AMTD 2018 Letter to Shareholders

i (1) See reconciliation of non- GAAP financial measures on page 113 . Rewind to 17 months earlier, and we had just announced the deal to acquire Scottrade. Our belief then was that the combination of our two highly complementary organizations would positively alter the landscape of investing, extend our leadership position, and transform the lives of millions of investors for the better. Lofty expectations to be sure. Absolutely achievable, too. But there were no delusions about the challenge facing us. There is no switch that magically and flawlessly integrates two companies. The real magic is months of preparation, making sacrifices, and a shared belief that this was one of those rare kinds of events that, done well, can mean a difference for a company like ours. So it was on that weekend in February that we successfully moved more than 4 million Scottrade accounts to TD Ameritrade, converting their assets to the penny. There’s a reason we share that story. More so than any year, the abiding excellence of our employees was revealed in 2018. So too was their determination under challenging circumstances. We asked a lot of them this year, and it was on their backs that our results sang, financial and otherwise. So much so that, as a show of appreciation, we made them all shareholders, awarding 40 shares each to every full-time employee, deposited (of course) into their TD Ameritrade accounts. Let’s just say it’s our humble belief that your investment in TD Ameritrade is backed by one of the best workforces around. And, like you, they now have a stake in what’s ahead. About those results TD Ameritrade delivered net revenues of $5.5 billion in 2018 , up 48 percent from last year. We ended the year with net income of $1.47 billion, resulting in GAAP diluted EPS of $2.59 (up 58 percent) and non- GAAP diluted EPS of $3.34 (up 82 percent). (1) By any measure, those results are pretty stellar. Trading was strong throughout the year, averaging a record 811,000 trades per day, more than our two closest competitors combined. For those counting, we had 16 days at a million trades or more, certainly a barometer for our growth, as well as the historic engagement we saw in the markets. (Before 2018 , TD Ameritrade had exactly one day where trades exceeded 1 million.) For two days back in late F ebruary, more people than usual were working the weekend shift at TD A meritrade. Ahead of those teams, in O maha, J ersey C ity, S t. L ouis, C hicago, and elsewhere, was no small task. Our employees outdid themselves . Again. Letter to shareholders