TD Ameritrade Barclays Americas Select Franchise Conference Presentation

BARCLAYS AMERICAS SELECT FRANCHISE CONFERENCE MAY 2017 1
AMTDBARCLAYS AMERICAS SELECT FRANCHISE
CONFERENCE 2017
STEVE BOYLE
EXECUTIVE VICE PRESIDENT & CFO
London, England
May 16-17, 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
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
Denise Karkos
Chief Marketing Officer
 7 years with the firm
 4 years at TD Bank as the SVP
of market planning

$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
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
Mar ‘17:
Client Assets:
$847B
Market Cap:
$21B
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 Mar ‘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) Balance ($B) and Rate Interest Rate Sensitive Assets ($B)(3)
$59
$68
$73
$76
$84
$94
1.37%
1.17%
1.11% 1.09% 1.09% 1.08%
0.80%
1.00%
1.20%
1.40%
$40
$50
$60
$70
$80
$90
$100
FY12 FY13 FY14 FY15 FY16 FY17 YTD
Avg. Bal. Rate
$63 $73 $75 $80 $90 $95
$15
$17
$19
$22
$25
$25
$5
$5
$6
$6
$4
$4
$83
$96
$100
$108
$119
$124
$0
$20
$40
$60
$80
$100
$120
$140
Sep '12 Sep '13 Sep '14 Sep '15 Sep '16 Mar '17
(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
CAGR: 9%
CAGR: 9%
(2)
Fixed
$73
Float
$22

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 3 major categories
In Barron's 2017 Online Broker Review, we were recognized
as #1 for Long-Term Investing, Usability, and Novices. And
we ranked among the best for Trading Experience &
Technology, Portfolio Analysis & Reporting, Option Traders,
Mobile, and Investor Education.
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
Best Trust Platform - 2016
• TD Ameritrade’s Institutional Advisors
Private Wealth Trust Platform wins Wealth
Management Industry Award
Insider’s Forum Technology Survey –2017
• TD Ameritrade’s Institutional iRebal ranks
highest in T3 / Insider’s Technology
Survey for advisor satisfaction

$196
$250
$309
$334
$374
$405
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
FY12 FY13 FY14 FY15 FY16 FY17
Avg. Bal. ($B) $86 $113 $137 $156 $161 $178-$186(6)
BUILD OUT ADVICE SOLUTIONS
$430
Outlook Range ($M)(6)Investment Product Fees ($M)
$197(2)
 Mar Q ’17 update
 Revenue up 17% year over year, up 10%
sequentially, on higher balances
 Advised average balances
(Essential+Selective+AdvisorDirect) up 20%
year over year
 Essential portfolios good early progress
 Fiscal 2017
 YTD average balances $175B(2)
 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 Mar Q ‘17
CAGR: 18%

Client Assets ($B)
$41
$50
$53 $63
$60
$38
$472
$556
$653 $667
$774
$847
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
11% 10% 10% 10% 9%
NNA
Growth
Rate
GROW CLIENT ASSETS
 Mar Q ‘17 Update
 Mar Q ’17 $19.5B NNA(7); 10% growth rate(8)
 ~25%/75% Retail/Institutional split
 Retail
− Strong inflows and new accounts
− “Green Room” emphasizes advice capabilities; well-
received
 Institutional
− Strong momentum in all channels
− Technology driving customer experience and greater
efficiencies
 Fiscal 2017
 Targeting $55B-$85B NNA; 7%-11% growth rate(6)
 Evolution of LTI continuum
Record quarter, double-digit growth YTD
Net New Client Assets ($B)
CAGR: 13%
10%
(2)

LEAD IN TRADING
Record quarter, despite low volatility
 Mar Q ’17 Update
 DARTS(9) up 2% year over year, up 6%
sequentially
 Stronger equity volumes, derivatives(10) at 41%
of DARTS
 Mobile adoption continues:
− Record DARTS 111K
− Record 22% of DARTS
 Fiscal 2017
 Post-election re-engagement
 April – DARTS 502K
360
374
427
462 463
502
36%
39%
41%
43%
44%
20%
25%
30%
35%
40%
45%
325
375
425
475
525
FY12 FY13 FY14 FY15 FY16 FY17 YTD(2)
Avg. Client Trades per Day (K)
% Derivatives of Total Trades per Day
CAGR: 6%

INCREASE SPEED TO MARKET; SIMPLIFY AND AUTOMATE
Initiatives update – Mar Q ‘17
 New for clients
 Retail – Essential portfolio launch, relationship
model, financial planning
 Institutional – Model market center, VEO One
 Agile technology progress
 Client experience
 Lower base commission rates
 Net advocate scores trending up in both retail and
institutional (record)
 Best-in-Class ratings(11) for multiple offerings
 Scottrade integration planning on track

ENGAGED ASSOCIATES ENHANCE CLIENT EXPERIENCE/GROWTH
AWARDED FEBRUARY 2017

WIN TOGETHER WITH TD BANK
TD Owns ~ 42%(12) 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
 Enhancing relationships with TD Bank customers
 Access to U.S. markets for TD Waterhouse Canada

Scottrade
Acquisition

• Immediately enhances our scale and accelerates our growth
• Extends our leadership position in trading (~600K in pro forma DARTs(9))
• Significantly grows our client base by adding over 2M clients with 3M+ funded accounts(13)
• Expected to generate double digit accretion post-conversion
• Expected to achieve double digit ROIC/IRR post-conversion
• Ability to monetize $36B+(13) 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(14)
• Potential for meaningful additional opportunity, primarily through growing share of wallet (e.g., mobile, derivatives(10),
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(16)
DARTS(9)
Revenue / Trade(17)
Client Cash
Margin Balances
Derivatives(10)
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
ENHANCINGOUR SCALEANDACCELERATINGOUR GROWTH
Meaningful lift across key operating metrics(13) will drive scale, efficiencies and growth(15)
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
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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

$124B
5% YOY
38% YOY
$847B
$0.40
$904MRECORD NET REVENUES
$19.5BRECORD NET NEW
CLIENT ASSETS(7)7% YOY
2% YOY
RECORD AVERAGE CLIENT
TRADES PER DAY
517K
19% YOY
RECORD CLIENT ASSETS
11% YOY
INTEREST RATE
SENSITIVE ASSETS(19)
15% YOY
$185B
INVESTMENT BALANCES(18)
RECORD FEE-BASED
Record growth
MAR QFiscal 2017
ANNUALIZED
GROWTH RATE(8)
10%
EPS

COMMISSION RATE PRICING CHANGES
 $6.95 per online equity trade and $6.95 + $0.75/contract per online option trade
 Rationalizes pricing post-Scottrade deal close
 Expected to reduce FY17 revenue by $80M-$90M ($135M-$155M annualized)
 Client negotiations increased initially, now normalizing
 Prices shifted down, but competitive dynamics remain intact
 Growth continues evidenced by record NNA(7), record DARTS(9) and record new funded
accounts(16)
 Interest rate environment and benefits of scale present offsets
Unique opportunity to enhance client offering

FISCAL 2017 OUTLOOK RANGE
 Base commission rate cuts expected to reduce commission rates by $1.10-$1.30
per trade, decreasing commission revenue
 Quarterly trend: $300M-$320M
 Growth in asset-based balances and higher interest rates expected to increase
asset-based revenue
 Sales incentive, trading-related, investments in the business and Scottrade-
related expenses expected to increase operating expense
Re-affirming $1.50-$1.80 EPS Range
(6)

ORIGINAL FISCAL 2017 OUTLOOK RANGE(6)
Financial Macro Assumptions Key Metrics
High
$1.80 EPS 10% Market Growth NNA(7) $85B / 11%(8)
42% Pre-Tax
Margin
Increasing Fed Funds
Increasing Yield Curve
TPD 505K
Operating expense growth of 3%
NIM(20) 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(21) = $0.01
 $0.6B spread-based assets(22) = $0.01
 +25bps interest rate move = +$0.06-$0.10(23)

$0.6
$0.7
$0.8
$0.9 $0.9
$0.5
$0.3
$0.5
$0.7
$0.7 $0.7
$0.2
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
Net Income excl. Amort. of Intangibles ($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%(6) 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%
(24) (25)
(2)

AVERAGE TRADES PER DAY
Thirteen quarter average 462
492
401 403
457
477
434
479
438
509
462
444
487
517
350
375
400
425
450
475
500
525
Mar Q '14 Jun Q '14 Sep Q '14Dec Q '14Mar Q '15 Jun Q '15 Sep Q '15Dec Q '15Mar Q '16 Jun Q '16 Sep Q '16Dec Q '16Mar Q '17
13 Qtr. Avg. TPDAvg. Trades Per Day (K)
462
FY17 Outlook Range(6):
Avg. Trades Per Day (K): 475-505

$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
$117.7
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%
14.3%
10%
15%
20%
25%
$60
$65
$70
$75
$80
$85
$90
$95
$100
$105
$110
$115
$120
Mar Q
'12
Jun Q
'12
Sep Q
'12
Dec Q
'12
Mar Q
'13
Jun Q
'13
Sep Q
'13
Dec Q
'13
Mar Q
'14
Jun Q
'14
Sep Q
'14
Dec Q
'14
Mar Q
'15
Jun Q
'15
Sep Q
'15
Dec Q
'15
Mar Q
'16
Jun Q
'16
Sep Q
'16
Dec Q
'16
Mar Q
'17
CASH AS % OF CLIENT ASSETS
Range 13-18%
Avg. Client Cash as % of Avg. Client AssetsAvg. Client Cash ($B)

1.70
1.95
1.39
1.15
2.16 2.22
2.08
2.13
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
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
1.38
1.74
1.17
0.98
1.98
2.05
1.93
1.99
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
0.75
1.18
0.84
0.73
1.46
1.62 1.60
1.68
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
2.10
0.13
0.35 0.37
0.41
0.66
0.78
0.97
1.07
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
Fed Funds
LIBOR/SWAP YIELD CURVE(26)
2 Year Swap
5 Year Swap
7 Year Swap
GI Rate assumptions at beginning of fiscal year - September ‘16 published rates. Forwards as of 4/17/2017
Nine quarter trend

Investor
Relations
Contact
Website:
 Investor Relations: http://www.amtd.com/investor-relations
Phone:
 Jeff Goeser: 402-597-8464
Email:
 Jeffrey.Goeser@tdameritrade.com

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. Year-to-date as of March 31, 2017.
3. Interest rate sensitive assets consist of spread-based assets
and money market mutual funds.
4. Ending balances as of Mar. 31, 2017 consisted of $11.9B in
client margin balances, $8.7B in segregated cash, and $4.5B
in other balances.
5. Market-based plus money market mutual fund revenue.
6. FY17 forecast per 10/24/16 outlook statement.
7. 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.
8. NNA growth rate is annualized net new assets as a % of client
assets as of the beginning of the period.
9. Total revenue trades divided by the number of trading days in the
period. This metric is also known as average client trades per day.
10. Derivatives include options, futures and foreign exchange trades.
11. Sources: 2017 Stockbrokers.com; 2017 Barron’s annual broker
review; WealthManagement.com; Insider’s Forum.
12. As of March 31, 2017.
13. As of September 30, 2016.
14. $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.
15. May be some overlap due to common clients
16. All open client accounts with a total liquidation value greater than
zero, except clearing accounts.

APPENDIX…FOOTNOTES
17. Revenue per trade includes commissions and order routing
revenue.
18. Market fee-based investment balances plus money market mutual
funds. Ending balances as of Mar. 31, 2017.
19. Interest rate sensitive assets consist of spread-based assets and
money market mutual funds. Ending balances as of Mar. 31, 2017.
20. NIM (net interest margin) is a measure of the net yield on our
average spread-based assets.
21. 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.
22. 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.
23. Impact on spread-based and money market mutual fund revenues
and interest on debt 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. Sensitivity is valid for next +25bps
of moves. Model updated as of Mar. 31, 2017.
24. See attached reconciliation of non-GAAP financial measures.
25. 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.
26. Source: Bloomberg end of period rates.

Reconciliation of
Non-GAAP
Financial Measures

Six Months
Ended
Mar. 31, 2017 2016 2015 2014 2013 2012
Net income - GAAP 430$ 842$ 813$ 787$ 675$ 586$
Adjustments:
Amortization of acquired intangible assets 38 86 90 90 91 92
Income tax effect of above adjustment (14) (33) (35) (35) (35) (35)
Net income excluding amortization of intangible assets - non-GAAP 454$ 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 CORPORATION
RECONCILIATION 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 intangible assets
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 important measure
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

AMTDBARCLAYS AMERICAS SELECT FRANCHISE
CONFERENCE 2017
STEVE BOYLE
EXECUTIVE VICE PRESIDENT & CFO
London, England
May 16-17, 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.

TD Ameritrade Barclays Americas Select Franchise Conference Presentation

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