Ms. Brooke Hales reports

TD BANK GROUP TO MAKE CHANGES IN THE PRESENTATION OF CERTAIN FINANCIAL INFORMATION RELATED TO THE ADOPTION OF IFRS 17, INSURANCE CONTRACTS

Toronto-Dominion Bank has released on its website the 2023 supplemental financial information package updated to reflect the impact of the adoption of international financial reporting standard 17 (Insurance Contracts), which replaces the guidance in IFRS 4 (Insurance Contracts).

The prequarter-end release of this information has been provided to help readers of the bank's financial statements better understand the impact of IFRS 17. It is possible that the supplemental financial information package for the first quarter of 2024 may reflect further refinements.

As disclosed in TD's fiscal 2023 consolidated financial statements, the bank has adopted IFRS 17 for the annual period beginning on Nov. 1, 2023, with a restatement of the comparative period as required by the standard. The bank has recognized differences between the measurement of insurance-related balances applying IFRS 17 and IFRS 4 as an adjustment to opening retained earnings on Nov. 1, 2022. As such, fiscal 2023 results are presented applying IFRS 17, and the results of prior periods continue to reflect IFRS 4.

An abridged version of the supplemental financial information package reflecting the changes described above is being provided to help readers of the bank's financial statements better understand the impact of IFRS 17 on the bank's consolidated financial results. The comparative period results reflecting the changes in the supplemental financial information package are unaudited. The bank expects to provide more information on the impacts of the adoption of IFRS 17 in its report to shareholders for the first quarter of 2024.

About Toronto-Dominion Bank

TD and its subsidiaries are collectively known as TD Bank Group. TD is the sixth-largest bank in North America by assets and serves over 27.5 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 and TD Auto Finance Canada; U.S. retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S. and TD Wealth (U.S.), and an investment in The Charles Schwab Corp.; wealth management and insurance, including TD Wealth (Canada), TD Direct Investing and TD Insurance; and wholesale banking, including TD Securities and TD Cowen. TD also ranks among the world's leading on-line financial service firms, with more than 16 million active on-line and mobile customers. TD had $1.96-trillion in assets on Oct. 31, 2023. The bank trades under the symbol TD on the Toronto and the New York stock exchanges.

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