Ms. Jillian Tanouye reports

TD ASSET MANAGEMENT INC. ANNOUNCES RISK RATING CHANGE AND FEE REDUCTION FOR CERTAIN TD MUTUAL FUNDS

TD Asset Management Inc. (TDAM), the manager of TD Mutual Funds, has noted a risk rating change for the TD U.S. Long Term Treasury Bond Fund and a management fee reduction for the TD Risk Management Pool, effective on or about July 23, 2026.

Risk rating changes

The risk rating of the TD U.S. Long Term Treasury Bond Fund will change as indicated in the attached table. This change will be reflected in the TD Mutual Funds' fund facts to be filed on or about July 23, 2026.

TDAM is required to conduct an annual review to determine the risk level of publicly offered investment funds. The risk rating changes are based on the standardized risk classification methodology mandated by the Canadian Securities Administrators (the CSA) and the related annual review by TDAM to determine the risk level of publicly offered investment funds. There are no changes to the investment objectives, strategies or management of the TD U.S. Long Term Treasury Bond Fund.

A summary of the CSA's risk classification methodology and each of the funds' investment objectives and strategies can be found in the TD Mutual Funds simplified prospectus, available on TDAM's website or on SEDAR+.

Management fee change

At TDAM, the company is committed to delivering value and helping investors achieve their long-term goals. The reduction of the management fee on TD Risk Management Pool reflects the company's continuing focus on providing competitive, client-centric solutions. The reduction makes permanent the existing management fee waiver previously implemented by TDAM.

About TD Asset Management Inc.

TD Asset Management (TDAM), a member of TD Bank Group, is a Canadian investment management firm with a growing global presence. Bringing together three decades of investment experience, its broad selection of strategies and solutions includes fundamental equities, quantitative and passive equities, fixed income across the credit quality spectrum and alternatives, such as private credit, infrastructure and real estate. TDAM offers institutional investment solutions to corporations, pension funds, endowments and foundations, sovereign wealth funds, and superannuation funds, among others. Additionally, TDAM manages assets on behalf of millions of retail investors and offers a broadly diversified suite of investment solutions including mutual funds, exchange-traded funds and professionally managed portfolios. Asset management businesses at TD manage $532-billion in assets. Aggregate statistics as at March 31, 2026, for TDAM and Epoch Investment Partners Inc. TDAM operates in Canada and Epoch Investment Partners Inc. operates in the United States. Both entities are affiliates and are wholly owned subsidiaries of the Toronto-Dominion Bank.