TD AMERITRADE EPS Up 35 Percent

* Reuters is not responsible for the content in this press release.

Thu Apr 17, 2008 7:30am EDT

Strong Balance Sheet, Client Engagement and Asset Gathering
                        Traction Drive Results

                    Fiscal 2008 Outlook Reaffirmed

                     Net New Assets Up 156 Percent
OMAHA, Neb.--(Business Wire)--
In a market environment where some of the major market indices
have fallen six percent or more in the last 12 months, TD AMERITRADE
Holding Corporation (NASDAQ: AMTD) continues to deliver solid
financial results. The Company today announced the results of its
second fiscal quarter, which closed Mar. 31, 2008 and includes
earnings per diluted share of $0.31, up 35 percent over the same
period a year ago.

   The Company measures growth in the following ways:

   Growth Indicators (year-over-year comparisons): (1)

   --  Spread-based asset balances of approximately $31 billion, an
        increase of seven percent

   --  Record fee-based balances of approximately $71 billion, an
        increase of 47 percent

   --  Average client trades per day of approximately 312,000, an
        increase of 23 percent

   --  Net new assets of approximately $7 billion, an increase of 156
        percent, and $16 billion fiscal year-to-date

   "We are pleased to see continued client engagement and traction in
client asset growth, given the difficult market environment," said Joe
Moglia, chief executive officer. "The investments we have made over
the last year are enhancing our asset gathering capabilities and
producing results. We're helping more of our clients become
diversified and disciplined with the tools, guidance and service they
need to make educated investment decisions in these markets."

   Financial Indicators:(1)

   --  Net revenues of $623 million, 60 percent of which were
        asset-based

   --  Pre-tax income of $300 million, or 48 percent of net revenues

   --  Net income of $187 million, or $0.31 per diluted share

   --  EBITDA of $344 million, or 55 percent(2)

   --  Annualized return on average stockholders' equity of 30
        percent for the quarter

   --  Client assets of approximately $306 billion, including $50
        billion in client cash and money market funds

   "We continue to deliver solid growth and profitability, evidenced
by the strength we've demonstrated in each of our key financial
performance areas," said Bill Gerber, chief financial officer. "Our
balance sheet and cash generation abilities position us well for this
type of environment. Continued conservative fiscal management and
prudent internal investment decisions will help our growth continue in
the second half of 2008."

   Guidance Reaffirmed

   The Company is reaffirming its 2008 Outlook with an earnings per
share midpoint forecast of $1.32. More information is available via
the Company's Outlook Statement, which is posted on www.amtd.com.

   Business Highlights

   TD AMERITRADE clients continue to ask for more objective guidance
and easy-to-use investment tools to help them navigate complex,
dynamic markets. Following are just a few of the Company's latest
additions:

   For Retail Clients:

   --  Bond Ladder - a complement to the Company's Bond Wizard tool.
        As more investors turn to fixed income instruments to
        diversify their portfolios and mitigate risk during volatile
        market conditions, a bond ladder, containing an assortment of
        bonds that mature at regular intervals, can help provide
        protection against interest rate changes and potentially help
        provide a reliable income stream. Clients can build their own
        ladder by searching for and selecting individual bonds and CDs
        using Bond Wizard, or they can select from a list of
        pre-packaged ladders.(3)

   --  The "Easy IRA" - a three-step process that combines the
        personalized analysis of WealthRulerTM with the objective
        guidance of third-party research to help investors open a
        maintenance fee-free IRA account in 15 minutes or less.

   --  The "Seminar Series" - a free educational opportunity for
        investors and traders of all experience levels to gain
        professional insight and develop investment strategies has
        expanded its line-up from 50 to 200 stops across the United
        States this year. The next events are scheduled for Monday,
        April 21, 2008, in San Diego, CA, and Troy, MI.

   For Institutional Clients:

   --  TD AMERITRADE Institutional became one of the first custodians
        to formally commit to supporting the RIA industry, helping to
        publicize the fiduciary standard to which advisors are held.

   --  iRebal - Advisor rebalancing software provided by TD
        AMERITRADE, has a new tiered pricing structure that makes
        sophisticated across-account rebalancing even more accessible
        for high-end RIAs and their clients.(4)

   --  FundQuest - a new alliance that expands TD AMERITRADE's
        managed account offering, enabling advisors to develop
        client-specific recommendations for individual investors.

   In addition, Tom Bradley, president of TD AMERITRADE
Institutional, was named "Visionary of the Year" by Texas Tech
University for his work in support of publicizing the fiduciary duty
of RIAs to act in the best interest of their clients, as compared to
broker obligations, and the continued need for disclosure of conflicts
of interest.

   Company Hosts Conference Call

   TD AMERITRADE will host its March Quarter conference call this
morning, Apr. 17, 2008, at 7:30 a.m. CT. Participants may listen to
the call by dialing 877-397-0298. The Company will Webcast the call at
www.amtd.com, and a replay of the call will be available by dialing
888-203-1112 and the passcode, 5743466. A podcast and an archived
version of the presentation, including the materials discussed, will
also be available following the call at www.amtd.com.

   AMTD-E

   About TD AMERITRADE Holding Corporation

   TD AMERITRADE Holding Corporation, through its brokerage
subsidiaries,(5) provides a dynamic balance of investment products and
services that make it the investment firm of choice for millions of
retail investor and independent registered investment advisor (RIA)
clients. Listed by Forbes as one of America's best big companies, the
Company offers a full spectrum of investment services, including a
leading active trader program, intuitive long-term investment
solutions and a national branch system, as well as relationships with
one of the largest independent RIA networks.(6) The Company's common
stock trades under the ticker symbol AMTD. For more information,
please visit www.amtd.com.

   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, and future operations 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 general economic and political conditions, interest rates,
market fluctuations and changes in client trading activity, increased
competition, systems failures and capacity constraints, ability to
service debt obligations, 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. 26, 2007 and the
latest Quarterly Report on Form 10-Q, filed with the SEC on Feb. 8,
2008. 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.

   (1) Results include assets acquired through the Company's purchase
of a portion of Fiserv, Inc.'s investment support services business on
Feb. 4, 2008, which added approximately $25 billion in total client
assets, $1.2 billion of which were spread-based assets and $17.2
billion of which were fee-based investment balances. Spread-based
asset balances include revenues earned from client margin balances,
segregated cash, the TD Bank USA, N.A. Money Market Deposit Account
(FDIC-Insured) balances, deposits paid on securities borrowing and
other free cash and short-term investment balances. Fee-based assets
include revenues earned from money market funds, mutual funds,
Amerivest and AdvisorDirect. Net new assets consists of total client
asset inflows, less total client asset outflows. Client asset inflows
include interest and dividend payments and exclude changes in client
assets due to market fluctuations. Net new assets are measured based
on the market value of the assets as of the date of the inflows and
outflows.

   (2) See attached reconciliation of non-GAAP financial measures.

   (3) Investments in fixed income products are subject to liquidity
(or market) risk, interest rate risk (bonds ordinarily decline in
price when interest rates rise and rise in price when interest rates
fall), financial (or credit) risk, inflation (or purchasing power)
risk and special tax liabilities.

   (4) iRebal products and services are property of ThinkTech, Inc.,
an affiliate of TD AMERITRADE, Inc.

   (5) TD AMERITRADE, Inc., member FINRA (www.FINRA.org) /SIPC
(www.SIPC.org), receives clearing and custodial services from TD
AMERITRADE Clearing, Inc., member FINRA/SIPC. TD Bank USA, N.A. and TD
AMERITRADE are affiliated through their parent companies. Amerivest is
an investment advisory service of Amerivest Investment Management,
LLC, an SEC registered investment advisor. TD AMERITRADE, Inc., TD
AMERITRADE Clearing, Inc. and Amerivest Investment Management, LLC are
subsidiaries of TD AMERITRADE Holding Corporation. AdvisorDirect
connects a prospective client with an independent financial advisor.

   (6) More info on the Forbes award is available at
www.forbes.com/platinum.

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                  TD AMERITRADE HOLDING CORPORATION
                  CONSOLIDATED STATEMENTS OF INCOME
                In thousands, except per share amounts
                             (Unaudited)


                                                Quarter Ended
                                       -------------------------------
                                       Mar. 31,  Dec. 31,   Mar. 31,
                                          2008      2007       2007
                                       --------- ---------- ----------
Revenues:
  Transaction-based revenues:
    Commissions and transaction fees   $244,887  $ 260,269  $ 195,257

  Asset-based revenues:
Interest revenue                        210,833    250,210    250,783
    Brokerage interest expense          (72,956)  (101,119)  (113,720)
                                       --------- ---------- ----------
    Net interest revenue                137,877    149,091    137,063

    Money market deposit account fees   156,085    155,840    129,774
    Investment product fees              77,685     68,005     55,825
                                       --------- ---------- ----------
      Total asset-based revenues        371,647    372,936    322,662

  Other revenues                          6,353      8,411      6,843
                                       --------- ---------- ----------

    Net revenues                        622,887    641,616    524,762
                                       --------- ---------- ----------

Expenses:
  Employee compensation and benefits    132,113    106,015    108,615

  Fair value adjustments of
   compensation-related derivative
   instruments                                -        764        136
  Clearing and execution costs            9,372     12,066     22,058
  Communications                         17,429     17,524     24,686
  Occupancy and equipment costs          25,220     25,008     17,521
  Depreciation and amortization           8,887      7,695      6,132
  Amortization of acquired intangible
   assets                                14,749     13,723     13,446
  Professional services                  28,580     19,282     21,642
  Interest on borrowings                 20,604     25,726     30,033
  Other                                  18,669     12,370     13,065
  Advertising                            47,310     45,456     42,800
                                       --------- ---------- ----------
Total expenses                          322,933    285,629    300,134
                                       --------- ---------- ----------

Income before other income and income
 taxes                                  299,954    355,987    224,628

Other income:
  Gain on sale of investments                 -        644      5,102
                                       --------- ---------- ----------

Pre-tax income                          299,954    356,631    229,730

Provision for income taxes              113,238    115,792     88,591
                                       --------- ---------- ----------

Net income                             $186,716  $ 240,839  $ 141,139
                                       ========= ========== ==========

Basic earnings per share               $   0.31  $    0.40  $    0.24
Diluted earnings per share             $   0.31  $    0.40  $    0.23

Weighted average shares outstanding -
 basic                                  594,339    594,915    598,828
Weighted average shares outstanding -
 diluted                                603,470    604,388    608,743


                                                  Six Months Ended
                                               -----------------------
                                                Mar. 31,    Mar. 31,
                                                  2008        2007
                                               ----------- -----------
Revenues:
  Transaction-based revenues:
    Commissions and transaction fees           $  505,156  $  388,887

  Asset-based revenues:
Interest revenue                                  461,043     493,632
    Brokerage interest expense                   (174,075)   (218,006)
                                               ----------- -----------
    Net interest revenue                          286,968     275,626

    Money market deposit account fees             311,925     265,055
    Investment product fees                       145,690     109,152
                                               ----------- -----------
      Total asset-based revenues                  744,583     649,833

  Other revenues                                   14,764      21,218
                                               ----------- -----------

    Net revenues                                1,264,503   1,059,938
                                               ----------- -----------

Expenses:
  Employee compensation and benefits              238,128     206,745

  Fair value adjustments of compensation-
   related derivative instruments                     764        (478)
  Clearing and execution costs                     21,438      42,894
  Communications                                   34,953      46,755
  Occupancy and equipment costs                    50,228      42,372
  Depreciation and amortization                    16,582      13,163
  Amortization of acquired intangible assets       28,472      27,270
  Professional services                            47,862      46,734
  Interest on borrowings                           46,330      61,150
  Other                                            31,039      27,873
  Advertising                                      92,766      82,076
                                               ----------- -----------
Total expenses                                    608,562     596,554
                                               ----------- -----------

Income before other income and income taxes       655,941     463,384

Other income:
  Gain on sale of investments                         644       5,716
                                               ----------- -----------

Pre-tax income                                    656,585     469,100

Provision for income taxes                        229,030     182,329
                                               ----------- -----------

Net income                                     $  427,555  $  286,771
                                               =========== ===========

Basic earnings per share                       $     0.72  $     0.48
Diluted earnings per share                     $     0.71  $     0.47

Weighted average shares outstanding - basic       594,629     600,963
Weighted average shares outstanding - diluted     603,932     610,950


Note: Certain revenue reclassifications have been made to prior
 periods to conform to the current presentation.
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                  TD AMERITRADE HOLDING CORPORATION
                CONDENSED CONSOLIDATED BALANCE SHEETS
                             In thousands
                             (Unaudited)

                                          Mar. 31, 2008 Sept. 30, 2007
                                          ------------- --------------
Assets:
  Cash and cash equivalents                 $ 1,769,383    $   413,787
  Short-term investments                              -         76,800
  Broker/dealer receivables                   5,033,380      6,749,588
  Client receivables                          7,529,312      7,727,969
  Goodwill and intangible assets              2,987,572      2,771,297
  Other                                         414,988        352,886
                                          ------------- --------------
    Total assets                            $17,734,635    $18,092,327
                                          ============= ==============

Liabilities and stockholders' equity:

Liabilities:
  Broker/dealer payables                    $ 6,644,044    $ 8,386,988
  Client payables                             6,331,727      5,313,576
  Long-term debt                              1,462,750      1,478,375
  Other                                         743,502        758,467
                                          ------------- --------------
    Total liabilities                        15,182,023     15,937,406

Stockholders' equity                          2,552,612      2,154,921
                                          ------------- --------------

    Total liabilities and stockholders'
     equity                                 $17,734,635    $18,092,327
                                          ============= ==============
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                  TD AMERITRADE HOLDING CORPORATION
                       SELECTED OPERATING DATA


                                           Quarter Ended
                             -----------------------------------------
                             Mar. 31, 2008 Dec. 31, 2007 Mar. 31, 2007
                             -----------------------------------------

 Trading Activity Metrics:
----------------------------
Total trades (in millions)           19.0         20.3          15.5
Average commissions and
 transaction fees per trade    $    12.86   $    12.84    $    12.62
Average client trades per
 day                              312,234      321,736       253,631
Average client trades per
 account (annualized)                11.9         12.6          10.1
Activity rate                         4.7%         5.0%          4.0%
Trading days                         61.0         63.0          61.0

    Net Interest Margin:
----------------------------
Average interest-earning
 assets (in billions)          $     15.7   $     15.6    $     14.4
Average money market deposit
 account balances (in
 billions)                           15.5         15.3          14.8
                             ------------- ---------------------------
  Average spread-based
   balance (in billions)       $     31.2   $     30.9    $     29.2
                             ============= ============= =============

Net interest revenue (in
 millions)                     $    137.9   $    149.1    $    137.1
Money market deposit account
 fee revenue (in millions)          156.1        155.8         129.8
                             ------------- ------------- -------------
  Spread-based revenue (in
   millions)                   $    294.0   $    304.9    $    266.9
                             ============= ============= =============

Net interest margin (NIM)            3.73%        3.86%         3.66%

   Net Interest Revenue:
----------------------------
Segregated cash:
----------------------------
  Average balance (in
   billions)                   $      0.0   $      0.0    $      0.4
  Average annualized yield           3.73%        4.23%         5.21%
                             ------------- ------------- -------------
  Interest revenue (in
   millions)                   $      0.2   $      0.0    $      5.7
                             ------------- ------------- -------------

Client margin balances:
----------------------------
  Average balance (in
   billions)                   $      8.1   $      8.5    $      7.6
  Average annualized yield           6.61%        7.43%         8.08%
                             ------------- ------------- -------------
  Interest revenue (in
   millions)                   $    135.8   $    162.1    $    152.4
                             ------------- ------------- -------------

Securities borrowing:
----------------------------
  Average balance (in
   billions)                   $      6.2   $      6.6    $      5.9
  Average annualized yield           3.85%        4.82%         5.81%
                             ------------- ------------- -------------
  Interest revenue (in
   millions)                   $     59.9   $     80.9    $     85.5
                             ------------- ------------- -------------

Other free cash and short-
 term investments
----------------------------
  Average balance (in
   billions)                   $      1.4   $      0.5    $      0.5
  Average annualized yield           3.07%        4.55%         4.88%
                             ------------- ------------- -------------
  Interest revenue - net (in
   millions)                   $     10.4   $      6.8    $      6.8
                             ------------- ------------- -------------

Client credit balances:
----------------------------
  Average balance (in
   billions)                   $      4.4   $      3.6    $      3.3
  Average annualized cost            0.68%        1.04%         1.52%
                             ------------- ------------- -------------
  Interest expense (in
   millions)                        ($7.5)       ($9.6)       ($12.7)
                             ------------- ------------- -------------

Securities lending:
----------------------------
  Average balance (in
   billions)                   $      9.1   $      9.6    $      8.4
  Average annualized cost            2.66%        3.71%         4.82%
                             ------------- ------------- -------------
  Interest expense (in
   millions)                       ($60.9)      ($91.1)      ($100.6)
                             ------------- ------------- -------------

Net interest revenue - total
 (in millions)                 $    137.9   $    149.1    $    137.1
                             ============= ============= =============

 Other Asset-Based Revenue
          Metrics:
----------------------------
Money market deposit account
 fees:
----------------------------
  Average balance (in
   billions)                   $     15.5   $     15.3    $     14.8
  Average annualized yield           3.98%        4.00%         3.52%
  Money market deposit
   account fee revenue (in
   millions)                   $    156.1   $    155.8    $    129.8

Fee-based investment
 balances:
----------------------------
  Average balance (in
   billions)                   $     70.8   $     58.6    $     48.3
  Average annualized yield           0.43%        0.45%         0.46%
  Investment product fee
   revenue (in millions)       $     77.7   $     68.0    $     55.8


 Client Account and Client
       Asset Metrics:
----------------------------
Total accounts (beginning of
 period)                        6,475,000    6,380,000     6,260,000
New accounts opened               214,000      149,000       166,000
Accounts purchased                102,000            -             -
Accounts closed                   (60,000)     (54,000)     (196,000)
                             ------------- ------------- -------------
Total accounts (end of
 period)                        6,731,000    6,475,000     6,230,000
                             ============= ============= =============
Percentage increase
 (decrease) during period               4%           1%           (0%)

Qualified accounts
 (beginning of period)          3,249,000    3,272,000     3,255,000
Qualified accounts (end of
 period)                        3,316,000    3,249,000     3,262,000
Percentage increase
 (decrease) during period               2%          (1%)           0%

Client assets (beginning of
 period, in billions)          $    300.4   $    302.7    $    278.2
Client assets (end of
 period, in billions)          $    306.1   $    300.4    $    282.2
Percentage increase
 (decrease) during period               2%          (1%)           1%

Net new assets (in billions)   $      6.9   $      9.1    $      2.7

                                                Six Months Ended
                                           ---------------------------
                                           Mar. 31, 2008 Mar. 31, 2007
                                          ----------------------------

        Trading Activity Metrics:
------------------------------------------
Total trades (in millions)                         39.3          30.3
Average commissions and transaction fees
 per trade                                   $    12.85    $    12.83
Average client trades per day                   317,062       245,481
Average client trades per account
 (annualized)                                      12.2           9.8
Activity rate                                       4.9%          3.9%
Trading days                                      124.0         123.5

           Net Interest Margin:
------------------------------------------
Average interest-earning assets (in
 billions)                                   $     15.6    $     14.0
Average money market deposit account
 balances (in billions)                            15.4          14.6
                                           ------------- -------------
  Average spread-based balance (in
   billions)                                 $     31.0    $     28.6
                                           ============= =============

Net interest revenue (in millions)           $    287.0    $    275.6
Money market deposit account fee revenue
 (in millions)                                    311.9         265.1
                                           ------------- -------------
  Spread-based revenue (in millions)         $    598.9    $    540.7
                                           ============= =============

Net interest margin (NIM)                          3.80%         3.72%

          Net Interest Revenue:
------------------------------------------
Segregated cash:
------------------------------------------
  Average balance (in billions)              $      0.0    $      0.7
  Average annualized yield                         3.76%         5.18%
                                           ------------- -------------
  Interest revenue (in millions)             $      0.2    $     18.1
                                           ------------- -------------

Client margin balances:
------------------------------------------
  Average balance (in billions)              $      8.3    $      7.4
  Average annualized yield                         7.03%         8.07%
                                           ------------- -------------
  Interest revenue (in millions)             $    297.9    $    303.4
                                           ------------- -------------

Securities borrowing:
------------------------------------------
  Average balance (in billions)              $      6.4    $      5.5
  Average annualized yield                         4.35%         5.72%
                                           ------------- -------------
  Interest revenue (in millions)             $    140.7    $    159.3
                                           ------------- -------------

Other free cash and short-term investments
------------------------------------------
  Average balance (in billions)              $      0.9    $      0.4
  Average annualized yield                         3.53%         5.13%
                                           ------------- -------------
  Interest revenue - net (in millions)       $     17.2    $     12.0
                                           ------------- -------------

Client credit balances:
------------------------------------------
  Average balance (in billions)              $      4.0    $      3.4
  Average annualized cost                          0.85%         1.54%
                                           ------------- -------------
  Interest expense (in millions)                 ($17.1)       ($26.6)
                                           ------------- -------------

Securities lending:
------------------------------------------
  Average balance (in billions)              $      9.3    $      7.9
  Average annualized cost                          3.20%         4.77%
                                           ------------- -------------
  Interest expense (in millions)                ($151.9)      ($190.6)
                                           ------------- -------------

Net interest revenue - total (in millions)   $    287.0    $    275.6
                                           ===========================

    Other Asset-Based Revenue Metrics:
------------------------------------------
Money market deposit account fees:
------------------------------------------
  Average balance (in billions)              $     15.4    $     14.6
  Average annualized yield                         3.99%         3.58%
  Money market deposit account fee revenue
   (in millions)                             $    311.9    $    265.1

Fee-based investment balances:
------------------------------------------
  Average balance (in billions)              $     64.7    $     46.5
  Average annualized yield                         0.44%         0.46%
  Investment product fee revenue (in
   millions)                                 $    145.7    $    109.2


 Client Account and Client Asset Metrics:
------------------------------------------
Total accounts (beginning of period)          6,380,000     6,191,000
New accounts opened                             363,000       275,000
Accounts purchased                              102,000             -
Accounts closed                                (114,000)     (236,000)
                                           ------------- -------------
Total accounts (end of period)                6,731,000     6,230,000
                                           ============= =============
Percentage increase (decrease) during
 period                                               6%            1%

Qualified accounts (beginning of period)      3,272,000     3,242,000
Qualified accounts (end of period)            3,316,000     3,262,000
Percentage increase (decrease) during
 period                                               1%            1%

Client assets (beginning of period, in
 billions)                                   $    302.7    $    261.7
Client assets (end of period, in billions)   $    306.1    $    282.2
Percentage increase (decrease) during
 period                                               1%            8%

Net new assets (in billions)                 $     16.0    $      7.8


NOTE: See Glossary of Terms on the Company's web site at www.amtd.com
 for definitions of the above metrics.
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                  TD AMERITRADE HOLDING CORPORATION
                 RECONCILIATION OF FINANCIAL MEASURES
                   In thousands, except percentages
                             (Unaudited)


                                      Quarter Ended
                    --------------------------------------------------
                     Mar. 31, 2008    Dec. 31, 2007    Mar. 31, 2007
                    ---------------- ---------------- ----------------
                              % of             % of             % of
                        $      Rev.      $      Rev.      $      Rev.
                    --------- ------ --------- ------ --------- ------
    EBITDA (1)
-------------------
EBITDA              $344,194  55.3%  $403,775  62.9%  $279,341  53.2%
Less:
  Depreciation and
   amortization       (8,887) (1.4%)   (7,695) (1.2%)   (6,132) (1.2%)
  Amortization of
   acquired
   intangible
   assets            (14,749) (2.4%)  (13,723) (2.1%)  (13,446) (2.6%)
  Interest on
   borrowings        (20,604) (3.3%)  (25,726) (4.0%)  (30,033) (5.7%)
                    ---------        ---------        ---------
Pre-tax income      $299,954  48.2%  $356,631  55.6%  $229,730  43.8%
                    =========        =========        =========

                                             Six Months Ended
                                     ---------------------------------
                                      Mar. 31, 2008    Mar. 31, 2007
                                     ---------------- ----------------
                                               % of             % of
                                         $      Rev.      $      Rev.
                                     --------- ------ --------- ------
             EBITDA (1)
------------------------------------
EBITDA                               $747,969  59.2%  $570,683  53.8%
Less:
  Depreciation and amortization       (16,582) (1.3%)  (13,163) (1.2%)
  Amortization of acquired
   intangible assets                  (28,472) (2.3%)  (27,270) (2.6%)
  Interest on borrowings              (46,330) (3.7%)  (61,150) (5.8%)
                                     ---------        ---------
Pre-tax income                       $656,585  51.9%  $469,100  44.3%
                                     =========        =========



Note: The term "GAAP" in the following explanation refers to generally
 accepted accounting principles in the United States.
*T

   (1) 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 activities. EBITDA is used as the denominator
in the consolidated leverage ratio calculation for our senior credit
facilities. The consolidated leverage ratio determines the interest
rate margin charged on the senior credit facilities. 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.

TD AMERITRADE
For Media:
Kim Hillyer, 402-827-8654
Manager, Communications
kim.hillyer@tdameritrade.com
or
For Investors:
Tim Nowell, 402-597-8440
Director, Investor Relations
timothy.nowell@tdameritrade.com

Copyright Business Wire 2008
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