DBS TD Waterhouse Streamlines Operations To Enhance Cost Synergies With DBS Vickers

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DBS Vickers Increases Stake To 73%; TD Waterhouse Reduces Shareholding To 27%

SINGAPORE AND HONG KONG, July 4, 2003 - DBS Vickers Securities Holdings Pte Ltd (DBS Vickers) announced today that it has streamlined certain management and support functions in its joint venture, DBS TD Waterhouse Holdings Pte Ltd (DBS TD Waterhouse). The joint venture will leverage on the management and support team from DBS Vickers, to increase organisational efficiency and reduce operating costs.

As part of this re-alignment, DBS Vickers acquired additional shares in the DBS TD Waterhouse joint venture from partner TD Waterhouse Group, Inc. The acquisition will result in DBS Vickers increasing its stake from 50% to 73%. There is no change to the joint venture's global online product offering, and customers are unaffected by these initiatives.

Targeting self-directed investors in Singapore, the joint venture offers access to several global and regional markets with the convenience of a single consolidated trading account. The joint venture leveraged on TD Waterhouse's leading-edge technology and systems. This phase of building the systems and infrastructure is complete, and the joint venture will now leverage on DBS Vickers' management and marketing support to enhance cost synergies.

About DBS Vickers

DBS Vickers Securities (Singapore) Pte Ltd is a member of the Singapore Exchange and one of the country's leading securities houses.

DBS Vickers is the securities arm of the DBS Group, one of the largest banking groups in Southeast Asia. DBS Vickers has full stockbroking licenses in Singapore, Hong Kong, Thailand and Indonesia, as well as sales offices in London and New York, and representative offices in Shenzhen and Shanghai.

DBS Vickers offers a broad range of services which include share placement and trading, derivatives, economic research, nominee and securities custodial services; and is an active player in the distribution of primary and secondary issues in the Singapore and regional capital markets.

DBS Vickers Securities Singapore was awarded the Best Domestic Equities House in Singapore 2003 by Asiamoney for the second year running. It was also awarded the Best Local Broker 2003 by FinanceAsia. More information about DBS Vickers can be obtained from www.dbsvickers.com.

About TD Bank Financial Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. In Canada and around the world, TD Bank Financial Group serves more than 13 million customers in three key businesses: personal and commercial banking including TD Canada Trust, wealth management including the global operations of TD Waterhouse, and a leading wholesale bank, TD Securities, operating in a number of locations in key financial centres around the globe. TD Bank Financial Group also ranks among the world's leading on-line financial services firms, with more than 4.5 million on-line customers. TD Bank Financial Group had CDN$322 billion in assets, as of April 30, 2003. The Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under the symbol "TD".