UBS Asset Gathering Conference March 21, 2011

LEADING FOR THE FUTURE Meeting New Challenges in Wealth Management

Tom Bradley, President TD Ameritrade Institutional

This material is designed for an investment professional audience, primarily Registered Investment Advisors (RIAs). TD Ameritrade Institutional, Division of TD Ameritrade, Inc., member FINRA/SIPC/NFA. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2011 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

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Disclosures

This presentation is provided for informational purposes only.

Options involve risks and are not suitable for all investors. TD Ameritrade Institutional does not encourage RIAs to direct their clients towards options trading, RIA clients and the RIAs themselves should carefully consider the risks of options trading, and options compatibly or conflict with investment goals, before determining if options activity is to take place. Please read the provided copy of Characteristics and Risks of Standardized Options booklet before trading or investing in options.

Access to third party providers in the Application Program Interface (API) program is provided solely as a service to financial advisors using the brokerage, execution and custody services of TD Ameritrade Institutional. Since we must ensure that all vendors meet our stringent security requirements, integration with new vendors is not immediate and cannot be guaranteed. Participating providers are independent and are not employees or agents of TD Ameritrade. TD Ameritrade does not guarantee nor are they responsible for the quality or accuracy of any provider's product or service. In no instance should the listing of a provider be construed as a recommendation or endorsement by TD Ameritrade. Furthermore, TD Ameritrade does not recommend or endorse any security described by any provider.

Access to Veo and the services presented is provided solely as a service to financial advisors using the brokerage, execution and custody services of TD Ameritrade Institutional.

TD Ameritrade and third party companies named in the presentation are separate and unaffiliated and are not responsible for each other’s policies or services. TD Ameritrade is not responsible for third party information or services, including market data provided by the exchanges. TD Ameritrade does not make recommendations or determines the suitability of any security or strategy. Past performance of a security or strategy does not guarantee future results. Third party research and tools are obtained from companies not affiliated with TD Ameritrade, and are provided for informational purposes only. While the information is deemed reliable, TD Ameritrade does not guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with respect to the results to be obtained from its use.

iRebal products and services property of ThinkTech, Inc., an affiliate of TD Ameritrade, Inc.

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1 Includes professionally managed retail and institutional assets. Source: Cerulli Quantitative Update - The State of US Retail and Institutional Asset Management. 2 Source: Cerulli Quantitative Update — Retail Investor Product Usage. “RIAs and Hybrids” includes assets of fee-only RIAs and both the fee and commission assets of dually-registered RIAs.

Total US Market Sizing — Assets Under Professional Management ($T)(1)

2009 Advisor Managed Retail Assets: $10T(2)

The Wealth Management Industry is Growing

$23$25

$28

$35 $35

$50

$37

$23$21

$30

$39

$31

$40

$43

$46

$15

$25

$35

$45

$55

2000 2002 2004 2006 2008 2010E 2012E 2014E

Wirehouses 40%

RIAs and Hybrids

19% IBD 15% Regional

B/Ds 16%

Bank & Insurance B/Ds

10%

5.7% CAGR

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TD Ameritrade Institutional among Competitors(1)

– Second-largest RIA client base with over 4,000 advisors

– Third-largest RIA asset base, representing one-third of TD Ameritrade’s total assets

1 Source: Cerulli RIA Service Agent Survey – 2Q10.

RIAs

Fast Growing Segment of Wealth Management

State-Registered or Registered with the SEC

Proudly adhere to a “Fiduciary” Standard

Believe in a Fee-Based Model

Independent Registered Investment Advisors (RIAs)

5

-20%

0%

20%

40%

2005 2006 2007 2008 2009 2010E

Client Asset Growth: RIA Retail AUM vs. Wirehouse Retail AUM

35 pts

Sources: Cerulli “State of the Wirehouses” – Nov ’09, “RIA Service Agent Survey” – Q2 ’10, “Advisor Metrics” – 2010 Update. RIA Retail AUM includes assets of fee-only RIAs as well as the fee portion of assets managed by dually-registered advisors. 2010E represents estimated results based on industry publications, public filings, and TD Ameritrade internal analysis.

RIAs Wirehouses

+39%

+4%

The RIA Industry Is Thriving

Independent RIA Model Gaining Assets

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Source: Financial Planning: The Delivery of Advice and Guidance (Cerulli); TD Ameritrade Internal Analysis. Amerivest is an investment advisory service of Amerivest Investment Management, LLC, an SEC-registered investment advisor, available to RIAs on a sub-advisory basis. Brokerage services provided by TD Ameritrade, Inc. TD Ameritrade, Inc. and Amerivest Investment Management, LLC are both wholly owned subsidiaries of TD Ameritrade Holding Corporation. Amerivest is a trademark of TD Ameritrade IP Company, Inc. Risks applicable to any portfolio are those associated with its underlying securities. For more information please see the Amerivest Disclosure Brochure (ADV Part II).

Institutional support of RIAs

Self-directed portfolio management tools/solutions

Amerivest and ETF offerings

Web, branch, phone

High-Touch, High-Cost, Customized

Advice

Low-Cost, High Tech

Self-Directed Packaged Products

High

Clie

nt T

ouch

Personalization Low

High

RIAs: Core to TD Ameritrade’s Multi-Channel Strategy

Independent RIAs Serve HNW Clients Who Are Seeking Advice

Investor Needs TD Ameritrade Solutions

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Source: Results are based on surveys conducted May 14-22, 2009 (“Market Trough”), Dec 4-16, 2009 (“Last Year”), and Oct. 21-Nov. 4, 2010 (“Current”) by Maritz, Inc. on behalf of TD Ameritrade Institutional. Maritz, Inc. and TD Ameritrade Institutional are separate, unaffiliated companies and are not responsible for each other's products and services. Survey question was “Overall, in the past 6 months have you seen growth, loss, or no change in the total number of clients?” (Base: Total Respondents.)

Market Trough May ’09

Last Year Dec ’09

Current Nov ’10

RIAs Seeing Growth in Clients RIAs Seeing Loss of Clients

+21 pts

-12 pts 50%

60% 71%

18%

9% 6%

Market Trough May ’09

Last Year Dec ’09

Current Nov ’10

RIAs Are Continuing To Grow

More RIAs are Adding and Retaining Clients

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RIA’s Vision: We start with the advisor’s unique needs

Solutions Consultants: Average tenure of 11 years in the business

Roadmap™ Process: 10,000+ business recommendations delivered to over 1,300 advisors

Dedicated Support: Total team of 40 associates dedicated to Practice Management

Real Business Solutions

4 Implement the Plan 3 Develop a

Plan 2 Establish Goals 1 Identify

Needs

12-Mo Organic Growth Rate(1)

19%

9%

Roadmap Users Other Advisors

1 Based on analysis of FY10 net new assets at TD Ameritrade relative to beginning of period assets. Populations: Advisors receiving Roadmap recommendations vs. other advisors on TD Ameritrade platform. Access to Roadmap is provided by TD Ameritrade Institutional as a service to financial advisors using the brokerage, execution and custody services of TD Ameritrade Institutional. TD Ameritrade does not guarantee nor is it responsible for the completeness or accuracy of the data provided by third-party firms or for the quality of any third-party firm’s product or service.

RIA Needs — Practice Management Support

A Constant Dialogue with Dedicated Solutions Consultants

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No Tools Integrated

A Few Tools Integrated

Most Tools Integrated

All Tools Integrated

Source: The Value of Technology Integration for Registered Investment Advisors: Making Time for Clients and Prospects, Aite Group, September 2009.

Tools Financial Planning CRM Performance/Client

Reporting

Portfolio Mgmt System Portfolio Analytics Proposal Generation

Advisor Workstation Market Data and News Trading/Order Mgmt

Compliance Systems

Account Aggregation

13%

34%

35%

52%

RIA Needs — Integrated Tools and Technology

Full Integration Increases Time Spent with Clients

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Advisor

V E O O P E N A C C E S S

CRM

Portfolio

FinPlan

Rebalance

Documents

CRM

Portfolio

FinPlan

Rebalance

Documents

CRM

Portfolio

FinPlan

Rebalance

Documents

CRM

Portfolio

FinPlan

Rebalance

Documents

CRM

Portfolio

FinPlan

Rebalance

Documents

CRM

Portfolio

FinPlan

Rebalance

Documents

A Growing Network of Third-Party Providers

RIA Needs — Integrated Tools and Technology

New Way to Leverage Technology — Open Access

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For illustrative purposes only.

RIA Needs — Integrated Tools and Technology

Veo Mobile for iPad

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Account Services Client Acquisition in a

Wired World Client Acquisition Through High Net Worth Client and

Prospecting Events Client Web Admin

Consolidated Positions

Continuity Planning Doing More With Less

Effective Communication and

Process Equity Block Orders Fixed Income Tools

Fixed Income Research and Commentary

Form ADV Part II

How to Buy or Sell a Bond

How-To Guide on Buying

Non-Verbal Buying Signs

Options Block Orders Portfolio Rebalancing Private Charitable

Foundations Quality Execution Redefining Poor

Performers Strategies for

Successful Transitioning

Succession Planning Tax Center Using Client

Feedback to Build Your Business

RIA Needs — Human Capital Management

Advisor Education Center

For illustrative purposes only.

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Scores are based on a 3-month rolling average. CSI is based on 11 point scale, that is, from 0 to 10, top 3 box = 8+9+10 rating points. Net Advocate is based on [10+9 ratings] – [0+1+2+3+4+5+6 ratings]. Results for Legacy TD Ameritrade and Legacy Fiserv Trust Company combined November 09 and forward.

78%

91%

75%

80%

85%

90%

95%

J F M A M J J A S O N D J F M A M J J A S O N D2009 2010

Client Satisfaction Net Advocate

49%

75%

45%

50%

55%

60%

65%

70%

75%

J F M A M J J A S O N D J F M A M J J A S O N D2009 2010

Maintaining Our Focus on Advisor Satisfaction

Vision: To Be the Better Investment Firm for Today’s Investor and Advisor

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Fiduciary Standard Oversight DOL Advice Rule (Proposed)

► Advocating for client interests ► Contributing to industry organizations ► Sharing helpful information

Looking Ahead to Future Challenges

New Regulatory Winds Blowing