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2019Annual Report “Through Clients’ Eyes” Means That We Constantly Strive to Make Decisions That Best Serve Our Clients

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2019Annual Report “Through Clients’ Eyes” Means That We Constantly Strive to Make Decisions That Best Serve Our Clients 2019Annual Report “Through Clients’ Eyes” means that we constantly strive to make decisions that best serve our clients. The Charles Schwab Corporation (NYSE: SCHW) is an investing services firm with a history of innovating and advocating for individual investors and the advisors and institutions who serve them. In addition to historical information, this Annual Report to Stockholders contains “forward-looking statements,” which are identified by words such as “believe,” “expect,” “will,” “may,” “would,” “could,” “should,” “growth,” “build,” “deliver,” “continue,” “remain,” “can,” “drive,” “potential,” “lead,” “position,” “target,” “record,” “investment,” “opportunity,” “objective,” “ensure,” “ongoing,” “are,” “aim,” “anticipate,” “maintain,” “commitment,” “project,” and other similar expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward- looking statements, which reflect management’s beliefs, objectives, and expectations as of the date hereof, are estimates based on the best judgment of the company’s senior management. These statements relate to, among other things: stockholder value and rewards; growth in the company’s client base, accounts, assets, revenues, earnings and profits; investments to fuel and support growth, serve clients, and drive scale and efficiency; operating efficiency; the acquisition of certain assets of USAA’s Investment Management Company, including the related referral agreement, costs, and timing of closing; and the acquisition of TD Ameritrade, including the timing of closing and integration (See “Letter from the Chief Executive Officer” and “Letter from the Chief Financial Officer”); disruptive actions (See “Letter from the Chief Executive Officer”); target dividend payout ratio; expense growth; 2020 outlook assumptions and financial expectations; client cash trends; balance sheet growth; profit margin; operating leverage; Tier 1 Leverage Ratio operating objective; and share repurchases (See “Letter from the Chief Financial Officer”). Achievement of the expressed beliefs, objectives, and expectations described in these statements is subject to risks and uncertainties that could cause actual results to differ materially from the expressed beliefs, objectives, and expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of March 4, 2020 (or such earlier date as may be specified herein). See “Forward-Looking Statements” in Management’s Discussion and Analysis of Financial Condition and Results of Operations on page 25 in the Form 10-K for a discussion of important factors that may cause such differences. Important Information About the TD Ameritrade Transaction and Where to Find it This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed transaction between The Charles Schwab Corporation (“Schwab”) and TD Ameritrade Holding Corporation (“TD Ameritrade”), Schwab and TD Ameritrade have filed relevant materials with the Securities and Exchange Commission (the “SEC”), including a Schwab registration statement on Form S-4 that includes a joint proxy statement of Schwab and TD Ameritrade that also constitutes a prospectus of Schwab, and a definitive joint proxy statement/prospectus will be mailed to stockholders of Schwab and TD Ameritrade. INVESTORS AND SECURITY HOLDERS OF SCHWAB AND TD AMERITRADE ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the registration statement and the joint proxy statement/prospectus (when available) and other documents filed with the SEC by Schwab or TD Ameritrade through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of Schwab by email, telephone or mail: [email protected], (415) 667-7000, or 211 Main Street, San Francisco, CA 94105 Attention: Investor Relations; or TD Ameritrade by telephone or mail to (800) 669-3900 or 200 South 108th Avenue, Omaha, Nebraska 68154 Attention: Investor Relations. Schwab, TD Ameritrade, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding the directors and executive officers of Schwab, and their direct or indirect interests in the transaction, by security holdings or otherwise, is contained in Schwab’s Form 10-K for the year ended December 31, 2019, its definitive proxy statement relating to its 2020 Annual Meeting of Stockholders filed with the SEC, and other documents subsequently filed by Schwab with the SEC. Information regarding the directors and executive officers of TD Ameritrade, and their direct or indirect interests in the transaction, by security holdings or otherwise, is contained in TD Ameritrade’s Form 10-K and Form 10-K/A for the year ended September 30, 2019, and other documents subsequently filed by TD Ameritrade with the SEC. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/ prospectus and other relevant materials to be filed with the SEC when they become available. “Through Clients’ Eyes” Principles that drive our actions for growth Trust is everything. Earned over time. Lost in an instant. We will focus on anything we do or don’t do that builds or undermines trust and our relationship with clients. Price matters. More than ever. And in our industry more than most. We will leverage our scale to deliver industry- leading pricing without prospects or clients having to ask or negotiate. Clients deserve efficient experiences. Every time. We will respect our clients’ time by ensuring that every interaction a client has with us is simple and easy. Every prospective or existing client is critical to our future growth. No matter how large or small. We will value and delight them at each possible opportunity. Actions matter more than words. Clients, press, influencers, and employees will give credit to what we do vs. what we say. We will challenge everything we do to ensure it is consistent with what we believe and say about ourselves. Letter from Employer of Letter from Financial Growth in the Chief Choice & Industry the Chief Financial Highlights Client Assets Executive Officer Recognition Officer and Accounts 02 08 10 16 17 Executive Form 10-K Board of Corporate Management Directors Information 18 19 i ii 2 Letter From The Chief Executive Officer Annual Report 2019 A Year of Bold Moves Greetings! It is an honor to craft my twelfth Annual Report letter to you, my fellow stockholders. As always, my goal is for this letter to be clear and straightforward—written with minimal jargon, corporate speak, and trendy buzzwords. The litmus test for my letter is whether it reads as if I were corresponding with a business partner who has been out of touch for the past year. And, as always, please let me know if I’ve achieved this goal. The best way I can define 2019 is to say: ‘Through a series of significant investments, we executed on our strategy—Through Clients’ Eyes! And as a result, our clients and stockholders were rewarded in 2019, and should be rewarded for years to come.’ Although the year was mixed from an environmental standpoint—with strong equity markets (the S&P 500® returned 29% excluding dividends) yet rapidly falling interest rates—your company took bold steps designed to serve more clients, enhance our scale, and deliver quality returns to long-term stockholders. And the emphasis here is on the “Our strategic moves are long term. Even as we continued to focus on the long term in 2019, our stockholders were rewarded as our stock price typically made with planning grew from $41.53 to $47.56, and stockholder returns were further boosted by our regular dividend payments. horizons stretching for years— Our strategic moves are typically made with planning horizons and oftentimes even decades.” stretching for years—and oftentimes even decades. And the planning that goes into these moves typically occurs over Walt Bettinger similar time horizons. This long-term orientation has served President and Chief Executive Officer us well and continues to be a defining hallmark of Schwab. Value of Schwab Stock and S&P 500® Index S 00® SCHW 0 ,00 $45 ,200 0 ,000 S 00 ® SCHW $35 2,800 0 2,600 2 2,00 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sept-19 Oct-19 Nov-19 Dec-19 Annual Report 2019 Letter From The Chief Executive Officer 3 Schwab’s “Virtuous Cycle” $400M* in Annualized th hallenge e status C quo Cost Savings benefit inve to stors for Clients , s w t … I n o it n t h v e e s m m n s t t o o o $211.7B s i 5% t r e r e v c s a n o r Core Net New Assets i e Expense Growth d f r w n t e h t u a f e a r i d e h r r c a u i G $4.04T s s h s w Delivering strong e Client Assets t s business momentum 19% O u t $10.7B s Return on Equity ta t n n d te Revenue v in is a g s … lu s n s, e t co t , oc o ul 9% a kh g t s nd ol in re 45.2% .. de ead ial Earnings Per Share .
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