Ms. Brooke Hales reports

TD BANK GROUP ANNOUNCES REDEMPTION OF NON-CUMULATIVE 5-YEAR RATE RESET CLASS A FIRST PREFERRED SHARES, SERIES 20 (NVCC)

Toronto-Dominion Bank will exercise its right to redeem all of its 16 million outstanding non-cumulative five-year rate reset Class A first preferred shares, Series 20 (non-viability contingent capital), on Oct. 31, 2023, at the price of $25 per Series 20 share for an aggregate total of approximately $400-million. The redemption has been approved by the Office of the Superintendent of Financial Institutions.

On Aug. 24, 2023, TD announced that dividends of 29.6875 cents per Series 20 share had been declared. These will be the final dividends on the Series 20 shares and will be paid in the usual manner on Oct. 31, 2023, to shareholders of record on Oct. 6, 2023, as previously announced. After Oct. 31, 2023, the Series 20 shares will cease to be entitled to dividends, and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.

Beneficial holders who are not directly the registered holder of Series 20 shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries should be directed to the registrar and transfer agent TSX Trust Company at 1-800-387-0825 (or in Toronto 416-682-3860).

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 $1.9-trillion in assets on July 31, 2023. TD trades under the symbol TD on the Toronto and the New York stock exchanges.