Company: TDBCP
Filing Date: 2025-11-18
Form Type: 424B2
Source: 0001140361-25-042571
Chunk: 24

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-18
Form: 424B2
Chunk 24
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2025. The closing price on November 17, 2025 was $835.79. The historical performance of the common stock of ServiceNow should not be taken as an indication of the future performance of the common stock of ServiceNow, and no assurance can be given as to the closing price of the common stock of ServiceNow on any day during the term of the securities. We cannot give you any assurance that the performance of the common stock of ServiceNow will result in any positive return on your initial investment. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

P-22

| 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 that are “open transactions” with respect to the Underlying Stocks with associated contingent coupon payments. If the securities are so treated, any contingent coupon payment paid on the securities would be treated as ordinary income includable in income by you in accordance with your regular method of accounting for U.S. federal income tax purposes, and 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. Such gain or loss should be long-term capital gain or loss if you have held your securities for more than one year (otherwise, short-term capital gain or loss). The deductibility of capital losses is subject to limitations. Although uncertain, it is possible that proceeds received from the sale or exchange of your securities prior to a