TORONTO -- TD Bank today announced that it would be making a payment in respect of the above Notes, in response to corporate actions announced recently by Deutsche Telekom Aktiengesellschaft ("Deutsche Telekom").

Deutsche Telekom have announced a common share rights offering to shareholders on the basis of one new share for each 9.8 shares held. The offering will be traded as rights on the Frankfurt Stock Exchange and warrants on the New York Stock Exchange from June 10^th until June 21^st. In accordance with the terms of the Notes, the Bank has elected to make a cash payment to holders of Notes equal to the Canadian dollar equivalent of the weighted average trading price of the warrants.

The Bank expects to determine the payment amount per Note and issue further notification on June 23, 1999. The record date for the payment has been set as July 7, 1999 with payment on July 19, 1999.