Company: TDBCP
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0001140361-25-036529
Chunk: 40

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-29
Form: 424B2
Chunk 40
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 trading volume of any security for a particular month, a minimum of 5 trading days in that month must exist, otherwise the month will be excluded from the test. |

For each month, the daily trading volume for each security is calculated as a percentage of the shares in issue for that day adjusted by the free float at the review cut-off date. These daily values are then ranked in descending order and the median is taken by selecting the value for the middle ranking day if there is an odd number of days and the mean of the middle two if there is an even number of days. Daily totals with zero trades are included in the ranking; therefore, a security that fails to trade for more than half of the days in a month will have a zero median trading volume for that month. Any period suspension will not be included in the test. The liquidity test will be applied on a pro-rata basis where the testing period is less than 12 months:

| (i) | A non-constituent which does not turnover at least 0.05% of their shares in issue (after the application of any free float weightings) based on their median daily trading volume per month in ten of the twelve months prior to a full 
 market review, will not be eligible for inclusion in the XIN0I.                                                                                                                                                                         |

| (ii) | An existing constituent which does not turnover at least 0.04% of its shares in issue (after the application of any free float weightings) based on its median daily trading volume per month for a least eight of the twelve months prior to 
 a full market review will be removed from the XIN0I.                                                                                                                                                                                          |

| (iii) | New issues which do not have a twelve month trading record must have a minimum three month trading record when reviewed. They must turnover at least 0.05% of their free float adjusted shares based on their median daily trading volume 
 each month, on a pro-rata basis since listing. When testing liquidity, the free float weight as at the last date in the testing                                                                                                           |

| Capped Notes with Absolute Return Buffer | TS-27 |

period will be used for the calculation for the whole of that period. This rule will not apply to new issues added under fast entry inclusion as part of the FTSE ®All-World Index review. At the sole discretion of FTSE Russell, the above percentage figures may be adjusted by up to 0.01% at the March and September review so that, in FTSE Russell