Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B5
Source: 0001193125-25-201820
Chunk: 27

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B5
Chunk 27
---
 prevailing yields for similar securities rise and will increase as prevailing yields for similar securities decline. Spreads over the U.S. Treasury Rate and comparable benchmark
rates of interest for similar securities will also affect the market value of the Series 33 Shares.

The Series 33 Shares are non-cumulativeand there is a risk the Bank will be unable to pay dividends on the shares.

Dividends
on the Series 33 Shares are non-cumulative and payable at the discretion of the board of directors. The Bank is restricted under the Bank Act from paying dividends on the Series 33 Shares in certain
circumstances.

Ranking of Series 33 Shares on insolvency, dissolution or winding-up.

The Series 33 Shares are equity capital of the Bank. The Series 33 Shares will rank on parity with all other series of Class A First
Preferred Shares authorized by the Bank and in priority to the Common Shares and over any other shares ranking junior to the Series 33 Shares as to the payment of dividends and the distribution of

S-14

assets on a Liquidation (as defined below). If the Bank becomes insolvent, is dissolved or is wound-upwhere a Contingent Conversion has not occurred, the Bank’s assets must be used to pay deposit liabilities and other debt, including subordinated debt, before payments may be made on the Series 33 Shares, if any, and other Class A First Preferred Shares. Holders of Series 33 Shares may not be entitled to receive U.S. dollars in a winding-up. If you are entitled to any recovery with respect to the Series 33 Shares in any winding-up,you might not be entitled in those proceedings to a recovery in U.S. dollars and might be entitled only to a recovery in Canadian dollars. In addition, under current Canadian law, the Bank’s liability to you, if any, would have to be converted into Canadian dollars at a date close to the commencement of proceedings against it and you would be exposed to currency fluctuations between that date and the date you receive proceeds pursuant to such proceedings, if any. The Series 33 Shares are subject to an automatic and immediate redemption in exchange for Common Shares upon a Trigger Event and a Contingent Conversion. Upon the occurrence of a Trigger Event and a Contingent Conversion, there is no certainty of the value of the Common Shares to be received by the holders of the Series 33 Shares and, indirectly, the Noteholders, and the value of such Common Shares could be significantly less than the face amount of the