Company: TDBCP
Filing Date: 2025-10-07
Form Type: 424B2
Source: 0001140361-25-037473
Chunk: 32

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-07
Form: 424B2
Chunk 32
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 treatment is more appropriate.                                                   |
| Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, is of the opinion that it would                                                                         
 be reasonable to treat your securities in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the securities, it is possible that your securities could alternatively be       
 treated for tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and character of your income from the securities could differ materially and adversely from the      
 treatment described above, as described further under “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement.                                                                                                  |
| Section 1297.We will not attempt to ascertain whether any index constituent stock issuer would be treated as a “passive foreign investment                                                                                                     
 company” (a “PFIC”) within the meaning of Section 1297 of the Code. If any such entity were so treated, certain adverse U.S. federal income tax consequences might apply upon the taxable disposition of a security. U.S. holders should refer 
 to information filed with the SEC or the equivalent governmental authority by such entities and consult their tax advisors regarding the possible consequences to them if any such entity is or becomes a PFIC.                                |
| Notice 2008-2.In 2007, the IRS released a notice that may affect the taxation of holders of the securities. According to Notice 2008-2, the IRS                                                                                                
 and the Treasury are considering whether a holder of an instrument such as the securities should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any.   
 It is possible, however, that under such guidance, holders of the securities will ultimately be required to accrue income currently in excess of any receipt of contingent quarterly coupons and this could be applied on a retroactive basis. 
 According to the Notice, the IRS and the Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital and whether non-U.S. holders of such    
 instruments should be subject to withholding tax on any deemed income accruals. Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the significance and potential impact of the above considerations.           |
| Medicare Tax on Net Investment Income.U.S. holders that are individuals, estates or certain