Company: TDBCP
Filing Date: 2025-07-10
Form Type: 424B2
Source: 0001140361-25-025513
Chunk: 29

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-10
Form: 424B2
Chunk 29
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 for the levels of the NKY. License Agreement TD is expected to enter into an agreement with Nikkei providing us with a non-exclusive license with the right to use the NKY in exchange for a fee. The NKY is the intellectual property of Nikkei. “Nikkei,” “Nikkei Stock Average,” “Nikkei Average,” and “Nikkei 225” are the service marks of Nikkei. Nikkei reserves all the rights, including copyright, to the NKY. The notes are not in any way sponsored, endorsed or promoted by Nikkei. Nikkei does not make any warranty or representation whatsoever, express or implied, either as to the results to be obtained as to the use of the NKY or the figure as which the NKY stands at any particular day or otherwise. The NKY is compiled and calculated solely by Nikkei. However, Nikkei shall not be liable to any person for any error in the NKY and Nikkei shall not be under any obligation to advise any person, including a purchaser or seller of the notes, of any error therein. In addition, Nikkei gives no assurance regarding any modification or change in any methodology used in calculating the NKY and is under no obligation to continue the calculation, publication and dissemination of the NKY.

| Market-Linked Step Up Notes | TS-20 |

| Leveraged Market-Linked Step Up NotesLinked to an International Equity Index Basket due July , 2027 |

The Swiss Market Index ® The Swiss Market Index ®(Bloomberg ticker “SMI”):

| ◾ | was first launched with a base level of 1,500 as of June 30, 1988; and |

| ◾ | is sponsored, calculated, published and disseminated by the SIX Exchange. |

The SMI is a price return float-adjusted market capitalization-weighted index of the 20 largest stocks traded on the Swiss Stock Exchange. The Management Committee of SIX Swiss Exchange is supported by an Index Commission (advisory board) in all index-related matters, notably in connection with changes to the SMI rules and adjustments, additions and exclusions outside of the established review and acceptance period. The Index Commission meets at least twice annually. Index Composition and Selection Criteria The SMI is comprised of the 20 highest ranked stocks traded on the Swiss Stock Exchange that have a free float of 20% or more and that are not investment companies. The equity universe is