Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 39

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 39
---
division or change of the Common Shares into a greater number of Common Shares, or
(iii) the reduction, combination or consolidation of the Common Shares into a lesser number of Common Shares. In addition, in the event of a capital reorganization, consolidation, merger or amalgamation of the Bank or comparable transaction
affecting the Common Shares, the Bank will take necessary action to ensure that holders of Series 33 Shares receive, pursuant to a Contingent Conversion, the number of Common Shares or other securities that such holders would have received if the
Contingent Conversion occurred immediately prior to the record date for such event. However, there is no requirement that there should be an adjustment of the Floor Price or other anti-dilutive action by the Bank for every corporate or other event
that may affect the market price of the Common Shares. Accordingly, the occurrence of events in respect of which no adjustment to the Floor Price is made may adversely affect the number of Common Shares issuable to a holder of Series 33 Shares and
thereafter delivered to a Noteholder upon a Contingent Conversion and subsequent delivery of the Corresponding Limited Recourse Trust Assets (being Common Shares) to the holders of Notes.

The interest rate in respect of the Notes will reset.

The interest rate in respect of Notes will reset on the Initial Reset Date and every five years thereafter. In each case, the new interest rate
is unlikely to be the same as, and may be lower than, the interest rate for the applicable preceding interest rate period.

The level of
the U.S. Treasury Rate has experienced, and may continue to experience, fluctuations. Historical levels, fluctuations and trends of the U.S. Treasury Rate are not necessarily indicative of future levels, fluctuations and trends. Any historical
upward or downward trend in the U.S. Treasury Rate is not an indication that the U.S. Treasury Rate is more or less likely to increase or decrease in respect of any Reset Rate Period, and you should not take the historical levels of the U.S.
Treasury Rate as an indication of its future performance.

The dividend rate in respect of the Series 33 Shares will reset.

The dividend rate in respect of Series 33 Shares will reset on the Initial Reset Date and every five years thereafter. The new dividend rate is
unlikely to be the same as, and may be lower than, the dividend rate for the applicable preceding dividend period.

S-21

TD or our designee will make determinations with respect to the Notes.

TD or our design