Scotia Capital Cuts TD Bank to Sector Perform

Scotia Capital, 25 March 2008Event� Downgrading TD to 2-Sector Perform from 1-Sector Outperform based on execution risk from the Commerce Bancorp (CBH) acquisition closing Mar. 31/08, strong relative share price performance in the past couple of years, expected slowdown in insurance earnings growth, market share declines in personal deposits and negative impact from appreciation of the C$.What It