1 TD AMERITRADE, Inc., member NASD/SIPC. TD AMERITRADE is a trademark jointly owned by TD AMERITRADE IP Company, Inc. and The Toronto-Dominion Bank. © 2007 TD AMERITRADE IP Company, Inc. All rights reserved. Used with permission. CSFB Conference February 7, 2007

2 Safe Harbor This document contains forward-looking statements within the meaning of the federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws. In particular, any projections regarding our future revenues, expenses, earnings, capital expenditures, effective tax rates, client trading activity, accounts, stock price or anticipated benefits of the TD Waterhouse transaction, as well as the assumptions on which such expectations are based, and future operations are forward-looking statements. These statements reflect only our current expectations and are not guarantees of future performance or results. These statements involve risks, uncertainties and assumptions that could cause actual results or performance to differ materially from those contained in the forward-looking statements. These risks, uncertainties and assumptions include general economic and political conditions, interest rates, market fluctuations and changes in client trading activity, increased competition, systems failures and capacity constraints, ability to service debt obligations, integration associated with the TD Waterhouse transaction, realization of synergies from the TD Waterhouse transaction, regulatory and legal matters and uncertainties and other risk factors described in our latest Annual Report on Form 10-K, filed with the SEC on Dec. 7, 2006 and our latest Quarterly Report on Form 10-Q filed thereafter. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

3 Our Focus Three Priorities: Clients – Shareholders – Associates Three Client Segments: Active – Long-Term – RIA Three Objectives: Growth – Retention – Yield

4 What We Are Trying To Do Wealth Geography (US) WHO – TDA Target Clients Mass Affluent Underserved Fragmented Growing Base we have - (organic and acquired) HOW Scale through Technology Intuitive, Simple, High Value No conflicts, Transparent Independence Leverage Trading into Asset Gathering Trading & Investing Retirement Assets Deposits Credit & Other (1) Source: VIP Forum; Forrester WHAT – Client Wallet ($Trillion) (1) US Mass Affluent Wallet

5 Brokerage Industry Consolidation Generational Wealth Transfer Pension & Soc. Sec. Privatization Mutual Fund Displacement Tremendous wealth to more computer literate and self-directed generation Core asset management vehicle will be exchange traded funds Guidance and advice will be a key requirement Ability to consolidate and integrate will continue to drive value Beneficial Macro Trends TD AMERITRADE uniquely positioned to capture disproportionate share

6 Priorities 1.Complete Integration 2.Grow the Business 3.Capital/Financial Management

7 Integration Update Expenses, Excluding Advertising (1) (1) See reconciliation of financial measures. Clearing Conversion 25% or $63M Reduction $0.25 Annual EPS impact

8 Growing the Business Three Core Segments Build out Platform: Deeper Profiling Cash Management Retirement Solutions Sales/Branch Network New Tools StrategyDesk TM, QuoteTracker Quality Order Execution #3 Player, Fastest, Growing Segment Advocacy Position Investment in Business iRebal Gail Weiss/ICTC/ Custody Assets Active Trader Long-Term Investor RIA Measures of Success: Growth – Retention – Yield

9 Financial Strengths PRE-TAX MARGINS % Sep Q Annualized $.32 $.64 $.81 $.87 $1.10$1.28 Asset Based Revenue %23%29%42%57%60%63% ROE %12%22%25%30%35%37% Earnings are per diluted share (2) Excludes Investment gains/losses.. The corresponding GAAP EPS amounts including investment gains/losses are as follows: FY03 EPS = $0.25, FY04 EPS = $0.66, FY05 EPS = $0.82, FY06 EPS = $0.95. See reconciliation of financial measures. Annualized return on average stockholders’ equity. Fiscal years 2003 thru 2006 are based on net income excluding investment gains/losses. See reconciliation of financial measures. EARNINGS PER SHARE (2) ActualOutlook Midpoint (3) (1)

10 Strong Capital Management ($M) $364 $$590 $$749 $$77 $497 $67 $286 $455 FY05FY06FY07 Actual Outlook Midpoint NI + D + A Debt Repayment Stock Repurchase (1) (1) Net Income plus depreciation and amortization plus amortization of acquired intangible assets

11 Three Priorities: 1.Complete Integration 2.Grow the Business 3.Capital/Financial Management Sep Q 07 Annualized - $1.28 Key Takeaways

12 Appendix

13 (1) See attached reconciliation of financial measures. (2) Annualized return on average stockholders' equity. (3) All records referenced exclude a one-time gain realized on the sale of the Company’s investment in Knight Capital Group, Inc. when comparing to the second fiscal quarter of Dec Q ‘06 Record Quarter Denotes Records (3) EPS Non-GAAP EPS (1) Net Income Net Revenues Pre-Tax Income EBITDA (1) ROE (2) $0.24 $0.28 $146M $535M $239M 45% $291M 54% 34% * * * * * *

14 Operating Metrics - Dec Q ‘06 (1) Net Interest Margin is defined as Net Interest Revenue + MMDA. (2) Qualified accounts include all open client accounts with a total liquidation value greater than or equal to $2,000, except clearing accounts. Avg Trades Per Day Avg Investable Assets Net Interest Margin (1) Client Assets/Cash+MMF New Accts Net New Accts Qualified Accts (2) 238K (Jan. to date 271K) $28B* 3.78% $278B*/$40B* 109K 69K 3,255K Denotes Records *

15 Integration Progress Client Segmentation Strategy: Suze Orman New Guidance Solutions Team New Web Experience Investment Tools Clearing Conversion ‘07 Outlook Expense Synergies on Track Sep Q Run-Rate on Track

16 Corporate Matters Expanded Share Repurchase Program New Board Members $6 Dividend - Taxability

17 Record EPS (1) Dec Q Highlights Dec Q ‘06 Sep Q ‘06 21¢ 24¢ Increase of 33K TPD Asset-based revenue up $10M due to higher balances Other revenue up $8M primarily due to re-org fees Total expenses up $7M primarily due to advertising Bought back 7.7M shares (1) All records referenced exclude a one-time gain realized on the sale of the Company’s investment in Knight Capital Group, Inc. when comparing to the second fiscal quarter of %

18 Dec Q Vs. Guidance (1)See reconciliation of financial measures (2)Significant one time items include: ($5M) compensation and benefits, ($1M) clearing and execution, partially offset by $2M occupancy and equipment, $1M other expense. ($ Millions, except where otherwise indicated) (1)(2)

19 FY ‘07 $1.10 Midpoint Reaffirmed Dec Q Act Clearing Conversion Repurchase /Other Interest Expense

20 Strong Cash Generator (1) See reconciliation of financial measures. Financial Flexibility

21 Reconciliation of Financial Measures

22 Reconciliation of Financial Measures

23 Reconciliation of Financial Measures

24 Reconciliation of Financial Measures

25 Reconciliation of Financial Measures

26 TD AMERITRADE, Inc., member NASD/SIPC. TD AMERITRADE is a trademark jointly owned by TD AMERITRADE IP Company, Inc. and The Toronto-Dominion Bank. © 2007 TD AMERITRADE IP Company, Inc. All rights reserved. Used with permission. CSFB Conference February 7, 2007