Company: TDBCP
Filing Date: 2025-12-01
Form Type: 424B2
Source: 0001140361-25-043737
Chunk: 27

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-01
Form: 424B2
Chunk 27
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 333-57791 and 811-08837 or its CIK Code: 0001064641. Historical Information We obtained the closing values of the XLK Fundin the graph below from Bloomberg, without independent verification. The following graph sets forth daily closing values of the XLK Fundfor the period from January 1, 2020 to November 26, 2025. The closing value on November 26, 2025 was $283.78. The historical performance of the XLK Fundshould not be taken as an indication of the future performance of the XLK Fund, and no assurance can be given as to the closing value of the XLK Fundon any day during the term of the securities. We cannot give you any assurance that the performance of the XLK Fundwill result in any positive return on your initial investment.

P-23

| Material U.S. Federal Income Tax Consequences |

You should carefully review the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement. The following discussion, when read in combination with that section, constitutes the full opinion of our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson, LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities. Due to the absence of statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the securities, no assurance can be given that the Internal Revenue Service (“IRS”) or a court will agree with the tax treatment described herein. Pursuant to the terms of the securities, the Bank and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize the securities as prepaid derivative contracts with respect to the Underlyings. You further agree to include any associated contingent coupon payment that is paid by the Bank (including on the stated maturity date or call settlement date) in your income as ordinary income in accordance with your regular method of accounting for U.S. federal income tax purposes. If the securities are so treated, upon the taxable disposition (including cash settlement) of your securities, you generally should recognize gain or loss equal to the difference between the amount realized on such taxable disposition (adjusted for amounts or proceeds attributable to any accrued and unpaid contingent coupon payments, which would be treated as ordinary income) and your tax basis in the securities. Subject to Section 1260 of