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[sludgehound]

TD Ameritrade update letter

Our acquisition of the U.S. brokerage business of TD Waterhouse is proceeding right on track. As we bring our two companies together to create TD Ameritrade, we'll be bringing you an expanded investing and trading experience, with a comprehensive suite of financial services and easier access to all of the markets' potential. Soon, as a client of TD Ameritrade, you'll have even more of the tools, choices and resources you need to help you spot and seize market opportunities.

Here's the latest news.

We filed our preliminary proxy statement with the Securities and Exchange Commission on September 12, 2005 and are in the process of satisfying all other necessary regulatory filings and legal requirements. With everything progressing as planned, we expect the transaction to close by early 2006. At that time, we will be able to share with you our specific plans for TD Ameritrade. Right now, please continue to use your accounts and services just as you always have. We will continue to keep you informed of our progress and post updates on our Web site.

Thank you for your business. We value your loyalty and your input, and look forward to bringing you the future of trading and investing very soon.

Sincerely,

Joe Moglia
Chief Executive Officer
Ameritrade Holding Corporation

Additional Information and Where to Find It
In connection with the proposed transaction, Ameritrade filed a preliminary proxy statement concerning the transaction with the Securities and Exchange Commission ("SEC") on September 12, 2005. Ameritrade will also file a definitive proxy statement and relevant documents with the SEC in connection with the proposed transaction. SECURITY HOLDERS OF AMERITRADE ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders can obtain free copies of the definitive proxy statement and other documents when they become available by contacting Investor Relations at www.amtd.com, or by mail at Ameritrade Investor Relations, 4211 S. 102 Street, Omaha, NE 68127, or by Telephone: [phone]. In addition, documents filed with the SEC by Ameritrade are available free of charge at the SEC's web site at www.sec.gov.
Ameritrade Holding Corporation, The Toronto-Dominion Bank, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Ameritrade in connection with the proposed transaction. Information regarding the special interests of these directors and executive officers in the proposed transaction is included in the preliminary proxy statement of Ameritrade described above. This document is available free of charge at the SEC's web site at www.sec.gov and from Investor Relations at Ameritrade as described above. Information regarding The Toronto-Dominion Bank's directors and executive officers is available in its Annual Report on Form 40-F for the year ended October 31, 2004, which was filed with the SEC on December 13, 2004, and in its notice of annual meeting and proxy circular for its 2005 annual meeting, which was filed with the SEC on February 17, 2005. These documents are available free of charge at the SEC's web site at www.sec.gov.

Ameritrade, Inc., member NASD / SIPC is a subsidiary of Ameritrade Holding Corporation.

Ameritrade and logo are a registered trademark and trademarks of Ameritrade IP Company, Inc. Used with permission. Copyright 2005 Ameritrade IP Company. All rights reserved.

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