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TD Banknorth issues US$270 million of subordinated notes

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TD Securities Inc.

On September 20, 2005, TD Banknorth, N.A. (the "Bank"), the wholly-owned banking subsidiary of TD Banknorth Inc. (the "Company"), issued $270 million of subordinated notes constituting subordinated indebtedness of the Bank (the "Notes"). The Notes are unconditionally guaranteed by The Toronto-Dominion Bank, the majority stockholder of the Company. The Notes were sold in a private placement in Canada through TD Securities Inc., as agent, and will qualify as Tier 2 regulatory capital of the Bank. TD Securities was advised in this transaction by a team from Fasken Martineau that included, among others, Richard Steinberg and Aaron Atkinson.


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