Company: TDBCP
Filing Date: 2025-11-20
Form Type: 424B2
Source: 0001140361-25-042871
Chunk: 3

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-20
Form: 424B2
Chunk 3
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 federal income tax purposes: (1) a non-contingent debt instrument (the “Debt Component”); and (2) a put option contract in respect of the Reference Assets (the “Put Option  
 Component”), allocated as specified herein under “Material U.S. Federal Income Tax Consequences”. Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, is of     
 the opinion that it would be reasonable to treat the Notes in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the Notes, it is possible that your Notes could alternatively be 
 treated for tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and character of your income from the Notes could differ materially and adversely from the treatment     
 described above, as described further under “Material U.S. Federal Income Tax Consequences” herein and in the product supplement.                                                                                                                  |
| Canadian Tax Treatment:   | Please see the discussion in the prospectus under “Tax Consequences — Canadian Taxation” and in the product supplement under “Supplemental Discussion of Canadian Tax Consequences”, which                                                         
 applies to the Notes. We will not pay any additional amounts as a result of any withholding required by reason of the rules governing hybrid mismatch arrangements contained in section 18.4 of the Canadian Tax Act (as defined in the            
 prospectus).                                                                                                                                                                                                                                       |
| Record Date:              | The Business Day preceding the relevant Interest Payment Date.                                                                                                                                                                                     |
| Calculation Agent:        | TD                                                                                                                                                                                                                                                 |
| Listing:                  | The Notes will not be listed or displayed on any securities exchange or electronic communications network.                                                                                                                                         |
| Canadian Bail-in:         | The Notes are not bail-inable debt securities (as defined in the prospectus) under the Canada Deposit Insurance Corporation Act.                                                                                                                   |

| TD SECURITIES (USA) LLC | P-5 |

| Change in Law Event: | Applicable, as described in the product supplement. |

| TD SECURITIES (USA) LLC | P-6 |

Additional Terms of Your Notes You should read this pricing supplement together with the prospectus, as supplemented by the product supplement MLN-ES-ETF-1 (the “product supplement”), relating to our Senior Debt Securities, Series H, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings given to