TD Ameritrade Delivers 4th Consecutive Year of Double-Digit Net New Client Asset Growth Rate

  TD Ameritrade Delivers 4th Consecutive Year of Double-Digit Net New Client
  Asset Growth Rate

   Conference Call Postponed until 11-5-12 Due to Inclement Weather on East
                                    Coast;

        Net New Client Assets of $41 billion, 11% Annual Growth Rate;
             Increases Quarterly Dividend 50% to $0.09 Per Share;
                     Diluted Earnings Per Share of $1.06

Business Wire

OMAHA, Neb. -- October 29, 2012

TD Ameritrade Holding Corporation (NYSE: AMTD) has released results for fiscal
2012. Despite a continued difficult economic environment, the Company gathered
$41 billion of net new client assets, maintaining its industry-leading,
double-digit net new client asset growth rate for the 4^th consecutive year.

The Company’s results for the fiscal year ended Sept. 30, 2012 include the
following: ^  (1)

  *Net income of $586 million, or $1.06 per diluted share
  *Average client trades per day of approximately 360,000, an activity rate
    of 6.3 percent^(2)
  *Net new client assets of $41 billion, an annual growth rate of 11 percent
    of beginning client assets
  *Net revenues of $2.6 billion, 56 percent of which were asset-based
  *Pre-tax income of $906 million, or 34 percent of net revenues
  *EBITDA of $1.1 billion, or 42 percent of net revenues^(3)
  *Record interest rate-sensitive assets of $83 billion^(4)
  *Record client assets of approximately $472 billion, up 25 percent
    year-over-year

“In each of the last four years, TD Ameritrade has delivered industry-leading,
double-digit growth in asset gathering,” said Fred Tomczyk, president and
chief executive officer. “In 2012 we grew total clients assets to a record
$472 billion, up 25 percent year-over-year. We gathered $41 billion in net new
client assets, an annual growth rate of 11 percent. We maintained our
industry-leading position and again grew our market share in trading. And, we
continued to make strategic investments in our client offering. We remain
focused on what we can control, executing our strategy and building our
long-term earnings power.”

“We’re proud of our financial performance given the challenging operating
environment,” said Bill Gerber, executive vice president and chief financial
officer. “We have increased our quarterly dividend by 50 percent to 9 cents,
and we will continue to take a disciplined approach to expense management and
process improvement. We remain optimistic for the long term given our business
model, dedicated associates and growth momentum.”

Fiscal 2013 Outlook

The Company has also released an updated Outlook Statement which reflects
expected earnings of $1.00 to $1.20 per share for its 2013 fiscal year.

More information on the fiscal 2013 forecast is available through the
Company’s Outlook Statement, located in the “Investor” section of its Web
site, www.amtd.com.

Fourth Quarter 2012 Results

In addition, the Company has released its results for the quarter ended Sept.
30, 2012, which include the following: ^  (1)

  *Average client trades per day of approximately 328,000, an activity rate
    of 5.7 percent^(2)
  *Net new client assets of approximately $10 billion, an annualized growth
    rate of 9 percent
  *Net revenues of $647 million, 58 percent of which were asset-based
  *Pre-tax income of $225 million, or 35 percent of net revenues
  *Net income of $143 million, or $0.26 per diluted share
  *EBITDA of $274 million, or 42 percent of net revenues^(3)

Stock Repurchases

During the fourth quarter of fiscal 2012, TD Ameritrade repurchased 1.8
million shares of its common stock at an average price of $16.38 per share,
for approximately $30 million. For the full year of fiscal 2012, the Company
has used approximately $196 million to repurchase 11.8 million shares at an
average price of $16.58 per share.

Quarterly Dividend Increase

The Company has declared a $0.09 per share quarterly cash dividend, an
increase of 50 percent, from the previous quarter’s dividend. The dividend is
payable on Nov. 23, 2012 to all holders of record of common stock as of Nov.
9, 2012.

“In 2012, TD Ameritrade returned 56 percent of our net income to our
shareholders,” Tomczyk continued. “Increasing our quarterly dividend by 50
percent to $0.09 per share is another effective way for us to continue
returning that capital and expand our investor base. Our financial position
and cash flow remain healthy, providing us with the continued flexibility to
return capital to our shareholders while investing in future growth in these
challenging macroeconomic times.”

Conference Call to discuss results to be rescheduled

The company’s conference call discussing these results has been rescheduled
for Monday, Nov. 5, 2012 at 8:30 a.m. ET (7:30 a.m. CT). Questions from
analysts and the media will be addressed following the formal presentation,
and executives will not be available for comment about the results until that
time. However, financial information related to this press release, such as
monthly operating metrics, an updated Outlook Statement, and the company’s
standard presentation slides has been posted to the company’s corporate web
site, www.amtd.com.

“We considered a number of alternatives, given the inclement weather situation
on the East coast,” Tomczyk continued. “While we are still open for business,
we have a large number of shareholders and analysts in the affected area, and
we believe that this was the right decision to make. We will share our
comments on the quarter and our fiscal year during Monday’s conference call.”

Accessing the Conference Call

Participants may listen to the conference call by dialing 877-881-2595. The
Company will also webcast the call through its corporate web site,
www.amtd.com. Participants will be able to access the webcast from the Events
and Presentations section of the site. A transcript of the webcast will also
be available online beginning Tuesday, Nov. 6, 2012.

A phone replay of the call will be available by dialing 855-859-2056 and
entering the Conference ID 14145637 beginning at 11:30 a.m. ET (10:30 a.m. CT)
on Nov. 5, 2012. This replay will be available until 11:59 p.m. ET (10:59 p.m.
CT) on Nov. 12, 2012. Interested parties may also view an archived version of
the webcast, which will be available on www.amtd.com immediately following the
call.

The Company asks that interested parties visit or subscribe to newsfeeds at
www.amtd.com for the most up-to-date corporate financial information,
presentation announcements, transcripts and archives. You can also follow the
Company on Twitter, @TDAmeritradePR. Web site links, corporate titles and
telephone numbers provided in this release, although correct when published,
may change in the future.

AMTD-E

About TD Ameritrade Holding Corporation

Millions of investors and independent registered investment advisors (RIAs)
have turned to TD Ameritrade’s (NYSE: AMTD) technology, people and education
to help make investing and trading easier to understand and do. Online or over
the phone. In a branch or with an independent RIA. First-timer or
sophisticated trader. Our clients want to take control, and we help them
decide how - bringing Wall Street to Main Street for more than 37 years. An
official sponsor of the 2012 U.S. Olympic Team, TD Ameritrade has time and
again been recognized as a leader in investment services. Please visit the TD
Ameritrade newsroom or www.amtd.com for more information.

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
or stock price, as well as the assumptions on which such expectations are
based, 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, but are not limited to: general economic and political conditions and
other securities industry risks, fluctuations in interest rates, stock market
fluctuations and changes in client trading activity, credit risk with clients
and counterparties, increased competition, systems failures, delays and
capacity constraints, network security risks, liquidity risks, new laws and
regulations affecting our business, 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 Nov. 18, 2011 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, except to the extent required
by the federal securities laws.

^1 Please see the Glossary of Terms, located in “Investor” section of
www.amtd.com for more information on how these metrics are calculated.

^2 Funded account activity rate (AR%). Average client trades per day during
the period divided by the average number of total funded accounts during the
period.

^3 See attached reconciliation of non-GAAP financial measures.

^4 Interest rate-sensitive assets consist of spread-based assets and money
market mutual funds. Ending balances as of September 30, 2012.

Brokerage services provided by TDAmeritrade, Inc., member FINRA
(www.FINRA.org) /SIPC (www.SIPC.org) /NFA (www.nfa.futures.org).



TD AMERITRADE HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
In millions, except per share amounts
(Unaudited)
                                                                
                      Quarter Ended                          Fiscal Year Ended
                      Sept.        June 30,     Sept.        Sept. 30,     Sept. 30,
                      30, 2012     2012         30, 2011     2012          2011
Revenues:
Transaction-based
revenues:
Commissions and       $ 256        $ 266        $ 315        $ 1,087       $ 1,228
transaction fees
                                                                           
Asset-based
revenues:
Interest revenue        117          120          125          456           497
Brokerage              (1   )      (2   )      (1   )      (6    )      (5    )
interest expense
Net interest            116          118          124          450           492
revenue
                                                                           
Insured deposit         207          206          200          828           763
account fees
Investment             52         54         41         196         166   
product fees
Total asset-based       375          378          365          1,474         1,421
revenues
                                                                           
Other revenues         16         23         24         80          114   
                                                                           
Net revenues           647        667        704        2,641       2,763 
                                                                           
Operating
expenses:
Employee
compensation and        167          176          174          690           675
benefits
Clearing and            23           22           28           89            100
execution costs
Communications          28           29           25           111           107
Occupancy and           38           36           38           150           142
equipment costs
Depreciation and        19           18           17           72            67
amortization
Amortization of
acquired                23           23           24           92            97
intangible assets
Professional            39           40           47           168           170
services
Advertising             58           50           49           248           253
Other                  20         19         33         87          104   
Total operating        415        413        435        1,707       1,715 
expenses
                                                                           
Operating income        232          254          269          934           1,048
                                                                           
Other expense
(income):
Interest on             7            7            7            28            32
borrowings
Loss on debt            -            -            -            -             1
refinancing
Gain on sale of        -          -          (2   )      -           (2    )
investments
Total other            7          7          5          28          31    
expense (income)
                                                                           
Pre-tax income          225          247          264          906           1,017
                                                                           
Provision for          82         93         100        320         379   
income taxes
                                                                           
Net income            $ 143       $ 154       $ 164       $ 586        $ 638   
                                                                           
Earnings per          $ 0.26       $ 0.28       $ 0.29       $ 1.07        $ 1.12
share - basic
Earnings per          $ 0.26       $ 0.28       $ 0.29       $ 1.06        $ 1.11
share - diluted
                                                                           
Weighted average
shares                  546          548          562          548           570
outstanding -
basic
Weighted average
shares                  551          553          568          554           576
outstanding -
diluted
                                                                           
Dividends
declared per          $ 0.06       $ 0.06       $ 0.05       $ 0.24        $ 0.20
share
                                                                                   


TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
In millions
(Unaudited)
                                                           
                                             Sept. 30, 2012     Sept. 30, 2011
Assets:
Cash and cash equivalents                    $    915           $    1,032
Short-term investments                            154                4
Segregated cash and investments                   4,030              2,519
Broker/dealer receivables                         1,110              834
Client receivables, net                           8,647              8,059
Goodwill and intangible assets                    3,399              3,491
Other                                            1,258             1,187
Total assets                                 $    19,513        $    17,126
                                                                
Liabilities and stockholders' equity:
                                                                
Liabilities:
Broker/dealer payables                       $    1,992         $    1,710
Client payables                                   10,728             8,979
Long-term debt                                    1,345              1,337
Other                                            1,023             984
Total liabilities                                 15,088             13,010
                                                                
Stockholders' equity                             4,425             4,116
                                                                
Total liabilities and stockholders'          $    19,513        $    17,126
equity
                                                                     


TD AMERITRADE HOLDING CORPORATION
SELECTED OPERATING DATA
(Unaudited)
                                                                      
                         Quarter Ended                             Fiscal Year Ended
                         Sept. 30,     June 30,      Sept. 30,     Sept. 30,     Sept. 30,
                         2012          2012          2011          2012          2011
Key Metrics:
Net new assets (in       $10.1         $9.7          $12.4         $40.8         $41.5
billions)
Net new asset growth     9%            9%            12%           11%           12%
rate (annualized)
Average client           328,280       355,449       415,739       359,631       398,986
trades per day
                                                                                 
Profitability
Metrics:
Operating margin         35.9%         38.1%         38.1%         35.4%         37.9%
Pre-tax margin           34.9%         37.0%         37.5%         34.3%         36.8%
Return on client         0.20%         0.22%         0.26%         0.21%         0.26%
assets (annualized)
Return on average
stockholders' equity     13.1%         14.3%         15.7%         13.8%         15.7%
(annualized)
EBITDA^(1) as a
percentage of net        42.5%         44.3%         44.3%         41.6%         43.9%
revenues
                                                                                 
Debt and Liquidity
Metrics:
Interest on
borrowings (in           $7            $7            $7            $28           $32
millions)
Average debt
outstanding (in          $1.3          $1.3          $1.3          $1.3          $1.3
billions)
Leverage ratio
(average                 1.1           1.1           1.0           1.1           1.0
debt/annualized
EBITDA^(1))
Interest coverage
ratio                    40.0          41.8          45.9          38.9          37.9
(EBITDA^(1)/interest
on borrowings)
Liquid assets -
management               $1.1          $1.0          $0.9          $1.1          $0.9
target^(1) (in
billions)
Liquid assets -
regulatory               $1.6          $1.6          $1.4          $1.6          $1.4
threshold^(1) (in
billions)
Cash and cash
equivalents (in          $0.9          $0.9          $1.0          $0.9          $1.0
billions)
                                                                                 
Transaction-Based
Revenue Metrics:
Total trades (in         20.5          22.4          26.6          89.9          100.7
millions)
Average commissions
and transaction fees     $12.47        $11.88        $11.85        $12.09        $12.18
per trade^(2)
Average client
trades per funded        14.3          15.5          18.7          15.8          18.2
account (annualized)
Activity rate -          5.7%          6.2%          7.4%          6.3%          7.2%
funded accounts
Trading days             62.5          63.0          64.0          250.0         252.5
                                                                                 
Spread-Based Asset
Metrics:
Average
interest-earning         $14.8         $15.2         $13.5         $14.9         $13.8
assets (in billions)
Average insured
deposit account          61.4          59.0          54.0          59.4          48.5
balances (in
billions)
Average spread-based
balance (in              $76.2         $74.2         $67.5         $74.3         $62.3
billions)
                                                                                 
Net interest revenue     $116          $118          $124          $450          $492
(in millions)
Insured deposit
account fee revenue      207           206           200           828           763
(in millions)
Spread-based revenue     $323          $324          $324          $1,278        $1,255
(in millions)
                                                                                 
Avg. annualized
yield -                  3.06%         3.08%         3.57%         2.97%         3.52%
interest-earning
assets
Avg. annualized
yield - insured          1.32%         1.38%         1.45%         1.37%         1.55%
deposit account fees
Net interest margin      1.66%         1.73%         1.87%         1.69%         1.99%
(NIM)
                                                                                 
Interest days            92            91            92            366           365
                                                                                 
Fee-Based Investment
Metrics:
Money market mutual
fund fees:
Average balance (in      $4.9          $4.9          $8.5          $5.1          $8.7
billions)
Average annualized       0.05%         0.09%         0.06%         0.07%         0.10%
yield
Fee revenue (in          $1            $1            $1            $3            $8
millions)
                                                                                 
Market fee-based
investment balances:
Average balance (in      $88.7         $83.3         $71.7         $81.0         $69.6
billions)
Average annualized       0.23%         0.25%         0.22%         0.23%         0.22%
yield
Fee revenue (in          $51           $53           $40           $193          $158
millions)
                                                                                 
Average fee-based
investment balances      $93.6         $88.2         $80.1         $86.1         $78.3
(in billions)
Average annualized       0.22%         0.24%         0.20%         0.22%         0.21%
yield
Investment product
fee revenue (in          $52           $54           $41           $196          $166
millions)
                                                                                 
Client Account and
Client Asset
Metrics:
New accounts opened      190,000       171,000       150,000       684,000       645,000
                                                                                 
Funded accounts
(beginning of            5,736,000     5,703,000     5,592,000     5,617,000     5,455,000
period)
Funded accounts (end     5,764,000     5,736,000     5,617,000     5,764,000     5,617,000
of period)
Percentage change        0%            1%            0%            3%            3%
during period
                                                                                 
Client assets
(beginning of            $445.0        $452.4        $413.7        $378.7        $354.8
period, in billions)
Client assets (end
of period, in            $472.3        $445.0        $378.7        $472.3        $378.7
billions)
Percentage change        6%            (2%)          (8%)          25%           7%
during period
                                                                                 
^(1) See attached reconciliation of non-GAAP financial measures.
^(2) Average commissions and transaction fees per trade excludes TD Waterhouse UK
business.
                                                                                 
NOTE: See Glossary of Terms on the Company's web site at www.amtd.com for definitions of
the above metrics.



TD AMERITRADE HOLDING CORPORATION
SELECTED OPERATING DATA
(Unaudited)
                                                             
                            Quarter Ended                    Fiscal Year Ended
                            Sept.      June       Sept.      Sept.      Sept.
                            30,        30,       30,        30,        30,
                            2012       2012       2011       2012       2011
Net Interest Revenue:
Segregated cash:
Average balance (in         $3.7       $4.0       $2.9       $4.4       $3.0
billions)
Average annualized          0.14%      0.10%      0.01%      0.08%      0.07%
yield
Interest revenue (in        $1         $1         $0         $4         $2
millions)
                                                                        
Client margin balances:
Average balance (in         $8.4       $8.7       $8.5       $8.2       $8.8
billions)
Average annualized          4.04%      4.13%      4.35%      4.13%      4.39%
yield
Interest revenue (in        $87        $91        $94        $345       $390
millions)
                                                                        
Securities
borrowing/lending
Average securities
borrowing balance (in       $1.0       $0.9       $0.6       $0.8       $0.8
billions)
Average securities
lending balance (in         $2.0       $2.3       $1.8       $2.0       $1.9
billions)
                                                                        
Interest revenue (in        $29        $28        $30        $106       $104
millions)
Interest expense (in        (1)        (2)        (1)        (5)        (3)
millions)
Net interest revenue -
securities                  $28        $26        $29        $101       $101
borrowing/lending (in
millions)
                                                                        
Other cash and
interest-earning
investments:
Average balance (in         $1.7       $1.6       $1.5       $1.5       $1.2
billions)
Average annualized          0.07%      0.06%      0.10%      0.09%      0.10%
yield
Interest revenue - net      $0         $0         $1         $1         $1
(in millions)
                                                                        
Client credit balances:
Average balance (in         $8.7       $9.1       $8.3       $9.2       $8.4
billions)
Average annualized cost     0.01%      0.01%      0.02%      0.01%      0.02%
Interest expense (in        ($0)       ($0)       ($0)       ($1)       ($2)
millions)
                                                                        
Average
interest-earning assets     $14.8      $15.2      $13.5      $14.9      $13.8
(in billions)
Average annualized          3.06%      3.08%      3.57%      2.97%      3.52%
yield
Net interest revenue        $116       $118       $124       $450       $492
(in millions)
                                                                        
NOTE: See Glossary of Terms on the Company's web site at www.amtd.com for
definitions of the above metrics.



TD AMERITRADE HOLDING CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
In millions, except percentages
(Unaudited)
                                                                                                                                    
                          Quarter Ended                                                                         Fiscal Year Ended
                          Sept. 30, 2012                June 30, 2012                 Sept. 30, 2011            Sept. 30, 2012             Sept. 30, 2011
                          $              % of Net      $             % of Net        $            % of Net     $             % of Net     $             % of Net
                                         Rev.                         Rev.                         Rev.                       Rev.                       Rev.
EBITDA (1)
EBITDA                    $ 274            42.5  %      $ 295           44.3   %      $ 312        44.3  %      $ 1,098       41.6  %      $ 1,213       43.9  %
Less:
        Depreciation
        and                 (19    )       (3.0  %)       (18   )       (2.7   %)       (17    )   (2.4  %)       (72   )     (2.7  %)       (67   )     (2.4  %)
        amortization
        Amortization
        of acquired         (23    )       (3.5  %)       (23   )       (3.4   %)       (24    )   (3.5  %)       (92   )     (3.5  %)       (97   )     (3.5  %)
        intangible
        assets
        Interest on         (7     )       (1.1  %)       (7    )       (1.1   %)       (7     )   (1.0  %)       (28   )     (1.1  %)       (32   )     (1.2  %)
        borrowings
        Provision for      (82    )       (12.7 %)      (93   )       (14.0  %)      (100   )   (14.2 %)      (320  )     (12.1 %)      (379  )     (13.7 %)
        income taxes
Net income                $ 143           22.2  %      $ 154          23.1   %      $ 164       23.3  %      $ 586        22.2  %      $ 638        23.1  %
                                                                                                                                                         
                          As of
                          Sept. 30,      June 30,       Mar. 31,      Dec. 31,        Sept. 30,
                          2012           2012           2012          2011            2011
Liquid Assets -
Management Target (2)
Liquid assets -           $ 1,054        $ 993          $ 917         $ 918           $ 852
management target
        Broker-dealer
Plus:   cash and cash       406            387            507           444             656
        equivalents
        Trust company
        cash and cash       95             74             75            62              109
        equivalents
        Investment
        advisory cash       11             25             18            11              7
        and cash
        equivalents
                                                                                                                                                         
        Corporate
Less:   short-term          (150   )       (126  )        (50   )       -               -
        investments
        Excess
        broker-dealer      (501   )      (443  )       (441  )      (517   )       (592   )
        regulatory
        net capital
Cash and cash             $ 915         $ 910         $ 1,026      $ 918          $ 1,032  
equivalents
                                                                                                                                                         
                          As of
                          Sept. 30,      June 30,       Mar. 31,      Dec. 31,        Sept. 30,
                          2012           2012           2012          2011            2011
Liquid Assets -
Regulatory Threshold
(2)
Liquid assets -           $ 1,611        $ 1,554        $ 1,485       $ 1,422         $ 1,408
regulatory threshold
        Broker-dealer
Plus:   cash and cash       406            387            507           444             656
        equivalents
        Trust company
        cash and cash       95             74             75            62              109
        equivalents
        Investment
        advisory cash       11             25             18            11              7
        and cash
        equivalents
                                                                                                                                                         
        Corporate
Less:   short-term          (150   )       (126  )        (50   )       -               -
        investments
        Excess trust
        company Tier        (10    )       (10   )        (10   )       (9     )        (9     )
        1 capital
        Excess
        broker-dealer      (1,048 )      (994  )       (999  )      (1,012 )       (1,139 )
        regulatory
        net capital
Cash and cash             $ 915         $ 910         $ 1,026      $ 918          $ 1,032  
equivalents

Note: The term "GAAP" in the following explanation refers to generally
accepted accounting principles in the United States.
    
      EBITDA (earnings before interest, taxes, depreciation and amortization)
      is considered a non-GAAP financial measure as defined by SEC Regulation
      G. We consider EBITDA an important measure of our financial performance
      and of our ability to generate cash flows to service debt, fund capital
      expenditures and fund other corporate investing and financing
(1)   activities. EBITDA is used as the denominator in the consolidated
      leverage ratio calculation for covenant purposes under our holding
      company's senior revolving credit facility. EBITDA eliminates the
      non-cash effect of tangible asset depreciation and amortization and
      intangible asset amortization. EBITDA should be considered in addition
      to, rather than as a substitute for, pre-tax income, net income and cash
      flows from operating activities.
      
      Our liquid assets metrics are considered non-GAAP financial measures as
      defined by SEC Regulation G. We include the excess capital of our
      broker-dealer and trust company subsidiaries in the calculation of our
      liquid assets metrics, rather than simply including broker-dealer and
      trust company cash and cash equivalents, because capital requirements
      may limit the amount of cash available for dividend from the
(2)   broker-dealer and trust company subsidiaries to the parent company.
      Excess capital, as defined below, is generally available for dividend
      from the broker-dealer and trust company subsidiaries to the parent
      company. We consider our liquid assets metrics to be important measures
      of our liquidity and of our ability to fund corporate investing and
      financing activities. The liquid assets metrics should be considered as
      supplemental measures of liquidity, rather than as substitutes for cash
      and cash equivalents.
      
      We define "liquid assets - management target" as the sum of (a)
      corporate cash and cash equivalents, (b) corporate short-term
      investments and (c) regulatory net capital of (i) our clearing
      broker-dealer subsidiary in excess of 10% of aggregate debit items and
      (ii) our introducing broker-dealer subsidiaries in excess of a minimum
      operational target established by management ($50 million in the case of
      our primary introducing broker-dealer, TD Ameritrade, Inc.). “Liquid
      assets – management target” is based on more conservative measures of
      broker-dealer net capital than “liquid assets – regulatory threshold”
      (defined below) because we prefer to maintain significantly more
      conservative levels of net capital at the broker-dealer subsidiaries
      than the regulatory thresholds require. We consider "liquid assets -
      management target" to be a measure that reflects our liquidity that
      would be readily available for corporate investing or financing
      activities under normal operating circumstances.
      
      We define "liquid assets - regulatory threshold" as the sum of (a)
      corporate cash and cash equivalents, (b) corporate short-term
      investments, (c) regulatory net capital of (i) our clearing
      broker-dealer subsidiary in excess of 5% of aggregate debit items and
      (ii) our introducing broker-dealer subsidiaries in excess of the
      applicable "early warning" net capital requirement and (d) Tier 1
      capital of our trust company in excess of the minimum dollar
      requirement. We consider "liquid assets - regulatory threshold" to be a
      measure that reflects our liquidity that would be available for
      corporate investing or financing activities under unusual operating
      circumstances, such as the need to provide funding for significant
      strategic business transactions.

Contact:

TD Ameritrade Holding Corporation
Kim Hillyer, 402-574-6523
Director, Communications
kim.hillyer@tdameritrade.com
or
Jeff Goeser, 402-597-8464
Director, Investor Relations and Finance
jeffrey.goeser@tdameritrade.com
 
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