Dividend Declaration

RNS Number:4758L
Toronto-Dominion Bank
22 May 2003

                    Thursday, May 22, 2003

                            TD BANK FINANCIAL GROUP

                               DECLARES DIVIDENDS

TORONTO - The Toronto-Dominion Bank today announced that a dividend in an amount
of twenty-eight cents (28c) per fully paid common share in the capital stock of
the Bank has been declared for the quarter ending July 31, 2003, payable on and
after July 31, 2003 to shareholders of record at the close of business on June
19, 2003.

In lieu of cash, holders of TD Bank common shares may choose to reinvest their
dividends in common shares of the Bank in accordance with the Dividend
Reinvestment Plan (the "Plan").

At the option of the Bank, purchases of such shares can be made in the open
market or issued by the Bank from treasury. At this time, the Bank has elected
to issue shares from treasury at a 21/2% discount to the Average Market Price
(as defined in the Plan) until such time as the Bank elects otherwise.

Any registered holder of record wishing to join the Plan can obtain an Enrolment
Form from CIBC Mellon Trust Company (1-800-387-0825) or on the Bank's website,
www.td.com, under Investor Information (Shares and Debt Information). Beneficial
or non-registered holders of TD Bank common shares must contact their financial
institution or broker to participate.

In order to participate in time for this dividend, Enrolment Forms for
registered holders must be in the hands of CIBC Mellon Trust Company at P.O. Box
7010, Adelaide Street Postal Station, Toronto, Ontario, M5C 2W9 before the close
of business on June 18, 2003. Beneficial or non-registered holders must contact
their financial institution or broker for instructions on how to participate in
advance of the above date.

TD Bank also announced that dividends have been declared on the following
Non-cumulative Redeemable Class A First Preferred Shares of the Bank, payable on
and after July 31, 2003 to shareholders of record at the close of business on
July 8, 2003:

  * Series H, in an amount per share of $0.44375;

  * Series I, in an amount per share of $0.01;

  * Series J, in an amount per share of $0.31875;
  * Series M, in an amount per share of $0.29375; and
  * Series N, in an amount per share of $0.2875.


                                     - 30 -

For more information contact:           Kim Japp-Delaney

Shareholder Relations

Legal Department

[phone]

John McNeil

Senior Manager, External Communications

Corporate & Public Affairs

[phone]





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