Mr. Bharat Masrani reports

TD ADDRESSES MEDIA REPORTS ABOUT ITS AML PROGRAM

Toronto-Dominion Bank has made the following statement related to media reports about its anti-money laundering program.

"Criminals relentlessly target financial institutions to launder money, and TD has a responsibility and an obligation to thwart their illegal activity," said Bharat Masrani, group president and chief executive officer, TD Bank Group. "I regret that there were serious instances where the bank's AML program fell short and did not effectively monitor, detect, report or respond. This is unacceptable and not in line with our values. As we have previously said, these matters are not in any way related to TD's good faith dealings with our customers."

A comprehensive overhaul of TD's U.S. and global AML program is well under way. TD has already invested over $500-million in program remediation and platform enhancements.

The bank has:

• Hired recognized AML executives with proven leadership from across the private and public sectors;
• On-boarded hundreds of new AML professionals, with deep expertise in program design, oversight and execution;
• Deployed new enterprise-wide training and on-boarding programs to improve program performance and consistency;
• Made significant investments in new technology, processes and controls to enhance oversight across the enterprise, which have resulted in heightened account monitoring and mandatory reviews, accelerated escalations, and new activity prohibitions.

"Our efforts have resulted in tangible improvements, with more work ahead. We continue to co-operate closely with our regulators to accelerate our progress and meet our obligations," said Mr. Masrani.

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 17 million active on-line and mobile customers. TD had $1.91-trillion in assets on Jan. 31, 2024. TD trades under the symbol TD on the Toronto and New York stock exchanges.

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