Toronto-Dominion Bank Corporate Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Meny Grauman - Scotiabank GBM - Analyst : Hi, good morning and first off, let me congratulate you Ray on the appointment. And the first question is really just about process. Maybe Bharat, your best place to answer. Just in terms of the real question is, did the Board consider outside candidates for this role? If you can give us sort of an insight into that. Bharat Masrani - Toronto-Dominion Bank - Group President, Chief Executive Officer, Non-Independent Director Good morning, Meny, and nice to talk to you again. It is the Board's process and of course, much of the process is confidential, but I can confirm that absolutely. We consider the external market, any strong process would -- the most important aspect of a succession process is to rely to really focus on the profile of the CEO you're looking for which is a dynamic and contextual. What qualities skills and experiences does the organization need for the short, medium and long term. The Board in our HR Committee, specifically defined the CEO your profile and once developed considered the internal and external market available to match that profile. That profile was reviewed regularly to ensure it accurately reflected the view of the Board. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Meny Grauman - Scotiabank GBM - Analyst : Yes. Thank you. And then just a question to follow up just on strategy, I mean, Ray's background is very much Canada focused. So I guess the question is what can we read into that? Is that really can we say that this is a signal that Canada is really going to take even more of a central role in terms of the strategic direction of the bank going forward, especially in the context of these AML issues that the US is less of a focus right now and maybe even into the future given Ray's background? Bharat Masrani - Toronto-Dominion Bank - Group President, Chief Executive Officer, Non-Independent Director Well, absolutely not, Meny. TD is a unique franchise in the US. We serve over more than 10 million Americans, Ray and Leo, whom you know, have strong working relationships. Ray run many businesses and is looking forward to working closely with Leo in the years to come.

Question: Ebrahim Poonawala - BofA Global Research - Analyst : Good morning and congratulations to Bharat, team, Ray and Riaz on your respective announcements. I guess maybe just a question, Bharat for you and -- you mentioned a fairly successful track record at TD. I think some of the feedback I think over the last few months around the CEO succession has been it felt like the line of business had was still kind of new in their seats. So not quite ready to be CEO. Just talk to us in terms of you mentioned that you looked externally, so maybe spend some time and again, not to put agreement on the spot, but why he was the right choice in terms of running this through the AML process and just managing a bank as complex as TD? Bharat Masrani - Toronto-Dominion Bank - Group President, Chief Executive Officer, Non-Independent Director Well, I'm delighted the Board is selected Ray as TD's next CEO, Ebrahim, and I've known Ray for a long time. He started the TD in 1992 in our management training program. And over the decades, he rose through of various ranks the group businesses across our franchise is led regions, product teams and operations. He led critical business segments at TD and his deep retail banking experience, which is important to TD now and into the future. Each time Ray captured every opportunity that was available and build winning teams, working collaboratively with his peers and always focused on making strategic decisions to benefit the entire bank. And as Ray has really delivered Ebrahim for the past 30 years, and I'm confident he will continue to deliver as the bank's Chief Operating Officer, and then TD Bank Group's CEO. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Ebrahim Poonawala - BofA Global Research - Analyst : Noted. And just one question I had was should we expect another round of leadership changes as we get in a seat, particularly our in terms of the US business. And he's just give us a perspective around early earlier heading that business and your comfort around him of being at the bank for to the same election? Bharat Masrani - Toronto-Dominion Bank - Group President, Chief Executive Officer, Non-Independent Director Leo is a great leader. Ray and Leo have worked together. In fact Ray was in the wealth made business when Leo was there as well. And so I don't expect in I'm not aware of any pending changes.

Question: Sohrab Movahedi - BMO Capital Markets - Analyst : Thank you. Congrats, Bharat on your retirement and Ray on your appointment. I guess what I wanted to I wanted to put Ray on this spot and see if you could just talk to us a little bit based on his 30-year history and when -- where he draw on what sort of experience can you drill over the past 30 years, that would be relevant for the next five years at TD Bank. Taking both AML, but other strategic and I guess a considerations into account?

Question: Sohrab Movahedi - BMO Capital Markets - Analyst : Ray, that is very helpful. I appreciate you answering the question. And in any of those experiences like what would have been the single biggest problem you have to deal with given the AML issue that the bank sorts through. I'm just trying to understand have you had to deal with problems before and if there is -- if there's something we could look back to just to get a sense.

Question: Sohrab Movahedi - BMO Capital Markets - Analyst : That sort of a process.

Question: Sohrab Movahedi - BMO Capital Markets - Analyst : Okay. Thank you very much and congrats to Riaz as well.

Question: Lemar Persaud - Cormark Securities Inc. - Analyst : Thanks. My question is more on the timing of the announcement. Like why did the Board find -- and find it necessary to make this announcement today versus, say, waiting until everything was out there on the outcome of the US AML investigations, which you guys were clearance suggesting that's going to be by the end of the calendar year. Likewise, September 19, the right time to make this announcement? Bharat Masrani - Toronto-Dominion Bank - Group President, Chief Executive Officer, Non-Independent Director Lamar is, by the way. Good morning. Good to hear you. As Brooke mentioned in our opening, every year. TD has senior management group conference. It's a once-a-year event when 2500 of our executives from around the world gather here in Toronto. So they are here today at our conference is just started this morning. So we thought it's a perfect time to make the announcement and have our senior leaders all here in person. And it's a perfect opportunity to make such an announcement.

Question: Lemar Persaud - Cormark Securities Inc. - Analyst : Okay. Congratulations on the appointment Ray and Bharat on retirement. Bharat Masrani - Toronto-Dominion Bank - Group President, Chief Executive Officer, Non-Independent Director Thanks very much, Lemar. Thank you.