Company: TDBCP
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036947
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-26
Form: 424B5
Chunk 13
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 methodologies in certain benchmarks discouraging market participants from continuing to
administer or to participate in certain benchmarks and, in certain situations, could result in a benchmark rate no longer being determined and published. Accordingly, in respect of a note referencing EURIBOR or any other relevant benchmark, such
proposals for reform and changes in applicable regulation could have a material adverse effect on the trading market for, the value of and return on such a note (including potential rates of interest thereon).

S-9

Based on the foregoing, investors in the notes should be aware that:

| (a) | any of the reforms or pressures described above or any other changes to the relevant benchmark could affect the     
 level of the published rate, including to cause it to be lower and/or more volatile than it would otherwise be; and |

| (b) | if EURIBOR is discontinued or becomes non-representative prior to the                                                                                                                                                                                     
 maturity of certain EURIBOR notes, then the rate of interest on such notes will be determined by the fallback provisions provided for under “Description of the Notes We May Offer — Interest Rates — EURIBOR Notes” herein. Such                         
 provisions may not operate as intended depending on market circumstances and the availability of rates information at the relevant time. This may result, to the extent that other fallback provisions provided for in this prospectus supplement are not 
 applicable, in the effective application of a fixed rate based on the EURIBOR rate that applied in the last period for which the EURIBOR rate was available.                                                                                              |

The Composition and Characteristics of SOFR Are Not the Same as Those of U.S. Dollar LIBOR, and SOFR is Not Expected to Be a Comparable Replacement for U.S. Dollar LIBOR. The Federal Reserve Bank of New York (the “FRBNY”) began to publish the Secured Overnight Financing Rate (“SOFR”) in April 2018 and began publishing the SOFR Index on March 2, 2020. Similarly, the CMS rate, or U.S. Dollar SOFR ICE swap rate, was first published by the ICE Benchmark Administration (“IBA”) in November 2021. However, the composition and characteristics of SOFR are not the same as those of U.S. dollar LIBOR. For example, SOFR is a secured overnight rate, while U.S. dollar LIBOR is an unsecured rate that represents interbank funding over different maturities. In addition, because SOFR is a transaction-based rate, it is backward-looking, whereas