TDB Toronto-Dom Bnk

RNS Number:3545C
Toronto-Dominion Bank
10 October 2002

TD Bank Financial Group Chairman and Chief Executive Officer A. Charles Baillie
                              Announces Retirement

Toronto - TD Bank Financial Group Chairman and Chief Executive Officer A.
Charles Baillie today announced his intention to retire as CEO effective
December 20, 2002 at age 63, after six years as CEO. Mr. Baillie began his
career with TD in 1964.

In line with TD Bank Financial Group's succession plan, the Board of Directors
announced that W. Edmund Clark, President and Chief Operating Officer of TD Bank
Financial Group will become Chief Executive Officer effective December 20, 2002.
Mr. Baillie will remain Chairman until the annual general meeting in 2004 at
which time it is the Board's present intention to have Mr. Clark assume the role
of Chairman.

"Before handing over the reins, I wanted to ensure that TD Bank Financial Group
had a solid senior management team in place that could carry the company
forward," said Baillie. "The Board of Directors and I have every confidence in
Ed Clark and the rest of the management team. Their determined leadership,
coupled with the hard work and dedication consistently demonstrated by the
employees of TD Bank Financial Group offer a very promising future for TDBFG."

"The Board would like to thank Charlie for his outstanding leadership and for
building TD Bank Financial Group into the diversified financial services
business it is today," said John Thompson, Head of the Management Resources
Committee of the Board of Directors. "When the acquisition of Canada Trust was
completed, Charlie developed a strategic succession plan in consultation with
the Board and recommended that Ed succeed him. He developed a timeline and with
the Board's full endorsement, has worked diligently to ensure a smooth
transition."

"We are delighted to have Ed Clark leading TD Bank Financial Group. Ed has a
long history of delivering on promises and generating positive results, as
evidenced during the integration of TD Bank and Canada Trust," said Thompson.

"I would like to express my gratitude to Charlie for his dedication to TD Bank
Financial Group, our customers, employees and shareholders," said Clark. "I look
forward to the challenges ahead in my new role and will work with TD Bank
Financial Group's strong management team and employees in continuing to deliver
on the things that matter most to our customers while also driving shareholder
value."

Mr. Baillie's many career highlights at TD Bank Financial Group include his
significant contributions to TDBFG's U.S. operations, the establishment of TD
Securities, the acquisition of several discount brokerages including TD
Waterhouse in the U.S. and the acquisition of CT Financial Services Inc. in
February 2000, resulting in the creation of TD Canada Trust.



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$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".

                                      -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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