Company: TDBCP
Filing Date: 2025-07-07
Form Type: 424B2
Source: 0001140361-25-025035
Chunk: 15

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-07
Form: 424B2
Chunk 15
---
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#### The Country Indices
Each country’s index included in an MSCI Index is referred to as a “Country Index.” Under the MSCI methodology, each Country Index is an “MSCI Global Standard Index.” The components of each Country Index
    used to be selected by the sponsor of the Underlying Index from among the universe of securities eligible for inclusion in the relevant Country Index so as to target an 85% free float-adjusted market representation level within each of a number of
    industry groups, subject to adjustments to (i) provide for sufficient liquidity, (ii) reflect foreign investment restrictions (only those securities that can be held by non-residents of the country corresponding to the relevant Country Index are
    included) and (iii) meet certain other investibility criteria. Following a change in the sponsor of the Underlying Index’s methodology implemented in May 2008, the 85% target is now measured at the level of the country universe of eligible securities
    rather than the industry group level-so each Country Index will seek to include the securities that represent 85% of the free float-adjusted market capitalization of all securities eligible for inclusion, but will still be subject to liquidity, foreign
    investment restrictions and other investibility adjustments. The sponsor of the Underlying Index defines “free float” as total shares excluding shares held by strategic investors such as governments, corporations, controlling shareholders and
    management, and shares subject to foreign ownership restrictions.

#### Calculation of the Country Indices
Each Country Index is a free float-adjusted market capitalization index that is designed to measure the market performance, including price performance, of the equity securities in that country. Each
    Country Index is calculated in the relevant local currency as well as in U.S. dollars, with price, gross and net returns.

Each component is included in the relevant Country Index at a weight that reflects the ratio of its free float-adjusted market capitalization (i.e., free public float multiplied by price) to the free
    float-adjusted market capitalization of all the components in that Country Index. The sponsor of the Underlying Index defines the free float of a security as the proportion of shares outstanding that is deemed to be available for purchase in the public
    equity markets by international investors.

| Accelerated Return Notes® | TS-9 |

#### Calculation of the MSCI Indices
The performance of a MSCI Index on any given day represents the weighted performance of all of the components included in all of the Country Indices. Each component in