TD Waterhouse Group, Inc. Reports June Results

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TD Waterhouse Group, Inc. Reports June Results
    NEW YORK, July 18 /PRNewswire/ -- TD Waterhouse Group, Inc., the global
online financial services firm (NYSE: TWE; TSE), reports the following monthly
activity for the period ended June 30, 2001:

    -- Total customer assets were $139 billion as of June 30, 2001, down 1%
       from May 2001, and 16% lower than June 2000.
    -- Total trades per day averaged 100,500.  This is a 15% decrease from May
       2001 and 35% lower than June 2000.
    -- New accounts opened totaled 34,500.  This is down 5% from May 2001 and
       38% lower than June 2000.
    -- Margin loans were $4.4 billion at June 30, 2001. This compares to
       $4.5 billion a month earlier and is down $4.4 billion from June 30,
       2000.
    -- During the first part of July, trades per day declined a further 15%
       from June levels.

    Steve McDonald, Chief Executive Officer noted, "Since our last monthly
report, we've seen further deterioration in investment and trading activity
among individual investors. This has been exacerbated by the historical summer
slowness our industry experiences."
    "In response, we continue to implement the cost cutting measures and
revenue raising initiatives that are part of Project 200, our plan to increase
annualized pre-tax income by $200 million. However, we acknowledge it will
take longer than expected to realize the plan's benefits, as continuing
declines in investment and trading activity are offsetting the anticipated
increase in revenues. Independent of market conditions, we also continue to
focus on deploying technology that is intended to improve our bottom line."

    TD Waterhouse Group, Inc., (NYSE: TWE; TSE), also known as "TD
Waterhouse," provides investors with a broad range of brokerage, mutual fund,
banking and other consumer financial products on an integrated basis.
Worldwide, TD Waterhouse currently services 4.6 million customer accounts in
the United States, Canada, the United Kingdom, Australia, and Hong Kong.  The
firm also has joint ventures in Japan, Luxembourg, Singapore and India to
serve investors in those countries.  TD Waterhouse can be found on the
Internet at http://www.tdwaterhouse.com and on America Online at Keyword: TD
Waterhouse.
    TD Waterhouse's majority owner is TD Bank (NYSE: TD; TSE), which holds
approximately 89% of the outstanding share capital of TD Waterhouse.
Headquartered in Toronto, Canada, with offices around the world, TD Bank
Financial Group offers a full range of financial products and services to
approximately 13 million customers worldwide.

    This release contains projections and other forward-looking statements
regarding future events and our future financial performance.  These
statements are based on management's current beliefs and expectations.  These
beliefs and expectations are based on assumptions that are subject to risks
and uncertainties that may cause actual results to differ materially from
these statements.  The forward-looking statements contained in this release
speak only as of the date hereof and we do not undertake any obligation to
provide updates on or corrections of such statements in the future as a result
of subsequent developments or otherwise.  The risks and uncertainties that may
cause actual results to differ materially from these statements include, but
are not limited to, (i) general economic conditions, (ii) market volatility,
(iii) decreased trading activity by our customers, (iv) customer attrition,
(v) the development and acceptance of new products and services, (vi) system
delays and failures, (vii) competition, (viii) a slowdown in the expected rate
of employee attrition, (ix) the success of our expense reduction initiatives
in achieving their expected benefits, and (x) our ability to estimate when our
expense reduction initiatives will affect our operating results.  For a
discussion of risks and uncertainties that may cause actual results to differ
from those reflected in such forward-looking statements, please refer to our
filings with the Securities and Exchange Commission, including the information
included under the heading "Item 1. Business-Risk Factors" in our Annual
Report on Form 10-K for the fiscal year ended October 31, 2000.
SOURCE TD Waterhouse Group, Inc.
http://www.tdwaterhouse.com
CONTACT:
Melissa Gitter, First Vice President, Public
Affairs, +1-212-806-3522; or Kevin Sterns, Executive Vice
President & CFO, +1-212-908-7301 both of TD Waterhouse Group,
Inc.