Company: TDBCP
Filing Date: 2025-07-29
Form Type: 424B2
Source: 0001140361-25-027726
Chunk: 24

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-29
Form: 424B2
Chunk 24
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 delivery to you of shares of the Reference Asset, you may suffer adverse U.S. federal income tax consequences if you hold such shares. You should carefully review the
    potential tax consequences that are set forth in the prospectus for the Reference Asset. Further, you should consult your own tax advisors concerning the application of U.S. federal income and other tax laws to your beneficial ownership of any shares
    of the Reference Asset received at maturity.

If the Notes are physically settled, you should generally not recognize gain or loss with respect to the shares of the Reference Asset received at maturity (other than with respect to cash received in
    lieu of any fractional share). Consistent with this position, you should have an aggregate tax basis in the shares of the Reference Asset (including any fractional share for which cash is received) equal to your adjusted tax basis in the Notes and
    should have a holding period in the shares of the Reference Asset beginning on the day after receipt of the Share Delivery Amount. With respect to any cash received in lieu of a fractional share of the Reference Asset, you should recognize capital gain
    or loss in an amount equal to the difference between the amount of that cash and the tax basis allocable to the fractional share. Alternatively, it is possible that receipt of the Share Delivery Amount is treated as a taxable settlement of the Notes
    followed by a purchase of the shares of the Reference Asset pursuant to the original terms of the Notes. If the receipt of the Share Delivery Amount is so treated, (i) you should recognize capital gain or loss equal to the difference between the fair
    market value of the shares received at such time plus the cash you receive in lieu of any fractional share and the amount you paid for your Notes, (ii) you should take a basis in such shares in an amount equal to their fair market value at such time
    and (iii) your holding period in such shares would begin on the day after you beneficially receive such shares.

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 your 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