TD Bank Announces Redemption of Subordinated Debentures

    TORONTO, July 31 /CNW/ - The Toronto-Dominion Bank (TD) announced today
its intention to redeem on September 5, 2008 (the redemption date), all of its
$1.0 billion of outstanding 4.54% subordinated debentures due September 5,
2013, at a redemption price of 100 per cent of the principal amount. Notice
will be delivered to the debenture holders in accordance with the debenture
conditions. Interest on the debentures will cease to accrue on and after the
redemption date.

    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; 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$503.6 billion in assets as of April 30, 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; Nicholas Petter, Media Relations, (416) 308-1861

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