TD Executive Officer to Exercise Options

TORONTO, Sept. 9 /PRNewswire-FirstCall/ - TD Bank Financial Group (TDBFG) announced today that Bharat Masrani, Group Head U.S. Personal and Commercial Banking and President & CEO TD Bank, America's Most Convenient Bank, advised of his intention to exercise approximately 61,000 options for TD common shares, which represent approximately 8.5 percent of his outstanding options. The options were previously granted to Mr. Masrani on December 11, 2003. These options will expire on December 11, 2010.

Mr. Masrani made the decision to exercise these options at this time due to the bank's conservative trading-restriction 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.

Following the intended exercise of options and the sale of the acquired shares, Mr. Masrani would continue to meet his share ownership requirements as set out in TD's latest proxy circular.

Under TD's policies, TD is required to announce by way of press release Mr. Masrani's intention to conduct any transaction in TD stock, including the exercise of stock options, at least five business days in advance of the date of the transaction. Mr. Masrani's future intention to exercise any additional options before they expire will also be pre-disclosed in accordance with these policies.

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 more than 18 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, including 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 6 million online customers. TD Bank Financial Group had CDN$603 billion in assets on July 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

SOURCE TD BANK FINANCIAL GROUP

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