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EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Enriching the lives of our customers,

communities and colleagues.

2016 Corporate Responsibility Report

MENU 2016 TD Corporate Responsibility Report

EnvironmentWorkplace Community GovernanceResponsible Banking

Introduction

About This Report

Reporting Scope

This report presents the material issues and impacts of our activities during the ﬁscal year ending

October 31, 2016. Reports from previous years are available online: www.td.com/responsibility

The scope of this report encompasses all of TD’s wholly owned operations and activities, which

are organized around the following operating business segments: Canadian Retail, U.S. Retail

and Wholesale Banking.

Throughout this report, ”TD” or the ”bank” refers to TD Bank Group. ”TD Bank” refers to

TD Bank, America’s Most Convenient Bank

. All currency is in Canadian dollars unless otherwise

noted. All restatements and signiﬁcant changes from the previous report are described in the

performance data footnotes.

Reporting Frameworks

TD has used the Global Reporting Initiative (GRI) framework for corporate responsibility

reporting since 2007. TD’s 2016 Corporate Responsibility Report is written in accordance with

the G4 framework and fulﬁls the requirements for a Core report. In addition to GRI, we continue

to monitor international reporting trends, including the work of the Sustainability Accounting

Standards Board (SASB).

Aspect Boundary Table

Online GRI Index

External assurance reports

Selected performance indicators were independently assured by Ernst & Young LLP. Ernst

& Young performed a limited assurance engagement for a selection of TD’s social and

environmental performance indicators, including TD’s greenhouse-gas emissions and Carbon

Neutral Schedule.

Assurance Statement for the 2016 Corporate Responsibility Metrics, Greenhouse

Gas Emissions and Carbon Neutral Schedule

Assurance Statement for the 2016 Green Bond Schedule

Ways to Reach Us

With teams across TD dedicated to maintaining

relationships, we interact with several stakeholder

groups on a daily and/or weekly basis, responding

to the issues and concerns brought to our

attention. If you would like to contact TD with

feedback, here are a few ways to reach us:

Customers: customer.service@td.com

Shareholders: tdshinfo@td.com

Investors: tdir@td.com

Suppliers: tdsource@td.com

Community groups: td.communitygiving@td.com

Feedback on this report: crreport@td.com

On Twitter: @TD_Canada or @TDBank_US

By text: TDHELP (834357)

Symbol Key

Table of contents

Supporting content (external links)

Navigate to a different section

Facts and ﬁgures for which Ernst & Young

LLP provided limited level of assurance

EN7

Indicates a GRI disclosure. Click to

view the full GRI Index online.

Analyst Corner: Links to additional policies

and references.

Introduction 1

CEO’s Message 1

The Value We Bring 2

Feature Stories

TD Rallies for Fort McMurray 3

Enriching Lives Through Inclusion 4

How We Listen to Stakeholders 5

Our Material Topics 6

Corporate Responsibility at TD 8

Scorecard and Goals 9

Responsible Banking 10

Customer Experience 11

Product and Service Responsibility 14

Financial Access and Inclusion 16

Financial Education 18

Community 46

Strategic Philanthropy 47

Community Capacity Building 50

Economic Value 52

Workplace 20

Employee Engagement 21

Inclusion and Diversity 25

Health and Well-Being 29

Governance 55

Corporate Governance and Integrity 56

Risk Management 58

Data Security and Privacy 59

Approach to Reporting 60

Environment 32

Climate Change 34

Responsible Finance 37

Responsible Investing 39

Eco-Efﬁciency 42

This publication is part

of our reporting suite.

For more information about

TD and our activities, please

read our other reports:

Annual Report

Inside

Over $62 million given to non-proﬁts 1

Promoting ﬁnancial literacy across generations 4

Celebrating 25 years: TD Friends of the Environment Foundation 6

TD volunteers making an impact 8

Largest donation in TD’s history targets Aboriginal literacy 10

This is how we are

strengthening our communities

Community Snapshot 2015 – Canada

Appendix: ESG

Performance

Community SnapshotProxy Circular

Table of Contents

EnvironmentWorkplace Community GovernanceResponsible Banking

Introduction

2016 TD Corporate Responsibility Report Page 03

2016 TD Corporate Responsibility Report Page 1MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

1.1 Group President and CEO’s Message

Enriching lives

This year, we launched the new TD Framework, which acts

to guide our behaviour, shape TD’s culture and drive our

performance. Its development generated much reﬂection

and frank discussion among my leadership team about

TD’s purpose – to enrich the lives of our customers,

communities and colleagues – as well as the shared

commitments that enable us to deliver on that purpose.

Customers, communities, colleagues

It’s vital that we listen to our customers and make it easier

for them to bank with us. We are simplifying the way we

do things and empowering our people – all with the aim to

be more responsive and more relevant in what we offer.

TD MySpend is a great example. It easily tracks the spending

habits of customers in real time, empowering them to

make better-informed decisions about their ﬁnancial well-

being. Close to 1,000,000 Canadians have signed up for

this service since its launch last spring.

We are helping to support the transition to the lower-

carbon economy. To date, TD’s ﬁnancing of the low-carbon

sector totals $10.8 billion since 2006. As a recognized

leader in green bond ﬁnancing, last year alone, TD

Securities participated in the underwriting of $5.4 billion

in green bonds. And we continue to grow our business

in green products, such as insurance discounts for

hybrid vehicles, to enable customers to reduce their own

environmental impact.

We are only as successful as the communities we serve.

Helping them thrive is a business imperative for us. In

2016, TD invested over $102 million into programs that

make our communities stronger and more vibrant. We

also continue to prioritize our work in ﬁnancial education

to make a meaningful impact, with over 440,000 people

across North America participating in a TD-sponsored

ﬁnancial education program in 2016.

Our efforts took on special meaning in Fort McMurray,

Alberta, last year, with the quick deployment of insurance

claims advisors, mobile banking units and emergency

supplies and with raising funds through beneﬁt concerts –

all to help Fort McMurray residents rebuild their lives and

restore their community.

TD works hard to create a workplace where our 86,000

colleagues can be their best and do their best. We do this,

in large part, by creating an inclusive environment where

meaningful work and growth opportunities abound. We

pay special attention to the next generation of leaders.

We offer wide-ranging programs – from internships

to mentorships – that help recent graduates gain the

experience and, in turn, the momentum to succeed. We

are proud to stand out as an employer of choice on both

sides of the border.

We know our great brand comes with great expectations

and that our actions impact the lives and livelihoods of

those we serve. We are here to listen to our customers,

to help them achieve their ﬁnancial goals and feel more

conﬁdent about their future. We ensure our communities

are strong and vibrant and provide our colleagues with

meaningful opportunities to grow and develop.

We will stay true to our purpose and the promises we

make to bring it to life.

Sincerely,

Bharat Masrani

Group President and Chief Executive Ofﬁcer

BHARAT MASRANI

Group President and

Chief Executive Ofﬁcer

Execute

InnovateOwn

Develop

Think

Customer

Our shared commitments

Think like a

customer; provide

legendary

experiences and

trusted advice

Act like an owner;

lead with integrity to

drive business results

and contribute to

communities

Execute with speed

and impact; only

take risks we can

understand and

manage

Innovate with

purpose; simplify

the way we work

Develop our

colleagues; embrace

diversity and respect

one another

The TD Framework

Enriching the lives of our customers, communities and colleagues, speaks to

the purpose that underpins what we do each and every day. It is part of the

new TD Framework, which guides our behaviour, shapes our culture and

drives our performance.

G4-1

1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard

2016 TD Corporate Responsibility Report Page 2MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

1.2 The Value We Bring

EMPLOYEES SUPPLIERS TAXES COMMUNITIESSHAREHOLDERS

$9.3 billion

in salaries/beneﬁts

$3.8 billion

in cash dividends

$6+ billion

in procurement

$3.5 billion

corporate and

property

$102+ million

in donations and over 127,000

hours volunteering

Building

a Better

Bank

Value

Created

Value reinvested

for future growth

We are 86,000+ employees

Every day, TD touches the lives of millions of people

throughout our value chain who rely on us to perform

seamless and accurate transactions on their behalf.

25m+

Customers served

around the globe.

5,100 +

ATMs

2,400+

Retail locations across

North America.

#TDTHANKSYOU

24/7

phone/online

11m +

digital customers

Banking and Advice for Business

We provide access to credit to help

generate economic growth.

Banking and Advice for People

We help our customers enrich their

lives by making better decisions

about their money.

Value

Distributed

G4-8

1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard

2016 TD Corporate Responsibility Report Page 3MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

1.3 TD Rallies for Fort McMurray

On-the-ground assistance

Recognizing that Fort McMurray residents were stranded

often with only the clothes on their backs and a half tank

of gas, we dispatched the TD Mobile Branch, outﬁtted

with an ATM, to provide easy access to cash at evacuee

reception centres in Lac La Biche, Edmonton and Calgary.

We activated the Fort McMurray TD Helps program,

enabling affected customers to defer loan or mortgage

payments and receive relief on fees or access ﬂexible

credit options.

TD Insurance rapidly deployed Mobile Response Units

across the region to provide immediate support to more

than 3,000 customers. Employees were on-hand to answer

urgent questions about ﬁnances and claim procedures. We

also staffed up our insurance claims operations team with

500 employees ready to handle more than 4,000 calls from

impacted customers on a 24/7 basis. These actions enabled

TD to quickly dispense millions of dollars in temporary living

expenses to secure temporary accommodation for those

left homeless.

Across the organization, we stepped up to do the right

thing for our customers. At the top of the house, TD

executives responded immediately to oversee emergency

support and quickly reviewed how our policies respond

to an event like this, regardless of the size of the speciﬁc

claims, such as immediate distribution of funds to support

the early costs of the evacuation. On the ground, regional

TD employees united to form the ‘TD Comfort Crew’, with

volunteers driving vans to distribute water, food, clothing,

toiletries and other essentials to evacuees at 10 TD

branches and four emergency shelters.

Mobilizing aid for rebuilding

Generating aid for the relief efforts, TD donated $240,000

to the Canadian Red Cross. The generosity of TD employees

and customers played a signiﬁcant role in raising $6 million

in donations through our branch and business networks.

TD was the lead sponsor of four beneﬁt concerts in Atlantic

Canada and provided $500,000 to support a musical

fundraiser in Edmonton, Fire Aid for Fort McMurray. More

than 30,000 people ﬁlled Edmonton's Commonwealth

Stadium to enjoy Canadian music and express gratitude for

the actions of ﬁrst responders and volunteers. By raising

more than $2 million for residents of Fort McMurray and

Wood Buffalo, and with TD paying the admission tickets

for 1,000 ﬁrst responders, this concert showcased public

solidarity for the daunting rebuilding effort that lay ahead.

What started as a regular day in a

remote community, north of Edmonton,

ended with dramatic images of cars and

trucks evacuating a town engulfed in

ﬂames. These images made headline

news around the world, as the 80,000

residents of Fort McMurray packed a

few items and left, some with just a few

minutes warning. For TD, it was a call

to action, to help and support the

community, our customers and the 30 TD

employees who call Fort McMurray home.

” TD will continue to rally behind this

community, and we want Fort McMurray

to know that we’re in this together and

we’re in it for the long haul.”

BRIAN GERVAIS, TD’S SENIOR VICE-PRESIDENT OF

COMMUNITY BANKING IN THE PRAIRIE REGION

View Claude’s story

1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard

Fort McMurray resident

Zack Bennett lost his home

to the ﬁre on that fateful

day in May. Zack reﬂects on

his experience while moving

furniture into his new home.

View Zack’s story

2016 TD Corporate Responsibility Report Page 4MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

1.3 Enriching Lives Through Inclusion

Ten years ago, we pioneered an Assistive Technologies

program to provide technology tools and support to

customers and employees with disabilities. TD is the

only bank in Canada that has established dedicated

labs to consistently research, develop and test

assistive technologies.

Culture shift: Rethinking disability

The way we treat our colleagues and customers can

make a big impact, and we're moving beyond just

accommodation to apply a number of inclusion best

practices that help us build a deeper emotional connection

with people with disabilities. ”It’s about embracing

differences, not just accommodating,” explains Paul Clark,

Chair of TD’s Persons with Disabilities Committee and

President of TD Direct Investing.

We are working to make TD truly inclusive by:

• Building allies through education

• Placing greater accountability on our business leaders

• Providing additional training

• Embracing ‘invisible’ disabilities

• Helping people feel comfortable in disclosing

their disability

• Extending our efforts via philanthropy

Cindy Robinson, a

telephone-banking

specialist at TD, is among

the employees who beneﬁt

from accommodation

assessments. She

uses magniﬁcation

software, specialized

telecommunication

equipment that empower

her to quickly and efﬁciently

answer customer inquiries.

1 http://www.diversityjournal.com/9413-fact-or-ﬁction/, http://www.diversityjournal.com/9404-recognizing-ability-in-disability/

Improving the workplace and marketplace

Our efforts have been recognized by the American

Association of People with Disabilities (AAPD). For two

consecutive years now, the AAPD has singled out TD for

having progressive practices around disability inclusion,

giving us a score of 100% on their Disability Equality Index

(DEI). This is a point of pride since only 75 North American

companies were included on the index.

We are making progress in terms of hires and retention,

thanks in part to strategic partnerships with employment

outreach organizations such as Lime Connect Canada and

our involvement in Going for the Gold, an initiative of

the U.S. Business Leadership Network to encourage and

facilitate hiring people with disabilities.

While we’ve improved our ability to open the doors of

opportunity for people with disabilities, it's a continuing

effort to dispel myths, value differences and remove

barriers. And to guide us, we will use the insights and

ideas of our new stakeholder panel of customers and

employees with a wide variety of disabilities. Their input

will inform our products and services offering and help

ensure that future developments will continue to increase

inclusion and enrich lives.

More in this report:

Financial Access and Inclusion

Workplace Inclusion and Diversity

People with disabilities face many

challenges in our world, including

an unemployment rate nearly double

that of people without disabilities.

But TD is working hard to open the

doors of opportunity in our workplace,

in the ways we serve customers

and by creating greater accessibility

in our communities.

1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard

2016 TD Corporate Responsibility Report Page 5MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Stakeholder Group Ways We Interact Key Topics in 2016

Customers • Solicit feedback by phone and online

• Formal process for handling complaints

• TD Ombudsman

• Consumer associations

• Social media team

• Fee changes

• Processing delays

• Credit decisions

• Access to banking

• Financial education

Employees • Employee surveys, focus groups and

HR meetings

• Executive leadership visits

• Intranet comment engine and online

communities (Connections)

• Employee Ombudsman (Between Us)

• Employee Assistance Program

• Whistleblower Hotline

• Improving work processes

• Career development

• Diversity and inclusion in the workplace

• Increased emphasis on employee wellness

• Sales practices (early 2017)

Shareholders and

Investors

• Annual meeting and quarterly

earnings calls

• Shareholder proposals

• Shareholder Relations team

• Regular meetings with investors

• Investor Relations website

• Industry conferences

• Oil and gas exposure and the indirect

ﬁnancial impacts

• Interest rates

• Regulatory environment as it relates to capital

levels and liquidity

• Approach to competition from non-traditional

players in the banking sector

Government • Government Relations teams for Canada and

the U.S.

• Ongoing dialogue with regulators

and policy-makers

• Progress on implementing regulations such

as the Dodd-Frank Act, Foreign Account Tax

Compliance Act, etc.

• Evolving credit card and payments landscape

• Working to create greater ﬁnancial literacy,

to empower citizens

Suppliers • Website for prospective suppliers

• Email responses to supplier questions

• Increased regulatory scrutiny over third-party

relationships

• Increasing accessibility for diverse suppliers

Industry

Associations

• Industry association memberships

• Memberships with various multi-stakeholder

groups

• Participation in ﬁnancial centre bodies

• Meeting needs of customers and evolving

customer expectations

• Coordination among authorities for more

workable regulation

• Oversight of unregulated and under-regulated

ﬁnancial institutions

Communities • Community Relations teams in Canada, U.S.

and U.K.

• Ongoing dialogue with community

organizations

• Volunteering network

• TD Friends of the Environment Foundation

local chapters

• Financial education

• LGBTQ rights

• Indigenous communities

• Opportunities for young people

• Natural capital

• Canada 150

• Disaster support

Non-Governmental

Organizations

• Meetings, phone calls, face-to-face

consultation

• Funding research projects

• Conferences and forums

• Over 250 engagements on environmental

topics

• Environment and climate change

• Low-carbon economy

• Financing of fossil fuel energy developments

• Sustainable investing

• Livable cities and urban green space

• Free prior and informed consent

• Natural capital

• Critical habitat conservation

1.4 How We Listen to Stakeholders

Analyst Corner

List of Environmental

Stakeholder Groups

and Discussion Topics

List of External

Voluntary

Commitments

List of Memberships

and Afﬁliations

2016 Public Policy

and Political

Contributions

There are many environmental, social and governance issues that demand our attention. We give more

importance to those risks or opportunities that directly relate to TD’s core business, are stated priorities

for our stakeholders and are areas where we can effect change.

We understand

the importance

of not only

listening to

stakeholders,

but using that

feedback to

take action and

improve.

G4-27

1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard

2016 TD Corporate Responsibility Report Page 6MENU

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Introduction

1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard

1.5 Our Material Topics

SIGNIFICANCE TO STAKEHOLDERS

SIGNIFICANCE TO TD BANK GROUP

High Priority

Material Topics

Emerging Topics

(not material)

High Priority

Medium Priority

G4-21G4-20G4-18G4-2

Analyst Corner

Details of TD’s

Materiality

Assessment Process

Responsible Banking

1 Customer Experience

2 Product and Service Responsibility

3 Financial Access and Inclusion

4 Financial Education

Workplace

5 Employee Engagement

6 Inclusion and Diversity

7 Health and Well-Being

8 Human Rights

9 Employee Relations

Environment

10 Climate Change

11 Responsible Financing

12 Responsible Investing

13 Eco-Efﬁciency

Community

14 Strategic Philanthropy

15 Community Capacity Building

16 Economic Value

17 Affordable Housing

18 Indigenous Peoples

19 Sourcing

20 Tax

21 Volunteerism

Governance

22 Corporate Governance and

Integrity

23 Risk Management

24 Data Security and Privacy

In 2016, we refreshed our materiality assessment to update and prioritize

the topics that shape TD's corporate responsibility reporting. Our process

involved research and benchmarking, impact mapping, stakeholder

interviews and a validation workshop to discuss the assessment ﬁndings.

TD's materiality process was facilitated by an independent third party, BrownFlynn. Through a series of

interviews, internal and external stakeholders were asked to rank the importance of various corporate

responsibility topics by the level of risk, opportunity and impact for TD.

The matrix below reﬂects our understanding of the importance of each topic to our stakeholders and to our

business. The top material topics have been grouped into ﬁve themes that drive the content, structure and

scope of our reporting.

The topics emerging on the bottom left corner of the matrix are addressed as sub-topics in this report.

Trend History: Showing how topics have increased, decreased or remained stable in relevance compared to TD’s last materiality analysis in 2014.

New topic in 2016.

2016 TD Corporate Responsibility Report Page 7MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

What We Heard

Climate change has the potential to challenge the

development of accurate risk models, disrupt mortgage

payments due to severe weather, reduce lending volumes

due to lower levels of economic activity, stranded carbon

assets and increase the rate of insurance claims. Stakeholders

expect the importance of environmental, social, governance

(ESG) criteria in ﬁnancing to grow, so how TD demonstrates

its commitment to both the Equator Principles and the United

Nations Principles for Responsible Investing will shape investor

decision making and public opinion.

Climate change will alter the

ﬁnancial services industry

See Climate Change on page 34

ACADEMIA

” The risks associated with climate change could be quite

strong as banks are closely tied to the economy through

ﬁnancing. Banks should be prepared for carbon taxes and

other changes.”

INVESTOR

” There is an opportunity to help society transition to the low-

carbon economy through TD’s retail and wholesale offerings.

This should be more of a focus.”

With more non-traditional players offering ﬁnancial products

and services, participants agreed that TD’s current focus on

business transformation and digital innovation is a necessary

strategic move. Linked to this is the need to retain employees

with the technical skills required for future innovation.

TD’s culture of strong corporate governance and ethics was

seen as a strength by stakeholders. They believe TD has

taken a systemic approach to sustainability, as evidenced

by accountability at the board level, the presence of cross-

functional, sustainability-oriented steering committee and

roles focused on sustainability management. This puts TD in

a strong position to further integrate sustainability into the

core of the company’s business strategy.

Business transformation will help TD

stay ahead of the Fintech disruption

Integrating sustainability into the

core business strategy is a vital part

of future-prooﬁng business

See Customer Experience on page 11

See Employee Engagement on page 21

See page 8 to learn more about TD’s corporate

responsibility approach.

In the interviews, stakeholders were asked to rank the importance of various

corporate responsibility topics by the level of risk, opportunity and impact for TD.

ADVOCACY GROUP

” We’re seeing major shifts in the Canadian labour market,

and it’s increasingly important for TD to attract and retain

top employees.”

SUPPLIER

” If a ﬁnancial institution sets a goal and fails, but had great

transparency in its approach, that to me, is greater leadership.”

1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard

2016 TD Corporate Responsibility Report Page 8MENU

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Introduction

Corporate Responsibility

Governance Structure

The Corporate Governance Committee:

• Oversees TD’s corporate responsibility strategy

and performance.

• Stays informed about international trends and

best practices in corporate disclosure of non-

ﬁnancial performance.

• Includes board-level competency on

sustainability topics.

Executive Leadership:

• Bharat Masrani has primary responsibility for

ensuring TD acts as an exemplary corporate citizen.

• Colleen Johnston, a member of TD’s Senior Executive

Team reporting to the CEO, leads the direction of

TD’s corporate responsibility strategy and reporting.

Corporate Citizenship Council:

• Represents business group heads from Canadian

and U.S. Retail, Wholesale, Compliance, Human

Resources, Legal, Marketing and Corporate

Communications.

• Discusses corporate responsibility topics and

provides guidance on TD’s strategy, current

performance and future direction.

• Stays informed on emerging environmental and

social issues and the impact on stakeholders.

The Corporate Responsibility Steering Committee:

• Operates at the vice-president level and includes

many functions across TD.

• Directs the ongoing development of TD’s corporate

responsibility strategy and program improvements.

• Chaired by the Vice President of Community

Relations.

1.6 Corporate Responsibility at TD

Be The

Better

Bank

–

Responsible Banking

Deliver legendary customer experiences

Provide responsible products and services

Improve access to banking

Be the bank of choice for

diverse communities

Resolve complaints fairly and quickly

Increase ﬁnancial literacy

Build An

Extraordinary

Workplace

Be a Best Employer

Foster a diverse and inclusive

workplace

Employ a highly engaged workforce

Attract and retain great talent

Create opportunities for

development

Build future leaders

Be an Environmental

Leader

Continuously improve our

environmental footprint

Embed the environment into

our ﬁnancing decisions

Provide green product and

service options for customers

Engage stakeholders

Strengthen Our

Communities

Create value in the economy

Give ﬁnancial support to

create change

Encourage employees

to volunteer

Collaborate with community

partners

Inﬂuence suppliers to use

responsible practices

The TD Framework / Code of Conduct

Ethics and Integrity / TD’s Risk Appetite

HOW WE OPERATE

Corporate responsibility is a key part of TD’s strategy and is managed

within a governance structure that balances broad engagement across

the organization while also providing line-of-sight accountability.

Our Corporate Responsibility Strategy

is built on four themes that contribute

to TD’s overall vision.

1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard

2016 TD Corporate Responsibility Report Page 9MENU

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Introduction

1.7 Scorecard and Goals

This table summarizes the key performance indicators that help us track our progress compared to

our corporate responsibility objectives. All data represents the ﬁscal year ending October 31, 2016.

Objective 2015 Results 2016 Results

(target in brackets)

2017 Target

Responsible Banking

Deliver legendary customer service Legendary Experience Index –

TD Composite Score

46.4% 45.3% (46.5%) 43.8%

Create value in the real economy Distributed economic value

$19,883 $21,586 –

Increase ﬁnancial literacy Questions answered through TD Helps 72,651 49,450

–

Number of participants in a TD-sponsored

ﬁnancial education program

247,900 441,000 (250,000) 500,000

Build an Extraordinary Workplace

Provide a great place to work Increase Employee Engagement Index 81% 81% (increase

year over year)

82%

Reduce average global turnover 21.34% 20.08% (reduce

year over year)

Reduce year over

year

Be diverse and inclusive to reﬂect the

communities we serve

Women on Board 36% 36% At least 30%

of independent

directors

Women in leadership

(% in Canada) 35.7% 37.3% 40% by 2020

Minorities in leadership

(% in Canada) 12.7% 14.7% –

People with disabilities (% in Canada) 5.9% 5.9% –

Aboriginal Peoples (% in Canada) 1.3% 1.3% –

Be an Environmental Leader

Embed the environment into our

ﬁnancing decisions

Transactions reviewed according to

TD’s Environmental & Social Credit Risk

Management process, which includes the

Equator Principles

100% 100% (100%) 100%

Reduce our environmental footprint Be carbon-neutral Yes Yes Be carbon neutral

Reduce paper use (relative to 2010 baseline) 16.4% reduction 35% reduction

(40% by 2020)

40% reduction

by 2020 vs. 2010

baseline

Strengthen Our Communities

Give ﬁnancial support to create change Total donations (millions) $92.5 $102.8 At or above 1%

Imagine Canada

target

Encourage volunteerism in our communities Hours volunteered by TD employees 118,971 127,888 (increase

year over year)

Increase year over

year

Inﬂuence suppliers to use responsible practices Number of suppliers assessed for

responsible practices

211 276 –

1 In 2017 the calculation for the TD Bank Group composite score was modiﬁed to account for the TD Canada Trust Branch Banking weight change and TD Canada Trust Business Banking inclusion. Results in 2017 will not be

comparable and the target reﬂects this adjustment.

2 Economic value distributed as deﬁned by the Global Reporting Initiative. Please see page 52 for more details.

3 In 2016 we saw a decline in the number of customers accessing the TD Helps web page. Customer contact preferences have migrated to social media channels including messaging and chat boxes. We are currently developing

alternative metrics to capture TD's efforts to increase ﬁnancial education for our customers.

4 Senior Management includes TD job levels Vice President and above who have signing authority.

1.1 CEO Message 1.2 The Value We Bring 1.3 Feature Stories 1.4 How We Listen 1.5 Our Material Topics 1.6 Corporate Responsibility 1.7 Scorecard

G4-2

2016 TD Corporate Responsibility Report Page 10MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Highlights

#1 in Customer

Service Excellence

TD Canada Trust retained

the #1 spot in ”Customer

Service Excellence” among

the Big 5 Canadian banks

for the 12

consecutive

year according to Ipsos.

#1 in Canadian

Mobile Banking

TD ranked ﬁrst in

Canadian mobile banking

with the highest number

of unique mobile visitors

according to comScore.

2,400+

Retail locations in

North America and

4,926 ATMs.

200+

Languages in which

TD provides customer

service to meet

diverse needs.

1 TD Canada Trust achieved leadership in banking excellence in the following channels in the 2016 Ipsos Best Banking Awards: Automated Teller Machine, Online and Mobile. Leadership is deﬁned as either a statistically

signiﬁcant lead over the other Big 5 Canadian banks (at a 95% conﬁdence interval) or a statistically equal tie with one or more of the Big 5 Canadian banks. Ipsos 2016 Best Banking Awards are based on ongoing quarterly

Customer Service Index (CSI) survey results. Sample size for the total 2016 CSI program year ended with the August 2016 survey wave was 47,305 completed surveys yielding 67,678 ﬁnancial institution ratings nationally.

2 comScore reporting current as of August 30, 2016. TD had the highest number of unique mobile visitors accessing ﬁnancial services over the past three months, over the full year to date and over the third quarter of 2016.

3 As of October 31, 2016. Total ATMs excludes mobile and TD-branded ATMs.

” Think like a customer” is central to everything we do at TD.

We aim to deliver legendary customer experiences and trusted

advice, while providing our products and services responsibly,

safely and seamlessly – whether online, in our branches and

stores or in our contact centres.

Material topics in this chapter:

Customer Experience

Product and Service

Responsibility

Financial Access and Inclusion

Financial Education

2.0

Responsible Banking

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

2016 TD Corporate Responsibility Report Page 11

To foster ongoing personal and proactive interactions,

we need to deliver exceptional experiences across

multiple platforms. Technology is rapidly changing the

way our customers bank, as more people switch to

mobile every day, and customer expectations about

service, convenience and speed continue to rise.

Governance

In both Canada and the U.S., we have a Customer

Experience Committee. These groups help ensure that

efforts are fully coordinated to deliver the best outcomes

each and every time a customer does business with us.

Performance in 2016

Legendary Experience Index

The Legendary Experience Index (LEI) is the metric we use

to capture the ”voice” of the customer. It measures how

we are doing when it comes to delivering a legendary

customer experience. On a daily basis, we contact

customers to get their feedback regarding their most

recent interaction with TD. Customers rate their experience

on a number of attributes, that were developed based

on input from customer focus groups and research on

what is most important to our customers. The LEI results

are communicated regularly with employees to improve

our performance, and they have an impact on employee

compensation. In 2016, more than 600,000 customers

across North America provided feedback through this

survey measurement program.

Management Approach

Legendary customer service is at the heart of TD’s

business strategy and a central part of our brand

promise to customers. We are making signiﬁcant

investments to enhance the customer experience, to

ensure we’re there for our customers when, where

and how they need us. We continue to build customer-

centricity across the organization:

• Through regular research and monitoring of

customer interactions with TD, we seek feedback

through multiple channels to understand customer

needs and then use these insights to drive

performance improvements.

• We look for opportunities to make banking simple,

fast and easy for our customers and strive to create a

seamless experience whether customers are visiting

a branch or using a tablet, phone, computer or

wearable device.

• We aim to provide personal, proactive and timely

resolutions when customers contact us with a problem

or a question.

• To meet the evolving needs of today’s digital customers,

we are harnessing digital technology and partnerships

to create innovative seamless solutions that go beyond

traditional banking.

2.1 Customer Experience

Why It’s Material to TD

” People don’t live to bank – they bank to live.

And our job is to help them achieve their goals

and make their lives better. We need to deepen

our insights to ensure we’re operating with

a customer-centric mentality and that every

experience delivers on our brand promise. It’s

about ﬁnding more ways to create value by

removing irritants and ﬁnding ways to get closer

to each of our customers.”

BHARAT MASRANI, GROUP PRESIDENT AND

CHIEF EXECUTIVE OFFICER

Objective 2015 Results 2016 Results

(target in brackets)

Progress 2017 Target

Deliver legendary

customer service

Legendary

Experience Index –

TD Composite Score

46.4% 45.3% (46.5%) 43.8

1 In 2017 the calculation for the

TD Bank Group composite score

was modiﬁed to account for the

TD Canada Trust Branch Banking

weight change and TD Canada Trust

Business Banking inclusion. Results

in 2017 will not be comparable and

the target reﬂects this adjustment.

Met Did not meetOn track

2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education

Analyst Corner

To Our Customers

Codes of Conduct

and Public

Commitments

TD Ombudsman

Annual Report

Problem Resolution

Process

2016 TD Corporate Responsibility Report Page 12MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

After winning the top spot in the annual J.D. Power

customer satisfaction survey among the big 5 Canadian

banks for 10 years in a row, our ranking slipped to second

place in 2016 by a narrow margin. In recent years we have

seen the gap between us and our competitors narrow,

reﬂecting an increasingly competitive market where

many ﬁnancial institutions are focused on improving

their customer experience. While this increased focus

on experience is clearly a win for customers, the loss

was a disappointment for us and served to reinforce our

commitment to continuously improve our performance as

a customer-centric organization.

Digital Innovation and Leadership

We are focused on leading the way in the digital age

and in recent years have introduced innovations that

offer best-in-class digital customer service. TD is ranked

among the world’s leading online ﬁnancial services ﬁrms,

with approximately 11 million active digital customers.

In Canada, TD is the leader in mobile banking with the

highest number of unique mobile visitors accessing

ﬁnancial services.

Digital Enhancements in 2016

The year 2016 marked new digital milestones for TD, as

we continued to collaborate and innovate to elevate the

customer experience:

• TD was the ﬁrst bank in the world to pioneer customer

service through Facebook Messenger. Once on

Messenger, customers can connect directly with our TD

live agents for general product and account questions.

• We launched TD MySpend, which enables customers

to easily track their spending habits in real time. See the

case study on page 19.

• We unveiled the TD for Me mobile service. Another ﬁrst

in Canadian banking, TD for Me enhances our popular

TD app with a ”digital concierge” feature that provides

customers with personalized content, such as special

nearby offers, helpful tips and details on local events.

• We launched Apple Pay, giving customers more

convenience and the choice to use iPhone, iPad or Apple

Watch to make purchases both in-store and within apps.

• In our branches, we rolled out iPads for employees to use

with their customers. We also created the Digital Advice

Lounge, an internal resource centre that provides our

branch staff with everything they need to know about

having digital advice conversations with our customers.

Collaboration

We’re fostering an innovation ecosystem and teaming

up with a growing number of digital partners, from

entrepreneurial start-ups to established tech players,

to help us advance ﬁnancial innovation, acquire digital

knowledge and test new approaches. In 2016, for

instance:

• TD and Cisco announced an agreement to collaborate

on technology solutions to create enriched customer

and employee experiences through the TD-Cisco Lab,

located in Cisco’s Toronto Innovation Centre.

• TD became the ﬁrst Canadian bank to join Silicon

Valley’s Plug and Play Tech Center, the largest global

technology accelerator, as a corporate collaborator in

its Fintech program. The program runs twice a year and

connects a select group of start-ups from around the

world with participating ﬁnancial institutions.

#TDThanksYou

For this year’s #TDThanksYou customer appreciation

campaign – an initiative ﬁrst launched in 2014 – we

created the ”TD Thank Account.” We surprised millions

of customers across North America – in branches and

over the phone – with personalized messages of thanks.

1 comScore reporting current as of August

30, 2016. TD had the highest number of

unique mobile visitors accessing ﬁnancial

services over the past three months, over

the full year to date and over the third

quarter of 2016.

2 J.D. Power 2016 Canadian Retail

Banking Satisfaction Study.

Customer

Satisfaction

TD Canada Trust

was named second

place in ”Highest

in Customer

Satisfaction Among

the Big Five Retail

Banks” by J.D. Power

in the Canadian

Retail Banking Study

2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education

The TD logo and other trade-marks are the property of the Toronto-Dominion Bank.

Follow #TDThanksYou to join in

We know the greatest customers in the

world and we want to thank you.

Great customers inspire great customer service.

It’s why we work hard every day to make banking

more comfortable. And why it’s easy for us to

deliver exceptional customer service. Join us for a

month-long celebration to say Thank You ...to you.

The TD logo and other trade-marks are the property of the Toronto-Dominion Bank.

Follow #TDThanksYou to join in

We know the greatest customers in the

world and we want to thank you.

Great customers inspire great customer service.

It’s why we work hard every day to make banking

more comfortable. And why it’s easy for us to

deliver exceptional customer service. Join us for a

month-long celebration to say Thank You ...to you.

Watch one amazing

day in 2016

2016 TD Corporate Responsibility Report Page 13MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Problem Resolution

In 2016, we enhanced the complaint escalation process

to help branch employees and customer care specialists

resolve problems more quickly. TD was the ﬁrst bank in

Canada to offer a dedicated social customer service team

on Twitter and Facebook. We quickly address customer

feedback provided through these sites and monitor our

response times seven days a week, 24 hours a day –

including holidays.

Customer Problem Resolution

2016 2015 2014

CANADA

Number of problems referred to Branch Banking Customer Care 7,723 6,447 6,280

Number of customers who contacted the TD Ofﬁce of the Ombudsman 4,331 3,922 3,086

Number of complaints requiring investigation by TD Ofﬁce of the Ombudsman

749 637 383

Percentage of problems resolved by TD Ombudsman within 90 days (target 90%) 95% 98% 99%

Problems investigated by the OBSI and ADR Chambers Banking Ombuds Ofﬁce 176 106 116

U.S.

Total number of problems referred to the Chairman’s Service Center 8,622 8,596 7,900

Percentage of escalated customer problems resolved by the Chairman’s Service Center

within designated service level agreements (target 98%) 98% 98% 98%

1 As of 2015, general insurance complaints are now included in this number.

When problems do arise, we strive to respond quickly,

get the problem ﬁxed and address the root cause. If an

issue is more complex or a customer is still not satisﬁed,

TD provides a transparent, easy-to-follow escalation

process that is outlined on our website. This process

enables customers to ﬁle a complaint regarding a potential

violation of a code or commitment through the TD Ofﬁce

of the Ombudsman (Canada) or the Chairman’s Service

Center (U.S.).

• The increase in complaints in Canada in the table below

is consistent with an industry-wide trend, with most

Canadian banks experiencing a 20–30% increase in

2016

. The key issues driving complaints referred to

Branch Banking Customer Care were customer service,

credit decisions and processing errors.

• In the U.S., there was a 1% increase in complaints

referred to our Chairman’s Service Center in 2016.

Primary drivers of complaints were account discrepancies

or errors, customer service and credit reporting. The

retirement of Penny Arcade, our coin-counting machine

service, generated a number of complaints in 2016 and

TD issued a news release informing customers of the

decision to withdraw the service from our stores and

provide customers with alternative options.

” In an organization where hundreds of

thousands of customer interactions occur

daily, mistakes are going to happen and

customers are going to feel let down. Having

a fair and responsive complaint-resolution

system for customers to turn to in these

moments of frustration is a valuable part of

the service we provide.”

KERRY ROBBINS, TD OMBUDSMAN

1 https://bankingombuds.ca/

wp-content/uploads/2016/05/

ADRBO-Annual-Report-2016.pdf (p5)

and https://www.obsi.ca/en/news-

and-publications/media-releases/

consumer-complaints-increase-in-

2016-obsi-annual-report.

2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education

2016 TD Corporate Responsibility Report Page 14MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Employees who interact with customers receive training

on product features and Know Your Customer policies.

Branch and phone-based sales representatives are trained

to use online discussion tools in their conversations with

customers. These tools prompt employees to consistently

put the customer ﬁrst, ask the right questions and suggest

appropriate solutions.

Clear Language

Using clear language is a cornerstone of delivering a

legendary customer experience. We want our customers

to properly understand their ﬁnancial rights and options

and how our products and services work so they can make

informed ﬁnancial decisions. In the past few years, we

have taken additional steps to make our product materials

and website information easier to understand. TD has

Clear Language Principles that guide our employees and

a Clear Language Basics course to help train employees

when writing customer documentation.

Management Approach

Our goal is to design products and services that meet

customers’ current and future ﬁnancial needs. We

provide personal interactions and proactive advice

to help people achieve their ﬁnancial goals and in so

doing, increase their conﬁdence in managing money

and making ﬁnancial decisions.

TD follows many industry-level codes of conduct and

public commitments that are designed to protect

consumers and ensure they are provided with information

to assist them with their ﬁnancial decisions. In planning

and developing many of our products, services and

marketing communications, TD often uses consultations

with consumers (both customers and non-customers)

to get their feedback and input. We also engage

with stakeholders, experts and representatives from

across industries to provide perspective on various

initiatives. Product and service responsibility is a shared

accountability across our Compliance, Marketing, Product

Groups, Distribution and Environment departments.

Performance in 2016

Sales Practice

Our products and services are designed to meet genuine

customer needs. Across our business, we have checks and

balances in place, to support adherence to our corporate

values and selling practices. We are always looking to

improve and continue to monitor our practices.

2.2 Product and Service Responsibility

Why It’s Material to TD

Our customers expect us to offer ﬁnancial solutions that

enrich their lives. We embed responsible design and

marketing into our products, services and communications

so that consumers will continue to view TD as an

authentic and trusted brand. Stakeholders increasingly

expect TD to consider the environmental, social and

economic impacts of our products and services and will

choose to invest in us, work for us or bank with us based

on our efforts and progress.

2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education

Analyst Corner

To Our Customers

TD Code of Conduct

and Ethics

Codes of Conduct

and Public

Commitments

Understanding

Tied Selling

Product Information

Green Banking

TD’s Environmental

Policy

Response to Media Coverage

In March of 2017, TD was the subject of media

coverage with respect to our people and sales

practices. Our leadership team spent the initial

days and weeks listening to our colleagues from

across the country. Many employees have told us

that these reports are not their experience, not

their TD.

We know that of the more than 100 million

interactions we had with Canadian personal

banking customers last year, we received a few

hundred complaints related to our sales practices

that were escalated beyond the initial channel.

Of those that impacted our customers, less than

100 had compliance concerns and these were

investigated and addressed.

However, we will review all of the concerns raised.

If we can improve the way we do things, we will.

We routinely conduct reviews of our business for

this reason.

As we have done in the past with matters of such

importance, we will be relying on our Board,

as well as the objective advice from a leading

professional services ﬁrm to make sure we really

test ourselves. This is, after all, what it means to

be the better bank.

FS-14FS-7 PR-3

2016 TD Corporate Responsibility Report Page 15MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Overdraft Practices

TD Bank’s overdraft practices and policies have continued

to evolve in recent years reﬂecting industry developments

and changes in the regulatory landscape. There has been

litigation in the ﬁnancial services industry in the U.S. with

respect to how banks process and assess overdraft fees.

TD Bank, N.A. has been involved in this litigation. Some of

the actions against TD Bank, N.A. have been dismissed or

settled, and others remain ongoing.

Building Savings

Recognizing the importance of saving to long-term well-

being, TD offers many resources to help customers build

healthy savings habits:

• We offer free automated savings plans. Simply Save is

one example, which helps customers save money every

time they use their debit card. During 2016, TD Canada

Trust customers saved $5.8 billion through automated

savings plans.

• The Canada Learning Bond (CLB) is a government

grant that encourages customers to save for a child’s

future education and we facilitated $12.1 million in

CLB payments in 2016. We are also working with

SmartSaver, a non-proﬁt organization that helps eligible

Canadian families start saving for their children’s

education with information on free government money

and online access to get savings started.

Financial Hardship

We strive to be responsive and sensitive to customers

facing ﬁnancial challenges. We encourage customers to

talk to us so we can help them get back on track before

it’s too late. The practical solutions we offer include credit

and repayment options that help personal and small

business customers avoid potentially more costly and

time-consuming alternative means of ﬁnancing; as a result,

we retain customers and avoid costly writeoffs. In 2016,

we restructured $107.8 million in loans in Canada which

helped ease payments for 22,790 customers. In the U.S., we

restructured US$51.1 million in troubled real estate assets.

Retail Green Products and Services

Consumer demand for environmental products and

services is on the rise in North America. Green ﬁnancial

products and services are a growing segment of our

retail and small business offerings, geared to helping

our customers respond to environmental challenges. We

offer choices across our business lines: personal banking,

business banking, auto ﬁnancing, investing and insurance.

• TD Green Bond

• Green investment products

• Renewable energy ﬁnancing for small-scale projects,

such as installing solar panels on a roof

• Green insurance discounts

• Electronic banking – mobile banking, online

statements, paperless record-keeping

• Eco car ﬁnancing discounts

Paperless Banking 2016 2015 2014

Number of online statement accounts, in millions 10.4 7.4 6.0

Paper statements stopped, in millions 97.8 78.9 60.7

Paper documents stopped (TD Wealth), in millions 31.6 29.1 26.0

Lending for Small-Scale Projects

Number of loans 87 122 292

Dollar value of loans ($ millions) 3.2 3.4 6.8

Estimated kWh generated from the program

995,657 1,057,886 2,019,600

Estimated GHG reduction (CO

81 114 353

Lending for small-scale energy-efﬁciency projects

Number of loans 1,961 2,084 1,305

Dollar value of loans ($ millions) 13.4 13.8 8.1

Insurance for Hybrid and Electric Vehicles

Number of active hybrid and electric vehicle discounts 17,778 16,605 15,157

Estimated reduction in GHG emissions by TD Auto Insurance

customers through the use of hybrid and electric vehicles

(tonnes CO

e) 7,268 7,601 6,345

$5.8 billion

Total saved by

TD Canada Trust

customers through

automated savings

plans.

1 In 2015, estimated kWh generated

and estimated GHG reduction were

restated to reﬂect an updated

conversion factor representing the

dollar investment per kW of capacity.

FS-8

2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education

2016

2015

2014

$5.8 billion

$5.3 billion

$5.1 billion

2016 TD Corporate Responsibility Report Page 16MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

We recognize that access to banking is a critical

enabler of social and economic progress. We continue

to remove barriers and make banking more accessible

and inclusive. Our investments in this area are part of

a ”win-win” strategy that beneﬁts both consumers

and our company in terms of business growth and

deeper customer relationships.

Performance in 2016

Low-Income Customers

TD continues to ensure affordable access to essential

banking services for lower-income individuals.

• In Canada, we offer a low-fee, basic banking account

that is free for seniors collecting government income

security, beneﬁciaries of Registered Disability Savings

Plans, students and youth. We also offer seniors

discounts on all of our fee-paying accounts. We open

personal accounts regardless of whether a person is

unemployed, is or has been bankrupt or is unable to

make an initial deposit, subject to required conditions.

• In the U.S., we offer one of the lowest minimum

balance accounts in the industry and provide affordable

ﬁnancing to low-income buyers through TD Bank’s

Right Step Mortgage

program, which features a low

3%-down payment option. In 2016, we originated 906

Right Step Mortgages totalling US$165.2 million. We

also introduced FNMA HomeReady, another low-down-

payment mortgage product, with expanded eligibility for

ﬁnancing homes in low-income communities.

People with Disabilities

Accessibility is considered in the design of our facilities

and all new technologies we build or buy. Our Assistive

Technology labs research and test the latest technologies

to enhance the experience of customers with disabilities.

TD’s touch screen ATMs are fully audio-accessible with

headphones for people with visual disabilities. All

customer-facing employees in Canada receive training

about TD’s accessibility services and properly serving all

customers, including those with disabilities, and we are

working on similar training for our U.S. colleagues.

In 2016, we developed a new strategy to expand our

accessibility services, including the creation of a consumer

disability panel, that will allow us to build deeper insights

into the banking needs for this community.

Management Approach

TD serves more than 25 million customers globally. Providing

services that are accessible, affordable and inclusive for

all, including for vulnerable and underserved populations

in the ﬁnancial system, is a key management priority.

• We have strategies in place to ensure that our products,

services, culture and marketing initiatives reﬂect

the communities and cultures that are part of our

operational footprint.

• We provide specialized offerings for low-income

customers, people with disabilities, new immigrants,

LGBT customers and Indigenous populations.

• We work to increase social and physical access to our

business in all communities.

• TD is involved in many innovative programs to help

remove social and economic barriers to the ﬁnancial

system, including TD’s ﬁnancial education initiatives,

which are discussed in other sections.

• Our investments in mobile technology have opened

new paths for underserved populations, improving and

expanding delivery of ﬁnancial services and enabling

them to participate in a digital-driven economy. TD

MySpend is one example of how we are providing

real-time advice and insights to customers via mobile

technology – see case study on page 19.

The fundamental values of inclusion and diversity are

ingrained in the TD Framework, corporate policies and

business practices and are supported by our Corporate

Diversity Ofﬁce and, at the highest levels, by TD’s

Inclusion and Diversity Leadership Council (IDLC), which

reports to the Group President and CEO.

2.3 Financial Access and Inclusion

Why It’s Material to TD

2.1 Customer Experience 2.2 Product and Service Responsibility 2.3 Financial Access and Inclusion 2.4 Financial Education

Analyst Corner

Diversity

Governance

Serving Diverse

Needs

Low-Cost Banking

Options

TD and Indigenous

Communities in

Canada

Codes of Conduct

and Public

Commitments

FS-14FS-13 EC-8

Related Topics

Financial Access

and Inclusion

Strategic

Philanthropy

2016 TD Corporate Responsibility Report Page 26MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

2016 Initiatives for Diverse Communities

Women in Leadership (WIL)

TD’s Women in Leadership network, with more than

11,500 women across Canada and the U.S., continues to

provide support, tools and opportunities for women at

every stage in their careers.

In 2016, we conducted listening tours with over 700 TD

women across our North American operations to learn

about their evolving employment needs and expectations.

This input has informed our new WIL strategy, which will

be launched in 2017. In the U.S., we mentored 563 female

employees through our Emerging Leaders program.

TD works to publicly champion and build awareness of

gender equality issues. Last year TD became a member of

the 30% Club, a collaborative effort of business leaders to

improve gender representation in corporate governance.

TD also partnered with the University of Toronto’s Rotman

School of Management to publish a national report on the

professional advancement of women in Canada, the result

of a year-long research project and essay competition that

engaged working women across the country.

Performance in 2016

• In Canada, we increased the representation of women

at VP levels and above to 37.3%, from 35.7% in 2015,

and of minorities at VP levels and above to 14.7%,

up from 12.7% in 2015.

• We continue to work toward a goal of 40% women

in senior leadership roles in Canada. (In 2017, we set

a speciﬁc goal to reach this target by 2020.)

• There was a high level of engagement in inclusion

and diversity forums and initiatives.

• Survey results show women and men share equally

high conﬁdence in meeting career objectives with TD.

Performance Trends: Workforce Diversity at TD (Canada)

Labour Market

Availability

2016 2015 2014

Women Overall 53.6% 58.0% 59.6% 60.2%

Senior management

37.3% 35.7% 33.7%

Middle and other

management

44.2% 45.0% 46.5%

Visible Minorities

Overall 24.7% 29.1% 27.9% 29.5%

Senior management

14.7% 12.7% 11.2%

Middle and other

management

31.6% 29.7% 26.3%

Indigenous Peoples

Overall 2.1% 1.3% 1.3% 1.3%

Senior management

1.7% 0.9% 1.4%

Middle and other

management

0.9% 0.9% 0.9%

People With Overall 5.7% 5.9% 5.9% 6.3%

Disabilities

Senior management

5.0% 5.8% 6.4%

Middle and other

management

5.6% 5.3% 6.1%

1 Includes all Canadian businesses

and full-time and part-time

employees. Data from 2015

and 2016 are based on internal

reporting and deﬁnitions. Previous

years represent the amounts

reported to the Canadian federal

government.

2 Labour Market Availability based

on 2011 Census of Canada.

3 Senior Management includes TD

job levels Vice President and above

who have signing authority.

4 The category of ”middle and other

management” as determined by

the Canadian federal government

for employment equity reporting:

”middle and other managers

receive instructions from senior

managers and administer

the organization’s policy and

operations through subordinate

managers or supervisors.” Refer

to the Human Resources and Skills

Development Canada (HRSDC)

website for more information.

5 Data is voluntarily disclosed by

employees.

TD named one

of Canada’s

Best Diversity

Employers for the

ﬁfth year in a row by

Mediacorp.

Listed in DiversityInc’s

Top 50 Companies

for Diversity for the

fourth year in

a row, this year at

the 39th spot. TD

Bank also ranked

11th on DiversityInc’s

Diversity Councils list.

AWARDS

3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being

2016 TD Corporate Responsibility Report Page 27MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Minorities

TD is committed to ﬁnding, building and nurturing talent

from people of all backgrounds. In 2016, for example, we:

• Created a North American strategy to increase our

focus on sourcing talent from the African-American/

Black community and build relationships with key

schools and organizations to recruit talent. In the

U.S. we participated in eight recruitment events with

Black business organizations to help increase minority

employee representation.

• Engaged 68 employees in our Visible Minority

Leadership Program, a two-day program to strengthen

their ability to lead and communicate authentically.

The program is supplemented with one year of

group mentoring by members of the Visible Minority

Leadership committee.

• Grew our Latinos in Leadership resource group to more

than 2,600 members.

People with Disabilities

Our Assistive Technology program tests new technology,

partners with employees to ensure that they are

comfortable with their accommodations and provides

advice to IT teams on accessibility (see feature story on

page 4). Last year, 2,768 employees received workplace

accommodations, which included 1,044 pieces of assistive

technology or software deployed by our Assistive

Technology team.

We have seen considerable success in targeted hiring

initiatives on both sides of the border. In the U.S., we

are participating in Going for the Gold, a three-year

pilot project of the U.S. Business Leadership Network

to advance disability inclusion and recruitment in the

workplace. TD is one of nine companies involved and

committed to meeting disability-hiring targets. As a result,

we’ve hired over 250 people with disabilities since the

program’s inception in June 2014. In Canada, we worked in

partnership with Lime Connect Canada, Career Edge and

Specialisterne and launched a targeted program at two

of our branches in Vancouver, B.C., to provide meaningful

employment to nearly 100 new employees with disabilities.

TD listed on the

2017 Bloomberg

Gender-Equality

Index.

Scored 100% on

the 2016 Disability

Equality Index for

the second year in

a row.

Named one of

Afﬁnity Magazine’s

2016 Top

Corporations for

LGBT Economic

Empowerment.

AWARDS

Jenn Ocampo-King is Director, Prime Brokerage, with TD Securities. In 2016, she won

Catalyst Canada’s ﬁrst Emerging Leader Award for being an exceptional role model

for women and for championing inclusive workplaces. At the early age of 15, Jenn was

living on her own and supporting her family. When she received the opportunity to join

the capital markets industry, she seized it and took ownership of her career.

Having beneﬁted from the support of others, Jenn generously gives back to TD and her

community to ensure others receive similar guidance in navigating their careers. She is

the co-founder and Chair of the TD Securities Women in Leadership Champion Network,

has planned more than 50 mentor/mentee events for junior women and runs regular

networking and panel sessions with senior executives. Jenn was also recognized by

Women in Capital Markets in 2014, winning the Rising Star Award for inspiring greater

diversity in Canada’s capital markets, a traditionally male-dominated ﬁeld.

A ”Catalyst” for Women in Business

SPOTLIGHT

3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being

2016 TD Corporate Responsibility Report Page 28MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Human Rights

In every country in which TD operates, we support and

respect the protection of human rights. We also share

the values reﬂected in international proclamations about

human rights, such as the Universal Declaration of

Human Rights.

We adhere to and, in many cases, exceed all applicable

labour laws and standards addressing issues such

as equal pay, hours of work and child labour. TD’s

Respectful Workplace Policy and our Health and Safety

Policy articulate our commitment to providing a work

environment free from any form of harassment and

unlawful discrimination, where every employee, customer,

client and independent contractor is treated with dignity

and respect. TD’s employees are the heart of everything

we do and we encourage an inclusive and diverse working

environment. TD’s model is one of employee engagement

and we encourage open dialogue to help us create a

positive working environment where all employees

can thrive.

Under the TD Code of Conduct and Ethics, every employee

and director of TD is expected and required to assess

every business decision and every action on behalf of the

organization in light of whether it is right, legal and fair.

Robust internal investigation and escalation processes are

followed when concerns are raised regarding harassment,

unlawful discrimination or other conduct that would

contravene these policies. Employees and Directors attest

to compliance with these policies on an annual basis.

We promote Indigenous rights and support the principle

of free, prior and informed consent (FPIC), with our

commitment reﬂected in TD’s Environmental Policy and

Environmental Management System.

TD educates employees on relevant human rights issues

through various communications and learning programs,

including inclusion and diversity training.

In 2016, we formed a Human Rights Working Committee,

tasked with responding to the U.K.’s new legislation on

Modern Slavery. This cross-functional committee met

regularly to understand relevant issues and develop the

TD Bank Group Slavery and Human Trafﬁcking Statement.

Indigenous Peoples in Canada

In 2016, we continued to educate our workforce on the

history, culture and opportunities (talent and business) of

Indigenous peoples in Canada, throughout the year and

during our Aboriginal History Month celebrations. We

hosted an internal employee event featuring a keynote

speech by Roberta Jamieson, president and CEO of Indspire,

who discussed the empowerment of Indigenous peoples

through education and the opportunities to harness the

abilities of this emerging and enabled workforce.

• Participation in the Indigenous Employee Circle, an

online community, grew to 827 members, up from

716 members in 2015.

• We have begun to recognize traditional lands and

territories as we open events. In a few cases, we have

also engaged Elders/Knowledge-Keepers to provide a

traditional opening to events.

• In 2016, we again published TD and Indigenous

Communities in Canada, a report that communicates

our commitments and actions in support of Aboriginal

success in the workplace, economy and community.

LGBTA

Since ﬁrst introducing same-sex beneﬁts to our Canadian

workforce in 1994, we have made signiﬁcant progress in

creating a truly inclusive workplace for LGBTA employees

wherever we operate. These efforts continued in 2016; for

example, we:

• Introduced an important design change to new and

renovated branches going forward, whereby we will

build gender-neutral washrooms. An emerging best

practice in North America, these single-stall, accessible

washrooms are available for use by any person,

regardless of their gender identity or expression.

• Sponsored 62 Pride events across North America to

engage our employees while supporting the community.

• Organized several LGBTA networking events in the

U.S. and launched our ﬁrst LBTQ Women’s Network.

Veterans in the U.S.

While this community is a newer priority for TD, we have

an employee resource group that focuses on opportunities

for veterans and helps them transition from active duty

to the workplace. In 2016, TD participated in over 10

recruitment events with organizations focused on ﬁnding

jobs for veterans. This resulted in 80 new hires. We also

created a military skills translator tool speciﬁc to roles at

TD for our recruiters and produced a video launched on

Veterans Day that celebrated employees who have served

their country.

Included among

the Top 25

Trailblazing

Companies for

demonstrating a

public commitment

to LGBT people

and issues.

Scored 100% on

the 2016 Corporate

Equality Index

for the eighth year

in a row.

AWARDS

3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being

2016 TD Corporate Responsibility Report Page 29MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Management Approach

Protecting and promoting the well-being of our employees

is part of our effort to provide an extraordinary work-

place. To achieve this, we have extensive programs in place

to help employees assess, manage and improve their well-

being in three critical areas: physical, ﬁnancial and mental.

Physical Well-Being

TD has a clear North American Health and Safety (H&S)

policy and a dedicated H&S management system and

delivers regular training and communications to keep

managers and employees informed.

• In Canada, the H&S team, a National Policy

H&S Committee, and people managers and H&S

representatives in each location across the country

work with employees to ensure H&S programs

support applicable regulations and are effective

across our operations.

• In the United States, the same goal is achieved by the

Safety team with support from Safety Committees,

Human Resources, people managers and cooperation

from all employees to ensure a safe working

environment.

Financial Well-Being

As part of TD’s investment in employee well-being, we

offer a comprehensive beneﬁts plan, including medical,

dental and insurance options that provide choice and

ﬂexibility to best meet the changing needs of our

employees and their families. We are also proud to offer

a robust compensation package, an employee share

ownership plan (Canada), a competitive deﬁned beneﬁt

pension plan (Canada) and 401(k) (U.S.) and group savings

plans to help employees meet their ﬁnancial goals.

Online retirement and ﬁnancial planning tools are

available, which provide employees personalized

projections to assist with short- and long-term planning,

including information and advice on their pension

arrangements. Additionally, employees have access to

legal and ﬁnancial support services to help deal with a

number of issues, including debt/credit management, legal

bankruptcy, contracts, landlord and tenant issues, etc.

3.3 Health and Well-Being

Why It’s Material to TD

We recognize that for employees to perform at their

best, they need to be healthy, happy and supported in

managing their work/life demands.

TD’s Approach to Well-Being

Physical Well-Being

• Beneﬁt plans

• Wellness account

• Seasonal ﬂu coverage

• Insurance coverage

• Retiree beneﬁts

• Workplace accommodations

• WELL building standard

• Health and safety

Financial Well-Being

• Compensation

• Employee savings plans

• Share ownership plan*

• Pension/401(k)

• Scholarship programs

• Incentive plans

• Discounts and banking

beneﬁts

• Tuition reimbursement

Mental Well-Being

• Vacation/PTO

(paid time off)

• Reward and recognition

• Leave policies

• Flexible work options

• Volunteer grants

• Emergency child care*

• Employee ombudsman

• Critical incident response

Examples of beneﬁts:

*Beneﬁts available to Canadian employees.

3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being

Analyst Corner

Summary of Beneﬁt

Programs

TD’s Approach to

Compensation

Code of Conduct

and Ethics

Whistleblower

Hotline

TD’s Approach to

Job Transitions

2016 TD Corporate Responsibility Report Page 30

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

87%

Of employees

agree that TD

supports their

ambition to

get involved

in corporate

responsibility

initiatives.

Work-Related Injuries

2016 2015 2014

Canada

Minor injuries

255 (0.43%) 193 (0.33%) 233 (0.39%)

Disabling injuries

148 (0.25%) 107 (0.19%) 130 (0.22%)

Employee days absent beyond day of injury

2,667 1,569 2,161

Fatalities due to work-related accidents 0 0 0

U.S.

Medical/report only claims ﬁled through workers’ compensation

454 467 607

Indemnity claims ﬁled through workers’ compensation 38 53 60

Employee days absent beyond day of injury 2,334 2,832 3,853

Fatalities due to work-related accidents 0 0 0

1 Figures in parentheses indicate

accident statistics as a percentage of

our workforce in the country noted,

as at the end of the calendar year.

2 Injuries that are treatable in the

workplace, with no time lost beyond

the day of injury.

3 Injuries that result in lost time in the

workplace on any day following the

injury for each of the years shown.

4 Number and severity of disabling

accidents increased in 2016 due to an

increase in time lost in the categories

of slips/trips/falls, robberies and

medically related incidents. Some

other accident categories decreased

in number of days absent compared

to 2015.

5 Workers’ compensation claims below

$2,500 or any claim that requires

no payment or activity other than

generating a report.

Mental Well-Being

TD provides a wide array of options for paid and unpaid

time off to assist employees who need time away from

the workplace to deal with personal situations such as

the birth or adoption of a child, the death of a loved one

or completion of a post-graduate degree. In 2016, we

reviewed our internal policies and programs to ensure

they provide sufﬁcient support to sustain a psychologically

healthy and safe workplace. TD remains committed to

supporting employee mental well-being in the workplace,

and we will continue to implement recommendations from

the review through 2017.

Performance in 2016

Canada

• Refreshed the employee websites that host beneﬁts,

pension and savings programs to provide a better user

experience and improved resources.

• Launched a Total Health Index Assessment tool.

Participating employees receive a personalized,

conﬁdential report with recommendations and resources

to help meet their total health needs.

• Expanded the list of eligible illnesses from three to 17

in our critical illness insurance program.

• Announced coverage for psychologist services to our

core medical plan.

• Invited 10,000 TD employees to participate in a

Guarding Minds @ Work survey to assess employee

perception of psychological health and safety in the

workplace. The results will help us identify next steps in

promoting a psychologically healthy and safe workplace.

U.S.

• Enhanced our process for employees requesting

workplace accommodations, which has helped to reduce

costs and improve the employee experience.

• Launched a safety-training module for all our ﬂeet drivers.

• Launched a new mobile-friendly website that highlights

the full package of programs, discounts and services

available to employees to support their physical,

ﬁnancial and mental well-being.

• Hosted a series of ﬁnancial education sessions for

employees on retirement savings, money management

and personal budgeting.

In both Canada and the U.S., work-related injuries remain

at very low levels as shown in the table below:

Total Spent on Compensation

and Beneﬁts

$9.0b $9.3b$8.5b

2014 2015 2016

3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being

2016 TD Corporate Responsibility Report Page 31MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

TD receives world’s

first WELL building

certification

TD is breaking new ground as the world’s ﬁrst

organization to achieve WELL certiﬁcation. Administered

by the International WELL Building Institute, a

public beneﬁt corporation, WELL is the world’s ﬁrst

building standard and certiﬁcation system focused on

the health and wellness of building occupants.

We retroﬁtted one ﬂoor of TD Centre, our corporate headquarters in downtown

Toronto, to provide workplace wellness features. The pilot project was awarded

WELL Gold Certiﬁed

Project Under WELL v1 certiﬁcation in May 2016 for having

incorporated WELL features in all seven categories of building performance: air,

water, light, nourishment, ﬁtness, mind and comfort.

Employees are very positive about the space, and we’re applying what we’ve

learned to other projects. The WELL certiﬁcation, along with our sustainable and

energy-efﬁcient design standards, has made TD a true pioneer in designing and

building spaces that are healthier for employees, as well as better for

the environment.

CASE STUDY

Early Adopter:

Employee relations

We strive to foster a culture of open communication,

providing employees a number of channels to comfortably

raise their concerns directly within the organization.

• Our Employee Complaint Resolution Process helps

to ensure that the employee has various channels to

report their concern and that the matter is directed to

the right people and is resolved quickly, objectively and

without fear of reprisal.

• Our Employee Ombuds Ofﬁce is an impartial,

conﬁdential and informal resource available for all

employees to discuss work-related concerns and

review possible options for resolution. In 2016, 1,309

employees used this service, down from 1,560 in 2015.

• TD’s Whistleblower Hotline provides a means

by which employees and other stakeholders can

anonymously report any concerns regarding

ethical, legal or accounting matters without fear

of repercussions. TD’s Whistleblower Hotline is

independently managed by a third-party.

Our Global Employee Relations group is responsible for

maintaining meaningful work standards, policies and

practices that are consistent with TD’s commitment to

the overall employee experience and the bank’s business

objectives, as well as legal and regulatory requirements.

The group provides guidance to human resources

practitioners and management on complex employment

matters in order to ensure that TD's policies and practices

are applied consistently across the organization and that all

matters are addressed in a way that is fair and transparent.

3.1 Employee Engagement 3.2 Inclusion and Diversity 3.3 Health and Well-Being

2016 TD Corporate Responsibility Report Page 32MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Highlights

RE100

First Canadian company

to join RE100; met

the 100% renewable

electricity commitment.

Green Bonds

TD Securities participated

in $5.4 billion of green

bond underwriting.

$9.3 million

Donated to community

environment projects.

Dow Jones

Sustainability

World Index

Only Canadian bank listed.

TD is proud to be a North American environmental leader. In

2016 that leadership meant continuing our focus on helping to

build a lower-carbon economy, from ﬁnancing and investing in a

multitude of renewable energy initiatives to reducing the direct –

and indirect – environmental impact of our operations.

Material topics in this chapter:

Climate Change

Responsible Finance

Responsible Investing

Eco-Efﬁciency

4.0

Environment

2016 TD Corporate Responsibility Report Page 33MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Environment is integrated into TD’s Enterprise Risk

Management Framework. Our environmental governance

structure ensures alignment with the Framework and

incorporates Board and senior executive oversight as

well as direct involvement of business segment leaders.

A member of the bank’s Senior Executive Team is

designated as TD’s Senior Executive Environmental

Champion. Our actions are outcome-focused, with results

measured through external reporting and compliance

with our voluntary commitments.

We compare our environmental performance to a

number of external benchmarks: CDP, the Dow Jones

Sustainability Index, Sustainalytics, the FTSE4Good, the

Ethibel Sustainability Index and also the Canadian Federal

Sustainable Development Strategy which aligns with the

United Nations Sustainable Development Goals.

Our Approach: Create value by embedding an environmental perspective into our business

Environmental Governance

Environmental

Financing

Sustainable

Investing

Find

Environmental

Solutions

Build Stronger

Communities

We support environ-

mental education,

build capacity in

grassroots organizations

and increase natural

capital value through

donations, scholarships

and grants and by

volunteering our time.

We embed

environmental, social

and governance

performance into our

investment decision-

making and provide

information that allows

our investors to make

informed decisions.

We share our expertise

and collaborate with

others to work toward

solutions for complex

environmental issues.

We work to improve

the eco-efﬁciency of

our facilities, our

business operations

and our supply chain.

We support

the transition

to the lower-

carbon economy

while maintaining

economic prosperity.

Reduce Our

Environmental

Footprint

For more information on our benchmarking indices, see page 60.

Carbon Neutral

RE100

UN PRI

UN PSI

Equator Principles

Green Bond Principles

Corporate Responsibility Report

CDP

DJSI

Sustainalytics

MSCI

Environ-

mental Risk

Green

Products

Community

and

Employees

BOARD OF DIRECTORS, RISK COMMITTEE

ENVIRONMENTAL STEERING COMMITTEE

VOLUNTARY COMMITMENTS REPORTING

Operational

Footprint

EXECUTIVE ADVISORY GROUPS

” We recognize that now more than ever we need to understand – and address – long-term trends related

to climate change while supporting economic growth. We believe we have a responsibility to our clients to

provide ﬁnancial options for operating in a lower-carbon economy and a responsibility to our employees

and the communities we serve to facilitate greener living.”

– KAREN CLARKE-WHISTLER, CHIEF ENVIRONMENT OFFICER, TD BANK GROUP

2016 TD Corporate Responsibility Report Page 34MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Climate change is a megatrend that has wide-ranging

and long-term implications for global economies.

Climate change-related risk has the potential to affect

virtually every area of business in the ﬁnancial services

sector. But there are also opportunities to support

our customers in the transition to a lower-carbon

economy and to enhance the resilience of man-

made structures.

Why it’s Material to TD

Key initiatives relevant to TD’s business include:

• Establishment by the Financial Stability Board of an

industry-led Task Force on Climate-related Financial

Disclosures with a mandate to develop a set of

voluntary climate-related ﬁnancial risk disclosures

• Canada-wide greenhouse gas (GHG) emissions

reduction targets and a commitment to phase out

coal-powered electricity by 2030

• Canadian federal and provincial carbon-pricing

policies and greenhouse gas reduction targets

• Development of methodologies for deriving company-

speciﬁc science-based targets for greenhouse

gas reduction

In 2017, we will commence our new ﬁve-year

environmental strategy to better align TD’s policies,

positions and goals with the new initiatives and the

goals of the Paris Agreement.

Performance in 2016

Mitigation

In 2016, we continued to reduce our direct and indirect

GHG emissions:

• Remained carbon-neutral, continuing to reduce our

enterprise greenhouse gas emissions and procuring

renewable energy credits (RECs) to account for 100%

of the electricity we used.

• Continued to green our supply chain by becoming

the ﬁrst Canadian company to join the CDP supply

chain program, as well as becoming a signatory to the

Corporate Renewable Energy Buyers’ Principles and

Renewable Energy 100 (RE100).

Management Approach

Our Climate Change Position and Strategy:

We identiﬁed climate change as a megatrend in 2009,

and we made the choice to lead. We have taken a

comprehensive long-term approach by embedding

considerations of climate-change-related issues and

opportunities throughout our entire business. Our

strategy addresses both key elements of climate change:

Mitigation and Adaption.

The Paris Agreement (December 2015) triggered many

international and national initiatives aimed at ”holding

the increase in global average temperature to well below

two degrees Celsius above pre-industrial levels.”

4.1 Climate Change

Mitigation

Reducing GHG emissions

• Green buildings

• Generating renewable energy through on-site

solar panels

• Purchasing RECs and carbon offsets

• Energy efﬁciency initiatives

• Sustainable transportation

Adaptation

Increasing resilience

• Enhancing risk management

• Innovation in our insurance business

• Building and infrastructure retroﬁts

• Supporting community resilience projects, green

infrastructure and enhancement of natural capital

Analyst Corner

Environmental

Governance

TD’s Environmental

Policy

2016 Carbon Neutral

Schedule

2016 Environmental

Impact Table

2016 Natural Capital

Valuation

2016 Green Products

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

FS-3FS-1EC-2 G4-14

2016 TD Corporate Responsibility Report Page 35MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

• Grew our low-carbon ﬁnancing portfolio and took steps

to position ourselves for future growth, booking a year-

over-year increase of $2.6 billion and bringing our total

to $10.8 billion since 2006.

• Continued to grow our green product business: TD Auto

Finance offered preferred pricing to auto dealers for

electric and hybrid vehicles, complementing our green

insurance offering, which grew 7% in 2016.

• Supported government-led carbon policy and actions,

joining the Carbon Pricing Leadership Coalition as a

founding member of this Canadian government-led

initiative.

• Provided thought leadership on carbon policy through

TD Economics reports and through support of important

third-party initiatives, including the Conference

Board of Canada project Greenhouse Gas Emissions:

Canadian Economic and Social Implications of Deep

GHG Reductions, Canada’s Ecoﬁscal Commission,

and Pembina Institute initiatives on green buildings

encouraging climate action.

Adaptation

The impacts from ongoing climate change are highly

variable across our North American footprint. They include

rising sea levels and increased potential for ﬂooding, as

well as increased frequency of severe weather events,

drought, loss of permafrost and crop damage. We continue

to study and learn how to adapt to climate change.

TD Insurance, which leads our efforts in this area, made

considerable progress in 2016:

• As a member of the UNEP-FI Principles for

Sustainable Insurance (PSI), TD Insurance reported

on its progress in embedding the Principles into its risk

management approach.

• We continued to fund research and support

collaborative approaches aimed at improving

disaster resilience through leading industry

associations and research institutions such as the

Institute for Catastrophic Loss Reduction (ICLR),

the Atmospheric and Environmental Research (AER)

Emerging Risk research program and the Alberta Severe

Weather Management Society and actively participated

on the Insurance Bureau of Canada’s Natural

Catastrophe Committee.

• We introduced resilience-related insurance

discounts for customers in the Province of Alberta

who choose stronger and longer-life-expectancy rooﬁng

materials to reduce damage from extreme weather

events such as hailstorms.

• We deployed Mobile Response Units to provide

disaster relief to two cities experiencing catastrophic

incidents: Fort McMurray, Alberta, in the wake of the

massive wildﬁre in May (see case study on page 3),

and Calgary, following the major hailstorm in late July.

Research shows that people in Miami consider rising tides to be the number one

environmental issue they face. Flooding occurs in the coastal city on a regular basis –

a decades-old problem that’s getting worse as a result of a changing climate.

We are supporting an innovative program in Miami to increase protection from rising

sea levels. In 2016, TD provided support to The Trust for Public Land to install ﬁve

green Fitness Zones in Miami-Dade County parks, which provide ﬂood protection zones

and accessible outdoor gyms for community use.

Water conservation and ﬂood protection features include:

• Rain gardens to absorb excess water

• Newly planted trees that provide shade and cool the air

• Drought-tolerant native plants

• Permeable pavement to reduce ﬂooding and surface temperatures

Green Infrastructure Helps City of Miami Increase Flood Protection

CASE STUDY

TD listed as top-scoring Canadian

bank by CDP in 2016

AWARDS

TD’s

Low-Carbon

Journey

(PDF)

See our progress

since 2010.

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

1 With a score of A-, TD placed in the

leadership category of performance.

TD is the top scoring Canadian bank

among the Big 5 Banks: Bank of

Montreal, Canadian Imperial Bank of

Commerce, Royal Bank of Canada and

Bank of Nova Scotia.

2016 TD Corporate Responsibility Report Page 36MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Green Bond Investment

$384 million

Total green bond holdings within

TD’s investment portfolio

Corporate Environment Programs

$77 million

Funds dedicated to corporate

environment programs

Community Environment Projects

$60 million

Sponsorships for community

environmental projects

TD Friends of the Environment

Foundation (TD FEF)

$82 million

Total donation amount raised

by customers and employees

through TD FEF to support

environmental initiatives in

communities across Canada

$12 billion

TOTAL CONTRIBUTION

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

TD’s Contribution to the

Lower-Carbon Economy

2006-2016

Lower-Carbon Lending

$10.8 billion

Loans and credit provided to

companies and projects that are

facilitating the transition to the

lower-carbon economy

Energy Efﬁciency in

Affordable Housing

$430 million

Investment in affordable housing

projects with energy efﬁciency

construction components through

the U.S. federal Low-Income Housing

Tax Credit program

Carbon Neutral Commitment

$15 million

Purchase of carbon offsets and

renewable energy credits to meet

our carbon neutral commitment

Eco-Efﬁciency Upgrades

$83 million

Investment in energy and eco-

efﬁciency initiatives for TD’s

corporate and retail facilities

Small-Scale Renewable and

Energy Efﬁciency Projects

$164 million

Financing for small-scale renewable

and energy-efﬁciency projects

2016 TD Corporate Responsibility Report Page 37MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

One of our greatest opportunities to facilitate

environmental progress in society is through

lending and banking solutions. As a responsible

bank, we need to align with commitments made

by our governments to support the growth of the

North American economy while also promoting

the transition to a lower-carbon world.

Why It’s Material to TD

• For environmentally sensitive sectors, we employ

enhanced sector-speciﬁc due diligence. Where we

believe that there is potential for signiﬁcant risk, we

insert additional conditions in order to mitigate that

risk and, in some cases, may decide not to pursue the

relationship further.

Our North American focus means that we operate primarily

in countries with robust, enforceable environmental

regulatory regimes. Nonetheless there are emerging

environmental issues that are not yet fully captured within

current regulations, including resilience, cumulative effects

and free, prior and informed consent (FPIC) of Indigenous

peoples. We have incorporated review processes related to

these issues into our due diligence reviews.

TD has a long-standing commitment to advancing

the practical implementation of FPIC. Our work in

collaboration with multi-stakeholder groups to advance

good practice in this area within the Canadian context has

produced several important reports.

Performance in 2016

• We provided $2.6 billion in low-carbon ﬁnancing in 2016,

bringing our cumulative total to $10.8 billion since 2006.

• 6.5% of our non-retail lending activities were with

companies that we have designated as environmentally

sensitive based on potential for direct greenhouse gas

emissions and impact on water resources (see Total

Lending by Sector chart on page 38).

• 287 deals were subject to enhanced due diligence

through TD's environmental and social credit risk process.

• TD continued to support good practices in the

implementation of FPIC by project proponents, including

sponsoring the 2016 report ”Free, Prior and Informed

Consent in Canada: Towards a New Relationship with

Indigenous Peoples” by Torys LLP.

• We continued to grow and diversify our retail green

product offerings.

TD’s Energy and Environment Position

The Paris Agreement in 2015 triggered numerous

government actions aimed at driving the transition toward

a lower-carbon economy while continuing to support

traditional fossil fuel industries that are key to the North

American economy. TD is involved with all aspects of

energy supply, and in 2016 we updated TD’s Energy and

Environment Position to reﬂect our approach to balancing

economic and environmental interests within the rapidly

changing energy landscape.

1 See Table 23 in TD’s 2016 Annual

Report, page 44.

Management Approach

TD’s enterprise-wide business strategy is designed

to provide better returns to our investors for the risk

undertaken. Central to this strategy is our core business

focus on retail and commercial banking. Our lending

portfolio is retail-focused with more than 69% derived

from North American personal and residential lending.

We direct 93.5% of our lending to business sectors

that have low direct greenhouse gas emissions and low

impact on water resources. Approximately 6.5% of our

total lending portfolio has been to sectors that we have

identiﬁed as environmentally sensitive.

We manage environmental and social (E&S) risk based

on a life-cycle approach that begins well before our

formal engagement with a client and continues

throughout our relationship.

• Our list of prohibited transactions includes

environmental criteria.

• TD’s E&S Risk Policy for Non-Retail Credit Business

Lines applies to 100% of our non-retail lending

activities: general corporate-purpose, project and

ﬁxed-asset ﬁnancing. Our risk management procedures

include a review of the policies, processes and

performance of the borrower.

• TD’s lending approach is relationship-based and our

wholesale banking focus is on general corporate

purpose loans. A small portion of TD’s lending is project

ﬁnance, which means that only a few loans qualify as

Equator Principle projects each year. However, since

2012 we have embedded the Principles into our E&S

Risk Policy, to ensure a consistent approach and an

additional level of protection.

4.2 Responsible Finance

Analyst Corner

TD’s Environmental

Pol

icy

TD’s Environmental

and Social Risk

Process and

Prohibited

Transaction List

TD’s Energy and

Environment Position

2016 Carbon

and Water Risk

Assessment

2016 Equator

Principles Reporting

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

FS-2 FS-3FS-1G4 -14

2016 TD Corporate Responsibility Report Page 38MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

6.5%

100%

of non-retail lending transactions

screened against TD’s E&S Credit

Risk Management process

287

transactions subject to enhanced

sector-speciﬁc due diligence

$2.6 billion

of non-retail lending in support of

the lower-carbon economy in 2016

Project ﬁnance transactions assessed under the Equator Principles

Number of Transactions

Sector

Region EP Category 2016

2015 2014

Mining – – 0 0 0

Infrastructure Americas A 1 0 0

Oil and gas – – 0 0 0

Power – – 0 0 0

Others – – 0 0 0

Total 1 0 0

Equator Principles

In 2016, TD provided funding for one qualifying category ”A” Equator project: the Dakota

Access Pipeline.

(approximately 6.5% of total lending)

Forestry 3%

Mining 7%

Power and Utilities 11%

Pipelines, Oil and Gas 18%

Agriculture 17%

Food and Beverage 15%

Automotive 29%

TOTAL

$39 billion

TD’s Total Lending by Sector

Environmentally Sensitive

Lending

Personal and Residential 69%

Retail and Service 11%

Manufacturing and Transport 7%

Commercial Real Estate 6%

Natural Resources 4%

Government 3%

Sector

$601

billion

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

Deals subject to enhanced due diligence by sector in 2016

Sector Number of Reviews Percentage

Forestry 21 7%

Mining 30 11%

Pipelines, oil and gas 184 64%

Thermal power 52 18%

Total enhanced due diligence 287 100%

For more information see Appendix: ESG Performance

Read TD’s Statement

on the Dakota

Access Pipeline.

1 See Table 23 in TD’s 2016 Annual Report, page 44.

2 See TD’s 2016 Equator Principles Reporting for further details.

2016 TD Corporate Responsibility Report Page 39MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Institutional and retail investors are increasingly

demanding greater disclosure of environmental,

social and governance (ESG) performance of their

investments. This demand is driving capital market

innovation and growth in sustainable investing

products. For example, over US$81 billion in green

bonds were issued globally in 2016.

Why It’s Material to TD

We employ a three-pronged approach to assessing

company performance through:

• Investment analysis: We integrate ESG factors directly

into our investment analysis by incorporating ESG

considerations in our equity and credit research. We

maintain a proprietary ESG risk management matrix

on which we score every company in which we invest.

• Engagement: We engage directly with companies

across a broad range of industries, meeting with company

leaders to understand the potential impacts of ESG risks

on their business and the processes in place to manage

those risks. Our discussions cover the management of

environmental and socially sensitive issues such as fuel

efﬁciency, safety, water treatment and carbon emissions.

• Proxy voting: Exercising our voting rights as

shareholders is one of the key ways we can positively

inﬂuence environmental and social practices for the

companies in which we invest.

2016 Performance Highlights

• We continued to meet our commitments as a signatory

to UN Principles for Responsible Investment. Based

on the 2015-16 UN PRI annual assessment report,

TDAM continued to be above or in line with our peers

globally with respect to screening investments for

ESG considerations.

• We continued to support ESG-related shareholder

proposals and engaged with companies across a broad

range of industries.

• Morningstar

, a leading investment research ﬁrm,

recently initiated sustainability ratings for mutual

funds. Twenty-ﬁve per cent of funds managed by TDAM

were rated high in terms of sustainability (as at March

31, 2016), the highest percentage among Canadian

investment managers at the time.

Management Approach

TD Asset Management (TDAM) is one of Canada’s largest

asset managers, managing more than $300 billion in

assets on behalf of retail and institutional investors.

We consider management of ESG risks within our

assessment of the management quality of companies in

which we invest.

TDAM has been a signatory to the UN Principles for

Responsible Investment (UN PRI) since 2009. We were

the ﬁrst asset manager of a major Canadian ﬁnancial

institution to make this commitment and are still one of

a relatively small number of mainstream asset managers

to do so. Our commitment to ESG integration extends

beyond the UN PRI. We also participate in CDP (formerly

the Carbon Disclosure Project), including the CDP Water

Program and the CDP Forests Program, and the Canadian

Coalition for Good Governance.

4.3 Responsible Investing

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

Analyst Corner

TD’s Environmental

Policy

2016 Green Bond

Assurance Statement

Sustainable

Investing Approach

TDAM RI

Transparency Report

TDAM Disclosure on

Proxy Practices

100%

ESG screening of

investments.

149

Shareholder proposals

supported relating to

ESG issues.

25%

Of funds managed by

TDAM rated high in

terms of sustainability

(Morningstar).

1 Excludes Epoch Investment Partners Inc.

warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Past performance is no guarantee of future results.

2016 TD Corporate Responsibility Report Page 40MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Examples of TDAM Funds Rated High in Sustainability by Morningstar

Name Category

TD Balanced Income Canadian Neutral Balanced

TD Canadian Equity Canadian Focused Equity

TD Diversiﬁed Monthly Income Canadian Equity Balanced

TD Dividend Income Canadian Equity Balanced

TD Monthly Income Canadian Neutral Balanced

TD North American Dividend North American Equity

TD Strategic Yield Global Neutral Balanced

TD Tactical Monthly Income Tactical Balanced

Epoch Global Shareholder Yield Global Equity

The information contained

herein: (1) is proprietary to

Morningstar; (2) may not be

copied or distributed; and (3) is

not warranted to be accurate,

complete or timely. Neither

Morningstar nor its content

providers are responsible for any

damages or losses arising from

any use of this information. Past

performance is no guarantee of

future results.

North American Socially Responsible

Investing (SRI) Portfolio

TDAM manages a North American SRI Portfolio for TD

Private Investment Counsel. The portfolio consists of best-

in-class sustainability leaders (80–100% of portfolio) and

emerging environmental specialists (up to 20% of portfolio).

• The best-in-class segment seeks to invest in companies

that are leaders relative to their peers in the areas of

environmental impact, corporate governance and

social responsibility.

• The environmental specialist segment identiﬁes global

leaders in the areas of structural environmental growth:

water, resource efﬁciency and alternative energy.

One example of a best-in-class segment company is

WhiteWave Foods, which was one of our biggest holdings

in 2016, returning 43% on the success of its large brands.

As the chart below demonstrates, socially responsible

investments can have returns comparable to those of

traditional funds.

TD continues to play an important role in raising

awareness of ESG. We conducted a study of the impact of

electric vehicle adoption on global oil consumption, which

was featured on MoneyTalk television. The study found

that electric vehicle adoption does not pose a genuine

disruption threat to near-term oil consumption, due to low

power density and high battery costs; however it could

have a greater impact over the medium to longer term.

The greater near-term impact on oil demand relates to

the increasing fuel economy of new vehicles, driven by

government regulation and technology.

Performance Trends: TD’s SRI Portfolio

1 As of December 31, 2016.

2 Benchmark: 50% S&P/TSX Composite TR – C$, 50% S&P 500 Net Total Return – $CAD.

Performance (Gross)

1 Mo. 3 Mo. YTD 1 Yr. 2 Yr. 3 Yr. 5 Yr.

SRI Fund 1.76% 3.54% 14.00% 14.00% 9.96% 11.61% 15.00%

Benchmark

1.66% 5.15% 14.18% 14.18% 9.76% 12.07% 14.31%

Difference 0.10% -1.62% -0.18% -0.18% 0.20% -0.46% 0.69%

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

2016 TD Corporate Responsibility Report Page 41MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

TD is playing an integral

role in the development

of the green bond market,

which is helping to ﬁnance

the transition to the lower-

carbon economy.

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

$500 million

TD Green Bond issued in

2014 (the ﬁrst in Canada by

a commercial bank).

Best-in-Class

Framework

Created in 2016 for issuing

and managing TD green bonds

Member of the Green

Bond Principles

TD Bank Group Green Bond

Investment Statement

We believe that incorporating

environmental considerations

as one of the many facets of

our investment decision-making

contributes to the overall integrity

of the economy and long-term

sustainability of the environment.

As such, we intend to allocate a

portion of new bond purchases in

our Treasury investment portfolio

to green investments that align

with our investment strategy.

Institutional Investors

Oversubscribed, the TD Green

Bond attracted several SRI funds

and 12 new investors to the bank.

Access to Retail Investors

The TD Green Bond was a top

10 holding of the TD Canadian

Money Market Fund in 2016.

$6.5 billion

TD’s participation in green

bond underwriting since 2010.

$384 million

Invested in green bonds since

2014 by TD’s Treasury Group

as part of managing the

bank's investment portfolio.

This includes $260 million

purchased in 2016.

Example:

$750 million issue

Ontario green bond to

support eight low-carbon

infrastructure projects.

Underwriting InvestingIssuing

Moving the Dial on Green Bonds

We issue, underwrite and invest in green bonds,

as well as educate others about the beneﬁts.

1 Through the International Capital Market Association (ICMA).

Analyst Corner

2016 Green Bond

Use of Proceeds

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EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

TD has an enterprise-wide Operational Footprint

Environmental Steering Committee that drives our eco-

efﬁciency performance. Member businesses include:

Enterprise Real Estate, Strategic Sourcing, Enterprise

Technology Solutions and the ATM (automated teller

machine) channel.

Performance in 2016

In 2016, we maintained our long-term focus on improving

the environmental performance of our facilities and

business operations.

• Expanded our reporting of Scope 3 emissions to

account for emissions in our supply chain

• Invested $83 million in eco-efﬁciency initiatives

since 2010

• Invested over $8 million in carbon offset projects

across our footprint since 2010

Detailed environmental performance tables can be found

in the Appendix: ESG Performance.

Greenhouse Gas Emissions

• Carbon emissions: Absolute GHG emissions have

decreased by 24% since 2008 (Scope 1 and 2).

• Internal carbon price: $8/tonne CO

• Despite 23% growth in occupied space, since 2008

TD’s total GHG emissions from operating our business

decreased by 25%.

• GHG emissions per dollar of revenue have decreased by

66%, since 2008 (Scope 1 and 2).

• Achieved carbon neutrality:

– Energy reduction: Saved 9.5 million kWh through

our 2016 energy reduction initiatives, saved over

3000 tonnes of CO

– Offsets: Over $680,000 invested in carbon offset

projects across our footprint in 2016.

– RECs: Purchased RECs for 100% of our emissions

from electricity, investing $840,539 in renewable

projects in 2016.

Management Approach

As our geographical and physical presence continues to

grow, we strive to continually improve the eco-efﬁciency

of our facilities and business operations. We collect and

review data at least annually within our Environmental

Management System. In addition to achieving year-over-

year carbon neutrality, which we have maintained since

2010, we have developed multi-year metrics and targets

to be achieved by 2020:

• Zero absolute increase in GHG emissions, energy

and water use relative to a 2015 baseline

• Zero decrease in waste diversion by 2020 relative to

a 2015 baseline (for sites that have complete waste

stream data)

• 40% reduction in paper use relative to a 2010 baseline

4.4 Eco-Efﬁciency

Why It’s Material to TD

Reducing the direct impact of business operations

is fundamental to being a credible environmental

leader. Eco-efﬁciency has tremendous business value,

not only in cost savings, but also as an innovation

platform. The experience gained from understanding

the risks and return on investment in eco-efﬁciency

initiatives can provide valuable insights about the

development of innovative green product offerings.

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

Analyst Corner

Appendix: ESG Data

TD’s Environmental

Policy

2016 Carbon

Neutral Schedule

2016 Paper Schedule

2016 Energy and

GHG Reduction

Initiatives

2016 Environment

Goals and Scorecard

REC and Offset

Location Map

1 Scope 1 emissions include direct emissions from heating and cooling, leased aircraft and corporate ﬂeet.

2 Scope 2 emissions include indirect emissions from electricity, heating and cooling.

Greenhouse Gas (GHG) Emissions

Units 2016 2015 2014 2008

Scope 1

tonnes CO

e 47,150 55,557 57,811 48,443

Scope 2

tonnes CO

e 131,645 150,064 166,628 186,906

Total Scope 1 & 2 (Location Based) tonnes CO

e 178,796 205,621 224,439 235,349

GHG emission intensity (per square foot) kg CO

e/sq ft 7.17 8.19 9.1 12.26

GHG emission intensity (per million

dollars revenue)

tonnes CO

e/$m 5.21 6.54 7.56 16.04

EN-6

2016 TD Corporate Responsibility Report Page 43MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

In 2016, TD collaborated with

Bullfrog Power on a ﬁrst-of-its-

kind renewable energy initiative

through which we are addressing

100% of the energy footprint of

our branches in Vancouver, as well

as a portion of business-related

travel in the city.

The initiative saw TD purchase Bullfrog Power’s

green electricity, green natural gas and green fuel,

which allowed us to address the full range of our

emissions footprint.

”This collaboration provides an innovative yet

simple model for how organizations can address

100% of their total energy footprint and support

the development of new renewable energy

projects,” says Bullfrog Power CEO Ron Seftel.

”I commend TD for its continued leadership in the

transition to a low-carbon economy.”

Supporting the City of

Vancouver’s Greenest

City Action Plan

CASE STUDY

Energy, Water, Waste and Paper

• 7% reduction in energy use

• 1% decrease in our U.S. water use due to smart

irrigation installations

• 8% of waste data audited for reporting accuracy

• 23% reduction in paper use, which brings us to a

35% reduction since 2010

Green Buildings

We continue to improve the environmental performance

of our building portfolio, which spans over 25 million

square feet and consists of more than 2,600 facilities,

including retail and corporate space and data centres.

Highlights of our efforts last year include:

• We added 21 LEED certiﬁcations, bringing the total

TD owned LEED-certiﬁed spaces to 198 (5% of total).

• Additionally, landlord-owned LEED-certiﬁed TD

locations increased by 33, bringing the total LEED-

certiﬁed spaces we occupy to 231 (18% of total).

• We are committed to LEED certiﬁcation for new retail

locations we build in Canada and the U.S.

• We updated our existing lease provisions to improve

building performance efﬁciency, occupant comfort

and landlord collaboration across our North American

corporate and retail portfolio.

• A TD workspace in Toronto received the world’s First

WELL Gold Certiﬁed

project under WELL v1 (see

case study on page 31).

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

Paper Usage Units 2016 2015 2014 2010

Total paper Tonnes 9,800 12,689 13,738 15,159

Recycled content

Total % post-consumer

recycled content

13%

11%

–

Certiﬁed sustainable

Total % certiﬁed (FSC/SFI)

84%

85%

84%

–

TD Centre’s ﬁrst

LEED commercial

interiors certiﬁcation

was given the

REmmy Corporate

Citizen Award

AWARDS

For more information see Appendix: ESG Performance

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EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

Looking Ahead: Canada’s 150th Birthday

In celebration of Canada’s 150th birthday, TD is launching the TD Common Ground Project,

a national program committed to connecting communities through green spaces. Across

the country, in more than 150 communities, we’ll be improving neighbourhood parks and

green spaces, supporting locally run environmental programs and building outdoor classrooms.

This project represents a celebration of the way we live now – and a legacy for the future.

#TDCommonGround

2016 Eco-Efﬁciency Performance

GHG

ENERGY

Decrease in

energy use globally

WATER

Decrease in

water consumption

in the U.S.

Decrease in

Scope 1 and 2 GHG

emissions globally

13%

PAPER

23%

Reduction in

paper use across

North America

Equivalent to

62,904 trees

For more information see Appendix: ESG Performance

Equivalent to four

Olympic-sized

swimming pools

Equivalent to annual

energy use in

4,662 homes

Equivalent to the annual

carbon emissions of 5,666

passenger vehicles

Learn more:

commongroundproject.td.com

The more we get

together, the happier

we are.

All trade-marks are the property of their respective owners.

The TD logo and other trade-marks are the property of The Toronto-Dominion Bank.

#TDCommonGround Project

Revitalizing green spaces in celebration

of Canada’s 150

birthday.

2016 TD Corporate Responsibility Report Page 45MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

CASE STUDY

Engaging Colleagues

and Communities

Employees

Independent surveys identify TD colleagues as among

the most environmentally engaged of any large company.

Through our employee engagement strategy we create

environment-focused programs for our employees

including individual Green Team activities and TD Green

Nation, an interactive site where employees pledge and

record green acts and track their environmental impact.

Communities

Our community environmental initiatives support small

and large organizations across North America and Europe.

Aligned with our environmental strategy, our community

programming focuses on three key areas: environmental

education and awareness, enhancing urban green spaces

and biodiversity and protecting natural areas and restoring

habitat. Here are highlights from 2016:

Canada

Established in 1990, TD Friends of the Environment

Foundation (TD FEF) is one of the biggest community

environmental foundations in Canada. In 2016, TD FEF

provided $5.5 million to more than 1,100 projects and

had a donor base of nearly 180,000 supporters.

U.S.

Through our Rooted In initiative we:

• Became the ﬁrst corporate environmental sponsor

of the New York High Line.

• Are working with community organizations to green

over 120 neighbourhoods across ﬁve NYC boroughs.

• Are helping to increase each Philadelphia

neighbourhood’s tree canopy by 30% and in 2016 gave

away 3,000 trees to community members.

• Are partnering with The Trust for Public Land to

install green Fitness Zones in ﬁve Miami parks over

three years.

North America

Through the TD Forests program, we worked with

the Nature Conservancy of Canada and The Nature

Conservancy in the U.S. over the past ﬁve years to help

protect over 60,000 acres of critical North American

forest habitat in 27 properties.

4.1 Climate Change 4.2 Responsible Finance 4.3 Responsible Investing 4.4 Eco-Efﬁciency

87%

of employees

agree that TD is

doing the right

things to make a

positive impact on

the environment.

TD Green Nation –

2016 Impact

Green acts

accomplished:

130,232

Carbon saved:

56,275,230 kg

of CO

Trees saved:

2,009,829

For more information see 2016 Natural Capital Valuations.

TD Tree Days is a grassroots community tree-planting

program that we run every year in communities

across Canada and in the U.S. and Europe. It gives

our employees and their families, customers and

community partners the opportunity to demonstrate

forest stewardship.

Since TD Tree Days began in 2010, over 285,000

trees and bushes have been planted. As they grow,

they sequester more and more carbon dioxide (CO

In 2016, roughly 140 tonnes of CO

e is estimated

to have been sequestered by the trees and bushes

planted through TD Tree Days since 2010.

TD Tree Days

TD Tree Days Led to Growing Carbon

Sequestration

Annual carbon sequestration, tonnes

Source: TD Bank Group.

2010

160

140

120

100

2011 2012 2013 2014 2015 2016

Year of planting

2016 2015 2014

2013 2012 2011

2010

TD Tree Days –

2016 Impact

Tree planting

events: 194

Trees planted:

55,000+

Volunteers:

9,000+

2016 TD Corporate Responsibility Report Page 46MENU

EnvironmentWorkplace CommunityResponsible Banking

Introduction

Governance

Highlights

Enriching our local communities is part of our purpose at TD.

And there are many examples of how we bring that purpose

to life – from our philanthropic investments and support for

community capacity building to sourcing responsibly.

$102.8 million

In community investment.

127,888 hours

Volunteered by TD

employees.

441,000

people

Reached through ﬁnancial

education programs

sponsored by TD.

87%

Employees agree that

TD is doing the right

things to make a

positive impact in local

communities.

1 As logged on the TD Volunteer Network website

Material topics in this chapter:

Strategic Philanthropy

Community Capacity Building

Economic Value

5.0

Community

2016 TD Corporate Responsibility Report Page 47MENU

EnvironmentWorkplace CommunityResponsible Banking

Introduction

Governance

Why It’s Material to TD

We know that TD can be successful only if the

communities in which we operate are vibrant

places to live and work. Employees, customers and

other stakeholders look to TD to play an active role

in helping address important community issues,

especially in areas related to our business.

Governance

In Canada, our Corporate Citizenship Council is

accountable for TD’s community relations strategy, while

the Vice President of Community Relations is responsible

for its day-to-day implementation. We have regional

community relations managers everywhere we operate

who manage local donation budgets in response to

community needs. We also have a Financial Education

Council whose objective is to engage the organization on

the subject of ﬁnancial education and provide proactive

ﬁnancial education to customers and community members

at every life stage.

Performance in 2016

Corporate Giving

TD donated a record $102.8 million to support non-proﬁts

that are strengthening our communities across North

America and the U.K. This is up from $92.5 million in 2015

and exceeded our charitable giving targets. Our two grant-

making foundations continue to make a positive impact:

• In the U.S., the TD Charitable Foundation donated

US$19.2 million in the communities we serve from

Maine to Florida, up from US$16.6 in 2015. Established

in 2002, the foundation has given out more than

US$167.3 million to non-proﬁts.

• In Canada, the TD Friends of the Environment

Foundation (TD FEF) – a national charity that supports

grassroots environmental initiatives – distributed

$5.5 million to 1,100 projects. Besides funding through

TD FEF, we also made corporate donations of

$9.3 million to community environmental projects.

For more information, see the Environment section.

Management Approach

To create the greatest social, economic and environmental

impact, we channel our ﬁnancial contributions in TD’s

priority focus areas:

• Financial education

• Affordable housing in the U.S.

• Environmental stewardship

• Creating opportunities for young people

These priorities were informed by customer and employee

feedback and directly align with TD’s business drivers.

For example, it’s vital that we have an educated customer

and employee base, that we operate in stable, resilient

neighbourhoods and that we work to minimize risks

of climate change. In each focus area, we also look for

opportunities to promote inclusion and diversity.

We recognize the strong link between volunteerism

and employee engagement and the success of local

communities. That’s why we support employee involvement

in community service and provide employees with many

opportunities to share their talents – through time off for

community work and running our own campaigns, such as

TD Tree Days and the TD Volunteer Network.

5.1 Strategic Philanthropy

Analyst Corner

London

Benchmarking

Group Canada

Summary

Funding Guidelines

in Canada

Funding Guidelines

in the U.S.

2016 Targets Rating 2016 Result 2017 Targets

Maintain our charitable giving at or above the

1% target set by Imagine Canada and the Giving

USA Foundation

Canada: 1.2%

U.S. 1.0%

At or above 1%

55% of giving is applied to TD’s giving priorities Canada: 56.9%

U.S.: 59.0%

55%

15% of giving is applied to inclusion and diversity

(Canada only)

25.9% 15%

Increase number of employees across North America

registered in the TD Volunteer Network by end of

calendar year

30,326 Increase year over year

Met Did not meetOn track

S0-1FS-EC-1

5.1 Strategic Philanthropy 5.2 Community Capacity Building 5.3 Economic Value

2016 TD Corporate Responsibility Report Page 48MENU

EnvironmentWorkplace CommunityResponsible Banking

Introduction

Governance

Volunteering

TD has a very active volunteer force:

• There were 30,326 registered North American users,

up 13% from the previous year, in our TD Volunteer

Network at the end of 2016.

• Employees volunteered 127,888 hours in their

communities, logged on the TD Volunteer Network

website, up from 118,971 hours in 2015.

• We have approximately 650 volunteer champions who

help to manage fundraising events and community

programs that engage employees across the bank. The

largest of these is the annual employee giving campaign

administered by the United Way, with TD employees

raising $18.4 million for registered charities across North

America last year.

Financial Education

While the call for improved ﬁnancial knowledge is not new,

its urgency has increased. Numerous studies show that

the need for strong ﬁnancial skills has never been higher.

That’s why we continue to build upon TD’s existing ﬁnancial

education activities, collaborate with non-proﬁts that work

in the ﬁeld and actively promote volunteer opportunities

through which employees can educate community members

about money matters. Our efforts focus on underserved or

disadvantaged communities – including low-income, youth,

Indigenous peoples and newcomers.

5.1 Strategic Philanthropy 5.2 Community Capacity Building 5.3 Economic Value

$18.4 million

Raised for charities

across North America

through TD’s United

Way employee

giving campaign. In

addition, corporate

United Way

donations were

$6.3 million.

729

Volunteer grants

worth $461,207

made by TD to

registered charities

where employees

volunteered 40 or

more hours.

Employees making

an impact in 2016

FS-16FS-13

1 All amounts converted into Canadian

dollars using Bank of Canada exchange

rates. Beyond the countries listed in

the table, TD does not make donations

in other countries where we operate

due to TD having a very small market

presence in those regions. The total

giving amounts reported do not

include in-kind donations, program

management costs (i.e., salaries of the

community relations team), marketing

sponsorships, employee donations

or the value of hours volunteered

by employees. For the total value

of our contributions, please refer to

the summary provided by London

Benchmarking Group Canada, which

performs an annual independent audit

of our community investment.

2 Includes $25.8 million (US$19.2) from

the TD Charitable Foundation.

In 2016, TD invested over $12 million in North America to

support community ﬁnancial education programs, which

helped more than 441,000 people gain the knowledge,

skills and conﬁdence to manage their ﬁnances responsibly.

For more information, please see page 18 of the

Responsible Banking section.

Canadian Highlights

• Financial Literacy Month: TD expanded its

participation in Financial Literacy Month in Canada

by launching a new suite of educational tools and

resources for parents, teachers and youth. We also

held customer connection events at branches, where

we handed out thousands of savings calculators and

Money Fun activity books.

• Money Matters: We are a major supporter of Money

Matters, a free ﬁnancial education program for adult

learners developed by ABC Life Literacy Canada in

partnership with TD. The success of the program, offered

since 2011, has led to different versions customized for

newcomers, Indigenous peoples and post-secondary

students. In 2016, TD employees volunteered over 89,000

hours teaching the various programs to 2,918 participants.

• Classroom Connection: In partnership with the

Toronto Star newspaper, we expanded the Classroom

Connection ﬁnancial literacy program to include

educational content for every grade level. Our support

enabled over 202,000 students and teachers to receive

Breakdown of

Our Giving by

Focus Area

Financial Education

30.3%

Affordable Housing 25.6%

Environment 2.2%

Other 41.9%

U.S.

Financial Education

14.9%

Environment

13.6%

Creating Opportunities

for Young People

28.3%

Other 43.1%

Canada

Performance Trends: Corporate Giving

2016 2015 2014

Canada (millions of Canadian dollars) 68.2 62.9 56.7

U.S. (millions of U.S. dollars)

25.7 29.6 22.3

TOTAL (millions of Canadian dollars) 102.8 92.5 82.0

2016 TD Corporate Responsibility Report Page 49MENU

EnvironmentWorkplace CommunityResponsible Banking

Introduction

Governance

There’s a school in Philadelphia that’s not like other

schools. Since 1992, YouthBuild Philly has been

giving local at-risk young adults a second chance by

reconnecting them with their high school education.

YouthBuild

Philly

CASE STUDY

2016 Target Rating 2016 Result 2017 Target

Help 250,000 participants improve ﬁnancial literacy

through a TD-sponsored program.

Over 441,000 people reached

across North America

500,000 participants

Met Did not meetOn track

We partnered with YouthBuild Philly in 2016 on two ﬁnancial education initiatives:

• TD employees conducted a day-long workshop at YouthBuild to help the students

learn about personal ﬁnance topics and careers in banking and how to use our

new TD Bank Learning Center. Our local bank representatives visit the YouthBuild

Philly campus regularly to provide advice and help build conﬁdence in the

students as they enter the adult world of personal ﬁnance. Watch the video.

• YouthBuild Philly students visited TD University for a women’s conference

in partnership with our Corporate Women in Leadership and Minorities in

Leadership councils. There, the young women networked with female bank

leaders and learned about job-seeking in the ﬁnancial services industry.

free ﬁnancial literacy resources last year. The program

won ﬁrst place in the International News Media

Association (INMA) Global Media Awards in 2016.

• Thought Leadership: Our CEO participated in an

Economic Club of Canada breakfast panel to discuss

”Financial Literacy and the Inclusive Economy.” TD

Economics published a special research report, ”Financial

Literacy: Millennials are a wake-up call to build a strong

foundation.” The report recommends that ﬁnancial

literacy begin at an early age, with ﬁnancial education

incorporated into the K-12 curriculum competencies and

built up each year, and that investments be made in

training teachers to teach about money.

U.S. Highlights

• TD Bank Adult Specialized Financial Education:

This initiative for homebuyers and small business

owners, predominantly in low-income communities

in partnership with local non-proﬁts, brings TD Bank

volunteers who have particular areas of expertise into

the communities we serve. Small Business Lenders assist

entrepreneurs with all aspects of running a successful

business while Mortgage Loan Ofﬁcers work directly

with prospective homeowners.

• TD Bank Learning Center: We partnered with EverFi

Inc., a leading technology education company, to launch

the TD Bank Learning Center, an online portal that offers

digital learning modules on ﬁnancial topics of concern to

people of all ages. The 10-minute modules, in English and

Spanish as well as closed captioning, cover topics such

as credit scores, home ownership, identity protection,

insurance, mortgages and taxes. Since the launch in

October 2016, over 1,500 learners have registered and

completed lessons right from their own device.

• National Foundation for Credit Counseling

(NFCC): Through our partnership with the NFCC, we

sponsored 110 adult ﬁnancial education seminars for

approximately 3,170 people in Boston, New York City,

Connecticut, Philadelphia, Metro Washington, D.C.,

South Carolina, New Jersey and Florida. NFCC member

agencies, with assistant instructors from TD Bank,

taught the free seminars, which helped participants

learn about budgeting, understanding credit reports

and scores and preparing for home ownership. In

2017, we’re expanding this partnership to reach more

individuals in need of this support.

5.1 Strategic Philanthropy 5.2 Community Capacity Building 5.3 Economic Value

” The TD Bank Learning Center is a great resource to help young people

understand their ﬁnancial options and make smart choices that will

help them achieve upward mobility.”

AMEEN AKBAR, DIRECTOR OF STUDENT LIFE FOR YOUTHBUILD PHILLY

2016 TD Corporate Responsibility Report Page 50MENU

EnvironmentWorkplace CommunityResponsible Banking

Introduction

Governance

TD works to support and expand the economic

and social capacity of our communities. Healthy

communities that are sustainable over the long

term are built on effective community organizations

and institutions, skilled people, local leadership and

strong economies.

Why It’s Material to TD

Supporting Underserved U.S. Communities

We work to increase the economic capability of

underserved U.S. communities in areas such as affordable

housing, community services, revitalization and small

business economic development. In 2016, TD Bank provided

more than US$1.6 billion, up from US$1.1 billion in 2015,

for community development loans and investments in

underserved locations. Examples include the following:

• Tax credit programs and other investments supporting

local initiatives for low- to moderate-income individuals

and families totalled US$304.2 million, including

US$600,000 in state tax credits.

• TD originated 315 community development loans for

low- to moderate-income groups totalling more than

US$1.4 billion.

Affordable Housing in the U.S.

We continue to play an ongoing role in helping address the

lack of affordable shelter in many cities across America.

• Community development lending: We provide

community development loans and services to

companies developing or preserving affordable housing

in low- and moderate-income areas. In 2016, we

originated 99 loans totalling nearly US$423 million in

support of over 5,700 units of affordable housing - up

from US$305 million the previous year - to developers

and organizations in the U.S. communities we serve.

• Community development investing: We are making

investments through low-income-housing tax credits

that beneﬁt underserved communities. TD Bank funded

US$267 million last year in Low-Income Housing Tax

Credits (LIHTC) to support new construction and

the rehabilitation of affordable housing for families,

individuals and elderly residents.

• Charitable grants: The TD Charitable Foundation

donated US$4.9 million to organizations working to

increase affordable housing in low- to medium-income

U.S. communities, including through its signature

Housing for Everyone grant competition. Now in its

11th year, this annual initiative gives money directly to

non-proﬁts leading the way in building new affordable

housing and enhancing the existing supply. In 2016,

25 non-proﬁts each received grants of US$100,000

through Housing for Everyone.

Management Approach

As a major ﬁnancial institution, we are able to use our

resources, expertise and core business operations to:

• Enhance the organizational capacity of non-proﬁts.

• Enable all members of the community, especially

underserved or disadvantaged groups, to take greater

control of their lives.

Performance in 2016

Strengthening the Capacity of Non-Proﬁts

We recognize that to be effective, many non-proﬁts need

support to develop their staff and ﬁnancial capability.

Here are two initiatives we support this way:

• Non-Proﬁt Training Resource Fund: This fund,

distributed through the TD Charitable Foundation,

provides donations to eligible organizations for

employee job training, education and professional

development. Since its inception in 2007, the program

has distributed US$1.2 million in funding (1,388 grants),

including $180,000 in 2016 (199 grants).

• Money Mission Strategy: Launched in 2016 by

the Community Forward Fund (CFF), Money Mission

Strategy is an innovative, peer-based educational clinic

designed to equip non-proﬁts in Ontario with ﬁnancial

management and ﬁnancial planning tools. In total, 83

non-proﬁt groups participated in 2016 and expanded

their understanding of their non-proﬁt’s ﬁnancial health.

5.2 Community Capacity Building

Analyst Corner

London

Benchmarking

Group Canada

Summary

5.1 Strategic Philanthropy 5.2 Community Capacity Building 5.3 Economic Value

FS-14 EC-7 EC-8FS-7

2016 Target Rating 2016 Result 2017 Targets

Provide 25 grants totalling US$2.5 million to

organizations working to develop or rehabilitate

affordable housing units

Achieved Same as 2016

Met Did not meetOn track

2016 TD Corporate Responsibility Report Page 51MENU

EnvironmentWorkplace CommunityResponsible Banking

Introduction

Governance

Partnering For Inclusion and Diversity

The Mentoring Partnership, an initiative of the Toronto

Region Immigrant Employment Council (TRIEC), brings

together recent skilled immigrants and established

professionals in occupation-speciﬁc mentoring

relationships. Since 2005 TD employees have provided

over 1,400 mentoring relationships to skilled newcomers,

with approximately 25% of those mentored through TD

gaining positions with the bank.

DiverseCity onBoard, an initiative of Ryerson University,

was created to increase inclusion and diversity in leadership

in the non-proﬁt and public sectors. The program provides

governance training and board-matching for individuals

from traditionally under-represented groups – including

visible minorities and Indigenous peoples – so they can

be ready for board leadership positions. TD is a founding

member and in 2016 we increased our funding support

with a $500,000 gift to increase board opportunities for

women and the LGBT community. Operating in seven cities

across Canada, the program has facilitated the placement

of over 800 board appointments.

The TD Centre of Learning was launched in spring 2016,

bringing a new community hub into Toronto’s Regent Park

green space. TD’s $250,000 donation enabled the Toronto

Centre for Community Learning & Development, to use the

facility to provide courses to local residents and capacity

training for grassroots initiatives in the area.

Communitech: Through TD’s collaboration with

Communitech, a non-proﬁt innovation hub in Waterloo,

Ontario, we are funding programs that are designed to

boost the number of women in technology. An example is

Code Squad, a new year-long program for Grade 10 girls

that is designed to inspire them to learn how to code and

develop computational thinking.

Indigenous Relations in Canada

• Our mobile banking program brings ﬁnancial

services to remote and rural Indigenous communities

across Canada.

• Indigenous businesses have the opportunity to

participate in our Supplier Diversity Program and

Supplier Diversity Mentorship initiatives.

• We have worked with First Nations Bank of Canada

(FNBC), the ﬁrst Canadian bank to be independently

controlled by Aboriginal people and shareholders since

its creation in 1996.

• TD has committed $1 million over 10 years to the

National Centre for Truth and Reconciliation

(NCTR), a vital project stewarded by the University of

Manitoba that will preserve the memory of Canada’s

residential school system. Our funding supports the

purchase of scanning equipment and TD Internships for

Truth and Reconciliation. The program plays a unique

role in connecting Indigenous interns with their own

history, creating a way for students to contribute to their

communities’ abilities to preserve and share their own

stories.

• We partner with many Indigenous community

organizations, such as AFOA Canada (formerly

Aboriginal Financial Ofﬁcers Association of Canada)

to advance ﬁnancial literacy and education.

In 2016, we continued to build upon our long history

of partnering and engaging with Canada’s Indigenous

communities. For example, at the National Gathering for

Indigenous Education conference in Toronto, our CEO

announced that TD will be the lead supporter of Rivers

to Success, a national mentorship program that focuses

on the academic success of Indigenous youth.

Our efforts will help expand the program into more

communities, and TD employees will participate as mentors.

” Much of the world slumbered during the

century of the residential school system. Our

nation is rising to a new day. A day where the

promise of Canada can be realized by those

who ﬁrst walked her soil. Building a better

future is a shared responsibility. All of us are

tomorrow’s ancestors. TD believes deeply in its

obligation to help future generations succeed.

That’s why we are proud to partner with

Indspire on an important national initiative

that focuses on the academic success of

Indigenous youth.”

BHARAT MASRANI, GROUP PRESIDENT AND

CHIEF EXECUTIVE OFFICER TD

Since 2014, TD

has been gold-

level-certiﬁed

through the

Canadian Council

for Aboriginal

Business’s

Progressive

Aboriginal

Relations (PAR)

accreditation

program.

5.1 Strategic Philanthropy 5.2 Community Capacity Building 5.3 Economic Value

2016 TD Corporate Responsibility Report Page 52MENU

EnvironmentWorkplace CommunityResponsible Banking

Introduction

Governance

Healthy economies need healthy banks and vice versa.

Maintaining a strong business with solid revenues

allows us to pay our employees fair wages and

beneﬁts, compensate our suppliers, support local

small businesses, contribute to government revenues

through taxes and pay dividends to our shareholders.

Why It’s Material to TD

Performance in 2016

Management Approach

As a responsible business, we aim to positively contribute to

the economies where TD operates. TD’s business strategy is

to produce long-term, proﬁtable growth by building strong

franchises and delivering value to customers, shareholders

and the broader community. We aim for repeatable

and growing income streams, focus on customer-driven

products and take on only risks that we understand and

can manage. We follow responsible employment practices

and provide jobs for over 86,000 employees.

By providing banking, wealth and insurance products and

services along with customized ﬁnancial advice, we help

our customers enrich their lives by making better decisions

with their money.

Supporting Small Businesses

Small businesses are a powerful force in local economies and

an integral part of our customer base. TD is committed to

helping support the success of small businesses by offering

advice, access for ﬁnancing and specialized services.

5.3 Economic Value

Analyst Corner

TD Code of Conduct

and Ethics

1 Amounts based on International

Financial Reporting Standards. See

the bank’s 2016 Annual Report for

more information.

2 Economic value distributed as

deﬁned by the Global Reporting

Initiative. Source: EC1.

3 Operating expenses include

occupancy, equipment, marketing

and business development,

professional and advisory services

and communications.

4 Includes payroll taxes, sales taxes,

municipal and property taxes,

insurance premium taxes, business

taxes and capital taxes.

5 Includes cash donations in North

America and the U.K.

5.1 Strategic Philanthropy 5.2 Community Capacity Building 5.3 Economic Value

Salaries & Beneﬁts

$9.3b

Operating Expenses

$4.9b

Cash Dividends

$3.8b

Taxes

$3.5b

Community Giving

$102+ m

2016 Highlights – Canada

• We provided small business customers with more than

28,000 loans and other credit facilities, totalling over

$1.8 billion in new and increased credit authorizations,

up from $1.7 billion in 2015.

• We continued to run TD’s Ofﬁcial Partner of Big Dreams

campaign to promote our small business customers by

sharing our advertising space with them, helping to

showcase their brands to a much broader market. For

example, we shared event space at the Green Living Show

with 15 small business customers as well as print, online

and radio advertising with an additional 22 customers.

• To highlight Small Business Month in October, TD

hosted educational events in retail branches and

communities across the country, providing business

owners with tools and resources to leverage products

and services within their respective markets.

• We invested in additional training for our 500-plus small

business account managers across Canada so they can

provide expert advice and innovative solutions based on

the unique needs of each business.

2016 Highlights – U.S.

• We provided 30,066 small business loans, new and

existing, totalling US$2.3 billion. Approximately 85% of

these loans were for amounts less than US$100,000.

• TD Bank earned the Small Business Administration

(SBA) Diamond Award in New Jersey for making the

most loans in the state for the third year in a row.

• For Small Business Month in May, TD Bank partnered

with small business experts and inﬂuencers Gene

Marks and Rieva Lesonsky to offer workshops, advice

and mentoring to small business owners at expos and

conferences along the East Coast.

Economic

Value Retained

$12.7b

Revenue

$34.3b

EC-1

Economic

Value Distributed

by TD

$21.6 b

2016 TD Corporate Responsibility Report Page 53MENU

EnvironmentWorkplace CommunityResponsible Banking

Introduction

Governance

We are committed in our efforts to inﬂuence strong

ethical, social and environmental performance across our

supply chains. Supply chain management is continuing to

increase in complexity while responding to heightened

regulatory scrutiny globally. Amid this environment, TD

has placed a greater focus on managing the geopolitical,

reputational and data security risks that could result from

our procurement activities.

TD’s Strategic Sourcing Group endeavours to ensure that

we have a responsible and diverse network of suppliers

who share our values and demonstrate responsible

practices while delivering high-quality and appropriate

goods and services.

Our Responsible Procurement Policy embeds a wide range

of criteria into TD’s sourcing practices and decisions.

Signiﬁcant prospective suppliers must complete a

questionnaire covering:

• Corporate responsibility performance

• Health and safety record

• Human rights and labour practices, including child

or forced labour

• Diversity and inclusion efforts

• Code of conduct, ethics and anti-bribery/anti-corruption

practices

• Environmental sustainability efforts

The questionnaire and risk assessment process helps

ensure that TD extends its responsible procurement

agenda into the supply market. We apply enhanced due

diligence to sourcing products and services when social,

ethical, environmental and geographical elements are

deemed higher-risk.

TD’s Supplier Code of Conduct provides further

transparency concerning TD’s expectations. The code

reﬂects and frames the principles set out in TD’s

Responsible Procurement Policy, as well as the minimum

performance standards and obligations that suppliers

and their subcontractors must meet when doing business

with TD.

Analyst Corner

Responsible

Procurement Policy

Summary

Supplier Code of

Conduct

Prospective Supplier

Website

TD Bank Group

Slavery and

Human Trafﬁcking

Statement

Performance in 2016

• Over $6 billion spent in the procurement of goods and

services was with suppliers based in North America.

In 2016, we assessed 276 suppliers according to our

Responsible Procurement Policy, up from 211 in 2015.

We expanded the scope of our responsible procurement

assessment by sending questionnaires to suppliers with

signiﬁcant annual spend who had existing contracts

before the policy was introduced. As of October 31,

2016, there were close to 600 Responsible Procurement

Questionnaires in place.

Number of suppliers who improved their own policies and procedures in response to our review

Health and safety 5

Ethical 13

Environmental 8

Human rights and labour code 21

Number of contracts withdrawn as a result of non-compliance with the Responsible Procurement Policy 0

Percentage of invited suppliers who agreed to participate in our responsible

procurement survey (276 in total) 100%

Supplier Diversity

Designed to create a level playing ﬁeld, TD’s North

American Supplier Diversity Program works to include

women, visible minorities, Aboriginal Peoples, the LGBT

community, people with disabilities, veterans and other

minority groups in our procurement selection process.

TD is a member of eight diverse supplier organizations

in North America that certify a supplier’s diversity

credentials. We also educate our own employees to raise

awareness of our Supplier Diversity Program.

In 2016:

• TD’s group mentorship program continued to help

diverse suppliers develop and learn how to do business

with large corporations. More than 200 certiﬁed diverse

suppliers participated in the program.

• Key primary suppliers reported how much they are

spending with their own network of diverse suppliers,

and we discussed ways to broaden supplier diversity

programs into additional markets.

• TD was once again named a top 50 diversity

organization by DiversityInc based in part on our

supplier diversity practices.

Suppliers are expected to have guidelines, policies

and practices that are communicated throughout their

organization, upheld by all levels of management and

considered in and applied to their own supply chain activities.

Results from our Responsible Procurement Program in 2016 demonstrate that suppliers continue to improve their practices:

5.1 Strategic Philanthropy 5.2 Community Capacity Building 5.3 Economic Value

G4-12 FS-2 FS-3FS-1EC-8

Sourcing

2016 TD Corporate Responsibility Report Page 54MENU

EnvironmentWorkplace CommunityResponsible Banking

Introduction

Governance

Types of Taxes Borne

by TD in 2016

Tax Governance

The Audit Committee of the Board oversees TD’s ﬁnancial

reporting, including the review of tax and tax planning

matters that are material to the ﬁnancial statements. TD’s

approach to tax governance includes these key elements:

• Complying with all applicable tax laws, rules

and regulations

• Ensuring tax compliance as a fundamental part of

business practice

• Paying all taxes due in the jurisdictions where we

operate, based on underlying economic activity

• Complying with arm's length principles for TD Bank

Group's intra-group transactions between different

countries and jurisdictions

• Managing tax risk to avoid unnecessary disputes

• Working transparently and co-operatively with the

appropriate tax authorities

• Consulting with leading law and accounting ﬁrms

to obtain expert, objective advice and opinions on

tax matters

• Proactively working with policy-makers and revenue

authorities

TD applies the tax transfer pricing principles and

documentation requirements under the local country

laws for each jurisdiction where we operate and follows

Organisation for Economic Co-operation and Development

(OECD) guidelines. TD has transparent working

relationships with the Canada Revenue Agency and other

tax authorities and often obtains advance tax rulings

where legal uncertainty exists.

Performance in 2016

Taxes We Pay

TD pays corporate income taxes on the proﬁts we earn, as

well as various taxes incurred in our business operations.

TD’s business strategy is focused on our core markets of

Analyst Corner

Taxes Paid by

Province in Canada

Canada and the U.S. In 2016, 99% of our taxes were paid

in these jurisdictions. TD is one of the largest corporate

income tax payers in Canada.

Taxes We Collect

TD collects taxes on behalf of governments in the

countries and regions where we operate. We assume

the administrative costs associated with this activity,

understanding and supporting the beneﬁts to the broader

economy. The taxes we collect include:

• The employee portion of payroll taxes

• Income tax on behalf of employees

• Property tax on behalf of customers who are

mortgage holders

• Transaction tax on customer transactions to

which sales taxes apply

• Withholding taxes on behalf of investors

Taxes Borne by TD Bank Group (in millions of dollars)

2016 2015 2014

Income taxes 2,143 1,523 1,512

Payroll taxes for over 86,000 employees across 16 countries 502 485 435

Transaction and sales taxes 461 428 426

Capital and insurance premium taxes 169 135 157

Property and business taxes 203 181 172

TOTAL 3,478 2,752 2,702

$3.5

billion

Amount TD

contributed in

taxes borne in

2016.

$2.5

billion

Amount of

tax collected

on behalf of

governments.

Income taxes 62%

Payroll taxes 14%

Transaction and sales taxes 13%

Property and business taxes 6%

Capital and insurance premium taxes 5%

5.1 Strategic Philanthropy 5.2 Community Capacity Building 5.3 Economic Value

EC-8

Tax

TOTAL

$3.5

billion

2016 TD Corporate Responsibility Report Page 55MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Highlights

TD ranked one of

World’s 50 Safest

Banks for the 6th

year in a row,

earning a coveted

spot on the top-

10 list.

36%

Women on our

Board of Directors.

TD named best

Investor Relations

by Sector: Financial

Services by IR

Magazine Awards.

TD also won

Best Corporate

Governance.

TD is committed to conducting its affairs with the highest

standards of ethics, integrity, honesty, fairness and professionalism

– in every respect, without exception, at all times.

Material topics in this chapter:

Corporate Governance

and Integrity

Risk Management

Data Security and Privacy

6.0

Governance

2016 TD Corporate Responsibility Report Page 56MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

TD’s Board of Directors is elected by TD’s shareholders

to oversee the management of the company and to

assure that the long-term interests of shareholders

are addressed responsibly, including addressing the

concerns of other stakeholders including the bank’s

employees, customers, regulators, communities and

the public.

Why It’s Material to TD

our responsibilities to our shareholders and other relevant

stakeholders and on creating long-term shareholder value.

We have an independent Chairman with a clear corporate

governance leadership mandate and a Board that is

responsible for fulﬁlling a number of duties, including:

• Setting the tone for risk, integrity and compliance

culture throughout TD

• Approving the strategy and business objectives of

the bank and overseeing their execution

• Overseeing the identiﬁcation and monitoring of the

principal risks affecting the bank’s businesses

One of the keys to corporate success in variable economic

conditions is corporate governance. In keeping with

evolving regulatory and market expectations, TD’s

Board regularly reviews and updates our governance

practices and continues to represent the best interests

of shareholders through a strong focus on transparency

and accountability.

Management Approach

The Board of Directors and the management of TD

are committed to leadership in corporate governance.

We have designed our corporate governance policies,

principles and practices to be sure we are focused on

Highlights of the Board’s and its committees’ initiatives in ﬁscal 2016 are available in our 2017 Proxy Circular. TD also has

extensive information about corporate governance practices available on our website.

Key Facts About TD’s Approach to Governance

6.1 Corporate Governance and Integrity

6.1 Corporate Governance and Integrity 6.2 Risk Management 6.3 Data Security and Privacy

Analyst Corner

The Board of

Directors and Its

Committees

Disclosure of

Corporate

Governance Policies

and Practices

Code of Conduct

and Ethics for

Employees and

Directors

Whistleblower

Hotline

AML/ATF/Sanctions

Policy Summary

Anti-Bribery, Anti-

Corruption Policy

Summary

See 2017 Proxy

Circular

Diversity The Board’s goal is that women and men each comprise at least 30% of the

Board’s independent directors.

Page 76

Competencies

and Skills/

Experience

Matrix

Corporate responsibility is one of 13 competencies in the skills matrix. Directors

annually self-assess their skills and experiences in these.

Page 75

Other

Directorships

and Board

Interlocks

In 2016, the Board formally adopted a policy with respect to directors joining

boards of other public companies. Other than as members of the Board of the

bank or as designees of the bank on the board of directors of TD Ameritrade

Holding Corporation, no more than two Board members may sit on the same

public company board without the consent of the Corporate Governance

Committee. In addition, no member of the Audit Committee may serve on

more than three public company audit committees without the consent of the

Corporate Governance Committee and the Board.

Page 68

Ownership

Under the bank’s director share ownership requirement, non-employee directors

are expected to acquire common shares with a value equivalent to at least six

times their annual cash retainer.

Page 17

Deep Dives Each year, the Board participates in a two-day strategy meeting on different

business, economic, enterprise and regulatory topics, to gain greater

understanding of the industry, competitors, trends and risks and opportunities.

Page 72

G4-39G4-38

2016 TD Corporate Responsibility Report Page 57MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

TD’s Board of Directors: (Information as of 2017 Proxy Circular – Dated February 1, 2017)

Number of independent Board members 13

Chair and CEO are separate Yes

Board oversight of corporate responsibility Yes

Number of meetings (for the 12-month period ending October 31, 2016)

Full Board 10

Corporate Governance Committee 4

Risk Committee 9

Audit Committee 8

Human Resources Committee 6

Average annual Board attendance in 2016 97%

Board diversity

% female independent directors 38%

% female of all directors 36%

% visible minority directors 14%

% independent directors 93%

Shareholders who voted in favour of the bank’s approach to compensation 95%

Performance in 2016

Promoting Responsible Conduct

While reaching our business goals is critical to TD’s success,

equally important is the way we achieve them. That’s why

the actions of our employees are subject to a number of

internal policies, standards and guidelines. Anyone working

on behalf of TD is required to complete compliance training

related to customer protection and responsible business

conduct to mitigate the risk of employee misconduct that

could lead to customer harm, reputational damage or

legal liability. To ensure our employees understand current

and evolving risks, we also continue to enhance the

bank’s awareness and training programs on anti-money

laundering (AML), anti-terrorist ﬁnancing (ATF), sanctions

and anti-bribery/anti-corruption (ABAC).

6.1 Corporate Governance and Integrity 6.2 Risk Management 6.3 Data Security and Privacy

G4-58G4-57LA12

Code of Conduct

and Ethics

• A framework for how we interact.

• Clearly states that irregular business conduct will not be tolerated.

• Applies to employees and Directors.

• Requires annual attestation.

• The Audit Committee of the Board receives a report to conﬁrm 100% of eligible

employees have completed attestation.

Whistleblower

Hotline

• An independent, third-party managed, conﬁdential and anonymous channel for reporting

concerns to the bank.

• Includes the ability to report anonymously through a call centre or online.

Anti-Money

Laundering and

Anti-Terrorist

Financing (AML/

ATF) Sanctions and

Anti-Bribery/Anti-

Corruption (ABAC)

A framework of policies designed to:

• Detect and deter the use of TD products and services for money-laundering and

terrorist-ﬁnancing activities and comply with AML/ATF laws and regulations.

• Comply with economic and trade sanctions laws and regulations.

• Provide principles of conduct to deter and detect bribery and corruption activities.

• Require all newly hired employees to complete mandatory AML/ATF, Sanctions and

ABAC training. All existing employees complete refresher training each year. The training

is customized to the risks and controls relevant to different employee groups, based on

role, business and location.

2016 TD Corporate Responsibility Report Page 58MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

Everyone at TD has a role to play in risk management.

It’s essential that we each play our part to protect

our business, our customers and our employees

from a variety of risks in the ﬁnancial services sector.

These include traditional ﬁnancial risks inherent to

banking, such as credit and interest rate risk, as

well as modern-day risks such as climate change

and cyber-security.

Why It’s Material to TD

Performance in 2016

• Continued enhancement of the enterprise and business

segments’ Risk Appetite Statement, associated

measures and reporting on TD’s risk proﬁle

• Continued focus on risk culture including reporting

on the culture of integrity and ethical personal and

business conduct

• Continued focus on emerging risks and issues of

speciﬁc relevance

• Presentations and discussions on cyber security

including evolving threat landscape, incident response

and resiliency capabilities

Managing Environmental Risk

Environmental risk is the possibility of loss of strategic,

ﬁnancial, operational or reputational value resulting from

the impact of environmental issues or concerns and related

social risk, either short-term or long-term. Management of

environmental risk is an enterprise-wide priority.

Key environmental risks include:

• Direct risks: Risks associated with the ownership

and operation of the bank’s business, which include

management and operation of company-owned or

-managed real estate, ﬂeet, business operations and

associated services.

• Indirect risks: Risks associated with environmental

performance or environmental events, such as changing

climate patterns, that may have an impact on the bank’s

retail customers and clients to whom TD provides

ﬁnancing or in which TD invests.

• Risk arising from the changing regulatory

environment: Including identiﬁcation and management

of new or emerging environmental regulatory issues.

• Risk of opportunity loss: Failure to understand and

appropriately leverage environment-related trends to

meet customer and consumer demands for products

and services.

During incidents that could disrupt the bank’s business

and operations, Business Continuity Management

supports the ability of senior management to continue

to manage and operate their businesses and to provide

customers access to products and services. The bank’s

robust enterprise-wide business continuity management

program leverages a multi-tiered, global crisis/incident

management governance structure to ensure effective

oversight, responsibility and management of crises and

incidents affecting the bank. All areas of the bank are

required to maintain and regularly test business continuity

plans designed to respond to a broad range of

potential scenarios.

Management Approach

In the TD Framework, one of our shared commitments

is to ”Execute with speed and impact; only take risks

we can understand and manage.” TD executives,

Directors and employees look to both our Enterprise

Risk Framework and our Risk Appetite Statement for

a common understanding of how TD views risk and

determines the type and amount of risk that TD is willing

to take to deliver the bank’s strategy and enhance

shareholder value.

TD employs a ”three-lines-of-defence” model that

describes the roles and responsibilities of our business

segments; governance, risk and oversight groups; and

internal audit in managing risks across TD. We regularly

monitor and report on risk levels and compliance within

TD’s risk appetite to senior management, the Board

and its committees. We also run education sessions,

conferences and communication programs to increase

awareness across the organization.

TD’s Risk Appetite Statement

We take risks required to build our business, but only

if those risks:

1. Fit our business strategy and can be understood and

managed

2. Do not expose the enterprise to any signiﬁcant single-

loss events (we don’t ”bet the bank” on any single

acquisition, business or product)

3. Do not risk harming the TD brand

6.2 Risk Management

Analyst Corner

Managing Risk

(p72)

Update from the

Risk Committee

(p85)

6.1 Corporate Governance and Integrity 6.2 Risk Management 6.3 Data Security and Privacy

G4-14

2016 TD Corporate Responsibility Report Page 59MENU

EnvironmentWorkplace CommunityResponsible Banking Governance

Introduction

As a ﬁnancial institution that relies extensively on

technology, the consequences of a breach in data

security and privacy are signiﬁcant. They include

potential ﬁnancial damage to our customers,

ﬁnancial loss to TD, disruption to our operations and

unauthorized release of conﬁdential information,

all of which could have a negative impact on the

sustainability of our business in terms of public trust

and, ultimately, our brand and our reputation.

Why It’s Material to TD

We strive to incorporate the principles of ”privacy-

by-design” into our products and services from the

beginning. Another important area of focus is training

and communication. All employees complete a mandatory

privacy and information-security training course, which is

refreshed annually. Through continual awareness-building,

we work to promote a culture that understands the

fundamental importance of data security and privacy. TD

also complies with many industry-level codes of conduct

and public commitments designed to protect consumers.

Performance in 2016

Data Security

We continue to invest considerable resources to ensure the

security and privacy of our data, technology and systems.

On the security front, we work to anticipate and prevent

cyber security threats in a number of ways, including the

development of strategies and tools to respond to the

most critical risks, monitoring our IT systems around the

clock and actively collaborating with other banks and

governments to exchange best practices and share threat-

intelligence information (for example, participating in Public

Safety Canada’s Canadian Cyber Incident Response Centre).

Privacy

Our Global Privacy Team remains vigilant in maintaining

bank-wide policies, procedures, standards and guidelines

to help protect the privacy of our customers’ and our

employees’ personal information and mitigate privacy risk.

In Canada, the Ofﬁce of the Privacy Commissioner ruled

on two complaints about the bank from past years and

found them to be well-founded and resolved. There were

no privacy complaints or investigations in the U.S. found in

favour of the customer.

We strive to have clear and easily accessible policies and

practices so customers can ﬁnd answers about how we

manage their information. For example, TD’s Mobile Apps

Privacy Code and TD’s Online Privacy Code advise users on

how the information collected when using the TD app and

TD websites is handled. TD does not collect information

about our customers’ general browsing activities. We also

continue to offer products and services to help customers

manage and improve their security and privacy. These

include tipsheets for preventing ﬁnancial fraud and smart

online usage, as well as links to anti-virus and anti-

malware software.

Management Approach

As a ﬁnancial institution, we approach the protection

of our information assets, personal data and customer

information as fundamental components of our

business. While we continue to evolve the bank’s digital

transformation in response to changing customer

preferences, at the same time we are making signiﬁcant

investments to ensure the security and privacy of our data,

technology and systems.

The bank actively monitors, manages and continues

to enhance its ability to mitigate security and privacy

risks through enterprise-wide programs, industry best

practices and robust threat and vulnerability assessments

and responses. Our security safeguards include secure

ﬁrewalls to help prevent unauthorized external access

to TD internal systems, data encryption to help ensure

that customer information can be decoded and read only

within TD’s online and mobile environment and around-

the-clock monitoring to maintain the quality of TD’s

systems and proactively help identify unusual customer

account activity.

Our strong commitment to data security and privacy

is demonstrated in the bank’s overall governance and

accountability:

• Cyber-security issues are managed by the Enterprise

Risk Management Committee through the Chief

Information Security Ofﬁcer.

• A Global Chief Privacy Ofﬁcer leads TD’s Privacy

Program and reports to the Global Chief Compliance

Ofﬁcer. Local privacy ofﬁcers are responsible in the

jurisdictions where the bank operates.

6.3 Data Security and Privacy

6.1 Corporate Governance and Integrity 6.2 Risk Management 6.3 Data Security and Privacy

Analyst Corner

How We Protect You

(Security Measures)

How You Can

Protect Yourself

TD’s Privacy

Commitments

2016 TD Corporate Responsibility Report Page 60MENU

Reporting Frameworks

TD has used the Global Reporting Initiative (GRI) framework for corporate responsibility reporting since 2007. TD’s 2016

Corporate Responsibility Report is written in accordance with the G4 framework and fulﬁls the requirements for a Core

report. In addition to GRI, we continue to monitor international reporting trends, including the work of the Sustainability

Accounting Standards Board (SASB).

Aspect Boundary Table

Online GRI Index

External assurance reports

Selected performance indicators were independently assured by Ernst & Young LLP. Ernst & Young performed a limited

assurance engagement for a selection of TD’s social and environmental performance indicators, including TD’s greenhouse-

gas emissions and Carbon Neutral Schedule.

Assurance Statement for the 2016 Corporate Responsibility Metrics, Greenhouse Gas Emissions and

Carbon Neutral Schedule

Assurance Statement for the 2016 Green Bond Schedule

External reviews of TD’s corporate responsibility performance

Sustainability rankings provide a useful tool for benchmarking our progress and help focus our efforts to strengthen

TD’s corporate responsibility performance. The table below shows improvements over time. We wish to be clear that

sustainability rankings are an outcome and not the reason for our efforts.

Approach to Reporting

Reviewer 2016 2015

Carbon Disclosure Project (CDP) Score: A- for performance, placing

TD in the leadership category.

TD is the top scoring Canadian bank

among the Big 5 Banks.

Score: 99 for disclosure (out of 100)

and A- for performance

Listed on the Canada 200 Climate

Disclosure Leadership Index (among

top 20)

Dow Jones Sustainability Indices

(RobecoSAM Score)

Score: 84 (out of 100)

Included in World Index and North

American Index.

Score: 81 (out of 100)

Included in World Index and North

American Index.

Sustainalytics Score: 79 (out of 100)

Position: 11 (out of 395 global

ﬁnancial peers)

Score: 79 (out of 100)

Position: 15 (out of 422 global

ﬁnancial peers)

FTSE4Good Index Series Included Included

Global 100 Most Sustainable

Corporations

(Corporate Knights)

Ranked 54th (out of 100) in 2016

Ranked 58th (out of 100) in 2017

Ranked 76th (out of 100) in 2015

Best 50 Corporate Citizens

in Canada

Ranked: 11 (out of 50) Ranked: 12 (out of 50)

1 Big 5 Banks in Canada: Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada and Bank of Nova Scotia.

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