Offering to raise additional funds to pursue strategic initiatives for the world's second largest discount brokerage business

MONTREAL -- A. Charles Baillie, Chairman and Chief Executive Officer of TD Bank confirmed to shareholders at the Bank's Annual Meeting today that the Bank intends to proceed with a limited public offering of approximately 10% of its global discount brokerage business.

"The proceeds of this offering, as well as a publicly quoted security reflective of the industry, will enhance TD's flexibility to aggressively pursue our clearly defined growth strategy for this business," said Baillie. "This decision should help to ensure the fair market value of TD's global discount brokerage business is realized by TD shareholders."

The proposed name for TD's global discount brokerage business is TD Waterhouse Securities.

Offering to be made in Canada and the U.S.

"While the market in discount brokerage stocks is clearly predominantly in the U.S., we are a Canadian-based company and believe it is important to offer this opportunity to Canadians," said Baillie.

The Bank expects to file a registration statement and preliminary prospectus later in April.

Global customer base of more than 2.3 million

A registration statement relating to these shares has not yet been filed with the Securities and Exchange Commission. The shares may not be sold nor may offers to buy be accepted prior to the time the registration statement, once filed, becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of that jurisdiction.