TD INSURANCE First Canadian insurer to offer on-line application and “instant” approval for critical illness insurance

Toronto, October 9, 2001– Canada’s leading
e-insurance site, www.tdinsurance.com, is offering an
industry first with the introduction of online approval for its Survivor’s Financial Plan, a critical illness
insurance product that can provide valuable cash benefits and peace of mind for Canadians.

“Every year, approximately 245,000 Canadians are
diagnosed with cancer, heart attack or stroke and due to impressive strides in medical
science, most will survive,” said Guy Giannini, Vice-President of TD Life Group.
“But as a result, lifestyle changes are almost always necessary and financial issues
can cause additional stress. Benefits from a critical illness policy are designed to help
alleviate that.”

The Survivor’s Financial Plan provides
protection to Canadians aged 21-54 and can ensure those diagnosed with cancer, heart
attack and stroke will receive a “living benefit” which can be used for
additional treatment, job retraining or to spend time with family as the recovery process ensues.

“By providing online access to our Survivor’s
Financial Plan
, we make it easier for TD customers to apply and get approved for
critical illness insurance simply by visiting our Internet site,
(www.tdinsurance.com) and completing
a streamlined application form,” Giannini said. “Online access is available 24
hours per day, seven days per week and protection can be immediately available, with
coverage in effect from the moment of acceptance, which can often be in minutes. This
capability supports our leadership position in the use of interactive online and telephone
technologies to deliver our insurance products.”

The Survivor’s Financial Plan, underwritten by
CT Financial Assurance Company (a member of TD Bank Financial Group) is not like life or
disability insurance. Though important, life insurance does not provide benefits should
the policyholder survive a critical illness. Disability insurance is also important, but
will likely not provide the sufficient funding that is immediately required for one’s
recovery from a critical illness and possible lifestyle changes.

This is yet another example of how TD Insurance makes
buying insurance more comfortable and convenient for its customers.

About TD Bank Financial Group

In Canada and around the world, TD Bank Financial Group
(NYSE, TSE: TD) serves more than 13 million customers in four key areas: personal banking,
commercial banking, wealth management (including self-directed brokerage) and investment
banking. Canada’s leading retail financial services firm, TD has more than 1,300
retail outlets in Canada through TD Canada Trust, and more than 180 branches around the
world through TD Waterhouse Group, the world’s second largest self-directed
brokerage, 89%-owned by TD Bank. TD is also among the world’s leading on-line
financial services firms, with more than 3.8 million on-line customers. TD had CDN$295.8 billion in
assets, as at July 31, 2001.

For more information, contact:

Jeff Keay, media relations, 416-982-7528
jeff.keay@td.com
www.tdinsurance.com