Company: TDBCP
Filing Date: 2025-03-04
Form Type: 424B3
Source: 0001140361-25-006811
Chunk: 47

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-04
Form: 424B3
Chunk 47
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 it will lose a significant amount of its investments in ARNs, the U.S. federal income tax treatment of those ARNs may differ substantially from that described in the discussion below and such treatment will be described in the applicable term sheet. The discussion below also assumes that ARNs will not provide for interest payments. If ARNs provide for interest payments, the U.S. federal income tax treatment of the coupon will be described in the applicable term sheet. This discussion applies to you only if you acquire your ARNs upon initial issuance and hold your ARNs as capital assets within the meaning of Section 1221 of the Code for U.S. federal income tax purposes. This discussion does not apply to you if you are a member of a class of holders subject to special rules, such as:

| • | a dealer in securities or currencies, |

| • | a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings, |

| • | a financial institution or a bank, |

| • | a regulated investment company (a “RIC”), real estate investment trust (a “REIT”) or common trust fund, |

| • | a life insurance company, |

| • | a tax-exempt organization or an investor holding ARNs in a tax-advantaged account (such as an “Individual Retirement Account” or “Roth IRA”), 
 as defined in Section 408 or 408A of the Code, respectively,                                                                                  |

PS-39

| • | a person that owns ARNs as part of a hedging transaction, straddle, synthetic security, conversion transaction, or other integrated transaction, or enters into a “constructive sale” with respect to ARNs or a 
 “wash sale” with respect to ARNs or the Market Measure,                                                                                                                                                         |

| • | a former citizen of the U.S., |

| • | a U.S. holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar, or |

| • | taxpayers subject to special tax accounting rules under Section 451(b) of the Code. |

Except as discussed under “Notice 2008-2,” “Backup Withholding and Information Reporting,” “Non-U.S. Holders,” and “Foreign Account Tax Compliance Act,” below, this discussion is only applicable to U.S. holders. For purposes of this summary, a U.S. holder is a beneficial owner of a ARN that is: (i) an individual who is a citizen or a resident of