Scotia Capital Downgrades TD Bank

Scotia Capital, 14 June 2006Downgrading TD Bank to 2 Sector Perform� We are downgrading TD Bank to 2-Sector Perform from 1-Sector Outperform based on disappointing performance in the bank's wholesale operations, continued earnings weakness at TD Banknorth, and risk of deceleration in relative earnings growth at TDCT led by a slowdown in insurance revenue growth. The bank is unduly relying on TDCT