TD Waterhouse Group, Inc. Reports August Results

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TD Waterhouse Group, Inc. Reports August Results
    NEW YORK, Sept. 20 /PRNewswire/ -- TD Waterhouse Group, Inc., the global
online financial services firm (NYSE: TWE; TSE), reports the following monthly
activity for the period ended August 31, 2001:

     -- Total customer assets were $131 billion as of August 31, 2001, down 4%
        from July 2001, and 26% lower than August 2000.

     -- Total trades per day averaged 78,300.  This is an 8% decrease from
        July 2001 and 44% lower than August 2000.

     -- New accounts opened totaled 34,200.  This is down 1% from July 2001
        and 41% lower than August 2000.

     -- Margin loans were $4.1 billion at August 31, 2001.  This compares to
        $4.3 billion a month earlier and is down 51% from August 31, 2000.

     -- Through September 10th, trades per day were up roughly 15% from August
        levels.

    "While our customers had increased their trading activity in the early
part of September, last week's events will have an indeterminable impact on
the financial markets and customer activity," said Steve McDonald, Chief
Executive Officer of TD Waterhouse.  "However, our customers should be
confident that all of our platforms remain fully operational and that their
assets and account information remain fully secure."
    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 3.3 million active 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) changes in general economic conditions and prevailing
interest rates, (ii) market volatility or further sustained decreases in the
market prices of securities generally, (iii) significant increases or
decreases in trading activity by our customers, (iv) customer attrition, (v)
the development and acceptance of new products and services, (vi) system
delays and failures, (vii) increased 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:
Media - Melissa Gitter, First Vice President,
Public Affairs, +1-212-806-3522, or Analysts - Kevin Sterns,
Executive Vice President & CFO, +1-212-908-7301, both of TD
Waterhouse Group, Inc.