OTHER NEWS - April 11, 1996

Canadian Bank to Buy Waterhouse Investor: Toronto-Dominion Bank said it agreed to acquire Waterhouse Investor Services Inc. for about $525 million in stock and cash, forming one of the largest North American discount brokerages. The two companies said they do not expect to eliminate any jobs or make any major management changes after the acquisition. The agreement calls for North America’s 14th-largest bank to acquire Waterhouse through the exchange of as much as 2.45952 Toronto-Dominion shares for every Waterhouse share, or $38 a share in cash. The transaction is subject to approval by New York-based Waterhouse’s shareholders, registration of Toronto-Dominion stock to be issued in the acquisition and other Canadian and U.S. regulatory approvals.