THE TORONTO-DOMINION BANK
EARNINGS COVERAGE ON SUBORDINATED NOTES AND DEBENTURES,
PREFERRED SHARES CLASSIFIED AS EQUITY, AND LIABILITIES FOR
PREFERRED SHARES AND OTHER EQUITY INSTRUMENTS AND CAPITAL TRUST SECURITIES
FOR THE TWELVE MONTHS ENDED APRIL 30, 2024
TD Bank Group (“TD” or the “Bank”) dividend requirements on all its outstanding preferred shares and other equity instruments in respect of the twelve months
ended April 30, 2024 and adjusted to a before-tax equivalent using an effective tax rate of 20.5% for the twelve months ended April 30, 2024, amounted to
$671.5 million. The Bank’s interest and dividend requirements on all subordinated notes and debentures, preferred shares and liabilities for preferred shares and
other equity instruments and capital trust securities, after adjustment for new issues and retirement, amounted to $1,063.9 million for the twelve months ended
April 30, 2024. The Bank’s reported net income, before interest on subordinated debt and liabilities for preferred shares and capital trust securities and income
taxes was $13,562 million for the twelve months ended April 30, 2024, which was 12.7 times the Bank’s aggregate dividend and interest requirement for this
period.
trust securities and income taxes for the twelve months ended April 30, 2024, was $17,472 million, which was 16.4 times the Bank’s aggregate dividend and
interest requirement for this period.
accepted accounting principles (GAAP), and refers to results prepared in accordance with IFRS as “reported” results. The Bank also utilizes non-GAAP financial
measures such as “adjusted” results (i.e. reports results excluding “items of note”) and non-GAAP ratios to assess each of its businesses and measure overall
Bank performance. The Bank believes that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how
management views the Bank’s performance. Non-GAAP financial measures and ratios used in this presentation are not defined under IFRS, and, therefore, may
not be comparable to similar terms used by other issuers. See “How We Performed” and “Quarterly Results” sections of the Bank’s second quarter 2024 MD&A
(available at www.td.com/investor and www.sedarplus.ca), which are incorporated by reference, for further explanation, reported basis results, a list of the items of
note, and a reconciliation of adjusted to reported results.