Raymond James-Institutional-Conference-2017

RAYMOND JAMES 38TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE MARCH 2017 1

A M T D RAYMOND JAMES 38TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE STEVE BOYLE EXECUTIVE VICE PRESIDENT & CFO

Orlando, FL March 6, 2017

TD Ameritrade Holding Corporation (Nasdaq: AMTD). Brokerage services provided by TD Ameritrade, Inc., member FINRA/SIPC, and TD Ameritrade Clearing, Inc., member FINRA/SIPC, subsidiaries of TD Ameritrade Holding Corp. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2017 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.


Safe Harbor This document contains forward-looking statements within the meaning of the federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws. In particular, any projections regarding our future revenues, expenses, earnings, capital expenditures, effective tax rates, client trading activity, accounts, stock price or any projections or expectations regarding the proposed business combination transaction between us and Scottrade Financial Services, Inc., as well as the assumptions on which such expectations are based, are forward-looking statements. These statements reflect only our current expectations and are not guarantees of future performance or results. These statements involve risks, uncertainties and assumptions that could cause actual results or performance to differ materially from those contained in the forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to: general economic and political conditions and other securities industry risks, fluctuations in interest rates, stock market fluctuations and changes in client trading activity, credit risk with clients and counterparties, increased competition, systems failures, delays and capacity constraints, network security risks, liquidity risks, new laws and regulations affecting our business, regulatory and legal matters, the ability to obtain regulatory approvals and meet other closing conditions to the proposed transaction, including the completion of the merger between Scottrade Bank and

TD Bank, N.A., on the expected terms and schedule; delay in closing the transaction; difficulties and delays in integrating the TD Ameritrade and Scottrade businesses or fully realizing cost savings and other benefits; business disruption following the proposed transaction; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; TD Ameritrade’s and Scottrade’s businesses experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; the inability to realize synergies or to implement integration plans and other consequences associated with mergers, acquisitions and uncertainties and other risk factors described in our latest Annual Report on Form 10-K, filed with the SEC on Nov. 18, 2016 and our latest Quarterly Report on Form 10-Q filed thereafter. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.


Use of Non-GAAP Financial Measures The Company utilized the non-GAAP calculation of net income excluding amortization of intangible assets, as an additional measure to aid in understanding and analyzing the Company's financial results. Specifically, the Company believes that this non-GAAP measure provides useful information by excluding an item that may not be indicative of the Company's core operating results and business outlook. The Company believes that this non-GAAP measure will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company's results in the current period to those in prior periods and future periods. Reference to this non-GAAP measure should not be considered as a substitute for results that are presented in a manner consistent with GAAP. This non-GAAP measure is provided to enhance investors' overall understanding of the Company's financial performance.

*Certain totals may not foot due to rounding. **Changes based on rounding numbers to the nearest $ millions. ***See Appendix for footnotes descriptions.


Overview


SENIOR MANAGEMENT Tim Hockey – President and CEO 32+ years in retail banking and wealth management

Joined TD Ameritrade in January 2016 from TD Bank Group, where he most recently served as Group Head, Canadian Banking and

Wealth management, and as President and CEO of TD Canada Trust

Over his 32-year career with TD, he held senior positions in a variety of areas including mutual funds, retail distribution, information

technology, core and small business, credit cards and personal lending.

Tom Bradley President, Retail Distribution Nearly 30 years of experience

in the industry Former President, TD

Ameritrade Institutional

Tom Nally President, TD Ameritrade Institutional More than 20 years of

experience with Advisors Currently responsible for TD

Ameritrade Institutional Sales

Karen Ganzlin EVP, Chief Human Resources Officer Over 10 years with the firm Former SVP of HR in wealth

management for TD Bank

Steve Boyle EVP, Chief Financial Officer Nearly 30 years in financial

services industry Former CFO of TD Bank

Prashant Bhatia Managing Director, Corp. Strategy & Business Development Over 20 years in financial

services industry

David Kimm EVP, Chief Risk Officer Nearly 30 years in

financial services – 15 of which included risk management

Ellen Koplow EVP, General Counsel & Corporate Secretary Over 15 years with the firm Former managing principal at

Columbia, MD office of Miles & Stockbridge, P.C.

Steve Quirk EVP, Trader Group 30-year trading career

beginning with Chicago Board of Options Exchange market maker

Vijay Sankaran Chief Information Officer Prior to joining the firm was IT

Chief of Technology at Ford Motor Company


$0

$100

$200

$300

$400

$500

$600

$700

$800 PHASE ONE (Joe R.) 1975-2001 Pioneering an Industry Sep ‘01: Client Assets: $26B Market Cap: $1B

PHASE TWO (Joe M.) 2001-2008 Consolidating an Industry Sep ‘08: Client Assets: $278B Market Cap: $10B

PHASE THREE (Fred T.) 2009-2016 Premier Asset Gathering Sep ‘16: Client Assets: $774B

Market Cap: $19B

S&P Credit Rating: A

PHASE FOUR (Tim H.) 2017-> The Way Forward Jan ‘17: Client Assets: $815B Market Cap: $24B Client Assets pro-forma with Scottrade: ~$1T

Total Client Assets $B

EVOLUTION OF TD AMERITRADE

Entering new phase in FY17 – headed to $1 Trillion in AUM

Sep ‘97 Jan ‘17


OUR STRATEGY

Deliver a Superior Client Experience

Scale Speed Simplicity Innovation

Core Objective

Execution Drivers

Strategic Goals

Lead in Trading Grow Client Assets

Build out Advice Solutions


KEY METRICS

Building Earnings Power IDA(1) Revenue ($M)

IDA Balance ($B) and Rate

Interest Rate Sensitive Assets ($B)(3)

$828 $804 $820 $839

$926

$500

$600

$700

$800

$900

$1,000

FY12 FY13 FY14 FY15 FY16

$59

$68 $73 $76

$84

1.37%

1.17% 1.11% 1.09% 1.09%

0.80%

1.00%

1.20%

1.40%

$40

$50

$60

$70

$80

$90

FY12 FY13 FY14 FY15 FY16Avg. Bal. Rate

$63 $73 $75 $80

$90

$15

$17 $19 $22

$25

$5

$5 $6

$6

$4

$83

$96 $100

$108

$119

$0

$20

$40

$60

$80

$100

$120

Sep '12 Sep '13 Sep '14 Sep '15 Sep '16

(4) Immediate benefit with Fed Funds increases

Benefit over time with Yield Curve due to re-pricing of laddered investment portfolio

Float $29

IDA Interest Earning Assets Money Market Mutual Funds

Ending Balances

Fixed $61

Float $5

Fixed $58

Float $16

Fixed $57

Float $18

Fixed $57

Float $21

Fixed $59

Fed Funds(2) 0.17% 0.08% 0.13% 0.35% 0.66%

CAGR: 3%

CAGR: 9%

CAGR: 9%


2017 Goals


OUR 2017 GOALS

Improve the client experience Build out advice solutions Grow client assets Lead in trading

Increase speed to market Simplify and automate Deliver a superior associate experience Win together with TD Bank

Better begins here.


IMPROVE THE CLIENT EXPERIENCE

#1 in 5 major categories

In Barron's 2016 Online Broker Review we were recognized as #1 Online Broker for Long-Term Investing, Usability, Research Amenities, Portfolio Analysis & Reports, and Novices.

Win on client experience “Easy to use website, customer service was great to me and the online learning courses you have to offer.” Retail Client - January

2017

“When using the iRebal system, it has saved me a lot of work and time. I would give it a rating of twenty out of ten.” Advisor – December 2016

Named one of Fortune Magazine’s 2016 Most Admired Companies - February 2017

StockBrokers.com 2017 Online Broker Review

• Ranked #1 Overall

• Recognized as #1 (Best in Class) for Customer Service

• #1 for Trader Community

• Ranked #1 (Best in Class) for Trading Platforms and Tools


$196

$250

$309 $334

$374 $405

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

FY12 FY13 FY14 FY15 FY16 FY17Avg. Bal. ($B) $86 $113 $137 $156 $161 $178-$186(7)

BUILD OUT ADVICE SOLUTIONS

$430

Outlook Range ($M)(7) Investment Product Fees ($M)

$94(6)

Dec Q ’16 update Balance growth offset by mix of lower

yielding products

Advised average balances (Essential+Selective+AdvisorDirect) up 10% year over year

Fiscal 2017 Continued growth of guidance products

Introduction of Essential Portfolios

− Industry Award for #1 Goal Tracker and ranked 3rd overall in Stockholders.com first annual Robo-Advisor Review (February 2017)

Investment Product Fees(5) 11% of net revenue in Dec Q ‘16

CAGR: 18%


Client Assets ($B)

$41

$50

$53 $63

$60

$472

$556

$653 $667

$774

$0

$100

$200

$300

$400

$500

$600

$700

$800

FY12 FY13 FY14 FY15 FY1611% 10% 10% 10% 9%

NNA Growth Rate

GROW CLIENT ASSETS

Dec Q ’16 Update Dec Q ’16 $18.7B NNA(8)

10% growth rate(9)

Retail − Client engagement is strong − Inflows, new business trends are good − Net advocate scores trending up

Institutional − Growth from new and existing advisors − Emphasis on automation and efficiency − Interest in offering remains strong

Fiscal 2017 $55B-$85B NNA; 7%-11% growth rate(7)

Evolution of LTI continuum

Strong start to the year, record Institutional quarter

Net New Client Assets ($B)

CAGR: 13%


LEAD IN TRADING

Best Dec quarter, 3rd best quarter overall Dec Q ’16 Update

DARTS(10) up 11% year over year, up 10% sequentially

Derivatives(11) steady, 43% of DARTS

− Election Night: record Futures activity

Mobile adoption continues:

− Record DARTS 99K

Fiscal 2017 Post-election re-engagement

January – DARTS 521K

360 374

427

462 463 475 36%

39% 41%

43% 44%

20%

25%

30%

35%

40%

45%

325

375

425

475

525

FY12 FY13 FY14 FY15 FY16 FY17

472

505

487(6)

Avg. Client Trades per Day (K) Outlook Range (K)(7)

% Derivatives of Total Trades per Day

CAGR: 6%


INCREASE SPEED TO MARKET; SIMPLIFY AND AUTOMATE

Initiatives update New for clients:

Essential Portfolios

Amazon Alexa Skill

Veo One®

Earnings analysis tools in thinkorswim®

Core strategic initiatives: “TD Ameritrade Investment Management” rollout

Scottrade integration planning

DOL Fiduciary Rule

Enhancing the client experience


DELIVER A SUPERIOR ASSOCIATE EXPERIENCE

AWARDED FEBRUARY 2017


WIN TOGETHER WITH TD BANK

TD Owns ~ 42%(6) of TD Ameritrade Stockholders’ agreement amended and extended to 2021

Insured deposit account(1) agreement

Next 5-year term commences July 2018

Money market mutual funds provided by TD Asset Management

Cross-selling to TD Bank customers

Access to U.S. markets for TD Waterhouse Canada/UK clients


Scottrade Acquisition


• Immediately enhances our scale and accelerates our growth

• Extends our leadership position in trading (~600K in pro forma DARTs(10))

• Significantly grows our client base by adding over 2M clients with 3M+ funded accounts(12)

• Expected to generate double digit accretion post-conversion

• Expected to achieve double digit ROIC/IRR post-conversion

• Ability to monetize $36B+(12) in incremental client cash balances

• Significantly expands our geographic footprint through an established branch network

• Enhances our asset gathering capabilities

• Enhances our presence in markets where Scottrade is strong

• Operating leverage in existing model will enable us to generate significant synergies

• Cost savings related to technology, operations/back office, and advertising Approximately $450M anticipated in annual cost saves; realized in full by Year 2(13)

• Potential for meaningful additional opportunity, primarily through growing share of wallet (e.g., mobile, derivatives(11), fixed income, and investment advice) $300M+ long-term opportunity

• Robust pro forma cash flow profile; enhanced by meaningful tax benefits

• Modest combined leverage at closing (at or below pre-acquisition levels after synergies)

• Track record of successful acquisitions

• History of integrating acquisitions, realizing synergies, and driving shareholder returns

COMPELLING COMBINATION OF LEADING FIRMS

Enhanced Scale

Financially Attractive

Expanded Footprint and Client Reach

Significant Synergies

Strong Cash Flow and Operating Leverage

Proven Consolidator


Client Assets

Funded Accounts(15)

DARTS(10)

Revenue / Trade(16)

Client Cash

Margin Balances

Derivatives(11)

7.0M 3.1M

$774B $170B

463K 137K

$11.76 $10.10

44% 11%

$113.3B $35.7B

$11.8B $2.5B

Branches ~100 ~500

10.1M

$944B

600K

$11.38

36%

$149.0B

$14.3B

~450

ENHANCING OUR SCALE AND ACCELERATING OUR GROWTH

Meaningful lift across key operating metrics(12) will drive scale, efficiencies and growth(14)

Combined


COMBINATION WILL SIGNIFICANTLY GROW BRANCH PRESENCE

Anticipate that our physical footprint will expand to ~450 branches; accelerates TD Ameritrade’s asset gathering strategy

Combined Footprint

Scottrade

TD Ameritrade


OUR STRATEGY

Deliver a Superior Client Experience

Scale Speed Simplicity Innovation

Core Objective

Execution Drivers

Strategic Goals

Lead in Trading Grow Client Assets

Build out Advice Solutions


Appendix


$125B

5% YOY

7% YOY

$797B

$0.41

$859M RECORD NET REVENUES

$18.7B NET NEW CLIENT ASSETS(8)

6% YOY

11% YOY

AVERAGE CLIENT TRADES PER DAY 487K

15% YOY RECORD CLIENT ASSETS

14% YOY RECORD INTEREST

RATE SENSITIVE ASSETS(18)

11% YOY

$174B INVESTMENT BALANCES(17)

FEE-BASED

All key metrics up year over year

DEC Q Fiscal 2017

ANNUALIZED GROWTH RATE(9)

10%

EPS


FISCAL 2017 OUTLOOK RANGE(7)

Financial Macro Assumptions Key Metrics

High

$1.80 EPS 10% Market Growth NNA(8) $85B / 11%(9)

42% Pre-Tax Margin

Increasing Fed Funds Increasing Yield Curve

TPD 505K

Operating expense growth of 3% NIM(19) 1.38% / IDA(1) 1.00%

Low

$1.50 EPS 0% Market Growth NNA $55B / 7%

38% Pre-Tax Margin

No change in Fed Funds, declining Yield Curve TPD 475K

Operating expense growth of (1%)

NIM 1.27% / IDA 0.95%


SENSITIVITY

Estimated annual impact to EPS

3K average client trades per day = $0.01

$3.8B fee-based assets(20) = $0.01

$0.6B spread-based assets(21) = $0.01

+25bps interest rate move = +$0.08-$0.10(22)


$0.6 $0.7

$0.8

$0.9 $0.9

$0.2 $0.3

$0.5

$0.7 $0.7 $0.7

$0.1

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

FY12 FY13 FY14 FY15 FY16 FYTD17

Net Income excl. Amort. of Intangibles ($B) Returned/Deployed ($B)

GOOD STEWARDS OF SHAREHOLDER CAPITAL

Strong Cash Generation and Strong Financial Position

79% 64% 87%

S&P “A”, Moody’s “A3” (under review for upgrade)

Fiscal 2016 Paid $0.68 per share in cash

dividends ($362M) Repurchased 12.0M shares ($352M)

Fiscal 2017 Targeting 40%(7) of net income

excluding amortization of intangible assets − Recurring dividend ~ 40% − No share repurchases

Increased quarterly cash dividend by 6% to $0.18/share

80% 51% 42%

(23) (24)

(6)


AVERAGE TRADES PER DAY

Thirteen quarter average 454

414

492

401 403

457

477

434

479

438

509

462 444

487

350

375

400

425

450

475

500

525

Dec Q '13 Mar Q '14 Jun Q '14 Sep Q '14Dec Q '14 Mar Q '15 Jun Q '15 Sep Q '15Dec Q '15 Mar Q '16 Jun Q '16 Sep Q '16Dec Q '16

13 Qtr. Avg. TPD Avg. Trades Per Day (K)

454

FY17 Outlook Range(7):

Avg. Trades Per Day (K): 475-505


$74.9 $75.8 $75.0 $76.8

$80.9 $83.6

$85.8

$90.2 $91.6 $91.8 $91.7 $93.7

$95.7 $95.1 $95.1

$99.3 $102.6

$106.0 $106.6 $110.5

$115.7

18.8%

17.6% 16.9% 16.8% 17.1%

16.7%

16.4% 16.7%

15.9% 15.2%

14.5% 14.3% 14.4% 13.9% 13.5%

14.4% 14.8% 15.4%

14.7% 14.6% 14.9%

10%

15%

20%

25%

$60

$65

$70

$75

$80

$85

$90

$95

$100

$105

$110

$115

$120

Dec Q'11

Mar Q'12

Jun Q'12

Sep Q'12

Dec Q'12

Mar Q'13

Jun Q'13

Sep Q'13

Dec Q'13

Mar Q'14

Jun Q'14

Sep Q'14

Dec Q'14

Mar Q'15

Jun Q'15

Sep Q'15

Dec Q'15

Mar Q'16

Jun Q'16

Sep Q'16

Dec Q'16

CASH AS % OF CLIENT ASSETS

Range 13-19%

Avg. Client Cash as % of Avg. Client Assets Avg. Client Cash ($B)


Fed Funds

LIBOR/SWAP YIELD CURVE(25)

2 Year Swap

5 Year Swap 7 Year Swap

Nine quarter trend

0.13 0.35 0.37 0.41

0.66

0.69

0.86 0.97

0.41 0.41 0.41 0.44

0.40 0.60

0.74 0.86

1.11

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Sep Q '15 Dec Q '15 Mar Q '16 Jun Q '16 Sep Q '16 Dec Q '16 Mar Q '17 Jun Q '17 Sep Q '17

Forwards GI Low GI Base

0.75

1.18

0.84 0.73

1.46 1.57

1.68 1.78

1.14

1.30 1.43

1.51

1.01

1.26 1.40

1.59 1.77

0.50

0.70

0.90

1.10

1.30

1.50

1.70

1.90



1.38

1.74

1.17 0.98

1.98 2.01 2.08 2.14

1.21 1.19 1.27

1.50

1.18

1.46 1.61

1.82

2.02

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2.20

2.40



1.70

1.95

1.39

1.15

2.16 2.18 2.24

2.30

1.27 1.26 1.33

1.52

1.30

1.57 1.73

1.94

2.12

0.90

1.10

1.30

1.50

1.70

1.90

2.10

2.30

2.50



GI Rate assumptions at beginning of fiscal year - September ‘16 published rates. Forwards as of 2/23/2017


Investor Relations Contact

Website: Investor Relations: http://www.amtd.com/investor-relations

Phone: Jeff Goeser: 402-597-8464

Email: [email protected]

http://www.amtd.com/investor-relations


APPENDIX…FOOTNOTES 1. Client cash is held in FDIC-insured deposit accounts at TD

Bank, N.A. and TD Bank USA, N.A. TD Ameritrade, TD Bank, N.A., and TD Bank USA, N.A. are affiliated through The Toronto-Dominion Bank.

2. Source: Board of Governors of the Federal Reserve website Daily Fed Funds Effective Rate (end of period).

3. Interest rate sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of Sep. 30, 2016.

4. Ending balances as of Sep. 30, 2016 consisted of $11.8B in client margin balances, $9.3B in segregated cash, and $3.7B in other balances.

5. Market-based plus money market mutual fund revenue.

6. As of December 31, 2016

7. FY17 forecast per 10/24/16 outlook statement.

8. Net new assets (NNA) consist of total client asset inflows, less total client asset outflows, excluding activity from business combinations. Client asset inflows include interest and dividend payments and exclude changes in client assets due to market fluctuations. Net new assets are measured based on the market value of the assets as of the date of the inflows and outflows.

9. NNA growth rate is annualized net new assets as a % of client assets as of the beginning of the period.

10. Total revenue trades divided by the number of trading days in the period. This metric is also known as average client trades per day.

11. Derivatives include options, futures and foreign exchange trades.

12. As of September 30, 2016.

13. $450M in annual cost saves is based on addressable operating expense base of $750M (excluding depreciation & amortization and corporate debt interest expense) for 12 month period ending September 30, 2016.

14. May be some overlap due to common clients


APPENDIX…FOOTNOTES 15. All open client accounts with a total liquidation value greater than

zero, except clearing accounts.

16. Revenue per trade includes commissions and order routing revenue.

17. Market fee-based investment balances plus money market mutual funds. Ending balances as of Dec. 31, 2016.

18. Interest rate sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of Dec. 31, 2016.

19. NIM (net interest margin) is a measure of the net yield on our average spread-based assets.

20. Client assets invested in money market funds, other mutual funds and Company programs such as AdvisorDirect and TDA Investment Management, on which we earn fee revenues.

21. Client and brokerage-related asset balances, including client margin balances, segregated cash, insured deposit account balances, deposits paid on securities borrowing and other cash and interest-earning investment balances.

22. Impact on spread-based and money market mutual fund revenues in the next twelve months following an interest rate increase. Assumes fed funds increase results in a parallel shift to the LIBOR/SWAP yield curve. Over 90% of the benefit in year one is attributable to short-term rates. Model updated as of 10/24/16.

23. See attached reconciliation of non-GAAP financial measures.

24. Cash used for M&A, debt repayments, share repurchases, and dividends divided by net income. Excludes shares repurchased for payroll taxes on equity award distributions.

25. Source: Bloomberg end of period rates.


Reconciliation of Non-GAAP Financial Measures


QuarterEnded

Dec. 31, 2016 2016 2015 2014 2013 2012

Net income - GAAP 216$ 842$ 813$ 787$ 675$ 586$ Adjustments:

Amortization of acquired intangible assets 19 86 90 90 91 92 Income tax effect of above adjustment (7) (33) (35) (35) (35) (35)

Net income excluding amortization of intangible assets - non-GAAP 228$ 895$ 868$ 842$ 731$ 643$

Note: The term "GAAP" in the following explanations refers to generally accepted accounting principles in the United States.

(1)

TD AMERITRADE HOLDING CORPORATIONRECONCILIATION OF NON-GAAP FINANCIAL MEASURE

Dollars in millions(Unaudited)

Net income excluding amortization of intangible assets is a non-GAAP financial measure as defined by SEC Regulation G. We define net income excluding amortization of intangibleassets as net income adjusted to remove the after-tax effect of amortization of acquired intangible assets. We consider net income excluding amortization of intangible assets an importantmeasure of our financial performance. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of underlying business performance.Net income excluding amortization of intangible assets should be considered in addition to, rather than as a substitute for, GAAP net income.

Net Income Excluding Amortization of Intangible Assets (1)

September 30,Fiscal Year Ended


A M T D RAYMOND JAMES 38TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE STEVE BOYLE EXECUTIVE VICE PRESIDENT & CFO

Orlando, FL March 6, 2017

TD Ameritrade Holding Corporation (Nasdaq: AMTD). Brokerage services provided by TD Ameritrade, Inc., member FINRA/SIPC, and TD Ameritrade Clearing, Inc., member FINRA/SIPC, subsidiaries of TD Ameritrade Holding Corp. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2017 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.