Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B5
Source: 0001193125-25-201820
Chunk: 94

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B5
Chunk 94
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 the Plan Asset Regulations, an “operating company” is an entity that is primarily engaged, directly or through a majority owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment
of capital.

As set forth in the discussion under the heading “Certain U.S. Federal Income Tax Considerations”, although not
free from doubt, the Notes should be properly characterized as equity for U.S. federal income tax purposes. Under the Plan Asset Regulations, the standard for determining whether a security is to be treated as debt or equity is based on whether the
security is treated as indebtedness under applicable local law and whether the security has any substantial equity features. However, because there is no authority that clarifies the relationship between the standards used for Plan Asset Regulations
purposes and the standards used for U.S. federal income tax purposes in evaluating the proper characterization of a security as debt or equity, each prospective investor should make its own assessment as to the characterization of the Notes for
purposes of the Plan Asset Regulations.

Although no assurances can be given in this regard, we believe the Bank should qualify as an
“operating company” within the meaning of the Plan Asset Regulations and consequently our assets should not be considered to be “plan assets” of any Covered Plan that acquires any Notes, Series 33 Shares on a Recourse Event
and Common Shares on a Recourse Event that is a Trigger Event or on a Contingent Conversion. Each prospective investor should consult with its own legal advisors concerning the potential consequences of the fiduciary responsibility and prohibited
transaction provisions of Title I of ERISA and Section 4975 of the Code to an investment in the Notes, the Series 33 Shares on a Recourse Event and Common Shares on a Recourse Event that is a Trigger Event or on a Contingent Conversion.

While as a general rule Plans that are governmental plans (as defined in section 3(32) of ERISA) (“Governmental Plans”), church
plans (as defined in section 3(33) of ERISA) that have not made an election under section 410(d) of the Code (“Church Plans”) and non-U.S. plans are not subject to the requirements of ERISA or
section 4975 of the Code, including the prohibited transaction requirements of section 406 of ERISA or section 4975(c) of the Code, such Plans may nevertheless be subject to Similar Laws that include similar requirements. A fiduciary of a
Governmental Plan