Company: TDBCP
Filing Date: 2025-10-21
Form Type: 424B2
Source: 0001140361-25-038801
Chunk: 28

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-21
Form: 424B2
Chunk 28
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 federal income tax consequences of your investment in the securities, and the following discussion is not binding on the IRS.                                                                                                      |
|                                  | U.S. Tax Treatment.Pursuant to the terms of the securities, TD and you agree, in the absence of a statutory or regulatory change or an                                                                                                         
 administrative determination or judicial ruling to the contrary, to characterize the securities as prepaid derivative contracts with respect to the underlying stocks. If your securities are so treated, any contingent quarterly coupon that 
 is paid by TD (including on the maturity date or upon early redemption) should be included in your income as ordinary income in accordance with your regular method of accounting for U.S. federal income tax purposes.                        |

| October 2025 | Page23 |

| $3,030,000 Contingent Income Auto-Callable Securities dueOctober 22, 2026                                           |
| Based on the Worst Performing of the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. 
 Principal at Risk Securities                                                                                        |

| In addition, excluding amounts attributable to any contingent quarterly coupon, you should generally recognize capital gain or loss upon the taxable disposition (including cash settlement)                                                  
 of your securities in an amount equal to the difference between the amount you receive at such time (other than amounts or proceeds attributable to any contingent quarterly coupon or any amount attributable to any accrued but unpaid      
 contingent quarterly coupon) and the amount you paid for your securities. Such gain or loss should generally be short-term capital gain or loss. The deductibility of capital losses is subject to limitations. Although uncertain, it is     
 possible that proceeds received from the taxable disposition of your securities prior to a contingent coupon payment date, but that could be attributed to an expected contingent quarterly coupon, could be treated as ordinary income. You  
 should consult your tax advisor regarding this risk.                                                                                                                                                                                          |
| This discussion does not address the U.S. federal income (or other) tax consequences of owning or disposing of any shares of the worst performing underlying stock that you may receive at                                                    
 maturity in connection with your investment in the securities. If your securities are physically settled at maturity by delivery to you of shares of the worst performing underlying stock, you may suffer adverse U.S. federal income (or    
 other) tax consequences if you hold such shares. You should carefully review the potential tax consequences that are set forth in the prospectus for the worst performing underlying stock. Further, you should consult your own tax advisors 
 concerning the application of U.S. federal income and other