Ameritrade Announces Executive Appointments for TD Ameritrade

Randy MacDonald will continue in his role as chief financialofficer and chief administrative officer, and Asiff Hirji will remainchief operating officer for TD Ameritrade. Both MacDonald and Hirjiwill continue serving in an advisory and strategic capacity in theOffice of the Chief Executive (OCE) with Chief Executive Officer JoeMoglia.

They will be joined by Chris Armstrong, who will assume the newrole of executive vice president, sales and marketing and will leadthe evolution of the combined company into a sales and marketingorganization, including a comprehensive branch network and registeredinvestment advisor business.

Armstrong is currently acting president and chief executiveofficer at TD Waterhouse. Previously he was vice chair, sales andmarketing at TD Waterhouse and chairman, president and CEO at TDWaterhouse Bank, N.A. Armstrong joined TD Bank Financial Group in 2000after more than ten years experience in financial services marketing.Armstrong received his B.A. degree from University of Virginia andearned an MBA with honors from American University.

Laurine Garrity who is currently vice president, marketing programdevelopment at Ameritrade, Inc. will become chief marketing officerfor the combined company and will report to Chris Armstrong. AnneNelson, the current chief marketing officer at Ameritrade willcontinue to serve the firm in an advisory and consulting capacity.

Garrity, who has been with the Company since January 2005, has 14years of marketing experience in the financial services industry.Previously she held various marketing leadership and management rolesin the mutual funds industry and most recently served as executivevice president for the marketing division at the Dreyfus Corporation.Garrity received her B.A. degree from Barnard College, ColumbiaUniversity and holds Series 7 and 24 licenses.

Larry Szczech will be appointed president of the Client Group atthe Company where he will continue to lead the strategic direction ofthe client experience. This includes overseeing client segmentationinitiatives and the delivery of client-driven products and servicesaimed to provide a superior, value-priced client experience. He willreport directly to Joe Moglia.

"As we move from a marketing to a marketing and sales-drivenorganization, I have every confidence that the expertise of our newmanagement team will guide us through a successful integration andinto our next level of growth," said Joe Moglia, chief executiveofficer. "I would also like to commend Anne Nelson for thecontributions she has made, and am delighted that she will continue towork with us in an advisory role."

About Ameritrade Holding Corporation

For 30 years, Ameritrade Holding Corporation has providedinvestment services to self-directed individuals through its brokeragesubsidiaries. Ameritrade develops and provides innovative products andservices tailored to meet the varying investing and portfoliomanagement needs of individual investors and institutionaldistribution partners. A brokerage industry leader, Ameritrade,Inc.,(1) a subsidiary of Ameritrade Holding Corporation, recentlyreceived a four-star rating in the 2005 Barron's Review of OnlineBrokers for its Apex active trader program. For more information,please visit www.amtd.com.

Safe Harbor

This document contains forward-looking statements within themeaning of the federal securities laws. We intend theseforward-looking statements to be covered by the safe harbor provisionsof the federal securities laws. In particular, any statementsregarding the completion of the proposed TD Waterhouse transaction andthe plans for the combined company following the closing of thetransaction, as well as the assumptions on which such expectations arebased, are forward-looking statements. These statements reflect onlyour current expectations and are not guarantees of future performanceor results. These statements involve risks, uncertainties andassumptions that could cause actual results or performance to differmaterially from those contained in the forward-looking statements.These risks, uncertainties and assumptions include general economicand political conditions, interest rates, market fluctuations andchanges in client trading activity, increased competition, systemsfailures and capacity constraints, conditions to closing of the debtfinancing and TD Waterhouse transaction, regulatory and legal mattersand uncertainties and other risk factors described in our latestAnnual Report on Form 10-K and our latest Quarterly Report on Form10-Q. These forward-looking statements speak only as of the date onwhich the statements were made. We undertake no obligation to updateor revise publicly any forward-looking statements, whether as a resultof new information, future events or otherwise.

Additional Information and Where to Find It

In connection with the proposed transaction, Ameritrade filed arevised preliminary proxy statement concerning the transaction withthe Securities and Exchange Commission ("SEC") on October 28, 2005.Ameritrade will also file a definitive proxy statement and relevantdocuments with the SEC in connection with the proposed transaction.SECURITY HOLDERS OF AMERITRADE ARE URGED TO READ THE DEFINITIVE PROXYSTATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHENTHEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.Investors and security holders can obtain free copies of thedefinitive proxy statement and other documents when they becomeavailable by contacting Investor Relations at www.amtd.com, or by mailat Ameritrade Investor Relations, 4211 S. 102 Street, Omaha, NE 68127,or by Telephone: 800-237-8692. In addition, documents filed with theSEC by Ameritrade are available free of charge at the SEC's web siteat www.sec.gov.

Ameritrade Holding Corporation, The Toronto-Dominion Bank, andtheir respective directors and executive officers may be deemed to beparticipants in the solicitation of proxies from the stockholders ofAmeritrade in connection with the proposed transaction. Informationregarding the special interests of these directors and executiveofficers in the proposed transaction is included in the preliminaryproxy statement of Ameritrade described above. This document isavailable free of charge at the SEC's web site at www.sec.gov and fromInvestor Relations at Ameritrade as described above. Informationregarding The Toronto-Dominion Bank's directors and executive officersis available in its Annual Report on Form 40-F for the year endedOctober 31, 2004, which was filed with the SEC on December 13, 2004,and in its notice of annual meeting and proxy circular for its 2005annual meeting, which was filed with the SEC on February 17, 2005.These documents are available free of charge at the SEC's web site atwww.sec.gov.

(1) Ameritrade, Inc., member NASD/SIPC.