TORONTO, April 21 /CNW/ - TD Bank Financial Group (TDBFG) today announced
the expected earnings impact of the completion of its acquisition of Commerce
Bancorp on March 31, 2008, and the target earnings of TD's U.S. Personal and
Commercial Banking segment through fiscal 2009.
    These topics will be discussed in an investor conference call and audio
webcast today, April 21, 2008, at 11:00 a.m. ET. The call will feature
presentations by TDBFG executives, followed by a question and answer period
with investors and analysts. A webcast of the call will be broadcast live via
TD's website. The presentation material referenced during the call will be
available today by 9 a.m on the TDBFG website at
www.td.com/investor/current.jsp. A listen-only telephone line is available at
416-915-5762 or 1-800-594-3790 (toll free).
    The webcast and presentations will be archived at
www.td.com/investor/calendar_arch.jsp. Replay of the teleconference will be
available from 2:00 p.m. ET on April 21, 2008, until May 21, 2008, by calling
416-640-1917 or 1-877-289-8525 (toll free). The passcode is 21267641, followed
by the pound key.
    TD Bank will release its full second quarter financial results and
webcast its quarterly earnings conference call live on the internet on May 28,
2008. Conference call and webcast details will be announced closer to that
date.

    Update on completion of the acquisition of Commerce Bancorp
    (All dollar amounts are expressed in Canadian currency unless otherwise
    noted)

    "We feel very positive about the future of TD Commerce Bank and our U.S.
growth strategy," said Ed Clark, President and CEO of TDBFG. "While we still
believe 2008 will be a challenging year overall, we are pleased with the
slightly stronger earnings we now expect from our U.S. banking operations in
2008. It's clear we've got an incredibly powerful U.S. retail franchise that
will drive shareholder value over the long run."

    - Restructuring and Integration Charges & Synergies

    TD reconfirmed that it expects cost synergies of US$310 million pre-tax
to be realised by the end of fiscal 2009. Ongoing restructuring and
integration charges of US$420 million pre-tax will impact TD's income
statement and be identified as items of note in the bank's future financial
results. These restructuring costs will be taken over the next two to three
years. The earnings estimates that follow exclude these charges.

    - Estimated earnings for TD's U.S. Personal and Commercial Banking
      segment:

    -   For the second quarter of 2008, TD estimates net income for this
        segment will be $130 million, which does not include contributions
        from Commerce.

    -   For fiscal 2008, TD is targeting net income for this segment of a
        minimum $750 million, revised up from TD's previous estimate of
        $700 million. Consistent with this new target, TD's third quarter net
        income run rate for this segment will be approximately $250 million.
        This includes contributions from Commerce Bancorp, reported with a
        one-month lag.

    -   For fiscal 2009, TD's target net income for this segment will be
        $1.2 billion, unchanged from TD's previous estimate.

    In addition to the above estimates, TD has provided estimated revenues,
expenses, and other information for the U.S. Personal and Commercial Banking
segment for the second and third quarters of 2008 in the call's investor
presentation, which will be available today by 9 a.m. on www.td.com/investor.
This presentation also includes:

    -   Details on the balance of Commerce Bank's investment portfolio as
        at April 15, 2008;
    -   An update on Commerce Bank's deposit and loan growth;
    -   A profile of TD's U.S. Personal and Commercial Banking segment loan
        portfolio as of March 31, 2008;
    -   An update on TD Commerce Bank's asset quality as of March 31, 2008
    -   An integration timeline;
    -   Several other metrics regarding the financial impact of the
        transaction.

    TD Commerce Bank Investor Day

    An investor day will be held in New Jersey on June 19, 2008, during which
the TD Commerce Bank leadership team will share their plans to develop TD's
U.S. retail platform over the next 18 to 24 months.
    "This will be an opportunity to introduce the great leadership and vision
we have for TD Commerce Bank," said Clark. "Investors will be able to ask
questions and meet directly with the key members of the TD Commerce Bank
executive team - the people who are responsible for executing the organic
growth plans for their businesses and for continuing to WOW! the customers of
America's Most Convenient Bank."
    Conference details will be made public in a press release by mid May.

    Caution regarding forward-looking statements

    From time to time, the Bank makes written and oral forward-looking
statements, including in this press release. All such statements are made
pursuant to the "safe harbour" provisions of the U.S. Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities legislation.
Forward-looking statements include, among others, statements regarding the
Bank's objectives and targets for 2008 and beyond, and strategies to achieve
them, the outlook for the Bank's business lines, specifically the Bank's U.S.
segment, and the Bank's and the segment's anticipated financial performance.
The forward-looking information contained in this press release is presented
for the purpose of assisting our shareholders and analysts in understanding
our U.S. Personal and Commercial banking segment's financial position as at
and for the periods ended on the dates presented and our strategic priorities
and objectives, and may not be appropriate for other purposes. The economic
assumptions for 2008 for our U.S. Personal and Commercial banking segment are
set out on page 38 of the 2007 Annual Report under the headings "Economic
Outlook" and "Business Outlook and Focus for 2008", as updated in the
subsequently filed quarterly Reports to Shareholders. Forward-looking
statements are typically identified by words such as "will", "should",
"believe", "expect", "anticipate", "intend", "estimate", "plan", "may" and
"could". By their very nature, these statements require us to make assumptions
and are subject to inherent risks and uncertainties, general and specific,
which may cause actual results to differ materially from the expectations
expressed in the forward-looking statements. Some of the factors - many of
which are beyond our control - that could cause such differences include:
credit, market (including equity and commodity), liquidity, interest rate,
operational, reputational, insurance, strategic, foreign exchange, regulatory,
legal and other risks discussed in the Bank's 2007 Annual Report and in other
regulatory filings made in Canada and with the SEC; general business and
economic conditions in Canada, the U.S. and other countries in which the Bank
conducts business, as well as the effect of changes in monetary policy in
those jurisdictions and changes in the foreign exchange rates for the
currencies of those jurisdictions; the weakening economy in the U.S., the
Bank's ability to execute its strategies, including its integration, growth
and acquisition strategies and those of its subsidiaries, particularly in the
U.S.; the Bank's ability to integrate Commerce Bancorp, Inc.'s businesses in a
timely and cost-efficient manner; the Bank's ability to realize the expected
synergies resulting for the Commerce Bancorp transaction in the amounts or in
the timeframe anticipated; legislative and regulatory developments; unexpected
judicial or regulatory proceedings; and continued negative impact of the U.S.
securities litigation environment. The preceding list is not exhaustive of all
possible factors. Other factors could also adversely affect the Bank's
results. For more information, see the discussion starting on page 59 of the
Bank's 2007 Annual Report. All such factors should be considered carefully
when making decisions with respect to the Bank, and undue reliance should not
be placed on the Bank's forward-looking statements as they may not be suitable
for other purposes. The Bank does not undertake to update any forward-looking
statements, whether written or oral, that may be made from time to time by or
on its behalf, except as required under applicable securities legislation.

    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 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; 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$435 billion in assets as of January 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: Simon Townsend, Corporate Communications, TD
Bank Financial Group, (416) 944-7161; Tim Thompson, Investor Relations, TD
Bank Financial Group, (416) 308-9030