Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 22

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 22
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specific region and/or any one sector within each region. Challenging market conditions and the health of the economy as a whole may have a material effect on the Bank’s business, financial condition, liquidity and results of operations. See
the 2024 MD&A and Q3 2025 MD&A incorporated by reference in this prospectus supplement. These analyses discuss, among other things, known material trends and events, and risks or uncertainties that are reasonably expected to have a material
effect on the Bank’s business, financial condition or results of operations.

A downgrade, suspension or withdrawal of the rating assigned by any rating agency to the Notes or the Series 33 Shares could cause the liquidity or market value of the Notes or the Series 33 Shares to decline, and adverse changes in the Bank’s credit ratings could have a material adverse effect on the Bank’s liquidity, cash flows, and financial results and condition.

Upon issuance, it is expected that the Notes and the Series
33 Shares will be rated by nationally recognized statistical ratings organizations and may in the future be rated by additional rating agencies. However, the Bank is under no obligation to ensure the Notes or the Series 33 Shares are rated by any
rating agency and any rating initially assigned to the Notes or the Series 33 Shares may be lowered or withdrawn entirely by a rating agency if, in that rating agency’s judgment, circumstances relating to the basis of the rating, such as
adverse changes to the Bank’s business, so warrant. If the Bank determines to no longer maintain one or more ratings, or if any

S-11

rating agency lowers or withdraws its rating, such event could reduce the liquidity or market value of the Notes or the Series 33 Shares.

In addition to ratings assigned by any hired rating agencies, rating agencies not hired by the Bank to rate the Notes or the Series 33 Shares
may assign unsolicited ratings. If any non-hired rating agency assigns an unsolicited rating to the Notes, there can be no assurance that such rating will not differ from, or be lower than, the ratings
provided by a hired rating agency. The decision to decline a rating assigned by a hired rating agency, the delayed publication of such rating or the assignment of a non-solicited rating by a rating agency not
hired by the Bank could adversely affect the market value and liquidity of the Notes or the Series 33 Shares.

In addition, credit ratings
and outlooks of the Bank provided by rating agencies reflect their views and are subject to change from time