TORONTO, Dec. 2 /CNW/ - The Toronto-Dominion Bank (TD Bank Financial
Group or TDBFG) today announced that a syndicate of underwriters led by TD
Securities Inc. has exercised the over-allotment option to purchase an
additional 4.5 million common shares. This brings the total issue announced on
November 24, 2008, and expected to close December 5, 2008, to 35 million
shares and gross proceeds raised under the offering to $1.4 billion.
    The common shares will be issued by way of a prospectus supplement that
will be filed with securities regulatory authorities in Canada under TDBFG's
September 29, 2008 base shelf prospectus. The issue will qualify as Tier 1
capital for TDBFG.
    The common shares to be offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"),
and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the U.S. Securities
Act. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy such common shares in the United States or in
any other jurisdiction where such offer is unlawful.

    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 seventh largest bank
in North America by branches and serves approximately 17 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
through TD Banknorth and TD Bank, America's Most Convenient Bank; and
Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks
among the world's leading on-line financial services firms, with more than 5.5
million on-line customers. TD Bank Financial Group had CDN$509 billion in
assets as of July 31, 2008. The Toronto-Dominion Bank trades under the symbol
"TD" on the Toronto Stock Exchange and New York Stock Exchange.

For further information: John van Boxmeer, Treasury and Balance Sheet
Management, (416) 308-7309; Tim Thompson, Investor Relations, TD Bank
Financial Group, (416) 308-9030; Nick Petter, Media Relations, TD Bank
Financial Group, (416) 308-1861