RNS Number:0652L
Toronto-Dominion Bank
13 May 2003

                    TD Bank to Issue Subordinated Debentures

Toronto, May 13, 2003 - The Toronto-Dominion Bank (TD) today announced that it
intends to issue $900 million principal amount of subordinated debentures
pursuant to its medium term note program. The debentures, to be sold through an
agency syndicate led by TD Securities Inc, are expected to be issued May 20,
2003, and will pay a coupon of 5.69% until June 3, 2013 and the bankers'
acceptance rate plus 1.00% thereafter until maturity on June 3, 2018. TD intends
to file in Canada a prospectus supplement to its June 6, 2001 base shelf
prospectus in respect of this issue.

The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell
securities in the United States.

About TD Bank Financial Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank
Financial Group. In Canada and around the world, TD Bank Financial Group serves
more than 13 million customers in three key businesses: personal and commercial
banking including TD Canada Trust; wealth management including the global
operations of TD Waterhouse; and a leading wholesale bank, TD Securities,
operating in a number of locations in key financial centres around the globe. TD
Bank Financial Group also ranks among the world's leading on-line financial
services firms, with more than 4.5 million on-line customers. TD Bank Financial
Group had CDN$311 billion in assets, as at January 31, 2003. The
Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under
the symbol TD.

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For further information: Peter J. Aust, Vice President, Capital Finance, 
(416)982-8056


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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