At TD, we remain steadfast in our commitment to upholding the highest standards of integrity, honesty and professionalism in all of our business practices. We respect and comply with all laws and regulations in jurisdictions where we operate, as well as adhere to policies, codes and standards for ensuring ethical conduct.

Employee conduct and ethics

Our people are bound by TD's formal Code of Conduct and Ethics, which states the fundamental principles, norms and behaviours expected of all employees, officers and directors worldwide in the course of their jobs.

The Code establishes the standards that govern the way we deal with each other, our shareholders, customers, suppliers and competitors. Topics covered include:

• respect for the law
• personal integrity
• conflicts of interest
• confidentiality of information
• bribery and other elements of corruption
• trading on inside information
• and more

We have an annual attestation process in place to ensure that all employees sign and acknowledge their understanding of our Code and other key corporate policies. Any breach is considered a serious offence that may lead to dismissal, and employees are obligated to report in a timely fashion any possible violations they witness.

Guiding principles

Our six Guiding Principles define, in part, who we are and who we strive to be as a company:

• Be Customer Driven
• Respect Each Other
• Execute with Excellence
• Know Our Business
• Enhance Our Brand
• Increase Shareholder Value

Each of these core principles is defined by a number of action statements for all employees to follow. For example, "Enhance Our Brand" means: act with integrity; understand that reputational risk matters and treat TD's reputation as your own; be a leader in corporate governance; make a positive contribution to our communities; and be an expert at what you do.

Leadership in corporate governance

An important component of our commitment to integrity and ethical business practices is having a strong corporate governance structure in place. The Board of Directors and the management of TD are committed to leadership in corporate governance.

We have designed our corporate governance policies and practices to be sure that we are focused on our responsibilities to our shareholders and on creating long-term shareholder value.