J Thompson Named Chairman

RNS Number:4509F
Toronto-Dominion Bank
20 December 2002


   John Thompson Named Chairman and Lead Director of TD Bank Financial Group


Toronto - TD Bank Financial Group today confirmed that W. Edmund Clark has
assumed the office of Chief Executive Officer and that A. Charles Baillie will
continue as Chairman of the Board of The Toronto-Dominion Bank until the end of
the annual general meeting in April 2003.

The Board of Directors announced that it is intended that John M. Thompson will
assume the role of Lead Director following the annual general meeting,
succeeding Marshall A. Cohen. Mr. Cohen has served as the Lead Director for the
maximum term of five years and will remain with the Board of Directors. Mr.
Thompson will also take on the title of Chairman of the Board.

"In the current environment of evolving corporate governance, the Board felt it
best to separate the roles of Chairman and CEO," said Cohen. "The Board remains
committed to ensuring good corporate governance and will periodically assess the
need for separating the two roles."

Mr. Thompson has served on TDBFG's Board of Directors since 1988 and chairs the
Management Resources Committee. Mr. Thompson recently retired as Vice Chair of
the Board of Directors of IBM Corporation.

"I am delighted to accept the challenge of the Chairman's office and look
forward to working with Ed and the rest of the management team in helping to
drive shareholder value," said Thompson. "On behalf of the Board, I would like
to thank Mickey Cohen for representing us well in his role as Lead Director."

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 than 4.5 million on-line customers. TD Bank Financial
Group had CDN$278 billion in assets, as at October 31, 2002. The
Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under
the symbol "TD".

                                      -30-


For media inquiries:     Dianne Salt

                         TD Bank Financial Group

                         (416) 308-6807



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