Company: TDBCP
Filing Date: 2025-09-24
Form Type: 424B3
Source: 0001140361-25-035988
Chunk: 38

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-24
Form: 424B3
Chunk 38
---
 notes and to consult their tax advisors as to the consequences under the tax laws of the country of which they are a resident for tax purposes and the federal, state, and local tax laws of the U.S. of acquiring, holding and disposing of, and receiving payments under, the notes. For additional information, see “United States Taxation” in the accompanying prospectus. The following section supplements the discussion of U.S. federal income taxation the accompanying prospectus. The discussion below assumes that an investor in the notes will be subject to a significant risk that it will lose a significant amount of its investment in the notes. If an investor in the notes is not subject to a significant risk that it will lose a significant amount of its investments in the notes, the U.S. federal income tax treatment of those notes may differ substantially from that described in the discussion below and such treatment will be described in the applicable term sheet. This discussion applies to you only if you acquire your notes upon initial issuance and hold your notes 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 RIC, REIT or common trust fund, |

| • | an insurance company, |

| • | a tax-exempt organization or an investor holding the notes 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-33

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

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

| • | a former citizen or resident of the United States, or |

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

If you are considering the purchase