Company: TDBCP
Filing Date: 2025-08-08
Form Type: 424B2
Source: 0001140361-25-029820
Chunk: 3

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-08
Form: 424B2
Chunk 3
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 contracts with respect to the Reference Assets. Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, is of the opinion that     
 it would be reasonable to treat the Notes in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the Notes, it is possible that your Notes could alternatively be treated for tax 
 purposes as a single contingent payment debt instrument, as a constructive ownership transaction under Section 1260 of the Code (as defined herein) or pursuant to some other characterization, such that the timing and character of your income 
 from the Notes could differ materially and adversely from the treatment described above, as described further under “Material U.S. Federal Income Tax Consequences” herein and in the product supplements.                                        |
| Canadian Tax Treatment: | Please see the discussion in the prospectus under “Tax Consequences — Canadian Taxation” and in the product supplements under “Supplemental Discussion of Canadian Tax Consequences”, which                                                       
 applies to the Notes. We will not pay any additional amounts as a result of any withholding required by reason of the rules governing hybrid mismatch arrangements contained in section 18.4 of the Canadian Tax Act (as defined in the           
 prospectus).                                                                                                                                                                                                                                      |
| Calculation Agent:      | TD                                                                                                                                                                                                                                                |
| Listing:                | The Notes will not be listed or displayed on any securities exchange or electronic communications network.                                                                                                                                        |
| Canadian Bail-in:       | The Notes are not bail-inable debt securities (as defined in the prospectus) under the Canada Deposit Insurance Corporation Act.                                                                                                                  |
| Change in Law Event:    | Applicable, as described in the applicable product supplement.                                                                                                                                                                                    |

The Pricing Date, the Issue Date, and all other dates listed above are subject to change. These dates will be set forth in the final pricing supplement that will be made available in connection with sales of the Notes.

| TD Securities (USA) LLC | P-4 |

Additional Terms of Your Notes You should read this pricing supplement together with the prospectus, as supplemented by the product supplement MLN-EI-1 and the product supplement MLN-ES-ETF-1 (together, the “product supplements”) and the underlier supplement (the “underlier supplement”), relating to our Senior Debt Securities, Series H, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings given to