Company: TDBCP
Filing Date: 2025-08-04
Form Type: 424B2
Source: 0001140361-25-028635
Chunk: 23

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-04
Form: 424B2
Chunk 23
---
 or in equity). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves        
 matters governed by Canadian law, Fried, Frank, Harris, Shriver & Jacobson LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by McCarthy Tétrault LLP, Canadian legal counsel for TD, in      
 its opinion expressed below. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and, with respect to the Buffered PLUS, authentication of the Buffered     
 PLUS and the genuineness of signatures and certain factual matters, all as stated in the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP filed as Exhibit 5.3 to the registration statement on Form F-3 filed by TD on December 20,      
 2024.                                                                                                                                                                                                                                            
 In the opinion of McCarthy Tétrault LLP, the issue and sale of the Buffered PLUS has been duly authorized by all necessary corporate action on the part of                                                                                       
 TD, and when this pricing supplement has been attached to, and duly notated on, the master note that represents the Buffered PLUS, the Buffered PLUS will have been validly executed and issued and, to the extent validity of the Buffered PLUS 
 is a matter governed by the laws of the Province of Ontario, or the laws of Canada applicable therein, will be valid obligations of TD, subject to the following limitations: (i) the enforceability of the indenture is subject to bankruptcy,  
 insolvency, reorganization, arrangement, winding up, moratorium and other similar laws of general application limiting the enforcement of creditors’ rights generally; (ii) the enforceability of the indenture is subject to general equitable  
 principles, including the fact that the availability of equitable remedies, such as injunctive relief and specific performance, is in the discretion of a court; (iii) courts in Canada are precluded from giving a judgment in any currency     
 other than the lawful money of Canada; and (iv) the enforceability of the indenture will be subject to the limitations contained in the                                                                                                          |

| July 2025 | Page21 |

| $2,991,000 Dual Directional Buffered PLUS Based on the Value of the Russell 2000®Index due August 4, 2027 
 Buffered Performance Leveraged Upside SecuritiesSM                                                        
 Principal at Risk Securities                                                                              |

| Limitations Act, 200