Company: TDBCP
Filing Date: 2025-01-14
Form Type: 424B2
Source: 0001140361-25-001019
Chunk: 33

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-14
Form: 424B2
Chunk 33
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. The discussion below describes the “price return” calculation of TPX. JPXI calculates TPX by multiplyingthe base index value of 100 by the quotientof the current free-float-adjusted market value dividedby the base market value. The resulting value is not expressed in Japanese yen but presented as a number of points, rounded to the nearest one hundredth. The formula for calculating TPX value can be expressed as follows:

| Index value = | Base index value of 100 × | Current free-float-adjusted market value |
|               |                           | Base market value                        |

The current free-float-adjusted market value is the sum of the products of the price times the number of free-float-adjusted shares for each Reference Asset Constituent. The number of free-float-adjusted shares for this calculation is the total number of listed shares multiplied by free-float weight multiplied by the cap-adjustment ratio. The total number of listed shares used for this purpose is usually the same as the number of actual listed shares. However, in some cases these numbers will differ as a consequence of the index methodology. For instance, in the case of a stock split, the number of listed shares will increase on the additional listing date after the stock split becomes effective; on the other hand, the number of listed shares for index calculation purposes will increase on the ex-rights date. Free-float weight is the weight of listed shares deemed to be available for trading in the market, and is determined and calculated by JPXI for each Reference Asset Constituent. It is calculated by subtractingthe quotientof non-free-float shares divided bylisted shares fromone. Free-float weight is reviewed in order to reflect the latest distribution of share ownership. JPXI estimates non-free-float shares using published materials such as securities reports, and generally deems shares held by the top ten major shareholders (with certain exceptions), treasury stocks, shares held by members of the issuer’s board of directors to be unavailable for trading in the market and shares held by other listed companies for investment purposes other than pure investment. JPXI may deem other shares to be unavailable for trading in the market. Securities deemed to be held by individuals indicated in the section of the state of corporate governance, etc. in the securities report will not be included in the estimation of non-free-float shares. The timing of the yearly free-float-weight review is different according to the settlement terms of listed companies. In addition to the yearly review, extraordinary reviews may be conducted for events JPXI expects