TD CEO to Exercise Options, Donate Portion to Charity

    TORONTO, Aug. 27 /CNW/ - TD Bank Financial Group (TDBFG or TD) announced
today that Ed Clark, President and CEO, advised of his intention to exercise
up to approximately 390,000 options for TD common shares, which represents 13
percent of his outstanding options. As reported in TD's proxy circular, Mr.
Clark has a share ownership requirement of 10 times his base salary, which he
exceeds by a wide margin. Mr. Clark intends to donate approximately 10 percent
of the pre-tax net proceeds to charity and to sell the remaining acquired
    The options were granted to Mr. Clark in December 2000 and December 2003,
as part of his performance-based compensation. These options will expire in
December 2010.
    Mr. Clark made the decision to exercise these options at this time due to
the bank's conservative trading restrictions policies that could prevent him
from trading TD common shares, including exercising options, for potentially
long periods of time. Under these policies, trading is not permitted for at
least six weeks prior to each quarterly release. From time to time, particular
circumstances arise that further restrict trading and the combined effect can
be a blackout for certain individuals for the better part of a year.
    This announcement is being made in accordance with TD's policies under
which named executive officers such as Mr. Clark must pre-disclose to the
public, by way of a press release, any intention to trade in TD common shares,
including the exercise of stock options, at least five business days in
advance of the transaction. Mr. Clark has other outstanding options that are
approaching expiry in the coming years, and his intention to exercise these
options before they expire will also be pre-disclosed in accordance with these
    Mr. Clark's donation will be administered by the Private Giving
Foundation, a donor-advised endowment created by TD Waterhouse to tackle
long-term community challenges and meet immediate needs. The donation is being
directed to charities that Mr. Clark has been personally involved with for
many years.
    More information about the Private Giving Foundation can be found at

    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 sixth 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 and TD Insurance; Wealth Management, including TD Waterhouse
and an investment in TD Ameritrade; U.S. Personal and Commercial Banking
through TD Banknorth and TD Bank, America's Most Convenient Bank; and
Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks
among the world's leading online financial services firms, with more than 5.5
million online customers. TD Bank Financial Group had CDN$545 billion in
assets on July 31, 2009. The Toronto-Dominion Bank trades under the symbol
"TD" on the Toronto and New York Stock Exchanges.

For further information:

For further information: Mohammed Nakhooda, Corporate and Public
Affairs, TD Bank Financial Group, (416) 983-8622,

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