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BUSINESS HIGHLIGHTS • Record reported earnings of US$2,234 million, up 11% compared with last year.


• Continued to provide legendary customer service and convenience: – Won the 2016 J.D. Power U.S. Retail Banking Satisfaction Award for the Florida Region10


; and


– Named to DiversityInc.’s Top 50 Companies in the U.S. for diversity for the fourth year in a row.


• Outperformed our peers in loan and deposit growth, as well as household acquisition.


• Deepened the relationship with new and existing customers. • Continued to invest in digital and in our omni-channel experience.


• Announced agreement to acquire Scottrade Bank11 .


CHALLENGES IN 2016 • The competitive lending landscape continued to impact loan margins.


• Continuously challenging environment for residential real estate related lending.


• Normalizing credit conditions resulted in a moderate earnings headwind.


• Competition for new and existing customers from both U.S. banks and non-bank competitors remained fierce.


• Continuously evolving regulatory and legislative environment.


INDUSTRY PROFILE


The U.S. consumer and commercial banking industry is highly competitive and includes several very large financial institutions as well as regional banks, small community and savings banks, finance companies, credit unions, and other providers of financial services. Traditional competitors have embraced new technologies and strengthened their focus on the customer experience. Non-traditional competitors (such as Fintech) have continued to gain momentum and are increasingly collaborating with banks to evolve customer products and experience. The wealth management industry is also competitive and includes national and regional banks, insurance companies, independent mutual fund companies, brokers, and independent asset management companies. The keys to profitability are attracting and retaining customer relationships with legendary service and convenience, offering products that meet customers’ evolving needs, managing expenses, and disciplined risk management.


OVERALL BUSINESS STRATEGY


The strategy for U.S. Retail is to: • Deliver legendary omni-channel service and convenience. • Grow and deepen customer relationships. • Leverage our differentiated brand as the “human” bank. • Deliver productivity initiatives that enhance both the employee and customer experience.


• Maintain our conservative risk appetite. • Build upon our unique employee culture.


10


TD Bank, N.A. received the highest numerical score among retail banks in Florida in the J.D. Power 2016 Retail Banking Satisfaction Study, based on 76,233 responses from 10 banks, measuring opinions of consumers with their primary banking provider, surveyed April 2015-February 2016. Your experiences may vary. Visit www.jdpower.com.


11


Acquisition is subject to the satisfaction of closing conditions, including obtaining regulatory approvals.


32 TD BANK GROUP ANNUAL REPORT 2016 MANAGEMENT’S DISCUSSION AND ANALYSIS


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