TD Ameritrade, Inc., member FINRA/SIPC/NFA, is a subsidiary of TD Ameritrade Holding Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2012 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

The Investor Movement IndexSM (IMX) A proprietary index, calculated monthly, that measures the behavior of millions of TD Ameritrade clients and assigns a score that can indicate how the retail investor has positioned himself/herself in the markets.

Captures what investors have actually been doing and lends insight into how bullish, bearish or neutral they may be about the market

Surveys

Studies capturing what a random sample of investors “say” they’re thinking or doing. Studies include quarterly investor sentiment pulses, and TD Ameritrade’s Investor Index series, highlighting trends in retirement planning and demographic shifts in money management.

Captures the emotion behind investors’ behavior

Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.

Q1 Fiscal 2013

3.00

3.50

4.00

4.50

5.00

900

1,000

1,100

1,200

1,300

1,400

1,500

Oct

-11

Dec-

11

Feb-

12

Apr-

12

Jun-

12

Aug-

12

Oct

-12

Dec-

12

IMX

S&P

500

IMX vs. S&P 500 (Last Fri of Month)

SPX (last Fri of Month) IMX

Q1 ‘13 Q4 ‘12 Q3 ‘12 Q2 ‘12 Q1 ‘12

Dec. ’12 Score: 4.94

Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.

For illustrative purposes only. Past performance does not predict future results.

Investors cannot invest directly in an unmanaged index.

Quarterly IMX Trend: up from beginning of Quarter • Scores leveled in November, likely due to number of investors selling/taking

profits in order to avoid possible tax implications following Fiscal Cliff

• In Dec. ‘12, the S&P 500 was well above highs seen in 2011.

• But, the IMX has been slower to recover.

• Client portfolios indicate more cautious allocations than in past

equity market rallies.

• Dec. ‘12 score of 4.94: highest score since January 2011

Client Activity Trends: increased cash allocations over the 6

months ended Dec. 31, 2012 to reduce equity exposure. • However, market forces and specific buying activity were more powerful

than cash movements, causing the IMX to rise.

• Clients in general tended to buy or hold securities with more volatility

relative to the S&P 500, which also helped lead to the IMX higher score.

Most Active Sectors: Technology and Financials

Q1 Fiscal 2013

1,022 investors participated in an online survey conducted by Research Now on behalf of TD Ameritrade Holding Corporation from Jan. 2 – 10, 2013. These findings are examined based on the demographic make-up of respondents. Among those most commonly used:

Trading Activity: 1. Less active investors are those who have placed less than

3 trades in the last 12 months 2. Moderately-active investors are those who have placed 3-

10 trades in the last 12 months 3. Active investors are those who have placed 11 or more

trades in the last 12 months

Generations: 1. Mature investors – those born from 1930 to 1945 2. Boomer investors – those born from 1946 to 1964 3. Gen X investors – those born from 1965 to 1976 4. Gen Y and Z investors – those born from 1977 to 1994

(survey open to ages 18 and older)

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. TD Ameritrade has time and again been recognized as a leader in investment services. Please visit the TD Ameritrade’s newsroom or www.amtd.com for more information. Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org) /SIPC (www.SIPC.org) /NFA (www.nfa.futures.org) About Research Now Research Now is the leading global online sampling and online data collection company. With over 6 million panelists in 38 countries worldwide, Research Now enables companies to listen to and interact with real consumers and business decision makers in order to make key business decisions.

Age influences investor viewpoint As was the case in October ’12 older

and younger investors have different viewpoints on what is most concerning

30% of Matures cited the Deficit as their greatest concern, vs. only 17% of Gen’s X, Y & Z

Younger investors were instead more concerned about the Economy (30%), vs. only 17% of Matures

Boomers were evenly split with their concern for the Economy (26%) and the Deficit (27%)

26% 25%

16% 14% 13%

2%

EconomicIssues

FederalSpending/

Deficit

D.C.Gridlock

GeneralMarket Perf.

PersonalPortfolio

Perf.

EU

“What has the biggest impact on your confidence

in the stock market?”

Investors’ Top Five

9% 9%

24%

17%

Matures Boomers Gen X Gen Y/Z

“Are you monitoring your investments more via

mobile devices?” Investors continue to embrace mobile Mobile has the fastest-growing user

base of any platform available to TD Ameritrade clients, with approximately 2,400 new users each day in the quarter.

Usage trends did not differ depending on whether respondents were TD Ameritrade clients or not. 59% of clients said they were using mobile the same or more today than 6 months ago, vs. 54% of non-client respondents.

Youthful investors trend more optimistic on the economy Gen Y and Z investors more likely to be

optimistic or neutral on the economy, and far less likely to be pessimistic than their older counterparts.

Respondents who were pessimistic about the economy: 1. Matures: 38% 2. Boomers: 26% 3. Gen X: 34% 4. Gen’s Y/Z: 14%

48% 43% 44%

54%

44% 43% 40%

47%

Matures Boomers Gen X Gen Y/Z

Optimistic Outlooks for the U.S. Economy over the

next 3 months Jan '13 Sep '12

It’s a start 46%

It cut too much 2%

The fiscal cliff agreement did little to encourage investors 1 in 5 investors (21%) said they

plan to invest less in the markets as a result of the agreement

1 in 5 investors (22%) said they have a lower tolerance for investment risk as a result of the agreement

Appendix: explaining the IMX

IMX is democratic Each account counts as one vote regardless of portfolio size and the median score is used to calculate the IMX value for the period.

IMX is timely Calculated weekly with each weekly measure aggregated and released monthly.

IMX is thought-provoking Each monthly release will be accompanied by commentary provided by TD Ameritrade to add context.

IMX is highly accessible A web page, housed on the TD Ameritrade public site will include results, commentary, Q&A, and enrollment for email alerts.

www.tdameritrade.com/imx

Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.

Who is included?

Out of our database of 6 million funded investor accounts – we include: All accounts with $2k+ in

assets Who have traded in the last

month.

What is included? Equities Options ETFs Bonds Mutual Funds Cash

What about leverage? The riskier the portfolio posture, the more intensely bullish OR bearish the portfolio is scored. Margin Options Higher BETA stocks Leveraged ETFs

How is it calculated? Each portfolio is assigned a

score Each portfolio counts as one

“vote” IMX is the median of all the

portfolio scores.

Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.