TD Banknorth, N.A. to Issue Subordinated Notes

Business Wire, Sept 13, 2005

PORTLAND, Maine -- TD Banknorth Inc. (NYSE: BNK) announced today that TD Banknorth, N.A. (TD Banknorth), its wholly-owned banking subsidiary, intends to issue CAD$270 million of subordinated notes (approximately USD$228 million equivalent) constituting subordinated indebtedness of TD Banknorth. The notes will be unconditionally guaranteed by The Toronto-Dominion Bank (TD), and the guarantee will constitute subordinated indebtedness of TD. The notes, sold in a private placement in Canada through TD Securities Inc., as agent, are expected to be issued September 20, 2005 and will pay a coupon of 4.644% until September 20, 2017 and the bankers' acceptance rate plus 1.00% thereafter until maturity on September 20, 2022. The notes are callable at par on September 20th, 2017. The notes will qualify as Tier 2 regulatory capital of TD Banknorth.

The subordinated notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell securities in the United States.

About TD Banknorth Inc.

TD Banknorth Inc. is a leading banking and financial services company headquartered in Portland, Maine and a majority-owned subsidiary of TD Bank Financial Group. At June 30, 2005, TD Banknorth Inc. had $31.8 billion of total consolidated assets and provided financial services to over 1.3 million households in the Northeast. TD Banknorth Inc.'s banking subsidiary, TD Banknorth, N.A., operates banking divisions in Maine, New Hampshire, Massachusetts, Connecticut, Vermont and upstate New York. TD Banknorth Inc. and TD Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth management, merchant services, mortgage banking, government banking and other financial services and offer investment products in association with PrimeVest Financial Services, Inc. The TD Banknorth Inc. common stock trades on the New York Stock Exchange under the symbol "BNK". For more information, visit www.tdbanknorth.com.

About TD Bank Financial Group

Marking 150 years of service to Canadians in 2005, The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group serves more than 14 million customers in four key businesses operating in a number of locations in key financial centers around the globe: Canadian Personal and Commercial Banking including TD Canada Trust; Wealth Management including the global operations of TD Waterhouse; Wholesale Banking, including TD Securities; and U.S. Personal and Commercial Banking through TD Banknorth. 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$368 billion in assets, as of July 31, 2005. The Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under the symbol "TD".