TD Bank Update on Commerce Bancorp Acquisition

BMO Capital Markets, 22 April 2008EventTD held a conference call to discuss the details of its acquisition of Commerce Bancorp. While the operating news was positive, the bank�s capital ratios have been more strained than originally expected.ImpactSlightly Negative. With the strong relative performance of TD shares, we are taking the opportunity to downgrade them to Market Perform.ForecastsOur