raymond james 36th annual institutional investors conference

TD Ameritrade Holding Corporation (NYSE: 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. © 2015 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

TD Ameritrade Raymond James 36th Annual Institutional Investors Conference Orlando, FL March 3, 2015

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Executive Vice President and CFO Bill Gerber

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 or stock price, 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 and uncertainties and other risk factors described in our latest Annual Report on Form 10-K, filed with the SEC on Nov. 21, 2014 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.

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Safe Harbor

Our Mission

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To Be The Better Investment Firm For Today’s Investor

Six Investment Themes for TD Ameritrade

4

Long-Term Themes Key Takeaways

1. Unique and differentiated business model Low financial risk – conservative balance

sheet and strong pre-tax margins Significant operating leverage

2. Market leadership in trading(1) Growth in mobile thinkorswim platform

3. Premier asset gatherer Secular trends strong Six consecutive years of double-digit growth

4. Unique relationship with TD(2) Economics of deposit banking without

capital requirements Significant free cash flow

5. Well-positioned for rising interest rates $101B in interest rate sensitive assets(3)

6. Good stewards of shareholder capital Primary uses of cash: investments in

business, dividends, share repurchases and acquisitions

(1) Source: Internally estimated daily average revenue client trades (DARTS) based on last twelve months publicly available reports for E*Trade Financial and Charles Schwab. (2) TD Ameritrade, Inc. and TD Bank, N.A. are affiliated through their parent companies. (3) Interest rate sensitive assets consist of spread-based assets and money market mutual funds. Balances as of Dec 31, 2014.

Continue to build long-term earnings power and deploy/return capital to further enhance shareholder value

1. Unique and Differentiated Business Model

5

36% 37%

34%

39% 41% $1.00

$1.11 $1.06

$1.22

$1.42 $1.45

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

20%

30%

40%

50%

FY10 FY11 FY12 FY13 FY14 FY15

41-43%

$1.70

(1)

EPS Pre-Tax Margin Forecasted Pre-Tax Margin Range Forecasted Range(1) Business model

combined with TD Bank(2) relationship drives: Low capital intensity High return on equity Strong cash and capital

generation Cash generation

approximates net income

Scalable business model 97+% of transactions are

online Lean/sourcing initiatives

Dec Q ’14: EPS $0.39 Pre-Tax Margin 41%

(1) FY15 forecast per 10/28/14 outlook statement. (2) TD Ameritrade, Inc. and TD Bank, N.A. are affiliated through their parent companies.

Client Trades Per Day & Activity Rate(2)

372

399

360 374

427

28%

32%

36%

39% 41%

20%

25%

30%

35%

40%

45%

275

325

375

425

475


Avg. Client Trades Per Day (K)

2. Market Leadership in Trading(1)

6

% Derivatives(4) of Total Trades per Day

Forecasted Range (K)(3)

(1) Source: Internally estimated daily average revenue client trades (DARTS) based on last twelve months publicly available reports for E*Trade Financial and Charles Schwab. (2) Funded account activity rate (AR%). Average client trades per day during the period divided by the average number of total funded accounts during the period. (3) FY15 forecast per 10/28/14 outlook statement. (4) Derivatives include options, futures and foreign exchange (Forex) trades per day. (5) FY15 DARTS and AR% year-to-date as of 12/31/14. (6) Total revenue-generating trades divided by the number of trading days in the period. This metric is also known as average client trades per day.

465

Activity Rate(2)

6.9% 7.2% 6.3% 6.3% 6.2-7.2%(3) 6.9%

400

Improved macroeconomic environment Dec Q ’14 DARTs(6) of

457K/7.2% activity rate Institutional trading increasing

Growth strategies Tiered platform strategy Product proliferation: Derivatives

41% of Dec Q ’14 DARTs Mobile record 14% of Dec Q ‘14

DARTS

Fiscal 2015 Outlook Activity Rate 6.2%-7.2% January DARTs of 493K/7.7%

activity rate

457/ 7.2%(5)

3. Premier Asset Gatherer

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Net New Client Assets ($B)(1)

(1) Net new assets (NNA) consists 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.

(2) FY15 forecast per 10/28/14 outlook statement. (3) NNA growth rate is annualized net new assets as a % of client assets as of the beginning of the period. (4) NNA and NNA growth rate year-to-date as of 12/31/14. (5) Source: Annual NNA growth rate as a % of client assets as of the beginning of the period based on last twelve months of publicly available reports for E*Trade Financial and Charles

Schwab.

$34 $41 $41

$50 $53

$46

$0

$10

$20

$30

$40

$50

$60

$70

$80


$72

Growth Rate(3)

7-11%(2) 11% 10% 10% 12% 11% Growth Rate(3)

Forecasted Range ($B)(2)

Industry leading asset gatherer(5)

Dec Q ’14 record $18.8B, 11% growth rate, up 30% year-over-year

Six consecutive years of double-digit growth

Sales and service culture Strong momentum in both retail and

institutional Retail driven by:

New relationships Cross-selling High asset retention rates

Institutional driven by: New and existing RIA growth VEO open architecture

Fiscal 2015 Outlook Long-term goal 7-11% growth

$18.8/ 11%(4)

Investment Product Fees(1)

8

Forecasted Range ($M)(2) Investment Product Fees ($M)

(1) Market fee-based plus money market mutual fund revenue. (2) FY15 forecast per 10/28/14 outlook statement. (3) Investment Product Fees year-to-date as of 12/31/14.

$129

$166

$196

$250

$309

$100

$150

$200

$250

$300

$350

$400


CAGR: 24%

Avg. Bal. ($B) $62 $78 $86 $113 $137 $156-$168(2)

$385

$340

Dec Q ’14 update Record average balances Year-over-year growth:

average balances up 16%; revenue up 15%

10% of total revenue

Guidance products performing well

Strong mutual fund growth Fiscal 2015 Outlook

Targeting 10-25% growth

$83(3)

4. Unique Relationship with TD(1)

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TD Owns ~ 41%(2) of TD Ameritrade

Stockholders’ agreement amended and extended to 2021

Insured deposit account (IDA)(3) agreement Revised agreement effective January 1, 2013 – July 1, 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

(1) TD Ameritrade, Inc. and TD Bank, N.A. are affiliated through their parent companies. (2) As of Dec. 31, 2014. (3) Client cash is held in FDIC-insured deposit accounts (IDA) 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.

$46 $59 $68 $74 $76

$13

$15 $16

$18 $19

$9

$5 $5

$5 $6

$0

$20

$40

$60

$80

$100

$120

Dec '10 Dec '11 Dec '12 Dec '13 Dec '14

Money Market Mutual FundsInterest Earning AssetsIDA

5. Well-Positioned for Rising Interest Rates

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Ending Balances ($B)

Immediate benefit with Fed Funds increases

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

(2)

Float $19B

$90 $97

$79

$101

(1) Client cash is held in FDIC-insured deposit accounts (IDA) 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) Ending balances as of Dec. 31, 2014 consisted of $11.5B in client margin balances, $4.5B in segregated cash, and $3.1B in other balances. (3) Interest rate sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of Dec. 31, 2014. (4) 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 with no sharing with the client. Sensitivity relates to first 100bps increase. *Certain totals may not foot due to rounding.

(1)

Fixed$57B

$68

Interest rate sensitive assets(3) record $101B, up 4% year-over-year Ending client cash as % of

client assets 14.4% Overall consolidated

duration of 2.2 years

Sensitivity model - estimated annual impact to EPS on +100bps(4): Yr. 1 =+$0.38

Yr. 2 =+$0.44

Yr. 3 =+$0.51

(2)

6. Good Stewards of Shareholder Capital

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Strong Cash Generation and Strong Financial Position

(3)

$0.6 $0.6 $0.7

$0.8

$0.2

$0.5

$0.3

$0.7

$0.5

$0.2

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

FY11 FY12 FY13 FY14 FY15 YTD

Net Income ($B) Returned/Deployed ($B)

81% 65% 56% 107%

(1)

(1) 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.

S&P “A”, Moody’s “A3” Fiscal 2014

Paid $0.98 per share in cash dividends ($540M)

Repurchased 6.0M shares at an average of $31.37/share ($190M)

Fiscal 2015 Increased quarterly cash

dividend by 25% to $0.15/share Share repurchases continue Refinanced $500M debt which

matured 12/1/14 114%

Fiscal 2015 Outlook

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Continued focus on organic growth Asset gathering Trading Investment product fees and balances(1)

Continued investment in technology

Return of capital strategy Increased quarterly cash dividend by 25% to $0.15/share Share repurchases continue Refinanced $500M debt which matured 12/1/14

Fiscal 2015 EPS Outlook Range: $1.45-$1.70(2)

(1) Market fee-based plus money market mutual fund revenue. (2) FY15 forecast per 10/28/14 outlook statement.


Six Investment Themes for TD Ameritrade

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1. Unique and differentiated business model

2. Market leadership in trading(1)

3. Premier asset gatherer

4. Unique relationship with TD(2)

5. Well-positioned for rising interest rates

6. Good stewards of shareholder capital

(1) Source: Internally estimated daily average revenue client trades (DARTS) based on last twelve months publicly available reports for E*Trade Financial and Charles Schwab. (2) TD Ameritrade, Inc. and TD Bank, N.A. are affiliated through their parent companies.


TD Ameritrade Raymond James 36th Annual Institutional Investors Conference Orlando, FL March 3, 2015

14

Executive Vice President and CFO Bill Gerber

Fiscal 2015 Outlook Range(1)

Financial Macro Assumptions Key Metrics

High

$1.70 EPS 10% Market Growth NNA(3) $72B / 11%(4)

43% Pre-Tax Margin

Activity Rate(2) of 7.2% TPD 465K

Increasing Fed Funds Increasing Yield Curve

NIM(5) 1.57% / IDA(6) 1.15%

Low

$1.45 EPS 0% Market Growth NNA $46B / 7%

41% Pre-Tax Margin

Activity Rate of 6.2% TPD 400K

No change in Fed Funds or Yield Curve

NIM 1.49% / IDA 1.10%

(1) See outlook statement published 10/28/2014. (2) Funded account activity rate. Average client trades per day during the period divided by the average number of total funded accounts during the period. (3) NNA (net new assets) consists 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.

(4) NNA growth rate is annual net new assets as a % of client assets as of the beginning of the period. (5) NIM (net interest margin) is a measure of the net yield on our average spread-based assets. (6) Client cash is held in FDIC-insured deposit accounts (IDA) 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.

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Sensitivity

3K average client trades per day = $0.01

0.05% funded activity rate(1) = $0.01

$4.1B fee-based assets(2) = $0.01

$0.6B spread-based assets(3) = $0.01

+25bps fed move = +$0.08(4)

(1) Funded account activity rate. Average client trades per day during the period divided by the average number of funded accounts during the period. (2) Client assets invested in money market mutual funds, other mutual funds and Company programs such as AdvisorDirect and Amerivest, on which we earn fee revenues. (3) 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. (4) Impact on spread-based and money market mutual fund revenues in the first twelve months following an interest rate increase. Assumes fed funds increase results in a parallel shift

to the LIBOR/SWAP yield curve with no sharing with the client. Sensitivity relates to first 25bps increase.

Estimated annual impact to EPS

16

367

388

355

328 334

378

399

382

414

492

401 403

457

6.5%

6.8%

6.2%

5.7% 5.8%

6.5%

6.7%

6.4%

6.9%

8.1%

6.5% 6.4%

7.2%

300

325

350

375

400

425

450

475

500

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

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

Activity Rate(1)

(1) Funded account activity rate (AR%). Average client trades per day during the period divided by the average number of total funded accounts during the period. (2) Per outlook statement published 10/28/14.

Thirteen quarter average 6.6%

Activity Rate

13 Qtr. Avg. Activity Rate

6.6%

FY15 Outlook Range(2):

Activity Rate: 6.2%-7.2% Avg. Trades Per Day (K): 400-465

Avg. Trades Per Day (K)

17

Cash as % of Client Assets Historic 13-18% Range Shifting Downward due to Mix

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

18

$57.6 $58.8 $60.2 $61.3 $63.7

$66.2 $68.2

$72.5 $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

18.8% 18.1% 17.9% 18.2%

17.2%

16.5% 16.3%

18.1% 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%

10%

15%

20%

25%

$30

$35

$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$90

$95

$100

Dec Q'09

Mar Q'10

Jun Q'10

Sep Q'10

Dec Q'10

Mar Q'11

Jun Q'11

Sep Q'11

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

(1) Client cash is held in FDIC-insured deposit accounts (IDA) 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: Bloomberg quarterly average. *Certain totals may not foot due to rounding.

IDA(1) Net Revenue Trend

19

$58.8 $58.4 $59.0 $61.4

$64.2 $67.1

$68.6 $72.0 $72.7 $73.0 $72.4 $73.6 $75.0

$205 $209 $206 $207 $205 $200 $199 $201 $208

$202 $202 $208 $207

$25

$50

$75

$100

$125

$150

$175

$200

$225

$25

$30

$35

$40

$45

$50

$55

$60

$65

$70

$75

$80

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

Avg. IDA Balances ($B) IDA Revenue ($M)

Net Yield 1.10% 1.11% 1.08% 1.37% 1.42%

5YR Swap Rates(2) 1.74% 1.82% 1.74% 1.32% 1.17%

Total Revenue FY12 : $828

Avg. Fed Funds(2) 0.09% 0.09% 0.10% 0.08% 0.11%

1.38%

1.08% 0.16%

1.32%

0.86% 0.15%

1.25%

0.81% 0.16%

1.19%

0.96% 0.15%

Total Revenue FY13 : $804 -3% YoY Growth

1.15%

1.08% 0.12%

1.09%

1.67% 0.09%

1.12%

1.54% 0.09%

1.10%

1.69% 0.07%

Total Revenue FY14 : $820 2% YoY Growth

Total Revenue FY15 YTD: flat YoY Growth

0.42 0.51 0.46 0.49

0.55 0.58

0.82 0.90 0.92 0.95

1.57 1.54

1.79 1.80 1.70

1.93 1.77 1.74

1.44

2.15 2.16

2.48 2.36

2.18 2.30

2.04 2.01

0.13 0.07 0.06 0.07 0.06 0.09 0.07 0.06 0.12

0.00

0.50

1.00

1.50

2.00

2.50

3.00

Mar Q '13 Jun Q '13 Sep Q '13 Dec Q '13 Mar Q '14 Jun Q '14 Sep Q '14 Dec Q '14 2/20/2015

2 YR 5 YR 7 YR Fed Funds

Libor/Swap Yield Curve Eight quarter trend

(1) Source: Bloomberg daily (end of period). (2) Source: Board of Governors of the Federal Reserve website Daily Fed Funds Effective Rate (end of period). (3) Source: Bloomberg close of business as of 2/20/15.

(2) (1) (1)

Ending Spreads Dec Q ’14 Sep Q ‘14 Dec Q ‘13

2 YR vs. 5 YR 0.87 1.11 1.30

2 YR vs. 7 YR 1.14 1.48 1.99

20

(1)

(3)


TD Ameritrade

21

raymond james 36th annual institutional investors conference

Documents

forwardlooking statements

td ameritrade clearing

subsidiaries of td ameritrade

td ameritrade ip company

td ameritrade raymond

federal securities laws

securities industry

liquidity risks