Company: TDBCP
Filing Date: 2025-11-21
Form Type: 424B2
Source: 0001140361-25-042982
Chunk: 29

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-21
Form: 424B2
Chunk 29
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 be treated as ordinary  
 income. You should consult your tax advisor regarding this risk.                                                                                                                                                                                   |
| Except to the extent otherwise required by law, TD intends to treat your securities for U.S. federal income tax purposes in accordance with the treatment described above and under “Material                                                      
 U.S. Federal Income Tax Consequences” in the accompanying product supplement unless and until such time as the IRS and the Treasury determine that some other treatment is more appropriate.                                                       |
| 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 your securities in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the securities, it is possible that your securities could alternatively be treated for  
 tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and character of your income from the securities could differ materially and adversely from the treatment described  
 above, as described further under “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement.                                                                                                                          |
| Section 1297.We will not attempt to ascertain whether any index constituent stock issuer would be treated as a “passive foreign investment company” (a                                                                                             
 “PFIC”) within the meaning of Section 1297 of the Code. If any such entity were so treated, certain adverse U.S. federal income tax consequences might apply upon the taxable disposition of a security. U.S. holders should refer to information  
 filed with the SEC or the equivalent governmental authority by such entities and consult their tax advisors regarding the possible consequences to them if any such entity is or becomes a PFIC.                                                   |
| Notice 2008-2.In 2007, the IRS released a notice that may affect the taxation of holders of the securities. According to Notice 2008-2, the IRS and                                                                                                
 the Treasury are considering whether a holder of an instrument such as the securities should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any. It is     
 possible, however, that under such guidance, holders of the securities will ultimately be required to accrue income currently in excess of any receipt of contingent quarterly coupons and this could be applied on a retroactive basis. According 
 to the Notice, the IRS and the Treasury are also considering other relevant issues, including whether additional gain