Company: TDBCP
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001140361-25-040290
Chunk: 24

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-04
Form: 424B2
Chunk 24
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 that the performance of the Class A common stock of Alphabet will result in any positive return on your initial investment. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

P-21

| The common stock of Microsoft Corporation |

According to publicly available information, Microsoft Corporation (“Microsoft”) is a technology company that designs, manufactures and sells devices, including computers, tables, gaming and entertainment consoles, other intelligent devices and products, including operating systems, cross-device productivity applications, server applications, business applications, desktop and server management tools and software development tools. Information filed by Microsoft with the SEC can be located by reference to its SEC file number: 001-37845, or its CIK Code: 0000789019. Microsoft’s common stock is listed on the Nasdaq Global Select Market under the ticker symbol “MSFT”. Historical Information We obtained the closing prices of the common stock of Microsoft in the graph below from Bloomberg, without independent verification. The following graph sets forth daily closing prices of the common stock of Microsoft for the period from January 1, 2020 to November 3, 2025. The closing price on November 3, 2025 was $517.03. The historical performance of the common stock of Microsoft should not be taken as an indication of the future performance of the common stock of Microsoft, and no assurance can be given as to the closing price of the common stock of Microsoft on any day during the term of the securities. We cannot give you any assurance that the performance of the common stock of Microsoft will result in any positive return on your initial investment. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

P-22

| Material U.S. Federal Income Tax Consequences |

You should carefully review the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement. The following discussion, when read in combination with that section, constitutes the full opinion of our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson, LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities. Due to the absence of statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the securities, no assurance can be given that the IRS or a court will agree with the tax treatment described herein. Pursuant to the terms of the securities, the Bank and you agree, in the absence of a statutory