Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B5
Source: 0001193125-25-201820
Chunk: 42

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B5
Chunk 42
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 deposit upon the insolvency of a
deposit taking financial institution. Therefore, you will not be entitled to insurance from the U.S. Federal Deposit Insurance Corporation or by the CDIC, or other such protection, and as a result, you could lose all or a portion of your investment.

The Series 33 Shares are not governed by New York law.

The Series 33 Shares, as well as the subordination provisions in respect of the Notes, will be governed by the law of the Province of Ontario
and applicable law of Canada rather than be governed by the law of the State of New York. In addition, the Limited Recourse Trust is established under, and governed by, the laws of the Province of Manitoba and applicable laws of Canada.

The Notes and the Series 33 Shares are denominated in U.S. dollars and may have tax consequences for investors.

The Notes and the Series 33 Shares (when not held by the Limited Recourse Trust) will be denominated in U.S. dollars. If you are a non-U.S. investor who purchases the Notes or receives the Series 33 Shares as part of a delivery of Corresponding Limited Recourse Trust Assets, changes in rates of exchange may have an adverse effect on the value,
price or returns of your investment. In addition, when held by the Limited Recourse Trust, each Series 33 Share will be redeemable for the Canadian Dollar Equivalent of US$1,000. If there occurs a delivery of Corresponding Limited Recourse Trust
Assets, the Bank may recognize adverse tax or accounting effects if the value of one Canadian dollar has declined relative to one U.S. dollar as compared to the Canadian Dollar Equivalent, which is calculated as of , 2025
(which is three business days after the date of this prospectus supplement). This prospectus supplement does not address the tax consequences to non-U.S. investors (other than certain Canadian federal income
tax consequences) of purchasing the Notes or receiving the Series 33 Shares as part of a delivery of Corresponding Limited Recourse Trust Assets. If you are a non-U.S. investor, you should consult your tax
advisors as to the consequences, under the tax laws of the country where you are resident for tax purposes, of acquiring, holding and disposing of the Notes and the Series 33 Shares and receiving the payments that might be due under the Notes and
the Series 33 Shares.

The tax treatment of the Notes may change.

There can be no assurance that changes will not be made to the applicable tax