, from October 31, 2009. Assets under management of $183 billion as at October 31, 2010, increased by $12 billion, or 7%, from October 31, 2009. These increases were driven by market appreciation and net new client assets.

    Quarterly comparison - Q4 2010 vs. Q3 2010
    ------------------------------------------

Wealth Management net income for the quarter decreased by $28 million, or 16%, compared with the prior quarter. Global Wealth net income increased by $1 million. The Bank's reported investment in TD Ameritrade reflected a decrease in net income of $29 million, or 47%, compared with the prior quarter due to lower earnings at TD Ameritrade. For its fourth quarter ended September 30, 2010, TD Ameritrade reported a net income decline of US$65 million, or 36%, compared with the prior quarter. Wealth Management's annualized return on invested capital for the quarter was 13.5%, compared with 16.2% in the prior quarter.

Revenue for the quarter increased $23 million, or 4%, compared with the prior quarter, primarily due to increased revenue from higher assets under management in our asset management businesses and higher assets under administration in our advice-based businesses.

Non-interest expenses increased $21 million compared to the prior quarter due to higher variable compensation and trailer fees driven by increased revenue from higher asset levels and higher costs related to technology projects.

The average FTE staffing levels decreased by 27 compared with the prior quarter, reflecting reduced business volumes in the online brokerage channel and support areas. The efficiency ratio for the current quarter worsened slightly to 73.2%, compared with 72.6% in the prior quarter.

Assets under administration as at October 31, 2010 increased $13 billion, or 6%, from July 31, 2010. Assets under management as at October 31, 2010 increased $9 billion, or 5%, from July 31, 2010. The increase in the assets was due to the positive market impact on asset values and an increase in net new client assets.

    U.S. Personal and Commercial Banking
    -------------------------------------------------------------------------
    (millions of                                  For the three months ended
     dollars,    ------------------------------------------------------------
     except                   Canadian dollars                  U.S. dollars
     as noted)   ------------------------------------------------------------
                   Oct. 31,  July 31,  Oct. 31,  Oct. 31,  July 31,  Oct. 31,
                      2010      2010      2009      2010      2010      2009
    -------------------------------------------------------------------------
    Net interest
     income       $    962  $    909  $    840  $    933  $    874  $    781
    Non-interest
     income            257       314       273       250       302       255
    -------------------------------------------------------------------------
    Total revenue    1,219     1,223     1,113     1,183     1,176     1,036
    Provision for
     credit losses -
     loans             133       132       175       129       127       162
    Provision for
     credit losses -
     debt securities
     classified as
     loans              13        (1)       41        13        (1)       39
    -------------------------------------------------------------------------
    Provision for
     credit losses -
     total             146       131       216       142       126       201
    Non-interest
     expenses -
     reported          763       724       806       741       696       751
    Non-interest
     expenses -
     adjusted          736       716       669       714       688       623
                 ------------------------------------------------------------

    -------------------------------------------------------------------------
    Net income -
     reported          265       282       122       257       271       113
    -------------------------------------------------------------------------
    Adjustments for
     items of note,
     net of income
     taxes(1)
    Integration and
     restructuring
     charges relating
     to U.S. Personal
     and Commercial
     Banking
     acquisitions       18         5        89        18         5        83
    -------------------------------------------------------------------------
    Net income -
     adjusted          283       287       211       275       276       196
    -------------------------------------------------------------------------
    Selected volumes
     and ratios
    Return on
     invested
     capital          6.3%      6.4%      4.5%      6.3%      6.4%      4.5%
    Margin on
     average earning
     assets (TEB)    3.50%     3.47%     3.46%     3.50%     3.47%     3.46%
    Efficiency
     ratio -
     reported        62.6%     59.2%     72.4%     62.6%     59.2%     72.4%
    Efficiency
     ratio -
     adjusted        60.4%     58.5%     60.1%     60.4%     58.5%     60.1%
    Number of U.S.
     retail stores   1,269     1,100     1,028     1,269     1,100     1,028
    Average number
     of full-time
     equivalent
     staff          21,104    20,181    19,242    21,104    20,181    19,242
    -------------------------------------------------------------------------
    (1) For explanations of items of note, see the "Non-GAAP Financial
        Measures - Reconciliation of Adjusted to Reported Net Income" table
        in the "How We Perform" section of this document.


    Quarterly comparison - Q4 2010 vs. Q4 2009
    ------------------------------------------

U.S. Personal and Commercial Banking net income, in Canadian dollar terms, for the quarter was $265 million, an increase of $143 million, or 117%, on a reported basis, and $283 million, an increase of $72 million, or 34%, on an adjusted basis, compared with the fourth quarter last year. The strengthening of the Canadian dollar against the U.S. dollar decreased the reported and adjusted net income by $13 million, for the current quarter. Adjusted net income for the current and prior year excluded integration and restructuring charges relating to acquisitions. The annualized return on invested capital for the quarter was 6.3%, compared with 4.5% in the fourth quarter last year. On September 30th, the Bank closed on the acquisition of South Financial. As at October 31, 2010, South Financial had total assets of US$9.7 billion and total deposits of US$8.6 billion.

In U.S. dollar terms, revenue for the quarter was US$1,183 million, an increase of US$147 million, or 14%, compared with the fourth quarter last year. The increase was primarily due to increased loan and deposit volume, wider product spreads, and recent acquisitions. Revenue growth was muted due to the implementation of Regulation E in the current quarter. Margin on average earning assets increased by 4 bps to 3.50% compared with the fourth quarter last year, primarily due to expanded loan margins. Compared with the fourth quarter last year, average loans increased US$6.9 billion, or 13%. Excluding acquisitions, average loans increased US$3.0 billion, or 6%, with average personal loans increasing US$2.1 billion, or 11%, primarily due to a US$1.7 billion increase in residential mortgages, and average business loans increasing US$0.8 billion, or 2%. Average deposits increased US$23.8 billion, or 22%. Excluding acquisitions, average deposits increased $18.5 billion, or 17%, which included a US$13.4 billion increase in TD Ameritrade insured deposit accounts (IDA). Average deposit volume, excluding the impact of the TD Ameritrade IDAs and acquisitions, increased US$5.1 billion, or 6%, due to maturing stores and solid organic growth. Business deposit volumes (excluding government) increased US$3.5 billion, or 13%, government deposits were flat, and personal deposit volumes increased US$1.7 billion, or 4%.

Total PCL for the quarter was US$142 million, a decrease of US$59 million, or 29%, compared with the fourth quarter last year. PCL for loans for the quarter was US$129 million, a decrease of US$33 million, or 20%, compared with the fourth quarter last year. Annualized PCL for loans as a percentage of credit volume was 0.85%, a decrease of 40 bps compared with the fourth quarter last year. Net impaired loans, excluding debt securities classified as loans and covered assets, were US$1,097 million, an increase of US$284 million, or 35%, compared with the fourth quarter last year. The increase was largely due to net new formations resulting from weakness in the commercial real estate market in the U.S. Net impaired loans, excluding debt securities classified as loans and covered assets, as a percentage of total loans were 1.7%, compared with 1.5% as at October 31, 2009. Net impaired debt securities classified as loans were US$1,010 million as at October 31, 2010, compared to $US181 million as at October 31, 2009. Covered impaired loans were US$32 million as at October 31, 2010.

Reported non-interest expenses for the quarter were US$741 million, a decrease of $10 million, compared with the fourth quarter last year. On an adjusted basis, non-interest expenses for the quarter were US$714 million, an increase of US$91 million, or 15%, primarily due to operating expenses associated with recent acquisitions, new store expenses, and investments in infrastructure.

The average FTE staffing levels increased by 1,862, or 10%, compared with the fourth quarter last year. This increase resulted from the recent acquisitions and 32 new store openings since the fourth quarter last year. The reported efficiency ratio for the quarter improved to 62.6%, compared with 72.4% in the fourth quarter last year. The adjusted efficiency ratio for the quarter was essentially flat to the prior year quarter at 60.4%.

    Quarterly comparison - Q4 2010 vs. Q3 2010
    ------------------------------------------

U.S. Personal and Commercial Banking net income, in Canadian dollar terms, for the quarter decreased $17 million, or 6%, on a reported basis, and decreased $4 million, on an adjusted basis, compared with the prior quarter. Adjusted net income for the current and prior year excluded integration and restructuring charges relating to acquisitions. The annualized return on invested capital for the quarter was 6.3%, compared with 6.4% in the prior quarter.

In U.S. dollar terms, revenue for the quarter increased US$7 million compared with the prior quarter, primarily due to higher revenue from the recent acquisition, partially offset by $44 million impact of Regulation E on fee revenue. Margin on average earning assets increased by 3 bps to 3.50% compared with the prior quarter, primarily due to higher loan spreads. Compared with the prior quarter, average loans increased US$3.1 billion, or 5%. Excluding acquisitions, average loans increased US$1.0 billion, or 2%, with average business loans increasing US$0.4 billion, or 1%, and average personal loans increasing US$0.6 billion, or 3%. Average deposits increased US$5.1 billion, or 4%. Excluding acquisitions, average deposits increased US$2.6 billion including a US$1.0 billion increase in average deposits of TD Ameritrade IDAs. Average deposit volume excluding the impact of the TD Ameritrade IDAs and acquisitions increased US$1.6 billion, or 2%, with 2% growth in business deposit volume (excluding government), 6% increase in government deposits, and 0.4% growth in personal deposit volume.

Total PCL for the quarter increased US$16 million, or 13%, compared with the prior quarter. PCL for loans increased US$2 million, or 2%, while annualized PCL for loans as a percentage of credit volume was 0.85%, a decrease of 4 bps, compared with the prior quarter. Net impaired loans, excluding debt securities classified as loans that are impaired and covered assets, were US$1,097 million, an increase of US$51 million, or 5%, compared with the prior quarter. The increase was largely due to new formations in the commercial loan portfolio. Net impaired loans, excluding debt securities classified as loans and covered assets, as a percentage of total loans were 1.7%, an improvement of 9 bps from the prior quarter. Net impaired debt securities classified as loans were US$1,010 million, an increase of US$43 million, or 5%, compared with the prior quarter. PCL for debt securities classified as loans increased US$14 million compared with the prior quarter.

Non-interest expenses for the quarter increased US$45 million, or 7%, on a reported basis, and increased US$26 million, or 4%, on an adjusted basis, compared with the prior quarter, primarily due to the recent acquisition of The South Financial Group, Inc.

The average FTE staffing levels increased by 923, or 5%, compared with the prior quarter, primarily driven by the recent acquisition of South Financial. The reported efficiency ratio for the quarter worsened to 62.6%, compared with 59.2% in the prior quarter. The adjusted efficiency ratio for the quarter worsened to 60.4%, compared with 58.5% in the prior quarter, due primarily to the impact of the South Financial acquisition.

    Wholesale Banking
    -------------------------------------------------------------------------
    (millions of Canadian dollars,                For the three months ended
     except as noted)                           -----------------------------
                                                 Oct. 31,  July 31,  Oct. 31,
                                                    2010      2010      2009
    -------------------------------------------------------------------------
    Net interest income (TEB)                   $    416  $    430  $    579
    Non-interest income                              261       146       307
    -------------------------------------------------------------------------
    Total revenue                                    677       576       886
    Provision for credit losses                       23       (16)        7
    Non-interest expenses                            324       323       347
    -------------------------------------------------------------------------
    Net income - reported                             95       179       372
    -------------------------------------------------------------------------
    Adjustments for items of note, net of
     income taxes(1)
    Agreement with Canada Revenue Agency             121         -         -
    -------------------------------------------------------------------------
    Net income - adjusted                            216       179       372
    -------------------------------------------------------------------------
    Selected volumes and ratios
    Risk-weighted assets (billions of
     Canadian dollars)                                32        32        34
    Return on invested capital                     25.6%     22.7%     46.0%
    Efficiency ratio - reported                    47.9%     56.1%     39.2%
    Average number of full-time equivalent
     staff                                         3,373     3,291     3,057
    -------------------------------------------------------------------------
    (1) For explanations of items of note, see the "Non-GAAP Financial
        Measures - Reconciliation of Adjusted to Reported Net Income" table
        in the "How We Perform" section of this document.

    Quarterly comparison - Q4 2010 vs. Q4 2009
    ------------------------------------------

Wholesale Banking reported net income for the quarter was $95 million, a decrease of $277 million, or 74%, on a reported basis, and $216 million, a decrease of $156 million, or 42%, on an adjusted basis, compared with the fourth quarter last year. There were no items of note in the prior year. The decrease was due to lower fixed income, credit and equity trading, and lower underwriting fees, partially offset by improved currency trading, investment banking income, and gains in the investment portfolio. In the fourth quarter last year, results were very strong as financial markets recovered at a rapid pace resulting in significantly improved asset values and market liquidity. The operating environment in the current quarter had decreased client volumes and offered fewer trading opportunities compared to same quarter last year. The annualized return on invested capital for the quarter was strong at 25.6%, compared with 46.0% in the very strong fourth quarter last year.

Wholesale Banking revenue is derived primarily from capital markets and corporate lending. Revenue for the quarter was $677 million, a decrease of $209 million, or 24%, compared with the fourth quarter last year. Last year, financial markets were rapidly recovering from the credit crisis, and an improved competitive position resulted in tighter credit spreads, increased client flow, and wider bid-offer margins which in turn resulted in strong, broad-based performance with particularly strong results in fixed income and credit trading. Partially offsetting these decreases were improved currency trading from strong client flow and solid trading, higher M&A and advisory fees as market volumes increased compared to low levels in the prior year, as well as security gains in the investment portfolio compared to losses in the prior year.

PCL is composed of specific provisions for credit losses and accrual costs for credit protection net of recoveries of previously recorded provisions. PCL in the quarter was $23 million, an increase of $16 million compared to the fourth quarter last year. Provisions in the current quarter were driven by a single merchant banking exposure. In the fourth quarter last year, PCL was $7 million mainly reflecting the cost of credit protection. Net impaired loans were $42 million, a decrease of $78 million, or 65%, over the fourth quarter last year.

Non-interest expenses for the quarter were $324 million, a decrease of $23 million, or 6%, compared with the fourth quarter last year. The decrease was driven by lower variable compensation partially offset by higher operating costs related to investment in risk and control infrastructure.

    Quarterly comparison - Q4 2010 vs. Q3 2010
    ------------------------------------------

Wholesale Banking net income for the quarter decreased by $84 million, or 47%, on a reported basis, and increased by $37 million, or 21%, on an adjusted basis, compared with the prior quarter. The increase was primarily due to gains from credit valuation in the current quarter as compared to losses in the prior quarter. The annualized return on invested capital for the quarter was 25.6%, compared with 22.7% in the prior quarter.

Revenue for the quarter increased $101 million, or 18%, compared with the prior quarter, primarily due to improved results in fixed income, equity and currency trading and investment banking fees. Market conditions remained challenging as low interest rate and low volatility persisted, keeping client activity depressed; however, credit spreads tightened in the current quarter which drove credit valuation gains, as compared to losses in the prior quarter where concern over European sovereign debt dampened the markets. Equity derivatives benefitted from increased revenue related to client transactions, and cash equities businesses performed well as a result of improved equity markets and trading opportunities. Investment banking revenue increased primarily due to higher M&A and advisory fees.

PCL for the quarter was $39 million higher than the prior quarter. In the prior quarter, the accrual cost of CDS protection was more than offset by recoveries of previously recorded provisions. Net impaired loans decreased $22 million, or 34%, compared with the prior quarter.

Non-interest expenses for the quarter were $324 million, in line with the prior quarter due to lower variable compensation offset by higher severance and operating expenses.

    Corporate
    -------------------------------------------------------------------------
    (millions of Canadian dollars)                For the three months ended
                                                -----------------------------
                                                 Oct. 31,  July 31,  Oct. 31,
                                                    2010      2010      2009
    -------------------------------------------------------------------------
    Corporate segment net loss - reported       $   (290) $   (304) $   (262)
    -------------------------------------------------------------------------
    Adjustments for items of note, net of
     income taxes(1)
    Amortization of intangibles                      115       117       116
    Decrease (increase) in fair value of
     derivatives hedging the reclassified
     available-for-sale securities portfolio           8        14        73
    Decrease (increase) in fair value of
     credit default swaps hedging the corporate
     loan book, net of provision for credit losses     4        (9)       19
    -------------------------------------------------------------------------
    Total adjustments for items of note              127       122       208
    -------------------------------------------------------------------------
    Corporate segment net loss - adjusted       $   (163) $   (182) $    (54)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Decomposition of items included in net
     loss - adjusted
    Net securitization                          $     (2) $    (17) $     (2)
    Net corporate expenses                          (161)      (80)      (90)
    Other                                              -       (85)       38
    -------------------------------------------------------------------------
    Corporate segment net loss - adjusted       $   (163) $   (182) $    (54)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) For explanations of items of note, see the "Non-GAAP Financial
        Measures - Reconciliation of Adjusted to Reported Net Income" table
        in the "How We Perform" section of this document.

    Quarterly comparison - Q4 2010 vs. Q4 2009
    ------------------------------------------

Corporate segment's reported net loss for the quarter was $290 million, compared with a reported net loss of $262 million in the fourth quarter last year. Adjusted net loss for the quarter was $163 million, compared with an adjusted net loss of $54 million. Compared with the fourth quarter last year, the higher adjusted net loss was primarily attributable to higher net corporate expenses and the impact of favourable tax-related items last year, partially offset by favourable hedging and treasury activities. The current quarter included a charge of $22 million related to a write-down of our investment in Symcor.

    Quarterly comparison - Q4 2010 vs. Q3 2010
    ------------------------------------------

Corporate segment's reported net loss for the quarter was $290 million, compared with a reported net loss of $304 million in the prior quarter. Adjusted net loss for the quarter was $163 million, compared with an adjusted net loss of $182 million. The lower adjusted net loss was primarily attributable to favourable hedging and treasury activities and the impact of an unfavourable tax-related item in the prior quarter, partially offset by higher net corporate expenses. The current quarter included the Symcor write-down of $22 million.

    INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
    -------------------------------------------------------------------------

    INTERIM CONSOLIDATED BALANCE SHEET (unaudited)
    -------------------------------------------------------------------------
    (millions of Canadian dollars, except as noted)                    As at
                                                        ---------------------
                                                          Oct. 31    Oct. 31
                                                             2010       2009
    -------------------------------------------------------------------------
    ASSETS
    -------------------------------------------------------------------------
    Cash and due from banks                             $   2,574  $   2,414
    Interest-bearing deposits with banks                   19,136     19,103
    -------------------------------------------------------------------------
                                                           21,710     21,517
    -------------------------------------------------------------------------
    Securities
    Trading                                                59,542     54,320
    Available-for-sale                                    102,355     84,841
    Held-to-maturity                                        9,715      9,662
    -------------------------------------------------------------------------
                                                          171,612    148,823
    -------------------------------------------------------------------------
    Securities purchased under reverse
     repurchase agreements                                 50,658     32,948
    -------------------------------------------------------------------------
    Loans
    Residential mortgages                                  71,507     65,665
    Consumer instalment and other personal                100,880     94,357
    Credit card                                             8,870      8,152
    Business and government                                83,481     76,176
    Debt securities classified as loans                     7,591     11,146
    -------------------------------------------------------------------------
                                                          272,329    255,496
    Allowance for loan losses                              (2,309)    (2,368)
    -------------------------------------------------------------------------
    Loans, net of allowance for loan losses               270,020    253,128
    -------------------------------------------------------------------------
    Other
    Customers' liability under acceptances                  7,757      9,946
    Investment in TD Ameritrade                             5,485      5,465
    Derivatives                                            51,675     49,445
    Goodwill                                               14,460     15,015
    Other intangibles                                       2,093      2,546
    Land, buildings, and equipment                          4,247      4,078
    Current income tax receivable                               -        238
    Other assets                                           19,828     14,070
    -------------------------------------------------------------------------
                                                          105,545    100,803
    -------------------------------------------------------------------------
    Total assets                                        $ 619,545  $ 557,219
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    LIABILITIES
    -------------------------------------------------------------------------
    Deposits
    Personal                                            $ 249,251  $ 223,228
    Banks                                                  12,508      5,480
    Business and government                               145,221    126,907
    Trading                                                22,991     35,419
    -------------------------------------------------------------------------
                                                          429,971    391,034
    -------------------------------------------------------------------------
    Other
    Acceptances                                             7,757      9,946
    Obligations related to securities sold short           23,695     17,641
    Obligations related to securities sold under
     repurchase agreements                                 25,426     16,472
    Derivatives                                            53,685     48,152
    Current income tax payable                                352          -
    Future income tax liabilities                             460        235
    Other liabilities                                      21,316     19,632
    -------------------------------------------------------------------------
                                                          132,691    112,078
    -------------------------------------------------------------------------
    Subordinated notes and debentures                      12,506     12,383
    -------------------------------------------------------------------------
    Liability for preferred shares                            582        550
    -------------------------------------------------------------------------
    Liability for capital trust securities                      -        895
    -------------------------------------------------------------------------
    Non-controlling interests in subsidiaries               1,493      1,559
    -------------------------------------------------------------------------
    SHAREHOLDERS' EQUITY
    -------------------------------------------------------------------------
    Common shares (millions of shares issued and
     outstanding: Oct. 31, 2010 - 879.7 and
     Oct. 31, 2009 - 859.6)                                16,730     15,357
    Preferred shares (millions of shares issued and
     outstanding: Oct. 31, 2010 - 135.8 and
     Oct. 31, 2009 - 135.8)                                 3,395      3,395
    Treasury shares - common (millions of shares held:
     Oct. 31, 2010 - (1.2) and Oct. 31, 2009 - (0.8))         (91)       (15)
    Treasury shares - preferred (millions of shares held:
     Oct. 31, 2010 - nil and Oct. 31, 2009 - nil)              (1)         -
    Contributed surplus                                       305        336
    Retained earnings                                      20,959     18,632
    Accumulated other comprehensive income (loss)           1,005      1,015
    -------------------------------------------------------------------------
                                                           42,302     38,720
    -------------------------------------------------------------------------
    Total liabilities and shareholders' equity          $ 619,545  $ 557,219
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Certain comparative amounts have been reclassified to conform with the
    presentation adopted in the current year.



    INTERIM CONSOLIDATED STATEMENT OF INCOME (unaudited)
    -------------------------------------------------------------------------
    (millions of Canadian dollars,       For the three        For the twelve
     except as noted)                     months ended          months ended
                                  -------------------------------------------
                                    Oct. 31    Oct. 31    Oct. 31    Oct. 31
                                       2010       2009       2010       2009
    -------------------------------------------------------------------------
    Interest income
    Loans                         $   3,293  $   3,264  $  12,939  $  13,691
    Securities
      Dividends                         175        180        737        868
      Interest                          854        744      3,043      3,886
    Deposits with banks                 171         84        668        442
    -------------------------------------------------------------------------
                                      4,493      4,272     17,387     18,887
    -------------------------------------------------------------------------
    Interest expense
    Deposits                          1,203      1,126      4,578      5,818
    Subordinated notes and
     debentures                         166        168        667        671
    Preferred shares and capital
     trust securities                     7         24         37         94
    Other                               134        129        562        978
    -------------------------------------------------------------------------
                                      1,510      1,447      5,844      7,561
    -------------------------------------------------------------------------
    Net interest income               2,983      2,825     11,543     11,326
    -------------------------------------------------------------------------
    Non-interest income
    Investment and securities
     services                           616        591      2,424      2,212
    Credit fees                         155        168        634        622
    Net securities gains (losses)         1         26         75       (437)
    Trading income (loss)               119        215        484        685
    Service charges                     392        385      1,651      1,507
    Loan securitizations                124        135        489        468
    Card services                       210        192        820        733
    Insurance, net of claims            238        202      1,028        913
    Trust fees                           40         33        153        141
    Other income (loss)                 139        (54)       264       (310)
    -------------------------------------------------------------------------
                                      2,034      1,893      8,022      6,534
    -------------------------------------------------------------------------
    Total revenue                     5,017      4,718     19,565     17,860
    -------------------------------------------------------------------------
    Provision for credit losses         404        521      1,625      2,480
    -------------------------------------------------------------------------
    Non-interest expenses
    Salaries and employee benefits    1,485      1,452      5,960      5,839
    Occupancy, including depreciation   339        293      1,236      1,213
    Equipment, including depreciation   268        246        880        897
    Amortization of other intangibles   147        151        592        653
    Restructuring costs                   -          9         17         36
    Marketing and business development  184        158        595        566
    Brokerage-related fees               73         70        297        274
    Professional and advisory services  281        200        804        740
    Communications                       64         58        251        239
    Other                               422        458      1,531      1,754
    -------------------------------------------------------------------------
                                      3,263      3,095     12,163     12,211
    -------------------------------------------------------------------------
    Income before income taxes,
     non-controlling interests in
     subsidiaries, and equity in net
     income of an associated company  1,350      1,102      5,777      3,169
    Provision for income taxes          374        132      1,262        241
    Non-controlling interests in
     subsidiaries, net of income
     taxes                               27         27        106        111
    Equity in net income of an
     associated company, net of
     income taxes                        45         67        235        303
    -------------------------------------------------------------------------
    Net income                          994      1,010      4,644      3,120
    Preferred dividends                  48         48        194        167
    -------------------------------------------------------------------------
    Net income available to common
     shareholders                 $     946  $     962  $   4,450  $   2,953
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Average number of common
     shares outstanding (millions)
    Basic                             874.9      855.6      867.1      847.1
    Diluted                           879.7      861.1      872.1      850.1
    Earnings per share (Canadian
     dollars)
    Basic                         $    1.08  $    1.12  $    5.13  $    3.49
    Diluted                            1.07       1.12       5.10       3.47
    Dividends per share (Canadian
     dollars)                          0.61       0.61       2.44       2.44
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Certain comparative amounts have been reclassified to conform with the
    presentation adopted in the current year.



    INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
    (unaudited)
    -------------------------------------------------------------------------
    (millions of Canadian dollars)       For the three        For the twelve
                                          months ended          months ended
                                  -------------------------------------------
                                    Oct. 31    Oct. 31    Oct. 31    Oct. 31
                                       2010       2009       2010       2009
    -------------------------------------------------------------------------
    Common shares
    Balance at beginning of
     period                       $  16,443  $  15,118  $  15,357  $  13,278
    Proceeds from shares issued on
     exercise of stock options           89        112        521        247
    Shares issued as a result of
     dividend reinvestment plan         144        127        546        451
    Proceeds from issuance of new
     shares                               -          -        252      1,381
    Shares issued on acquisitions        54          -         54          -
    -------------------------------------------------------------------------
    Balance at end of period         16,730     15,357     16,730     15,357
    -------------------------------------------------------------------------
    Preferred shares
    Balance at beginning of period    3,395      3,395      3,395      1,875
    Shares issued                         -          -          -      1,520
    -------------------------------------------------------------------------
    Balance at end of period          3,395      3,395      3,395      3,395
    -------------------------------------------------------------------------
    Treasury shares - common
    Balance at beginning of period      (88)       (63)       (15)       (79)
    Purchase of shares                 (512)      (619)    (2,158)    (1,756)
    Sale of shares                      509        667      2,082      1,820
    -------------------------------------------------------------------------
    Balance at end of period            (91)       (15)       (91)       (15)
    -------------------------------------------------------------------------
    Treasury shares - preferred
    Balance at beginning of period        -          -          -          -
    Purchase of shares                  (28)        (6)       (63)        (6)
    Sale of shares                       27          6         62          6
    -------------------------------------------------------------------------
    Balance at end of period             (1)         -         (1)         -
    -------------------------------------------------------------------------
    Contributed surplus
    Balance at beginning of period      313        357        336        392
    Net premium (discount) on sale
     of treasury shares                   4         (3)        52        (27)
    Stock options                       (12)       (18)       (83)       (29)
    -------------------------------------------------------------------------
    Balance at end of period            305        336        305        336
    -------------------------------------------------------------------------
    Retained earnings
    Balance at beginning of period   20,548     18,192     18,632     17,857
    Net income due to
     reporting-period alignment of
     U.S. entities                        -          -          -          4
    Transition adjustment on
     adoption of financial
     instruments amendments               -          -          -        (59)
    Net income                          994      1,010      4,644      3,120
    Common dividends                   (534)      (522)    (2,118)    (2,075)
    Preferred dividends                 (48)       (48)      (194)      (167)
    Share issue expenses                 (1)         -         (5)       (48)
    -------------------------------------------------------------------------
    Balance at end of period         20,959     18,632     20,959     18,632
    -------------------------------------------------------------------------
    Accumulated other
     comprehensive income (loss)
    Balance at beginning of period      725      1,021      1,015     (1,649)
    Other comprehensive income due
     to reporting-period alignment
     of U.S. entities                     -          -          -        329
    Transition adjustment on
     adoption of financial
     instruments amendments               -          -          -        563
    Other comprehensive income
     (loss) for the period              280         (6)       (10)     1,772
    -------------------------------------------------------------------------
    Balance at end of period          1,005      1,015      1,005      1,015
    -------------------------------------------------------------------------
    Retained earnings and
     accumulated other comprehensive
     income                          21,964     19,647     21,964     19,647
    -------------------------------------------------------------------------
    Total shareholders' equity    $  42,302  $  38,720  $  42,302  $  38,720
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Certain comparative amounts have been reclassified to conform with the
    presentation adopted in the current year.



    INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited)
    -------------------------------------------------------------------------
    (millions of Canadian dollars)       For the three        For the twelve
                                          months ended          months ended
                                  -------------------------------------------
                                    Oct. 31    Oct. 31    Oct. 31    Oct. 31
                                       2010       2009       2010       2009
    -------------------------------------------------------------------------
    Net income                    $     994  $   1,010  $   4,644  $   3,120
    -------------------------------------------------------------------------
    Other comprehensive income
     (loss), net of income taxes
    Change in unrealized gains
     (losses) on available-for-sale
     securities, net of hedging
     activities(1)                      214        347        445      1,129
    Reclassification to earnings
     of net losses (gains) in
     respect of available-for-sale
     securities(2)                       (5)        45          9        257
    Net change in unrealized
     foreign currency translation
     gains (losses) on investments
     in subsidiaries, net of
     hedging activities(3),(4)         (334)      (349)    (1,362)       (72)
    Change in net gains (losses)
     on derivatives designated as
     cash flow hedges(5)                613        300      1,955      1,702
    Reclassification to earnings
     of net losses (gains) on cash
     flow hedges(6)                    (208)      (349)    (1,057)    (1,244)
    -------------------------------------------------------------------------
                                        280         (6)       (10)     1,772
    -------------------------------------------------------------------------
    Comprehensive income (loss)
     for the period               $   1,274  $   1,004  $   4,634  $   4,892
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) Net of income tax provision of $111 million and $229 million,
        respectively, for the three and twelve months ended October 31, 2010
        (three and twelve months ended October 31, 2009 - income tax
        provision of $154 million and $456 million, respectively).
    (2) Net of income tax recovery of nil and $5 million, respectively, for
        the three and twelve months ended October 31, 2010 (three and twelve
        months ended October 31, 2009 - income tax recovery of $15 million
        and $148 million, respectively).
    (3) Net of income tax provision of $35 million and $316 million,
        respectively, for the three and twelve months ended October 31, 2010
        (three and twelve months ended October 31, 2009 - income tax recovery
        of $58 million and income tax provision of $604 million,
        respectively).
    (4) Includes $86 million and $867 million of after-tax gains for the
        three and twelve months ended October 31, 2010, respectively, (three
        and twelve months ended October 31, 2009 - after-tax losses of
        $26 million and after-tax gains of $1,380 million, respectively),
        arising from hedges of the Bank's investment in foreign operations.
    (5) Net of income tax provision of $245 million and $865 million,
        respectively, for the three and twelve months ended October 31, 2010
        (three and twelve months ended October 31, 2009 - income tax
        provision of $153 million and $828 million, respectively).
    (6) Net of income tax provision of $79 million and $447 million,
        respectively, for the three and twelve months ended October 31, 2010
        (three and twelve months ended October 31, 2009 - income tax
        provision of $154 million and $552 million, respectively).

    Certain comparative amounts have been reclassified to conform with the
    presentation adopted in the current year.



    INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
    -------------------------------------------------------------------------
    (millions of Canadian dollars)       For the three        For the twelve
                                          months ended          months ended
                                  -------------------------------------------
                                    Oct. 31    Oct. 31    Oct. 31    Oct. 31
                                       2010       2009       2010       2009
    -------------------------------------------------------------------------
    Cash flows from (used in)
     operating activities
    Net income                    $     994  $   1,010  $   4,644  $   3,120
    Adjustments to determine net
     cash flows from (used in)
     operating activities
      Provision for credit losses       404        521      1,625      2,480
      Restructuring costs                 -          9         17         36
      Depreciation                      185        166        601        600
      Amortization of other
       intangibles                      147        151        592        653
      Net securities losses (gains)      (1)       (26)       (75)       437
      Net gain on securitizations       (79)       (87)      (317)      (321)
      Equity in net income of an
       associated company               (45)       (67)      (235)      (303)
      Non-controlling interests          27         27        106        111
      Future income taxes               320        399         98        336
      Current income taxes
       receivable and payable           (95)      (426)       590      1,703
      Interest receivable and
       payable                          286        148         20        224
      Trading securities             (1,144)    (4,564)    (5,222)     5,043
      Derivative assets              (3,198)     7,929     (2,230)    33,880
      Derivative liabilities          3,294     (7,384)     5,533    (26,137)
      Other                          (2,222)     2,269     (2,498)     2,781
    -------------------------------------------------------------------------
    Net cash from operating
     activities                      (1,127)        75      3,249     24,643
    -------------------------------------------------------------------------
    Cash flows from (used in)
     financing activities
    Change in deposits                 (218)     2,556     26,645     14,319
    Change in securities sold short     636      5,202      6,054       (877)
    Change in securities sold under
     repurchase agreements              187      9,059      8,954     (2,460)
    Repayment of subordinated notes
     and debentures                     (35)        (2)       (35)       (20)
    Liability for preferred shares
     and capital trust securities        32         (4)      (863)         1
    Translation adjustment on
     subordinated notes and
     debentures issued in a foreign
     currency and other                 157        (34)       158        (37)
    Common shares issued                 72         89        657      1,544
    Sale of treasury shares             540        670      2,196      1,799
    Purchase of treasury shares        (540)      (625)    (2,221)    (1,762)
    Dividends paid                     (438)      (443)    (1,766)    (1,791)
    Net proceeds from issuance of
     preferred shares                     -          -          -      1,497
    -------------------------------------------------------------------------
    Net cash from (used in)
     financing activities               393     16,468     39,779     12,213
    -------------------------------------------------------------------------
    Cash flows from (used in)
     investing activities
    Interest-bearing deposits with
     banks                            1,341     (3,621)       (33)    (6,313)
    Activity in available-for-sale
     and held-to-maturity securities
      Purchases                     (16,660)   (21,804)   (80,778)   (92,331)
      Proceeds from maturities       10,670     11,092     40,510     43,101
      Proceeds from sales             7,127      6,723     23,731     33,022
    Net change in loans, net of
     securitizations                 (9,267)   (14,698)   (25,339)   (51,036)
    Proceeds from loan
     securitizations                  4,160      6,585     15,580     27,491
    Net purchases of premises and
     equipment                         (498)      (357)      (770)      (820)
    Securities purchased under
     reverse repurchase agreements    2,350       (534)   (17,710)    10,275
    Net cash acquired from
     acquisitions                     1,125          -      2,024          -
    -------------------------------------------------------------------------
    Net cash used in investing
     activities                         348    (16,614)   (42,785)   (36,611)
    -------------------------------------------------------------------------
    Effect of exchange rate changes
     on cash and cash equivalents        (9)         8        (83)      (159)
    -------------------------------------------------------------------------
    Net increase (decrease) in cash
     and cash equivalents              (395)       (63)       160         86
    Impact due to reporting-period
     alignment of U.S. entities           -          -          -       (189)
    Cash and cash equivalents at
     beginning of period              2,969      2,477      2,414      2,517
    -------------------------------------------------------------------------
    Cash and cash equivalents at
     end of period, represented by
     cash and due from banks      $   2,574  $   2,414  $   2,574  $   2,414
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Supplementary disclosure of
     cash flow information
    Amount of interest paid during
     the period                   $   1,128  $   1,172  $   5,865  $   8,337
    Amount of income taxes paid
     (refunded) during the period       334       (230)       917     (1,198)
    -------------------------------------------------------------------------

    Certain comparative amounts have been reclassified to conform with the
    presentation adopted in the current year.

Appendix A - Segmented Information

The Bank's operations and activities are organized around four key business segments: Canadian Personal and Commercial Banking, Wealth Management, U.S. Personal and Commercial Banking, and Wholesale Banking. The Bank's other activities are grouped into the Corporate segment. Results for these segments for the three and twelve months ended October 31 are presented in the following tables:

    Results by Business Segment
    -------------------------------------------------------------------------
    (millions of
     Canadian                                     For the three months ended
     dollars)     -----------------------------------------------------------
                   Canadian Personal                           U.S. Personal
                      and Commercial              Wealth      and Commercial
                             Banking          Management             Banking
    -------------------------------------------------------------------------
                                                                     Oct. 31
                   Oct. 31   Oct. 31   Oct. 31   Oct. 31   Oct. 31      2009
                      2010      2009      2010      2009      2010    (1),(2)
    -------------------------------------------------------------------------
    Net interest
     income       $  1,854  $  1,668  $     97  $     67  $    962  $    840
    Non-interest
     income            814       766       542       520       257       273
    -------------------------------------------------------------------------
    Total revenue    2,668     2,434       639       587     1,219     1,113
    Provision for
     (reversal of)
     credit losses     239       313         -         -       146       216
    Non-interest
     expenses        1,331     1,226       468       444       763       806
    -------------------------------------------------------------------------
    Income (loss)
     before income
     taxes           1,098       895       171       143       310        91
    Provision for
     (recovery
     of) income
     taxes             325       273        53        46        45       (31)
    Non-
     controlling
     interests
     in subsid-
     iaries, net
     of income
     taxes               -         -         -         -         -         -
    Equity in net
     income of an
     associated
     company, net
     of income
     taxes               -         -        33        59         -         -
    -------------------------------------------------------------------------
    Net income
     (loss)       $    773  $    622  $    151  $    156  $    265  $    122
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total assets
     (billions of
     Canadian
     dollars)
    Balance sheet $  198.1  $  183.3  $   20.8  $   20.6  $  179.6  $  153.8
    Securitized(3)    65.6      57.6         -         -         -         -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                                 For the twelve months ended
    -------------------------------------------------------------------------
    Net interest
     income       $  7,134  $  6,348  $    336  $    270  $  3,579  $  3,607
    Non-interest
     income          3,237     3,101     2,121     1,935     1,180     1,117
    -------------------------------------------------------------------------
    Total revenue   10,371     9,449     2,457     2,205     4,759     4,724
    Provision for
     (reversal of)
     credit losses   1,046     1,155         -         -       646       948
    Non-interest
     expenses        4,934     4,725     1,813     1,701     2,910     3,213
    -------------------------------------------------------------------------
    Income (loss)
     before income
     taxes           4,391     3,569       644       504     1,203       563
    Provision for
     (recovery of)
     income taxes    1,296     1,097       197       159       230       (70)
    Non-
     controlling
     interests in
     subsidiaries,
     net of income
     taxes               -         -         -         -         -         -
    Equity in net
     income of an
     associated
     company, net
     of income
     taxes               -         -       194       252         -         -
    -------------------------------------------------------------------------
    Net income
     (loss)       $  3,095  $  2,472  $    641  $    597  $    973  $    633
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    (millions of
     Canadian                                     For the three months ended
     dollars)     -----------------------------------------------------------
                           Wholesale
                             Banking           Corporate               Total
    -------------------------------------------------------------------------

                   Oct. 31   Oct. 31   Oct. 31   Oct. 31   Oct. 31   Oct. 31
                      2010      2009      2010      2009      2010      2009
    -------------------------------------------------------------------------
    Net interest
     income       $    416  $    579  $   (346) $   (329) $  2,983  $  2,825
    Non-interest
     income            261       307       160        27     2,034     1,893
    -------------------------------------------------------------------------
    Total revenue      677       886      (186)     (302)    5,017     4,718
    Provision for
     (reversal of)
     credit losses      23         7        (4)      (15)      404       521
    Non-interest
     expenses          324       347       377       272     3,263     3,095
    -------------------------------------------------------------------------
    Income (loss)
     before income
     taxes             330       532      (559)     (559)    1,350     1,102
    Provision for
     (recovery
     of) income
     taxes             235       160      (284)     (316)      374       132
    Non-
     controlling
     interests
     in subsid-
     iaries, net
     of income
     taxes               -         -        27        27        27        27
    Equity in net
     income of an
     associated
     company, net
     of income
     taxes               -         -        12         8        45        67
    -------------------------------------------------------------------------
    Net income
     (loss)       $     95  $    372  $   (290) $   (262) $    994  $  1,010
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total assets
     (billions of
     Canadian
     dollars)
    Balance sheet $  188.8  $  164.9  $   32.2  $   34.6  $  619.5  $  557.2
    Securitized(3)     4.0       4.1     (19.0)    (13.7)     50.6      48.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                                 For the twelve months ended
    -------------------------------------------------------------------------
    Net interest
     income       $  1,815  $  2,488  $ (1,321) $ (1,387) $ 11,543  $ 11,326
    Non-interest
     income          1,059       733       425      (352)    8,022     6,534
    -------------------------------------------------------------------------
    Total revenue    2,874     3,221      (896)   (1,739)   19,565    17,860
    Provision for
     (reversal of)
     credit losses      25       164       (92)      213     1,625     2,480
    Non-interest
     expenses        1,395     1,417     1,111     1,155    12,163    12,211
    -------------------------------------------------------------------------
    Income (loss)
     before income
     taxes           1,454     1,640    (1,915)   (3,107)    5,777     3,169
    Provision for
     (recovery of)
     income taxes      588       503    (1,049)   (1,448)    1,262       241
    Non-
     controlling
     interests in
     subsidiaries,
     net of income
     taxes               -         -       106       111       106       111
    Equity in net
     income of an
     associated
     company, net
     of income
     taxes               -         -        41        51       235       303
    -------------------------------------------------------------------------
    Net income
     (loss)       $    866  $  1,137  $   (931) $ (1,719) $  4,644  $  3,120
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) Commencing the third quarter ended July 31, 2008, the results of U.S.
        Personal and Commercial Banking include Commerce.
    (2) As explained in Note 1, effective the second quarter ended April 30,
        2009, as a result of the alignment of reporting period of U.S.
        entities, TD Bank, N.A., which currently operates as TD Bank,
        America's Most Convenient Bank, is consolidated using the same period
        as the Bank.
    (3) Securitized assets continue to be reported under the segments the
        original loans originated from.


    SHAREHOLDER AND INVESTOR INFORMATION
    -------------------------------------------------------------------------

    Shareholder Services
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                          And your
    If you:               inquiry relates to:     Please contact:
    -------------------------------------------------------------------------
    Are a registered      Missing dividends,      Transfer Agent
    shareholder (your     lost share
    name appears on your  certificates, estate    CIBC Mellon Trust Company
    TD share              questions, address      P.O. Box 7010
    certificate)          changes to the share    Adelaide Street Postal
                          register, dividend      Station
                          bank account changes,   Toronto, ON M5C 2W9
                          the dividend            416-643-5500 or toll-free
                          reinvestment plan,      at 1-800-387-0825
                          eliminating duplicate   inquiries@cibcmellon.com
                          mailings of             or www.cibcmellon.com
                          shareholder materials
                          or stopping (and
                          resuming) receiving
                          Annual and Quarterly
                          Reports.
    -------------------------------------------------------------------------
    Hold your TD shares   Missing dividends,      Co-Transfer Agent and
    through the Direct    lost share              Registrar
    Registration System   certificates, estate
    in the United States  questions, address      BNY Mellon Shareowner
                          changes to the share    Services P.O. Box 358015
                          register, eliminating   Pittsburgh, Pennsylvania
                          duplicate mailings of   15252-8015
                          shareholder materials   or
                          or stopping (and        480 Washington Boulevard
                          resuming) receiving     Jersey City, New Jersey
                          Annual and Quarterly    07310
                          Reports.                1-866-233-4836
                                                  TDD for hearing impaired:
                                                  1-800-231-5469
                                                  Shareholders outside of
                                                  U.S.: 201-680-6578
                                                  TDD Shareholders outside of
                                                  U.S.: 201-680-6610
                                    www.bnymellon.com/shareowner/equityaccess
    -------------------------------------------------------------------------
    Beneficially own TD   Your TD shares,         Your intermediary
    shares that are held  including questions
    in the name of an     regarding the dividend
    intermediary, such    reinvestment plan and
    as a bank, a trust    mailings of shareholder
    company, a            materials
    securities broker or
    other nominee
    -------------------------------------------------------------------------

For all other shareholder inquiries, please contact TD Shareholder Relations at 416-944-6367 or 1-866-756-8936 or email tdshinfo@td.com.

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 response.

    Annual Report on Form 40-F (U.S.)
    ---------------------------------

A copy of the Bank's annual report on Form 40-F for fiscal 2010 will be filed with the Securities and Exchange Commission later today and will be available at http://www.td.com. You may obtain a printed copy of the Bank's annual report on Form 40-F for fiscal 2010 free of charge upon request to TD Shareholder Relations at 416-944-6367 or 1-866-756-8936 or e-mail: tdshinfo@td.com.

    General Information
    -------------------

    Contact Corporate & Public Affairs:
    416-982-8578

    Products and services: Contact TD Canada Trust, 24 hours a day, seven
    days a week:
    1-866-567-8888
    French: 1-866-233-2323
    Cantonese/Mandarin: 1-800-328-3698
    Telephone device for the deaf: 1-800-361-1180
    Internet website: http://www.td.com
    Internet e-mail: customer.service@td.com

    Access to Quarterly Results Materials
    -------------------------------------

Interested investors, the media and others may view this fourth quarter earnings news release, results slides, supplementary financial information, and the 2010 Consolidated Financial Statements and Notes and the 2010 Management's Discussion and Analysis documents on the TD website at www.td.com/investor/qr_2010.jsp.

    Quarterly Earnings Conference Call

TD Bank Group will host an earnings conference call in Toronto, Ontario on December 2, 2010. The call will be webcast live via TD's website at 3 p.m. ET. The call and webcast will feature presentations by TD executives on the Bank's financial results for the fourth quarter and fiscal 2010, followed by a question-and-answer period with analysts. The presentation material referenced during the call will be available on the TD website at http://www.td.com/investor/qr_2010.jsp on December 2, 2010, before 12 p.m. ET. A listen-only telephone line is available at 416-644-3414 or 1-877-974-0445 (toll free).

The webcast and presentations will be archived at http://www.td.com/investor/qr_2010.jsp. Replay of the teleconference will be available from 6 p.m. ET on December 2, 2010, until January 4, 2011, by calling 416-640-1917 or 1-877-289-8525 (toll free). The passcode is 4382740, followed by the pound key.

    Annual Meeting

    Thursday, March 31, 2011
    Victoria Conference Centre
    Victoria, British Columbia

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD or the Bank). TD is the sixth largest bank in North America by branches and serves approximately 19 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD had $620 billion in assets on October 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

SOURCE TD BANK FINANCIAL GROUP