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Toronto-Dominion. (TDB)

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Thursday 10 October, 2002


Change of Executive

    TD Bank Financial Group Chairman and Chief Executive Officer

    A. Charles Baillie Announces Retirement


    TORONTO, Oct. 10 /CNW/ - 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


    '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


    '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'.


    NOTE TO PHOTO EDITORS: A photo accompanying this release is available

    on the Canadian Press Photo Network



    For further information: For media inquiries: Dianne Salt, TD Bank

Financial Group, (416) 308-6807



CO:  TD Bank Financial Group

ST:  Ontario















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