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Toronto-Dominion. (TDB)

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Friday 30 November, 2001

Toronto-Dominion.

Subsid's Merger Update

Toronto-Dominion Bank
29 November 2001


Document dated 27 November 2001

                          TD BANK SUBSIDIARY COMPLETES MERGER 
                            WITH TD WATERHOUSE GROUP, INC.


TORONTO/NEW YORK - The Toronto-Dominion Bank (TD Bank, NYSE/TSE: TD) today 
announced that it has completed the merger of TD Waterhouse Group, Inc., with TD
Waterhouse Holdings, Inc., a wholly owned subsidiary of TD Bank.

The merger, effective November 26, 2001, was the second step in a two-step 
acquisition. The first step, a cash tender offer for all the outstanding shares 
of TD Waterhouse Group at $9.50 per share, was completed on November 14, 2001, 
and a subsequent offering period was completed on November 21, 2001. At the end 
of the subsequent offering period, TD Bank owned 97 percent of TD Waterhouse 
Group's common stock. As a result of the merger, TD Waterhouse Group is now a 
wholly owned subsidiary of TD Bank.

The merger results in the automatic conversion, subject to appraisal rights, of 
the remaining publicly-held shares of TD Waterhouse Group common stock into the 
right to receive US$9.50 per former TD Waterhouse Group share. Stockholders who 
did not tender their shares of TD Waterhouse Group common stock in the tender 
offer will receive relevant information in the mail on how to receive payment 
for their shares. TD Waterhouse Group shares will be delisted promptly from both
the New York and Toronto Stock Exchanges.

ABOUT TD BANK FINANCIAL GROUP
TD Bank (www.td.com), a Canadian chartered bank, was, as of July 31, 2001, the 
second largest Canadian bank in terms of market capitalization. TD Bank and its 
subsidiaries are collectively known as TD Bank Financial Group, which offers a 
full range of financial services and products to approximately 13 million 
customers in Canada and around the world. TD is organized into four main 
businesses: TD Canada Trust, a leader in personal and commercial banking in 
Canada; TD Securities, a force in investment banking in Canada, the U.S. and 
abroad; TD Waterhouse Group, one of the world's leading online investment firms;
and TD Wealth Management, one of Canada's largest asset managers. TD Waterhouse 
Holdings is a holding company that owns, in addition to TD Waterhouse Group 
common stock, all of the stock of TD Waterhouse Bank, and other financial 
services businesses.


For further information, please contact:

Dianne Salt
TD Bank Financial Group
(416)308-6807


                                  

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