Company: TDBCP
Filing Date: 2025-10-09
Form Type: 424B3
Source: 0001140361-25-037791
Chunk: 21

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-09
Form: 424B3
Chunk 21
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, an improvement in our credit ratings will not reduce the other investment risks related to LIRNs. Tax-Related Risks Significant Aspects of the Tax Treatment of LIRNs Are Uncertain. The U.S. federal income tax consequences of an investment in LIRNs are uncertain and may be adverse to a holder of LIRNs.There is no direct legal authority as to the proper U.S. federal income tax treatment of LIRNs, and we do not plan to request a ruling from the U.S. Internal Revenue Service (the “ IRS”) regarding the tax treatment of LIRNs. The IRS or a court may not agree with the tax treatment described in this product supplement or the applicable term sheet. If the IRS were successful in asserting an alternative treatment for LIRNs, the timing and/or character of income on LIRNs could be affected materially and adversely. Please read carefully the section entitled “Material U.S. Federal Income Tax Consequences” herein. You should consult your tax advisor about your own tax situation. PS-17 Further, there exists a risk (and in certain circumstances, a substantial risk) that an investment in LIRNs that are linked to shares of a regulated investment company (a “ RIC”), a passive foreign investment company (a “ PFIC”), a real estate investment trust (a “ REIT”) or other “pass-thru entity” or a basket that contains RICs, PFICs, REITs or other “pass-thru entities” could be treated as a “constructive ownership transaction” subject to the “constructive ownership rules” of Section 1260 of the U.S. Internal Revenue Code of 1986, as amended (the “ Code”), which could result in part or all of any long-term capital gain realized by you being recharacterized as ordinary income and subject to an interest charge. In addition, in 2007, the IRS released Notice 2008-2, which may affect the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments, and the IRS and the U.S. Department of the Treasury (the “ Treasury”) are considering various issues relating to such instruments. Any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in certain notes, possibly with retroactive effect. Prospective purchasers of the notes are urged to consult their tax advisors concerning the significance, and the potential impact, of the above considerations. Except to the extent otherwise