TORONTO, March 28, 2022 /CNW/ - TD Asset Management Inc. ("TDAM") announced today that it intends to consolidate the units of TD Canadian Long Term Federal Bond ETF (TCLB) and TD U.S. Long Term Treasury Bond ETF (TULB) (each, a "TD ETF" and collectively, the "TD ETFs").

After the close of trading on Thursday, March 31, 2022, TDAM will consolidate on the Toronto Stock Exchange (the "TSX") the units of each TD ETF in the ratio of 1 new unit for 6 existing units. The TD ETFs will begin trading on a post-consolidated basis on Friday, April 1, 2022, the effective date of the unit consolidations.

When a unit consolidation occurs, the net asset value per unit is increased by the same ratio as the unit consolidation so that the unit consolidation has no impact on the value of the unitholder's total unit position. A unitholder's cost per unit is also increased by the same ratio as the unit consolidation, although their total cost remains unchanged.

No fractional units will be issued. Where the consolidation results in a fractional unit, the number of post-consolidation units will be rounded down to the nearest whole unit and cash for the value of the fractional unit will be paid to the unitholder of the TD ETF.

TDAM reserves the right to cancel or amend the above corporate action if it deems it appropriate to do so before the effective date of Friday, April 1, 2022.

Unitholders of each TD ETF do not need to take any action to effect the unit consolidations. Unitholders will have their brokerage accounts automatically updated to reflect the unit consolidations. A unitholder's broker may take several days to reflect the unit consolidations in the unitholder's account (the "Settlement Period"). However, the unitholder is still able to trade the securities of the consolidating TD ETFs during this time. If they wish to do so, TDAM recommends that unitholders contact their broker by phone during the Settlement Period in order to trade the post-consolidation units of the TD ETFs.

For more information regarding the TD ETFs, visit TDAssetManagement.com.

Commissions, management fees and expenses all may be associated with investments in exchange-traded funds (ETFs). Please read the prospectus and ETF Facts before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns.

TD ETFs are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank.

^®The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

TD Asset Management Inc. ("TDAM"), a member of TD Bank Group, is a North American investment management firm. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of almost 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, exchange-traded funds, professionally managed portfolios and corporate class funds. Asset management businesses at TD manage $453 billion in assets. Aggregate statistics are as of December 31, 2021 for TDAM and Epoch Investment Partners, Inc. TDAM operates in Canada and Epoch Investment Partners, Inc. operates in the United States. Both entities are affiliates and are wholly-owned subsidiaries of The Toronto-Dominion Bank.

SOURCE TD Asset Management Inc.