td asset management (tdam)

TD Asset Management (TDAM)Fixed Income Solutions

Why TDAM Fixed Income

Meet the Team

Investment Philosophy and Process

Fixed Income Solutions

Agenda

2TD Asset Management | For Advisor Use Only

Why TDAM Fixed Income?

TD Asset Management

1 Source: "The Top 40 Money Managers (as of December 31, 2016)" Benefits Canada, May 2017, "The Top 40 Money Managers (as of December 31, 2015)" Benefits Canada, May 2016, "The Top 40 Money Managers (as of December 31, 2014)" Benefits Canada, May 2015, "The Top 40 Money Managers (as of December 31, 2013)" Benefits Canada, May 2014, "The Top 40 Money Managers (as of December 31, 2012)" Benefits Canada, May 2013, "The Top 40 Money Managers (as of December 31, 2011)" Benefits Canada, May 2012, "The Top 40 Money Managers (as of December 31, 2010)" Benefits Canada, May 2011. Based on total Canadian pension AUM. 2 Source: "The Top 40 Money Managers (as of June 30, 2016)" Benefits Canada, November 2016.

1 Source: "The Top 40 Money Managers (as of June 30, 2018)" Benefits Canada, November 2018, "The Top 40 Money Managers (as of December 31, 2015)" Benefits Canada, May 2016, "The Top 40 Money Managers (as of December 31, 2014)" Benefits Canada, May 2015, "The Top 40 Money Managers (as of December 31, 2013)" Benefits Canada, May 2014, "The Top 40 Money Managers (as of December 31, 2012)" Benefits Canada, May 2013, "The Top 40 Money Managers (as of December 31, 2011)" Benefits Canada, May 2012, "The Top 40 Money Managers (as of December 31, 2010)" Benefits Canada, May 2011. Based on total Canadian pension AUM. 2 Source: "The Top 40 Money Managers (as of June 30, 2018)" Benefits Canada, November 2018.

One of Canada's largest Fund Managerfor Endowments and Foundations.2

Canada's largest Money Managerin pension 8 years running.1

Canada's largest Investment Managerfor Defined Benefit Programs.2


Fixed income may offer portfolio stability and safety as opposed to growing wealth and preserving real purchasing power

Why Fixed Income?

Investors should remind themselves of the role of fixed income in their portfolios

Fixed income remains significant and essential for portfolio diversification

TD Asset Management | For Advisor Use Only 5

CapitalPreservation

and Safety

ReducePortfolioVolatility

Liquidity

Income

Importance of Income

6

1 Returns of the FTSE Canada Universe Bond Index Source: Bloomberg Finance LP. Data as of July 31, 2019.

Canadian Fixed Income Market Returns1

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

Ret

urns

%

Price Return Income Return

TD Asset Management | For Advisor Use Only

Broadening the Opportunity Set To help Boost Income Levels


Source: Bloomberg Finance L.P. As of July 31, 2019

Variety of markets available that may help enhance yield

7

5.9%

4.4%

3.2%

2.7%

1.5%

0.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Global High Yield EM Hard Currency U.S. Investment Grade Canadian InvestmentGrade

Canadian Gov't 10y Global Governments

Yields From Around the Globe

Meet the Portfolio Management Team

TD Asset ManagementA dedicated team of skilled fixed income professionals

1TDAM USA Inc. employee. Note: TD Asset Management operates through TD Asset Management Inc. in Canada and through TDAM USA Inc. in the United States. Both are wholly-owned subsidiaries of The Toronto-Dominion Bank. In providing investment management services and advice, TD Asset Management Inc. has access to, and draws on, the personnel, resources and experience of TDAM USA Inc., its U.S. affiliate. The information provided in the organizational chart above is valid as of the date of this presentation.

Synthetics

Bruce Cooper, CFACEO & CIO

Robert Pemberton, CFAHead of Fixed Income

Cherie Chan

Christopher Case, CFA

Scott Colbourne, CFA

Elaine Lindhorst, CFA

Trading

Irina Issakova, CFA

Peter Weldon

Nevena Sergo-Spencer

Davide Pagliaro

Lauren Bellai, CFA

Antonio De Simone, CFA

Jonathan Lau, CFA

Kumail Taqvi, CFA

Credit Research

Justin Kim,1 CFA

Anthony Foss, CFA

Bruce MacKinnon

Eric Schure, CFA1

Craig Buckley, ACA

Donna Beck, CFA

Ralph DeCesare,1 CFA

Norman Yeung, CFA

Private Debt Research

& Origination

Sean Emmons

High YieldFixed Income

Anthony Imbesi, CFA

Gregory Kocik, CFA

Shawna Millman

Portfolio Research & Analytics

Matt Knox, CFA

Anton Brjozovski, CFA

Fergus Chung

Richard MacPherson

Zahid Rashid1

Ivan Chau

Michelle Hegeman,CFA

Michael Augustine,CFA, FCIA, FSA

Vincent Chang, CFA

Nicole Buchner, CFA

Liam Hartigan, CFA

Maxime Carrier,CFA, FCIA, FSA

Amber Chen

Louis Bélanger, CFA

Asset/Liability, Private Debt,

Passive Fixed Income

Don Li, CFA Kevin Holmes

Krista Clairmont, CFA

Victoria Pollard, CFA

Joseph Pilato

John Adamson

Deborah GongStephen KramerRachana Bhat, CFA

Hafiz Noordin, CFA

Active Fixed Income

Guido Cipriani1

Justin Montini

Vinoth Vykunthan

Benjamin Chim, CFA

Scott Henshaw, CFA

Nick Warwick, CFA

Mercedes MarchioriBo Yan

Hasan KarbalaiGraham DeOrsay

Parvathy Rajan Matthew Goodwin

Carlos Phillips, CFA

Kevin Malcolm, CFA

Ada Xie

Daniella Auerbach

Dennis Woessner,1

CFA

Glenn S. Davis,1 CFA

Frédéric Belhumeur, CFA

Client Portfolio Management

George Haddad, CFA

Craig Gaskin, CFAAdnann Syed, CFA Naoum Tabet

David Hong, CFA

Christopher Chow


Deep and Experienced Fixed Income Team

10

20+ Portfolio Managers

15+ Credit Research Analysts

6 Client Portfolio Managers

In total, over 75 Fixed Income Professionals Managing C$169.2 B1 in Fixed Income

AUM Across Mandates

72%

11%

7%

11%

Canadian Bonds

Global Bonds

Short Term & Money Market

Synthetics

+

+


1Fixed income assets under management (AUM) as at June 30, 2019 for TD Asset Management Inc., TDAM USA Inc., TD Greystone Asset Management and Epoch Investment Partners, Inc.The information on number of professionals provided above, includes employees from TD Asset Management, is valid as of the date of the presentation. Note: Numbers may not add due to rounding. Synthetics AUM represents bond overlay assets. TD Asset Management operates through TD Asset Management Inc. in Canada and through TDAM USA Inc. in the United States. Epoch is an affiliate of TD Asset Management. TD Greystone Asset Management represents Greystone Managed Investments Inc., a wholly-owned subsidiary of Greystone Capital Management Inc. ("GCMI"). All entities listed are affiliates and wholly-owned subsidiaries of The Toronto-Dominion Bank.

Investment Philosophy and Process

This is How We Do it

Country Cycle Credit Curve Currency

Duration management

Yield curve positioning

Asset class or sector allocation and term structure

Quality of portfolio Credit quality allocation

ExtensiveIndependent

Research

Objective: Superior long term performance


Credit CurveAnalysis

StrategicPortfolio

Construction

Fixed Income Solutions

Something For Everyone

Source: TDAM. For illustrative purposes only. Positions are approximate.

Expected Risk

Pote

ntia

l Ret

urn

TD Short Term Bond Fund

TD Income Advantage Portfolio

TD Global Income Fund

TD Canadian Bond Fund

TD Global Unconstrained Bond FundTD High Yield Bond Fund

TD Ultra Short Term Bond Fund

TD Canadian Money Market Fund

TD Canadian Core Plus Bond Fund

A product continuum to help meet your client needs

TD Canadian Corporate Bond Fund

TD U.S. Corporate Bond Fund

TD Global Core Plus Bond FundTD Real Return Bond Fund


**New**Fixed Income Pool


The

Fund

Core domestic bond fund

Fund

Fac

ts

• 30 years old!• Largest bond fund at TDAM

TD Canadian Bond FundAs of June 30, 2019

Investment Components

Canadian Corporate

BondsCanadian Provincial

Bonds

Canadian Government

Bonds

Global Investment

Grade

Private Debt

High Yield Debt

Emerging Market

Sovereign Debt

Global Inflation Linked Bonds

Mortgage and Real

Estate Securities

Currency Exposure

TD Canadian Bond FundAs of June 30, 2019


Fixed Income Breakdown Rating Breakdown

Characteristics

Duration 8.1

Yield to Maturity 2.5%

Term to Maturity 10.5

AUM $15.9B

# of Positions 279

Source: TD Asset Management

AAA (16%)AA (26%)A (27%)BBB (29%)Cash (2%)

Federal (15%)Provincial (19%)Municipal (0.2%)Corporate (64%)Cash (2%)


Canadian Corporate


Bonds

Canadian Government

Bonds

Global Investment

Grade

Private Debt

High Yield Debt

Emerging Market

Sovereign Debt


Mortgage and Real

Estate Securities

Currency Exposure


The

Fund Core domestic bond fund plus

some exposure to global and higher yielding securities

• Up to 30% of the fund may be invested in foreign securities

• Currently over 90% Canadian

TD Canadian Core Plus Bond FundAs of June 30, 2019

Fund

Fac

ts

AAA (12%)AA (24%)A (24%)BBB (29%)Non-Investment Grade (10%)Cash (1%)

TD Canadian Core Plus Bond FundAs of June 30, 2019


Federal (13%)Provincial (17%)Municipal (0%)Corporate (69%)Cash (1%)

Fixed Income Breakdown Rating BreakdownCharacteristics

Duration 8.1



AUM $12.2B

# of Positions 393



The

Fund

Global investment grade bond fund with currency exposure

• Most diversified fund at TDAM from a country and currency perspective

• USD, Yen and Euro are largely unhedged• Tactically add exposure to EM currencies


Canadian Corporate

Bonds Canadian Provincial

Bonds

Canadian Government

Bonds

Global Investment

Grade

Private Debt

High Yield DebtEmerging

Market Sovereign

Debt


Mortgage and Real

Estate Securities

Currency Exposure

Leveraged Loans

U.S. Treasuries

TD Global Core Plus Bond FundAs of June 30, 2019

Fund

Fac

ts


TD Global Core Plus Bond FundAs of June 30, 2019




Characteristics

Duration 7.2



AUM $502M

# of Positions 515



The

Fund

Global absolute return bond fund

• Managed by one of the pioneers of unconstrained investing in Canada

• "All-weather" strategy


Canadian Corporate


Bonds

Canadian Government

Bonds

Global Investment

Grade

Private Debt

High Yield Debt

Emerging Market

Sovereign Debt


Mortgage and Real

Estate Securities

Currency Exposure

TD Global Unconstrained Bond FundAs of June 30, 2019

Fund

Fac

ts


TD Global Unconstrained Bond FundAs of June 30, 2019




Characteristics

Duration 5.3



AUM $1.5B

# of Positions 446


The

Fund

Global credit fund that is mostly currency-hedged

• Highest yield of global fixed income mandates

• At least 75% hedged back to $CAD


Canadian Corporate


Bonds

Canadian Government

Bonds

Global Investment

Grade

Private Debt

High Yield Debt

Emerging Market

Sovereign Debt


Mortgage and Real

Estate Securities

Currency Exposure

TD Global Income Bond FundAs of June 30, 2019


Fund

Fac

ts


TD Global Income Bond FundAs of June 30, 2019




Characteristics

Duration 5.3



AUM $2.5B

# of Positions 389



The

Fund

High Yield bond fund with the flexibility to invest in global credit

• Track record rooted in disciplined investment process

• Average portfolio manager experience of 23 years

TD High Yield Bond FundAs of June 30, 2019

High YieldBonds

LeveragedLoans+ =

Enhanced Income

Capital Appreciation

Lower Duration

Enhanced Returns

Diversification

Fund

Fac

ts

TD High Yield Bond FundAs of June 30, 2019



Characteristics

Duration 3.5



AUM $2.3B

# of Positions 434




TD Fixed Income PoolAs of June 30, 2019

Source: TD Asset Management, data as of December 31, 2018


Characteristics

Duration 7.5

Yield to Maturity 2.6


AUM $6.8B

# of Funds 8

The

Fund

One-Stop Solution to TDAM Fixed Income Solutions

• Diversified across global credit and currencies

• Actively managed at both AA and fund level

• Competitive Management FeeFund

Fac

ts

AAA (16%)

AA (25%)

A (21%)

BBB (24%)

Non-Investment Grade (8%)

Corporate Investment Grade (48%)

Government (37%)

Corporate High Yield (10%)

Other (4%)

TD Fixed Income PoolAs of July 31, 2019

28

TD Fixed Income Pool

Sector Weights Credit Breakdown

TD Canadian Bond Fund (57%)TD Canadian Core Plus Bond Fund (12%)TD Global Unconstrained Bond Fund (4%)TD Real Return Bond Fund (5%)TD Global Conservative Opp Fund (10%)TD Global Core Plus Bond Fund (5%)TD High Yield Bond Fund (7%)TD Short Term Bond Fund (1%)Cash - Canadian Dollar (0.25%)

TD Fixed Income Components


As of June 30, 2019

Performance 1yr 3yr 5yr 10yr Since Inception

Inception Date

TD Canadian Bond Fund 7.30% 2.40% 3.44% 4.43% 5.32% 11/1/2000

TD Canadian Core Plus Bond Fund 7.37% 2.67% 3.56% 4.99% 5.14% 9/4/2007

TD High Yield Bond Fund 4.01% 6.40% 4.76% 9.37% 5.50% 12/1/2003

TD Global Core Plus Bond Fund 4.56% 0.96% 4.46% 3.62% 4.38% 11/1/2005

TD Global Unconstrained Bond Fund 3.66% - - - 1.55% 11/21/2017

TD Global Income Bond Fund 7.23% - - - 3.66% 11/21/2017

Performance SummaryF-series

. Source: TD Asset ManagementNote: Returns for periods over one year are annualized; net of expenses


TD Fixed Income Pool Performance

30TD Asset Management l For Advisor Use Only

As of June 30, 2019 1 Year 3 Year 5 Year 10 Year Since Inception

Inception Date

TD Fixed Income Pool – W Series1 6.91% 2.63% 3.63% - 3.69% 03/27/2012

1 Returns for TD Fixed Income Pool are showing that of "W Series" and is for illustration purposes only. The performance is currently showing a management fee of 0.35%. The Management Fee of the "F-Series" is currently priced as 0.40%. Please review prospectus or fund facts for applicable fees associated with the specific fund series. Note: Returns for periods one year and over are annualized. Net returns provided unless otherwise indicated. Source: TD Asset Management Inc.

Why Now?• Fixed income markets are changing

• Expect periods of volatility

• A changing demographic and political environment promote uncertainty in equity markets

Why TDAM?• TDAM focuses on independent credit research & rigorous process

• Access to Liquidity

How Does TDAM Complement?• TDAM strategies seek to both complement and enhance competitor offerings

• Fixed-Income offering with a high quality credit tilt

• Flexibility to gain tactical exposure to inflation, income, investment grade private debt, currency and high yield

Call to Action


The information contained herein has been provided by TD Asset Management Inc. and is for information purposes only. The information has been drawn from sources believedto be reliable. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not providefinancial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts and prospectus, whichcontain detailed investment information, before investing. The indicated rates of return are the historical annual compounded total returns for the period indicated includingchanges in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by anyunitholder that would have reduced returns. Mutual funds are not guaranteed or insured, their values change frequently and past performance may not be repeated.

TD Mutual Funds and the TD Managed Assets Program portfolios are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank and areavailable through authorized dealers.

Certain statements in this document may contain forward-looking statements (“FLS”) that are predictive in nature and may include words such as “expects”, “anticipates”,“intends”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof. FLS are based on current expectations and projections about future generaleconomic, political and relevant market factors, such as interest and foreign exchange rates, equity and capital markets, the general business environment, assuming no changesto tax or other laws or government regulation or catastrophic events. Expectations and projections about future events are inherently subject to risks and uncertainties, which maybe unforeseeable. Such expectations and projections may be incorrect in the future. FLS are not guarantees of future performance. Actual events could differ materially fromthose expressed or implied in any FLS. A number of important factors including those factors set out above can contribute to these digressions. You should avoid placing anyreliance on FLS.

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