CORRECTING and REPLACING TD Ameritrade Delivers Strong Third Quarter on Record Net Revenue

  CORRECTING and REPLACING TD Ameritrade Delivers Strong Third Quarter on
  Record Net Revenue

             Net New Client Assets of $11B, up 11% Year-Over-Year

              Record Net Revenues of $725M, up 9% Year-Over-Year

          Diluted Earnings per Share of $0.33, up 18% Year-Over-Year

CORRECTION...by TD Ameritrade

Business Wire

OMAHA, Neb. -- July 23, 2013

Paragraph under "Company Hosts Conference Call" fourth sentence should read: A
phone replay of the call will be available by dialing 855-859-2056 and
entering the Conference ID 71491981 beginning at 11:30 a.m. EDT (10:30 a.m.
CDT) on July 23, 2013 (sted A phone replay of the call will be available by
dialing 855-859-2056 and entering the Conference ID 22315975 beginning at
11:30 a.m. EDT (10:30 a.m. CDT) on July 23, 2013).

The corrected release reads:

      TD AMERITRADE DELIVERS STRONG THIRD QUARTER ON RECORD NET REVENUE

             Net New Client Assets of $11B, up 11% Year-Over-Year

              Record Net Revenues of $725M, up 9% Year-Over-Year

          Diluted Earnings per Share of $0.33, up 18% Year-Over-Year

TD Ameritrade Holding Corporation (NYSE: AMTD) has released results for the
third quarter of fiscal 2013. The Company ended the quarter with improved
trading activity; record interest rate sensitive assets, record net revenues
and record market fee-based revenue; and diluted earnings per share of 33
cents.

The Company’s results for the quarter ended June 30, 2013 include the
following:^(1)

  *Net income of $184 million, or $0.33 per diluted share
  *Net new client assets of approximately $11 billion, an annualized growth
    rate of 8 percent
  *Average client trades per day of approximately 399,000, an activity rate
    of 6.7 percent^(2)
  *Record net revenues of $725 million, 53 percent of which were asset-based
  *Record market fee-based revenue of $65 million, up 23 percent
    year-over-year
  *Pre-tax income of $298 million, or 41 percent of net revenues
  *EBITDA^(3)of $349 million, or 48 percent of net revenues
  *Record interest rate sensitive assets^(4) of $94 billion, up 19 percent
    year-over-year
  *Client assets of approximately $524 billion

“TD Ameritrade had a strong third quarter in virtually all metrics, as we
continue to execute well against our growth strategy while being disciplined
on expenses,” said Fred Tomczyk, president and chief executive officer. “We
had record interest rate sensitive assets, record net revenues and record
market fee-based revenue during the quarter. We are encouraged by the increase
in the yield curve and the more positive trends we’re seeing in terms of
retail investor sentiment.”

“We are pleased with our performance this quarter,” said Bill Gerber,
executive vice president and chief financial officer. “Earnings per share came
in at 33 cents – the third highest ever and the highest since the June quarter
in 2008. We benefited from the improved trading environment, and we kept our
eyes focused on disciplined expense management and maintaining our strong
balance sheet. We have good momentum, and we’re well positioned as we look
ahead to fiscal 2014.”

Capital Deployment
The Company has declared a $0.09 per share quarterly cash dividend, payable on
August 15, 2013 to all holders of record of common stock as of August 1, 2013.

Notable Items
On July 1, 2013, Knight Capital Group, Inc. (NYSE: KCG) closed its merger with
GETCO Holding Company LLC. As a result, TD Ameritrade expects to record a
pre-tax gain on its investment in Knight of approximately $54 million, or
$0.06 per share. The Company will record this gain in its fourth fiscal
quarter, which ends on Sept. 30, 2013.

Additionally, the Company received a credit rating upgrade from Moody’s
Investors Service on May 14, 2013. The rating agency increased the Company’s
issuer and senior unsecured ratings from Baa1 to A3.

Company Hosts Conference Call
TD Ameritrade will host its June Quarter conference call this morning, July
23, 2013, at 8:30 a.m. EDT (7:30 a.m. CDT). Participants may listen to the
call by dialing 877-881-2595. The Company will also webcast the conference
live at www.amtd.com and will make all accompanying materials available to
participants prior to the call. A phone replay of the call will be available
by dialing 855-859-2056 and entering the Conference ID 71491981 beginning at
11:30 a.m. EDT (10:30 a.m. CDT) on July 23, 2013. This replay will be
available until 11:59 p.m. EDT (10:59 p.m. CDT) on July 30, 2013. 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. The company also
communicates this information via 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 nearly 38 years. An
official sponsor of the 2014 and 2016 U.S. Olympic and Paralympic Teams, TD
Ameritrade has time and again been recognized as a leader in investment
services. Please visit TD Ameritrade’s newsroom or www.amtd.com, or follow
@TDAmeritradePR 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, as
amended, on Form 10-K/A, filed with the SEC on Feb. 4, 2013 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 June 30, 2013.

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                       Nine Months Ended
                     June 30,    Mar. 31,   June 30,     June 30,    June 30,
                     2013        2013       2012         2013        2012
Revenues:
Transaction-based
revenues:
Commissions and      $  321      $ 287      $ 266        $ 865       $ 832
transaction fees
                                                                     
Asset-based
revenues:
Interest revenue        122        116        120          356         339
Brokerage interest     (2   )    (2   )    (2   )      (5    )    (5    )
expense
Net interest            120        114        118          351         334
revenue
                                                                     
Insured deposit         199        200        206          604         621
account fees
Investment product     65       62       54         182       144   
fees
Total asset-based       384        376        378          1,137       1,099
revenues
                                                                     
Other revenues         20       16       23         53        63    
                                                                     
Net revenues           725      679      667        2,055     1,994 
                                                                     
Operating
expenses:
Employee
compensation and        176        178        176          522         524
benefits
Clearing and            30         27         22           81          66
execution costs
Communications          28         29         29           85          83
Occupancy and           42         40         36           121         111
equipment costs
Depreciation and        22         20         18           63          53
amortization
Amortization of
acquired                23         22         23           68          69
intangible assets
Professional            36         33         40           103         129
services
Advertising             56         76         50           184         191
Other                  14       17       19         52        66    
Total operating        427      442      413        1,279     1,292 
expenses
                                                                     
Operating income        298        237        254          776         702
                                                                     
Other expense
(income):
Interest on             6          6          7            19          22
borrowings
Gain on sale of        (6   )    -        -          (8    )    -     
investments
Total other            -        6        7          11        22    
expense (income)
                                                                     
Pre-tax income          298        231        247          765         680
                                                                     
Provision for          114      87       93         291       238   
income taxes
                                                                     
Net income           $  184     $ 144     $ 154       $ 474      $ 442   
                                                                     
Earnings per share   $  0.33     $ 0.26     $ 0.28       $ 0.86      $ 0.81
- basic
Earnings per share   $  0.33     $ 0.26     $ 0.28       $ 0.86      $ 0.80
- diluted
                                                                     
Weighted average
shares outstanding      550        549        548          548         549
- basic
Weighted average
shares outstanding      554        554        553          553         554
- diluted
                                                                     
Dividends declared   $  0.09     $ 0.09     $ 0.06       $ 0.77      $ 0.18
per share
                                                                             


TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
In millions
(Unaudited)
                                                           
                                              June 30, 2013     Sept. 30, 2012
Assets:
Cash and cash equivalents                     $    963          $    915
Short-term investments                             4                 154
Segregated cash and investments                    5,779             4,030
Broker/dealer receivables                          1,064             1,110
Client receivables, net                            8,707             8,647
Goodwill and intangible assets                     3,331             3,399
Other                                             1,335            1,258
                                                                
Total assets                                  $    21,183       $    19,513
                                                                
Liabilities and stockholders' equity:
                                                                
Liabilities:
Broker/dealer payables                        $    2,914        $    1,992
Client payables                                    11,630            10,728
Notes payable                                      95                -
Long-term debt                                     1,053             1,345
Other                                             940              1,023
Total liabilities                                  16,632            15,088
                                                                
Stockholders' equity                              4,551            4,425
                                                                
Total liabilities and stockholders'           $    21,183       $    19,513
equity
                                                                     


TD AMERITRADE HOLDING CORPORATION
SELECTED OPERATING DATA
(Unaudited)
                                                                                  
                       Quarter Ended                                    Nine Months Ended
                       June 30, 2013   Mar. 31, 2013   June 30, 2012    June 30, 2013   June 30, 2012
Key Metrics:
Net new assets (in     $ 10.8          $ 12.9          $ 9.7            $ 39.4          $ 30.7
billions)
Net new asset growth     8         %     11        %     9         %      11        %     11        %
rate (annualized)
Average client           399,216         378,096         355,449          370,874         370,081
trades per day
                                                                                        
Profitability
Metrics:
Operating margin         41.1      %     34.9      %     38.1      %      37.8      %     35.2      %
Pre-tax margin           41.1      %     34.0      %     37.0      %      37.2      %     34.1      %
Return on client         0.23      %     0.18      %     0.22      %      0.20      %     0.21      %
assets (annualized)
Return on average
stockholders' equity     16.4      %     13.2      %     14.3      %      14.3      %     14.0      %
(annualized)
EBITDA^(1) as a
percentage of net        48.1      %     41.1      %     44.2      %      44.5      %     41.3      %
revenues
                                                                                        
Debt and Liquidity
Metrics:
Interest on
borrowings (in         $ 6             $ 6             $ 7              $ 19            $ 22
millions)
Average debt
outstanding (in        $ 1.1           $ 1.2           $ 1.3            $ 1.2           $ 1.3
billions)
Leverage ratio
(average                 0.8             1.1             1.1              1.0             1.1
debt/annualized
EBITDA^(1))
Interest coverage
ratio                    58.2            46.5            42.1             48.2            37.5
(EBITDA^(1)/interest
on borrowings)
Liquid assets -
management             $ 0.7           $ 0.7           $ 1.0            $ 0.7           $ 1.0
target^(1) (in
billions)
Liquid assets -
regulatory             $ 1.3           $ 1.3           $ 1.6            $ 1.3           $ 1.6
threshold^(1) (in
billions)
Cash and cash
equivalents (in        $ 1.0           $ 1.2           $ 0.9            $ 1.0           $ 0.9
billions)
                                                                                        
Transaction-Based
Revenue Metrics:
Total trades (in         25.5            22.7            22.4             68.6            69.4
millions)
Average commissions
and transaction fees   $ 12.57         $ 12.63         $ 11.88          $ 12.60         $ 11.98
per trade^(2)
Average client
trades per funded        16.8            16.0            15.5             15.7            16.3
account (annualized)
Activity rate -          6.7       %     6.5       %     6.2       %      6.3       %     6.5       %
funded accounts
Trading days             64.0            60.0            63.0             185.0           187.5
                                                                                        
Spread-Based Asset
Metrics:
Average
interest-earning       $ 16.1          $ 15.5          $ 15.2           $ 15.5          $ 14.9
assets (in billions)
Average insured
deposit account         68.6          67.1          59.0           66.6          58.7      
balances (in
billions)
Average spread-based
balance (in            $ 84.7         $ 82.6         $ 74.2          $ 82.1         $ 73.6      
billions)
                                                                                        
Net interest revenue   $ 120           $ 114           $ 118            $ 351           $ 334
(in millions)
Insured deposit
account fee revenue     199           200           206            604           621       
(in millions)
Spread-based revenue   $ 319          $ 314          $ 324           $ 955          $ 955       
(in millions)
                                                                                        
Avg. annualized
yield -                  2.95      %     2.95      %     3.08      %      2.97      %     2.94      %
interest-earning
assets
Avg. annualized
yield - insured          1.15      %     1.19      %     1.38      %      1.19      %     1.39      %
deposit account fees
Net interest margin      1.49      %     1.52      %     1.73      %      1.53      %     1.70      %
(NIM)
                                                                                        
Interest days            91              90              91               273             274
                                                                                        
Fee-Based Investment
Metrics:
Money market mutual
fund fees:
Average balance (in    $ 5.1           $ 5.2           $ 4.9            $ 5.1           $ 5.2
billions)
Average annualized      0.00      %    0.01      %    0.09      %     0.02      %    0.07      %
yield
Fee revenue (in        $ 0            $ 0            $ 1             $ 1            $ 3         
millions)
                                                                                        
Market fee-based
investment balances:
Average balance (in    $ 113.0         $ 105.7         $ 83.3           $ 104.5         $ 78.5
billions)
Average annualized      0.23      %    0.23      %    0.25      %     0.23      %    0.24      %
yield
Fee revenue (in        $ 65           $ 62           $ 53            $ 181          $ 141       
millions)
                                                                                        
Average fee-based
investment balances    $ 118.1         $ 110.9         $ 88.2           $ 109.6         $ 83.6
(in billions)
Average annualized      0.22      %    0.22      %    0.24      %     0.22      %    0.23      %
yield
Investment product
fee revenue (in        $ 65           $ 62           $ 54            $ 182          $ 144       
millions)
                                                                                        
Client Account and
Client Asset
Metrics:
New accounts opened      195,000         197,000         171,000          565,000         494,000
                                                                                        
Funded accounts
(beginning of            5,880,000       5,836,000       5,703,000        5,764,000       5,617,000
period)
Funded accounts (end     5,943,000       5,880,000       5,736,000        5,943,000       5,736,000
of period)
Percentage change        1         %     1         %     1         %      3         %     2         %
during period
                                                                                        
Client assets
(beginning of          $ 516.8         $ 480.8         $ 452.4          $ 472.3         $ 378.7
period, in billions)
Client assets (end
of period, in          $ 523.5         $ 516.8         $ 445.0          $ 523.5         $ 445.0
billions)
Percentage change        1         %     7         %     (2        %)     11        %     18        %
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                         Nine Months Ended
                     June 30,      Mar. 31,   June 30,     June 30,   June 30,
                     2013          2013       2012         2013       2012
Net Interest
Revenue:
Segregated cash:
Average balance      $  4.7        $ 4.5      $ 4.0        $ 4.3      $ 4.6
(in billions)
Average annualized     0.11  %     0.13 %    0.10 %      0.13 %    0.07 %
yield
Interest revenue     $  1         $ 1       $ 1         $ 4       $ 2    
(in millions)
                                                                      
Client margin
balances:
Average balance      $  8.6        $ 8.5      $ 8.7        $ 8.6      $ 8.1
(in billions)
Average annualized     3.91  %     3.99 %    4.13 %      3.97 %    4.17 %
yield
Interest revenue     $  85        $ 85      $ 91        $ 259     $ 258  
(in millions)
                                                                      
Securities
borrowing/lending
Average securities
borrowing balance    $  1.2        $ 1.0      $ 0.9        $ 1.0      $ 0.7
(in billions)
Average securities
lending balance      $  2.3        $ 2.2      $ 2.3        $ 2.1      $ 1.9
(in billions)
                                                                      
Interest revenue     $  35         $ 30       $ 28         $ 92       $ 78
(in millions)
Interest expense       (1    )     (2   )    (2   )      (4   )    (4   )
(in millions)
Net interest
revenue -
securities           $  34        $ 28      $ 26        $ 88      $ 74   
borrowing/lending
(in millions)
                                                                      
Other cash and
interest-earning
investments:
Average balance      $  1.6        $ 1.5      $ 1.6        $ 1.6      $ 1.5
(in billions)
Average annualized     0.11  %     0.07 %    0.06 %      0.08 %    0.09 %
yield
Interest revenue -   $  0         $ 0       $ 0         $ 1       $ 1    
net (in millions)
                                                                      
Client credit
balances:
Average balance      $  9.4        $ 9.1      $ 9.1        $ 9.2      $ 9.3
(in billions)
Average annualized     0.01  %     0.01 %    0.01 %      0.01 %    0.01 %
cost
Interest expense       ($0   )     ($0  )    ($0  )      ($1  )    ($1  )
(in millions)
                                                                      
Average
interest-earning     $  16.1       $ 15.5     $ 15.2       $ 15.5     $ 14.9
assets (in
billions)
Average annualized     2.95  %     2.95 %    3.08 %      2.97 %    2.94 %
yield
Net interest
revenue (in          $  120       $ 114     $ 118       $ 351     $ 334  
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
Dollars in millions
(Unaudited)
                                                                                                                 
                Quarter Ended                                                               Nine Months Ended
                June 30, 2013            Mar. 31, 2013             June 30, 2012            June 30, 2013         June 30, 2012
                $           % of Net     $           % of Net      $           % of Net     $          % of Net   $          % of Net
                            Rev.                     Rev.                      Rev.                    Rev.                  Rev.
EBITDA (1)
EBITDA          $ 349         48.1  %    $ 279         41.1   %    $ 295       44.2  %      $ 915      44.5  %    $ 824      41.3  %
Less:
Depreciation
and               (22   )     (3.0  %)     (20   )     (2.9   %)     (18   )   (2.7  %)       (63  )   (3.1  %)     (53  )   (2.7  %)
amortization
Amortization
of acquired       (23   )     (3.2  %)     (22   )     (3.2   %)     (23   )   (3.4  %)       (68  )   (3.3  %)     (69  )   (3.5  %)
intangible
assets
Interest on       (6    )     (0.8  %)     (6    )     (0.9   %)     (7    )   (1.0  %)       (19  )   (0.9  %)     (22  )   (1.1  %)
borrowings
Provision for    (114  )     (15.7 %)    (87   )     (12.8  %)    (93   )   (13.9 %)      (291 )   (14.2 %)    (238 )   (11.9 %)
income taxes
Net income      $ 184        25.4  %    $ 144        21.2   %    $ 154      23.1  %      $ 474     23.1  %    $ 442     22.2  %
                                                                                                                             
                                                                                                                             
                As of
                June 30,    Mar. 31,     Dec. 31,    Sept. 30,     June 30,
                2013        2013         2012        2012          2012
Liquid Assets
- Management
Target (2)
Liquid assets
- management    $ 728       $ 706        $ 774       $ 1,054       $ 993
target
Plus:
Broker-dealer     555         719          841         406           387
cash and cash
equivalents
Trust company
cash and cash     39          84           556         95            74
equivalents
Investment
advisory cash     28          24           15          11            25
and cash
equivalents
                                                                                                                             
Less:
Corporate         -           -            -           (150   )      (126  )
short-term
investments
Excess
broker-dealer    (387  )    (315  )     (334  )    (501   )     (443  )
regulatory
net capital
Cash and cash   $ 963      $ 1,218     $ 1,852    $ 915        $ 910   
equivalents
                                                                                                                             
                                                                                                                             
                June 30,    Mar. 31,     Dec. 31,    Sept. 30,     June 30,
                2013        2013         2012        2012          2012
Liquid Assets
- Regulatory
Threshold (2)
Liquid assets
- regulatory    $ 1,301     $ 1,288      $ 1,337     $ 1,611       $ 1,554
threshold
Plus:
Broker-dealer     555         719          841         406           387
cash and cash
equivalents
Trust company
cash and cash     39          84           556         95            74
equivalents
Investment
advisory cash     28          24           15          11            25
and cash
equivalents
                                                                                                                             
Less:
Corporate         -           -            -           (150   )      (126  )
short-term
investments
Excess trust
company Tier      (8    )     (8    )      (10   )     (10    )      (10   )
1 capital
Excess
broker-dealer    (952  )    (889  )     (887  )    (1,048 )     (994  )
regulatory
net capital
Cash and cash   $ 963      $ 1,218     $ 1,852    $ 915        $ 910   
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 and 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 requirement. We
      consider "liquid assets - regulatory threshold" to be a measure that
      reflects our liquidity that would be available for corporate investing
      and 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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