TD Bank Financial Group to Issue TD Capital Trust III Securities



    TORONTO, Sept. 9 /CNW/ - The Toronto-Dominion Bank ("TDBFG") announced
today that TD Capital Trust III, a subsidiary of TDBFG, and TDBFG have entered
into an agreement with a syndicate of underwriters led by TD Securities Inc.
for an issue of 1,000,000 TD Capital Trust III Securities - Series 2008 ("TD
CaTS III"). Each TD CaTS III carries a face value of $1,000. The offering will
raise gross proceeds of $1 billion. TD Capital Trust III and TDBFG have filed
a short-form prospectus with the securities regulators in each of the
provinces and territories of Canada with respect to the offering of TD CaTS
III.
    TDBFG anticipates the issuance of TD CaTS III to constitute Tier 1
Capital of TDBFG. The expected closing date is September 17, 2008.
    For the period from the closing date up to and including December 31,
2018, cash distributions are expected to be paid semi-annually on the TD CaTS
III at a yield of 7.243% per year. Subsequent to December 31, 2018, the cash
distributions on each TD CaTS III will reset semi-annually as described in the
short-form prospectus.
    The TD CaTS III have not been and will not be registered under the United
States Securities Act of 1933, as amended, or under any state securities laws,
and may not be offered, sold or delivered, directly or indirectly, in the
United States of America. This press release shall not constitute an offer to
sell or solicit to buy such 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. TD Bank Financial Group is the seventh largest bank
in North America by branches and serves approximately 17 million customers in
four key businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust; Wealth Management, including TD Waterhouse and an investment
in TD Ameritrade; U.S. Personal and Commercial Banking through TD Banknorth
and Commerce Bank (to be known together as TD Bank); and Wholesale Banking,
including TD Securities. TD Bank Financial Group also ranks among the world's
leading on-line financial services firms, with more than 5.5 million on-line
customers. TD Bank Financial Group had CDN$509 billion in assets as of July
31, 2008. The Toronto-Dominion Bank trades on the Toronto and New York Stock
Exchanges under the symbol "TD", as well as on the Tokyo Stock Exchange.





For further information:

For further information: John van Boxmeer, Vice President, Capital
Finance, (416) 308-7309; or Nicholas Petter, Manager, Corporate
Communications, (416) 308-1861


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