TD to issue Preferred Shares

RNS Number:7815J
Toronto-Dominion Bank
08 April 2003


TD Bank to Issue Preferred Shares

Toronto, April 7, 2003 - The Toronto-Dominion Bank ("TD") today announced that
it has entered into an agreement with a group of underwriters led by TD
Securities Inc. for an issue of 8 million Non-cumulative Class A First Preferred
Shares, Series N priced at C$25.00 per share to raise gross proceeds of C$200
million.  TD intends to file in Canada a prospectus supplement to its December
12, 2002 base shelf prospectus in respect of this issue.

The Series N preferred shares will yield 4.60 per cent annually and are
redeemable by TD, subject to regulatory consent, at a declining premium after
approximately six years for cash or in exchange for common shares at 95% of the
then market price of the common shares.

The expected closing date for this issue is April 30, 2003. TD previously
announced its redemption of the US$175MM Non-cumulative Class A First Preferred
Shares, Series G (the "Series G shares") on May 1, 2003. Following the closing
of this offering and the redemption of the Series G shares, no material change
in TD's Tier 1 ratio is expected.

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".

-30-

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


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