Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 93

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 93
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 neither a “publicly-offered security” (within the meaning of the Plan Asset Regulations) nor a security issued by an
investment company registered under the Investment Company Act of 1940, as amended, the Covered Plan’s assets include both the equity interest and an undivided interest in each of the underlying assets of the entity unless it is established
either that less than 25% of the total value of each class of equity interest in the entity is held by “benefit plan investors” or that the entity is an “operating company”, each as defined in the Plan Asset Regulations.
Under the Plan Asset Regulations, an “operating company” is an entity that is primarily engaged, directly or through a majority owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment
of capital.

As set forth in the discussion under the heading “Certain U.S. Federal Income Tax Considerations”, although not
free from doubt, the Notes should be properly characterized as equity for U.S. federal income tax purposes. Under the Plan Asset Regulations, the standard for determining whether a security is to be treated as debt or equity is based on whether the
security is treated as indebtedness under applicable local law and whether the security has any substantial equity features. However, because there is no authority that clarifies the relationship between the standards used for Plan Asset Regulations
purposes and the standards used for U.S. federal income tax purposes in evaluating the proper characterization of a security as debt or equity, each prospective investor should make its own assessment as to the characterization of the Notes for
purposes of the Plan Asset Regulations.

Although no assurances can be given in this regard, we believe the Bank should qualify as an
“operating company” within the meaning of the Plan Asset Regulations and consequently our assets should not be considered to be “plan assets” of any Covered Plan that acquires any Notes, Series 33 Shares on a Recourse Event
and Common Shares on a Recourse Event that is a Trigger Event or on a Contingent Conversion. Each prospective investor should consult with its own legal advisors concerning the potential consequences of the fiduciary responsibility and prohibited
transaction provisions of Title I of ERISA and Section 4975 of the Code to an investment in the Notes, the Series 33 Shares on a Recourse Event and Common Shares on a Recourse Event that is a Trigger Event or on a Contingent Conversion.

While as a general rule Plans that are governmental plans (as defined in section