TORONTO, Oct. 10 /CNW/ - TD Canada Trust today announced that it has
lowered its prime lending rate by 15 basis points to 4.35 per cent, effective,
Tuesday, October 14, 2008.
    This morning the government announced that it will buy $25-billion in
insured mortgage pools to address Canadian banks' increased cost of borrowing.
    "We believe that this initiative will be put into effect in a way that
will reduce our overall cost of funds and, as a result we are dropping our
rate today. As we've been saying, a number of factors go into decisions about
rate changes. Financial markets are very turbulent, and funding costs are
still high. However, we anticipate that our cost of funds will decrease with
the implementation of this program, and therefore wanted to take action that
will benefit our customers directly," said Tim Hockey, President and CEO, TD
Canada Trust.

    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; Wealth Management, including TD Waterhouse and an investment
in TD Ameritrade; U.S. Personal and Commercial Banking through TD Banknorth
and Commerce Bank (to be known together as TD 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 on the Toronto and New York Stock
Exchanges under the symbol "TD", as well as on the Tokyo Stock Exchange.

For further information: Kelly Hechler, TD Bank Financial Group, (416)
982-2469