Company: TDBCP
Filing Date: 2025-09-11
Form Type: 424B2
Source: 0001140361-25-034649
Chunk: 27

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-11
Form: 424B2
Chunk 27
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 verification. The following graph sets forth daily closing prices of the common stock of Constellation Energy for the period from January 19, 2022 to September 9, 2025. The closing price on September 9, 2025 was $300.82. The historical performance of the common stock of Constellation Energy should not be taken as an indication of the future performance of the common stock of Constellation Energy, and no assurance can be given as to the closing price of the common stock of Constellation Energy on any day during the term of the securities. We cannot give you any assurance that the performance of the common stock of Constellation Energy will result in any positive return on your initial investment. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS P-23 Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the common stock of Arista Networks, Inc. and the common stock of Constellation Energy Corporation due September 14, 2028

| Material U.S. Federal Income Tax Consequences |

You should carefully review the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement. The following discussion, when read in combination with that section, constitutes the full opinion of our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson, LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities. Due to the absence of statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the securities, no assurance can be given that the Internal Revenue Service (“IRS”) or a court will agree with the tax treatment described herein. Pursuant to the terms of the securities, the Bank and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize the securities as prepaid derivative contracts that are “open transactions” with respect to the Underlying Stocks with associated contingent coupon payments. If the securities are so treated, any contingent coupon payment paid on the securities would be treated as ordinary income includable in income by you in accordance with your regular method of accounting for U.S. federal income tax purposes, and upon the taxable disposition (including cash settlement) of your securities, you generally should recognize gain or loss equal to the difference between the amount realized on such taxable disposition