Company: TDBCP
Filing Date: 2025-10-22
Form Type: 424B2
Source: 0001140361-25-038902
Chunk: 35

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-22
Form: 424B2
Chunk 35
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, and to general principles of equity 
 (regardless of whether enforcement is sought in a proceeding at law or in equity). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by Canadian  
 law, Fried, Frank, Harris, Shriver & Jacobson LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by McCarthy Tétrault LLP, Canadian legal counsel for TD, in its opinion expressed below. In     
 addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and, with respect to the securities, authentication of the securities and the genuineness of signatures and  
 certain factual matters, all as stated in the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP filed as Exhibit 5.3 to the registration statement on Form F-3 filed by TD on December 20, 2024.                                             
 In the opinion of McCarthy Tétrault LLP, the issue and sale of the securities has been duly authorized by all necessary corporate action on the part of TD,                                                                                        
 and when this pricing supplement has been attached to, and duly notated on, the master note that represents the securities, the securities will have been validly executed and issued and, to the extent validity of the securities is a matter    
 governed by the laws of the Province of Ontario, or the laws of Canada applicable therein, will be valid obligations of TD, subject to the following limitations: (i) the enforceability of the indenture is subject to bankruptcy, insolvency,    
 reorganization, arrangement, winding up, moratorium and other similar laws of general application limiting the enforcement of creditors’                                                                                                           |

| October 2025 | Page30 |

| $10,651,000 Callable Contingent Income Securities with Daily Coupon Observation due October 25, 2027 |
| Based on the Worst Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500®Index 
 Principal at Risk Securities                                                                         |

| rights generally; (ii) the enforceability of the indenture is subject to general equitable principles, including the fact that the availability of equitable                                                                                     
 remedies, such as injunctive relief and specific performance, is in the discretion of a court; (iii) courts in Canada are precluded from giving a judgment in any currency other than the lawful money of Canada;