NEW ISSUE OF TD CATS II

RNS Number:8304C
Toronto-Dominion Bank
22 October 2002

                   TD BANK COMPLETES NEW ISSUE OF TD CATS II

                          THROUGH TD CAPITAL TRUST II

The Toronto-Dominion Bank today announced that TD Capital Trust II, part of the
TD Bank Financial Group, has completed the issue of $350 million of TD Capital
Trust II Securities- Series 2012 - 1 ("TD CaTS II") intended to constitute Tier
1 capital of the Bank under the guidelines governing Innovative Tier 1 capital
issued by the Office of the Superintendent of Financial Institutions (Canada).
The TD CaTS II are priced to yield 6.792 per cent annually. The price of each TD
CaTS II will be $1,000 and the indicated yield will be paid semi-annually in an
amount of $33.96 per TD CaTS II on the last day of June and December.

TD Capital Trust II is an open-end unit trust established under the laws of
Ontario. The assets of the Trust are principally comprised of a deposit note
issued by the Bank.

The issue is part of the Bank's ongoing and proactive management of its Tier 1
capital structure. The underwriters for the transaction were led by TD
Securities.

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 over 20 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 then 4.5 million on-line customers. TD Bank Financial
Group had CDN$309.6 billion in assets, as at July 31, 2002. The Toronto-Dominion
Bank trades on the Toronto and New York Stock Exchanges under the symbol "TD".

For more information, please contact:     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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