Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 32

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 32
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 converted than holders of subordinate-ranking Bail-in Instruments and NVCC instruments (such as the Notes and the Series 33 Shares) that have been converted into Common Shares
during the same restructuring period.

Liabilities and shares of the Bank that are prescribed to be
Bail-in Instruments may be subject to a Bail-in Conversion and the holders of such Bail-in Instruments may receive Common Shares
in exchange for their converted Bail-in Instruments, if an order under paragraph 39.13(1)(d) of the CDIC Act is made in respect of the Bank. Moreover, the Noteholders and the holders of Series 33 Shares who
receive Common Shares following the occurrence of a Trigger Event and as a result of a Contingent Conversion may sustain substantial dilution following the Bail-in Conversion of such Bail-in Instruments, as the conversion rate of such Bail-in Instruments could be significantly more favorable to the holders of such
Bail-in Instruments than the rate applicable to the Noteholders and the holders of Series 33 Shares.

Given that the Notes and Series 33 Shares are subject to Contingent Conversion, they are not subject to
Bail-in Conversion. However, the Bail-In Regulations provide that the CDIC must use its best efforts to ensure that the prescribed types of shares and liabilities are
converted only if all subordinate prescribed shares and liabilities and any subordinate non-viability contingent capital (such as the Notes and Series 33 Shares) have previously been converted or are converted
at the same time. Accordingly, in the case of a Bail-in Conversion, the Notes and Series 33 Shares would be subject to Contingent Conversion prior to, or at the same time as, a
Bail-in Conversion. In addition, the Bail-in Regulations prescribes that holders of unsubordinated or senior ranking instruments that are subject to Bail-in Conversion must receive more Common Shares per dollar amount converted than holders of any subordinate ranking instruments that are subject to Bail-in Conversion or
NVCC instruments converted, including the Notes and Series 33 Shares. The holders of senior ranking instruments that are subject to Bail-in Conversion would therefore receive Common Shares at a conversion rate
that would be more favorable to the holders of such instruments than the rate applicable to the Notes and the Series 33 Shares.

S-17

The Notes may be affected by changes in law. The terms and conditions of the Notes are based on the laws of the State of New York (other than the subordination provisions in respect of the Notes and the terms of the Series 33 Shares, including