(January 10, 2000 – 14:00 ET) – Toronto-Dominion Bank announced today that it has offered to purchase all the outstanding shares of CT Financial Services Inc. it does not already own.

TD’s offer of $67 cash per share is open until 10:30 a.m. on February 1, 2000. CT Financial’s board of directors is unanimously recommending that shareholders approve the offer.

The TD offer is made in conjunction with a proposal by the British American Tobacco plc (BAT) to acquire all of the common shares of Imasco Ltd. which it does not already own. BAT is the controlling shareholder of Imasco, which in turn is the controlling shareholder of CT Financial.

CT Financial, the holding company for the Canada Trust group of companies, is a publicly traded company. Imasco owns 98.2% of CT Financial’s the common shares. Public shareholders own the remaining 1.8%.

Completion of the transaction is subject to regulatory and shareholder approval.