Company: TDBCP
Filing Date: 2025-11-25
Form Type: 424B2
Source: 0001140361-25-043315
Chunk: 39

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-25
Form: 424B2
Chunk 39
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 Validity of the securities:    | In the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP, as special products counsel to TD, when the securities offered by this pricing supplement have been executed and issued                                                        
 by TD and authenticated by the trustee pursuant to the indenture and delivered, paid for and sold as contemplated herein, the securities will be valid and binding obligations of TD, enforceable against TD in accordance with their terms,   
 subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or other laws relating to or affecting creditors’ rights generally, and to general principles of equity (regardless of whether   
 enforcement is sought in a proceeding at law or in equity). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by Canadian law, Fried, Frank,  
 Harris, Shriver & Jacobson LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by McCarthy Tétrault LLP, Canadian                                                                             |

| November 2025 | Page30 |

| $5,815,000 Callable Contingent Income Securities with Daily Coupon Observation due November 26, 2027 |
| Based on the Worst Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500®Index 
 Principal at Risk Securities                                                                         |

| legal counsel for TD, in its opinion expressed below. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the                                                           
 indenture and, with respect to the securities, authentication of the securities and the genuineness of signatures and certain factual matters, all as stated in the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP filed as           
 Exhibit 5.3 to the registration statement on Form F-3 filed by TD on December 20, 2024.                                                                                                                                                        
 In the opinion of McCarthy Tétrault LLP, the issue and sale of the securities has been duly authorized by all necessary corporate action on the part of TD, and when this pricing supplement                                                   
 has been attached to, and duly notated on, the master note that represents the securities, the securities will have been validly executed and issued and, to the extent validity of the securities is a matter governed by the laws of the     
 Province of Ontario, or the laws of Canada applicable therein, will be valid obligations of TD