# EDGAR Filing Document

**Accession Number:** 0000947263
**File Stem:** 0001193125-25-213400
**Filing Date:** 2025-9
**Character Count:** 258551
**Document Hash:** 002f47df99a5b2e9446c5c38815a0ced
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-213400.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001193125-25-213400

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250923

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TORONTO DOMINION BANK
- **CENTRAL INDEX KEY:** 0000947263
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 135640479
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14446
- **FILM NUMBER:** 251333856

**BUSINESS ADDRESS:**
- **STREET 1:** 66 WELLINGTON STREET WEST
- **STREET 2:** 12TH FLOOR, TD TOWER
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M5K 1A2
- **BUSINESS PHONE:** 416-944-6367

**MAIL ADDRESS:**
- **STREET 1:** 66 WELLINGTON STREET WEST
- **STREET 2:** 12TH FLOOR, TD TOWER
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M5K 1A2

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**Pursuant to Rule 13a-16 or 15d-16**

**of the Securities Exchange Act of 1934** 

**For the month of September, 2025.** 

**Commission File Number: 001-14446**

## The Toronto-Dominion Bank
**(Translation of registrant's name into English)** 

**c/o General Counsel's Office** 

**P.O. Box 1, Toronto Dominion Centre,** 

**Toronto, Ontario, M5K 1A2** 

**(Address of principal executive offices)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☐ Form 40-F ☒

**This Form 6-K is incorporated by reference into all outstanding Registration Statements of The Toronto-Dominion Bank filed with the U.S. Securities and Exchange Commission.** 

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| Exhibit | Description |
| 1.1 | [Underwriting Agreement, dated as of September 12, 2025, between the Bank and TD Securities (USA) LLC](d933116dex11.htm) |
| 4.1 | [Indenture, dated as of September 15, 2016, among the Bank, Computershare Trust Company, National Association and Computershare Trust Company of Canada (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form F-3 filed on May 24, 2019)](http://www.sec.gov/Archives/edgar/data/947263/000119312519157056/d681303dex43.htm) |
| 4.2 | [Fifth Supplemental Indenture, dated as of September 23, 2025, to the Indenture, dated as of September 15, 2016, among the Bank, Computershare Trust Company, National Association and Computershare Trust Company of Canada](d933116dex42.htm) |
| 5.1 | [Opinion of Simpson Thacher & Bartlett LLP, U.S. counsel for the Bank](d933116dex51.htm) |
| 5.2 | [Opinion of McCarthy Tétrault LLP, Canadian counsel for the Bank](d933116dex52.htm) |
| 8.1 | [Opinion of McCarthy Tétrault LLP, Canadian counsel for the Bank (included in Exhibit 5.2 above)](d933116dex52.htm) |
| 23.1 | [Consent of Simpson Thacher & Bartlett LLP (included in Exhibit 5.1 above)](d933116dex51.htm) |
| 23.2 | [Consent of McCarthy Tétrault LLP (included in Exhibit 5.2 above)](d933116dex52.htm) |

---

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**FORM 6-K** 

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **THE TORONTO-DOMINION BANK** | **THE TORONTO-DOMINION BANK** |
| DATE: September 23, 2025 | By: | */s/ Sue-Anne Fox* |
|  |  | Name: Sue-Anne Fox |
|  |  | Title: Associate Vice President, Legal, Treasury and Corporate Securities |

---

## Exhibit 1.1

**Exhibit 1.1** 

**THE TORONTO-DOMINION BANK** 

**US$750,000,000 6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6** 

**(Non-Viability Contingent Capital (NVCC))** 

**(subordinated indebtedness)** 

**750,000 Non-Cumulative 6.350% Fixed Rate Reset** 

**Preferred Shares, Series 33** 

**(Non-Viability Contingent Capital (NVCC))** 

***<u>Underwriting Agreement</u>***

September 12, 2025

TD Securities (USA) LLC

1 Vanderbilt Avenue, 11<sup>th</sup> Floor

New York, New York 10017

As the Representative of the several

Underwriters named in Schedule I hereto

Ladies and Gentlemen:

The Toronto-Dominion Bank, a Canadian chartered bank (the **"Bank"**), proposes to issue and sell to the several underwriters listed in Schedule I hereto (the **"Underwriters"**), for whom TD Securities (USA) LLC (**"TD Securities"**) is acting as the representative (the **"Representative"**), US$750,000,000 aggregate principal amount of the Bank's 6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness) (the **"Notes"**). The Notes will be issued under an indenture dated as of September 15, 2016 (the **"Base Indenture"**) among the Bank, Computershare Trust Company, National Association (the **"U.S. Trustee"**) and Computershare Trust Company of Canada (together with the U.S. Trustee, the **"Trustees"**), as supplemented by the Fifth Supplemental Indenture to be dated as of the Closing Date (as defined below) (the **"Fifth Supplemental Indenture"** and, together with the Base Indenture, the **"Indenture"**) among the Bank and the Trustees.

In addition, the Bank will create, authorize and issue to Computershare Trust Company of Canada (the **"Limited Recourse Trustee"**), in its capacity as trustee of TD LRCN Limited Recourse Trust (the **"Limited Recourse Trust"**), 750,000 Non-Cumulative 6.350% Fixed Rate Reset Preferred Shares (Non-Viability Contingent Capital (NVCC)) (the **"Series 33 Shares"** and, together with the Notes, the **"Securities"**) and authorize and reserve for issuance a number of common shares of the Bank (the **"Common Shares"**) equal to the number of Common Shares into which the Series 33 Shares will be converted upon a Trigger Event (as defined in the Fifth Supplemental Indenture). The Common Shares into which the Series 33 Shares may be converted are referred herein as the **"Conversion Shares**.**"**

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The Bank acknowledges and agrees that TD Securities may use the Prospectus (as defined below) in connection with offers and sales of the Notes in market-making transactions as contemplated in the Basic Prospectus (as defined below) under the caption "Plan of Distribution (Conflicts of Interest)" and in the Prospectus (as defined below) under the caption "Underwriting (Conflicts of Interest)" (**"Secondary Market Transactions"**). The Bank further acknowledges and agrees that TD Securities is under no obligation to effect any Secondary Market Transactions, and, if it does so, it may discontinue effecting such transactions at any time without providing any notice to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Representations and Warranties of the Bank.* The Bank represents and warrants to, and agrees with, each Underwriter the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Bank meets the requirements for use of Form F-3 (**"Form F-3"**) under the Securities Act of 1933, as amended, and the rules and regulations of the United States Securities and Exchange Commission (the "**Commission**") thereunder (collectively, the **"Act"**), and has filed a registration statement including a prospectus on Form F-3 (File No. 333-283969) in respect of securities of the Bank, including the Notes, with the Commission; the various parts of such registration statement, including all exhibits thereto and the documents incorporated by reference in the prospectus contained in the registration statement at the time such part of the registration statement became effective, are hereinafter called the **"Registration Statement**;**"** such Registration Statement (including any pre-effective amendment thereto) and any post-effective amendment thereto, each in the form heretofore delivered to the Underwriters, has been declared effective by the Commission in such form; no other document with respect to such Registration Statement or document incorporated by reference therein has heretofore been filed or transmitted for filing with the Commission, except for any documents filed with the Commission subsequent to the date of such effectiveness and available on the Commission's website; and no stop order suspending the effectiveness of such Registration Statement or any post-effective amendment thereto has been issued, and no proceeding for that purpose or pursuant to Section 8A of the Act against the Bank or related to the offering of the Securities has been initiated or, to the knowledge of the Bank, threatened by the Commission.

The base prospectus covering the Securities dated February 26, 2025 included in such Registration Statement, in the form first used to confirm sales of the Notes (or in the form first made available to the Underwriters by the Bank to meet requests of purchasers pursuant to Rule 173 under the Act) is hereinafter referred to as the **"Basic Prospectus**.**"** The Basic Prospectus, as supplemented by the prospectus supplement dated September 12, 2025 (the **"Prospectus Supplement"**) specifically relating to the offering of the Notes and the Series 33 Shares, in the form first used to confirm sales of the Notes (or in the form first made available to the Underwriters by the Bank to meet requests of purchasers pursuant to Rule 173 under the Act), is hereinafter referred to as the **"Prospectus**;**"** the term **"Preliminary Prospectus"** means the Basic Prospectus, as supplemented by the preliminary prospectus supplement dated September 12, 2025, or any preliminary form of the Prospectus; unless otherwise specified, any reference herein to any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 6 of Form F-3 under

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the Act, as of the date of such Preliminary Prospectus or the Prospectus, as the case may be; unless otherwise specified, any reference to any amendment or supplement to any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any documents filed after the date of such Preliminary Prospectus or Prospectus, as the case may be, under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively, the **"Exchange Act"**), and are incorporated by reference in such Preliminary Prospectus or the Prospectus, as the case may be; and, unless otherwise specified, any reference to the Prospectus as amended or supplemented shall be deemed to refer to the Prospectus, as amended or supplemented in relation to the offering of the Notes and the Series 33 Shares, in the form in which it is filed with the Commission in accordance with Section 5(a) hereof, including any documents incorporated by reference therein as of the date of such filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at or prior to 3:00 p.m. on September 12, 2025 (the **"Time of Sale"**), the Bank will have prepared the following information (collectively with the information referred to in the next succeeding sentence, the **"Time of Sale Information"**): the Preliminary Prospectus and each free-writing prospectus (as defined pursuant to Rule 405 under the Act) relating to the Notes and the Series 33 Shares, listed in Schedule II hereto; in addition, you have informed us that the Underwriters may orally provide the pricing information set out on Schedule II hereto to prospective purchasers prior to confirming sales. If, subsequent to the date of this Agreement, the Bank and the Underwriters have determined that the Time of Sale Information included an untrue statement of any fact that would be material to a holder of the Notes or the Series 33 Shares or to the offering of the Notes or Series 33 Shares (a **"Material Fact"**) or omitted a statement of a Material Fact necessary to make the information therein, in the light of the circumstances under which it was made, not misleading and have agreed to provide an opportunity to purchasers of the Notes to terminate their old purchase contracts and enter into new purchase contracts, then **"Time of Sale Information"** will refer to the information available to purchasers at the time of entry into the first such new purchase contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the documents incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus, as amended or supplemented, when they were filed with the Commission, complied in all material respects with the requirements of the Act and the Exchange Act, as applicable, and none of such documents, as of their respective issue dates, contained an untrue statement of a Material Fact or omitted to state a Material Fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading; and any further documents so filed and incorporated by reference in the Registration Statement, the Time of Sale Information or the Prospectus or any further amendment or supplement thereto, when such documents are filed with the Commission, will comply in all material respects with the Act and the Exchange Act, as applicable, and will not contain an untrue statement of a Material Fact or omit to state a Material Fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading; *provided, however,* that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information delivered in writing to the Bank by or on behalf of any Underwriter expressly for use in the Registration Statement, the Time of Sale Information

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or the Prospectus as amended or supplemented relating to a particular issuance of Notes or the Series 33 Shares, it being understood and agreed that the only such information delivered to the Bank by or on behalf of any Underwriter consists of the information listed in Section 9(b) hereof (the **"Underwriter Information"**); and no such documents were filed with the Commission since the Commission's close of business on the business day immediately prior to the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Registration Statement, the Time of Sale Information and the Prospectus comply and, as amended or supplemented, if applicable, will comply as of the time of such amendment or supplement in all material respects with the Act and, if applicable, the Trust Indenture Act of 1939, as amended (the **"Trust Indenture Act"**), and as to the Registration Statement and any amendment thereto, do not and will not, as of the applicable effective date of the Registration Statement and such amendment, contain an untrue statement of a Material Fact or omit to state a Material Fact required to be stated therein or necessary in order to make the statements therein not misleading and, as to the Prospectus and any amendment or supplement thereto, do not and will not, as of their dates and applicable filing dates, contain any untrue statement of a Material Fact or omit to state a Material Fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however,* that this representation and warranty shall not apply to (i) any statements or omissions made in reliance upon and in conformity with the Underwriter Information or (ii) that part of the Registration Statement that shall constitute the Statement of Eligibility under the Trust Indenture Act (Form T-l) of the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Time of Sale Information, at the Time of Sale did not, and at the Time of Delivery (as defined herein), will not, contain any untrue statement of a Material Fact or omit to state a Material Fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however,* that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than the Preliminary Prospectus and the Prospectus, each as amended and supplemented, the Bank (including its agents and representatives, other than the Underwriters in their capacity as such) has not made, used, prepared, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication (as defined in Rule 405 under the Act) that constitutes an offer to sell or solicitation of an offer to buy the Notes or the Series 33 Shares (each such communication by the Bank or its agents and representatives, other than a communication referred to in clause (i) below, an **"Issuer Free Writing Prospectus"**) other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10) of the Act or Rule 134 under the Act or (ii) the documents listed on Schedule II hereto and other written communications (including any broadly available road show) approved in writing in advance by the Underwriters. The term, **"broadly available road show"** means a *"bona fide* electronic road show" as defined in Rule 433(h)(5) under the Act that has been made available without restriction to any person. Each such Issuer Free Writing Prospectus complied in all material respects with the Act, has been filed in accordance with the Act (to the extent required thereby) and, when taken together with the

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Preliminary Prospectus, as amended and supplemented, most recently filed prior to first use of such Issuer Free Writing Prospectus, did not, and at the Time of Delivery will not, contain any untrue statement of a Material Fact or omit to state a Material Fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however,* that this representation and warranty shall not apply to any statements or omissions made in each such Issuer Free Writing Prospectus in reliance upon and in conformity with information relating to any Underwriter delivered in writing to the Bank by or on behalf of the Underwriters expressly for use in any Issuer Free Writing Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Bank (A) is duly incorporated and validly existing under the laws of Canada, with full power and authority to conduct its business as described in the Time of Sale Information and the Prospectus, and is lawfully qualified in all material respects to do business in those jurisdictions in which business is conducted by it, except as would not, individually or in the aggregate, have a Material Adverse Effect; (B) has the requisite corporate power and authority to execute and deliver this Agreement; (C) has the corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Time of Sale Information and the Prospectus, except as would not, individually or in the aggregate, have a Material Adverse Effect; and (D) has duly authorized, executed and delivered this Agreement, and this Agreement constitutes the valid and legally binding agreement of the Bank enforceable in accordance with its terms, except as rights to indemnity or contribution may be limited by applicable law and subject as to enforcement to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors' rights generally and to general equity principles; for purposes of this Agreement, the term **"Material Adverse Effect"** shall mean any material adverse effect on the condition, financial position, business or results of operations of the Bank and its subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Bank is not required to register as an open-end investment company, unit investment trust, closed-end investment company or face-amount certificate company that is required to be registered under Section 8 of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, **"Investment Company Act"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any auditors who audited the financial statements incorporated by reference into the Registration Statement (any such auditor, an **"Auditor"**) were independent registered public accountants for the period covered by such financial statements as required by the Act, the Exchange Act and the *Bank Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Bank's consolidated financial statements incorporated by reference in the Registration Statement or included, in whole or in part, in the Prospectus (and any amendments or supplements thereto), the Time of Sale Information and the Prospectus, together with related schedules and notes, comply in all material respects with the applicable requirements of the Act, the Exchange Act and the *Bank Act* (Canada), as applicable, and present fairly, in all material respects, the consolidated financial position, results of operations and cash flows of the Bank and its subsidiaries on the basis stated therein at the respective dates or for the respective periods to which they apply; such

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statements and related notes have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, including the accounting requirements of the Office of the Superintendent of Financial Institutions Canada (collectively, **"IFRS"**), consistently applied throughout the periods involved, except as may be disclosed therein; the supporting schedules, if any, included in the Registration Statement, the Time of Sale Information and the Prospectus fairly present, in all material respects, the information required to be stated therein in accordance with IFRS; and the other financial and statistical information and data set forth in the Registration Statement (and any amendment or supplement thereto), the Time of Sale Information and the Prospectus are, in all material respects, accurately presented and prepared on a basis consistent with the books and records of the Bank and its subsidiaries; and any pro forma financial information and the related notes thereto included or incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus have been prepared in accordance with the applicable requirements of the Act and the Exchange Act, as applicable, and the assumptions underlying such pro forma financial information are reasonable and are set forth in the Registration Statement, the Time of Sale Information and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) the form of the Notes has been duly authorized and established in conformity with the provisions of the Indenture and, when the Notes have been executed and authenticated in accordance with the Indenture and delivered to and paid for by the Underwriters pursuant to this Agreement, the Notes will constitute valid and legally binding obligations of the Bank, enforceable in accordance with its terms against the Bank, (ii) the Base Indenture has been duly authorized and duly qualified under the Trust Indenture Act, and constitutes the valid and legally binding instrument of the Bank, enforceable in accordance with its terms against the Bank, and (iii) the Fifth Supplemental Indenture has been duly authorized and duly qualified under the Trust Indenture Act, and, when duly executed and delivered by the Bank and, assuming due authorization, execution and delivery thereof by the Trustees, will constitute the valid and legally binding instrument of the Bank, enforceable in accordance with its terms against the Bank, subject, in the case of each of clauses (i), (ii) and (iii) as to enforceability, to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights, to general equity principles and to an implied covenant of good faith and fair dealing; and the Indenture and the Notes will conform to the descriptions thereof contained in the Registration Statement, the Time of Sale Information and the Prospectus in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Series 33 Shares have been duly authorized and conform to the descriptions thereof contained in the Registration Statement, the Time of Sale Information and the Prospectus in all material respects, and, when issued and delivered to the Limited Recourse Trustee, will be validly issued, fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Conversion Shares into which the Series 33 Shares may be converted upon the occurrence of a Trigger Event have been duly authorized and reserved for issuance and conform to the descriptions thereof contained in the Registration Statement, the Time of Sale Information and the Prospectus in all material respects, and when issued and delivered upon the conversion of the Series 33 Shares, such Conversion Shares will be validly issued, fully paid and non-assessable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the execution and delivery of this Agreement, the creation and issue of the Notes and the Series 33 Shares, the sale of the Notes and the issuance of the Conversion Shares into which the Series 33 Shares may be converted upon the occurrence of a Trigger Event and the consummation of the transactions contemplated by this Agreement will not contravene any material contract, material indenture or other material agreement to which the Bank is bound, nor will such action result in the creation or imposition of any lien, charge or encumbrance upon any material property or assets of the Bank, nor will such action result in any material violation of the provisions of the *Bank Act* (Canada) or by-laws of the Bank or any law, administrative regulation or administrative or court order or decree of Canada or any political subdivision thereof or any applicable United States federal or New York State law, rule, regulation, judgment, order or decree of any United States federal or New York State government, governmental body or court having jurisdiction over it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) no consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the issue, offer and sale of the Notes by the Bank to the Underwriters, the authorization and issuance of the Series 33 Shares, or the authorization and reservation for issuance of the Conversion Shares in accordance with this Agreement or the Indenture, except for such consents, approvals, authorizations, orders and registrations or qualifications (i) as have been obtained under the Act and the Trust Indenture Act, (ii) as may be required under any applicable U.S. Federal or state securities law or any applicable Canadian securities laws in connection with the purchase and distribution of the Notes by the Underwriters and (iii) as may be required by the Office of the Superintendent of Financial Institutions (Canada) or any successor thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) there has not occurred any material adverse change in the financial condition, earnings, business or operations of the Bank and its subsidiaries, taken as a whole, from that set forth in the Prospectus as amended or supplemented (exclusive of any amendments or supplements thereto subsequent to the date of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) there are no legal or governmental actions, suits or proceedings known to be pending or threatened to which the Bank or any of its subsidiaries is a party or to which any of the properties of the Bank or any of its subsidiaries is subject that are required to be described in the Registration Statement, the Time of Sale Information or the Prospectus as amended or supplemented and are not so described;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) at the earliest time after the filing of the Registration Statement that the Bank or another offering participant made a *bona fide* offer (within the meaning of Rule 164(h)(2) under the Act) of the Notes, and at the time of signing of this Agreement, the Bank was and is an "ineligible issuer" as defined in Rule 405 under the Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) none of the Bank or any of its subsidiaries nor, to the knowledge of the Bank, any director, officer, agent or employee of the Bank or any of its subsidiaries is aware of or has taken any action, directly or, to the knowledge of the Bank, indirectly, that would result in a material violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the **"FCPA"**), or any similar law or regulation of any other jurisdiction, in each case to the extent applicable, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA or any similar law or regulation of any other jurisdiction, in each case to the extent applicable; and the Bank and its subsidiaries have conducted their businesses in material compliance with the FCPA or any similar law or regulation of any other jurisdiction, in each case to the extent applicable and the Bank has instituted and maintains, and has caused its subsidiaries to institute and maintain, policies and procedures designed to provide reasonable assurance of continued compliance therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) except in each case as (a) described in the Registration Statement, the Time of Sale Information and the Prospectus or (b) would not, individually or in the aggregate, otherwise be material in the context of an offer of the Notes or the Series 33 Shares, (i) the operations of the Bank and its subsidiaries are conducted in material compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable governmental agency, including without limitation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) (collectively, the **"Money Laundering Laws"**); and (ii) no material action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Bank or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Bank, threatened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) none of the Bank or any of its subsidiaries or, to the knowledge of the Bank, any director, officer or employee of the Bank or any of its subsidiaries is currently the subject of any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (**"OFAC"**) or any other Canadian, U.S., EU, United Nations or UK economic sanctions (collectively, the **"Sanctions**,**"** and any person subject to the Sanctions, a **"Sanctions Target"**) nor is the Bank located, organized or resident in a country or territory that is a Sanctions Target; and the Bank will not directly or, to the knowledge of the Bank, indirectly use the proceeds of any offering of the Notes, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person or entity identified on a list established under Section 83.05 of the Criminal Code (Canada) or in any orders or regulations promulgated under the United Nations Act (Canada), the Special Economic Measures Act (Canada) or the Freezing Assets of Corrupt Foreign Officials Act (Canada) (collectively, the **"Canadian Economic Sanctions Regulations"**) or any other then-current Sanctions Target except to the extent permissible under the Sanctions and/or the Canadian Economic Sanctions Regulations, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Representations and Warranties of the Underwriters.* Each Underwriter also represents, and warrants to, and agrees with, the Bank, as follows, *provided, however,* that the representations, warranties and agreements contained in Sections 2(d) and (e) are made solely by TD Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it will comply with all applicable laws and regulations in force in any jurisdiction in which it purchases, offers or sells Notes or possesses or distributes the Preliminary Prospectus or the Prospectus or any other offering material and will obtain any consent, approval or permission required by it for the purchase, offer or sale by it of Notes under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, offers or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it will comply in all material respects with any selling restrictions set forth in the Prospectus Supplement under the caption "Underwriting (Conflicts of Interest)— Selling Restrictions";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it will not offer or sell any Notes acquired pursuant to this Agreement, directly or indirectly, in Canada or to any resident of Canada without the consent of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any offer or sale of the Notes purchased by it hereunder in Canada or to any resident of Canada shall be effected on a private placement basis in accordance with applicable exemptions under the applicable securities laws in the relevant jurisdiction, including that such Underwriter (i) not offer or sell the Notes purchased by it hereunder in Canada except in the Provinces of Ontario, British Columbia, Alberta, Quebec and Manitoba (collectively, the "Qualifying Provinces") and in each case will only do so in accordance with applicable securities laws in the relevant Qualifying Province; and (ii) with respect to the Qualifying Provinces, represents and agrees that (A) it has not offered, sold, distributed or delivered, and that such Underwriter will not offer, sell, distribute or deliver, any Notes purchased by it hereunder, directly or indirectly in the Qualifying Provinces or to any person that is resident in any Qualifying Province for the purposes of securities laws applicable therein (including any corporation or other entity organized under the laws of any jurisdiction in Canada), except to persons who are not individuals and who are "accredited investors" as defined under National Instrument 45-106—Prospectus Exemptions or Section 73.3(1) of the Securities Act (Ontario), as applicable, under the "accredited investor exemption" as defined in NI 45-106; and (B) it will not distribute or deliver the Prospectus or Prospectus Supplement or any other offering material relating to the Notes purchased by it hereunder, in the Qualifying Provinces in contravention of the securities laws or regulations of the Qualifying Provinces;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has taken or will take reasonable steps to confirm that each purchaser of Notes in the Qualifying Provinces is not an individual and meets the terms and conditions of the "accredited investor exemption" as defined in NI 45-106, obtain, as necessary, and retain relevant information and documentation to evidence the steps taken to verify compliance with the exemption and provide to the Bank forthwith upon request all such information or documentation as the Bank may reasonably request for the purpose of complying with a request from a securities regulator in the Qualifying Provinces (including identifying whether the purchaser is purchasing for its own account and what category of "accredited investor" the purchaser falls under);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it has not sold the Notes as part of the initial offering except to "accredited investors" within the meaning of clauses (1), (2), (3) and (7) of Rule 501(a) of Regulation D under the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it will include provisions comparable to the provisions in Sections 2(c) and 2(f), and in the case of TD Securities, Sections 2(d) and (e), in any sub-underwriting, banking group or selling group agreement or similar arrangement with respect to any Notes that may be entered into by such Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Agreement to Sell and Purchase.* On the basis of the representations and warranties herein contained, and subject to the terms and conditions herein set forth, the Bank agrees to issue and sell to the Underwriters, and each of the Underwriters agrees to purchase from the Bank, the aggregate principal amount of the Notes set forth opposite such Underwriter's name on Schedule I at the purchase price set forth on Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Payment and Delivery.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Notes shall be made at the offices of Paul Hastings LLP, 200 Park Avenue, New York, New York 10166, on September 23, 2025 (the **"Closing Date"**), by delivery to or for the account of the Underwriters of the Notes registered in such names and in such denominations as the Underwriters shall request in writing not later than one full business day prior to the Closing Date, against payment by the Underwriters to the Bank of the purchase price therefor in lawful money of the United States of America by electronic funds transfer. The place of closing for the Notes and the Closing Date may be varied by agreement between the Underwriters and the Bank. Delivery of the Notes shall be made through the facilities of The Depository Trust Company unless the Underwriters shall otherwise instruct and agree to with the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The time and date of delivery of and payment for the Notes to be purchased from the Bank by the Underwriters is referred to herein as a **"Time of Delivery**.**"**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the Time of Delivery, the Bank shall pay the Underwriters a fee (the **"Underwriters' Fee"**) equal to 1.000% of the aggregate principal amount of the Notes. The parties agree that the Underwriters shall set off the Underwriters' Fee against a portion of the purchase price payable to the Bank in an amount equal to the Underwriters' Fee and payment by the Underwriters to the Bank in accordance with Section 4(a) of the purchase price net of the Underwriters' Fee shall be full satisfaction of the Underwriters' obligation to pay the purchase price for the Notes and of the Bank's obligation to pay the Underwriters' Fee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Certain Agreements of the Bank.* The Bank agrees with each Underwriter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) that the Bank will file the Preliminary Prospectus and the Prospectus, each as amended and supplemented in a form approved by the Representative, with the Commission within the time periods specified by the Act, will file any Issuer Free Writing Prospectus to the extent required by Rule 433 under the Act and will file all reports and other information required to be filed by the Bank with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, within the time period set forth in the Exchange Act, subsequent to the date of the Prospectus and for so long as the delivery of a prospectus (or, in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required in connection with the offering or sale of the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to make no amendment or supplement to the Registration Statement, the Basic Prospectus, the Time of Sale Information or the Prospectus (A) except as required by law (including reports and other documents required to be filed by the Bank with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act), after the date of this Agreement and prior to the Time of Delivery if such amendment or supplement is reasonably objected to by the Representative promptly after reasonable notice thereof or (B) during the period beginning on the Closing Date and continuing for as long as may be required under applicable law, except as required by law (including reports and other documents required to be filed by the Bank with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act), in the reasonable judgment of TD Securities after consultation with the Bank, in order to offer and sell any Notes in Secondary Market Transactions as contemplated by the Prospectus (the **"Secondary Transactions Period"**), which shall be disapproved by TD Securities promptly after reasonable notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that before preparing, using, authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, the Bank will deliver to the Representative a copy of the proposed Issuer Free Writing Prospectus for review and, except as required by law, will not prepare, use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus to which the Representative reasonably objects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to prepare a final term sheet with respect to the Notes and the Series 33 Shares in a form previously approved by the Representative and to file such final term sheet (or components thereof, as the case may be) with the Commission within such time as may be required by the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) notwithstanding anything in this Agreement to the contrary, for so long as the delivery of a prospectus is required in connection with the offering or sale of the Notes (including, in the case of TD Securities, in any Secondary Market Transactions during the Secondary Transactions Period), to advise the Underwriters (with confirmation in writing), promptly after it receives notice thereof, of (a) the time when any amendment to the Registration Statement, the Preliminary Prospectus or the Prospectus has been filed or becomes effective or any supplement to the Preliminary Prospectus, the Prospectus or any amendment thereof, or any Issuer Free Writing Prospectus has been filed with the Commission, in each case if not available on the Commission's Electronic Data Gathering, Analysis and Retrieval System (**"EDGAR"**), (b) the issuance by the Commission of any stop order or of any order preventing or suspending the effectiveness

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or the use of any prospectus relating to offering of the Notes or the Series 33 Shares, or the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A of the Act, (c) the suspension of the qualification of the Notes or the Series 33 Shares for offering or sale in any jurisdiction, (d) the initiation or threatening of any proceeding for any such purpose, or (e) other than in each case with respect to any report filed pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, any request by the Commission for the amending or supplementing of the Registration Statement, the Preliminary Prospectus or the Prospectus or for additional information relating to the Notes or the Series 33 Shares, the Registration Statement, the Preliminary Prospectus or the Prospectus or the receipt of any comments from the Commission relating to the Registration Statement or any other request by the Commission for any additional information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in the event of the issuance of any such stop order or of any such order preventing or suspending the use of the Preliminary Prospectus or the Prospectus relating to the Notes or the Series 33 Shares, or suspending any such qualification (or if any such action is known to be pending), to use promptly its reasonable best efforts to obtain its withdrawal (or prevent its issuance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) from time to time to take such action as the Representative may reasonably request to qualify the Notes for offering and sale under the securities laws of such states of the United States of America as the Representative may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Notes (including, in the case of TD Securities, in any Secondary Market Transactions during the Secondary Transactions Period), *provided* that in connection therewith the Bank shall not be required to file a prospectus or equivalent document or to qualify as a foreign corporation or to subject itself to taxation as doing business or to file a general consent to service of process in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) during the Prospectus Delivery Period (as defined below), to deliver the Underwriters with copies of the Prospectus as amended or supplemented and of each Issuer Free Writing Prospectus in such quantities as the Underwriters may reasonably request; as used herein, the term **"Prospectus Delivery Period"** means such period of time within which a prospectus relating to the Notes is required by law to be delivered (or required to be delivered but for Rule 172 under the Act) in connection with sales of the Notes by the Underwriters or any dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time prior to the Time of Delivery any event shall occur or condition shall exist as a result of which the Time of Sale Information as then amended or supplemented would include any untrue statement of a Material Fact or omit to state any Material Fact necessary in order to make the statements therein, in the light of the circumstances, not misleading or it is necessary to amend or supplement the Time of Sale Information to comply with law, the Bank will immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (a) above, file with the Commission (to the extent required) an amendment or supplement to the Time of Sale Information that will correct such statement or omission or effect such compliance and deliver without charge to the Underwriters and to such dealers as the Underwriters may designate as many copies as it may reasonably request of such amendment or supplement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if at any time after the Time of Delivery any Underwriter continues to own Notes purchased from the Bank or any Underwriter is otherwise required to deliver a prospectus in respect of transactions in the Notes (including, in the case of TD Securities, in any Secondary Market Transactions during the Secondary Transactions Period), and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a Material Fact or omit to state any Material Fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or it shall be necessary during such same period to amend or supplement the Prospectus to comply with law, to promptly notify the Underwriters thereof and, upon the request of the Underwriters, to prepare and, subject to paragraph (a) above, file with the Commission (to the extent required) an amendment or supplement to the Registration Statement or the Prospectus as then amended or supplemented that will correct such statement or omission or effect such compliance and deliver without charge to the Underwriters and to such dealers as the Underwriters may designate as many copies as it may from time to time during such period reasonably request of such amendment or supplement; *provided, however,* that the Bank may elect, upon notice to TD Securities, not to comply with this paragraph (iii) with respect to any Secondary Market Transaction, but only for a period or periods that the Bank reasonably determines are necessary in order to avoid premature disclosure of material, non-public information, unless, notwithstanding such election, such disclosure would otherwise be required under this Agreement. Upon receipt of any such notice, TD Securities shall cease using the Prospectus or any amendment or supplement thereto in connection with Secondary Market Transactions until it receives notice from the Bank that it may resume using such document (or such document as it may be amended or supplemented);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if not available on EDGAR, the Bank will make generally available to its security holders and the Underwriters as soon as practicable an earning statement that satisfies the provisions of Section 11(a) of the Act and Rule 158 of the Commission promulgated thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Bank occurring after the **"effective date"** (as defined in Rule 158) of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) so long as any Notes are outstanding, if not available on EDGAR, to deliver to the Underwriters copies of all reports or other communications (financial or other) delivered to stockholders generally, and to deliver to the Underwriters as soon as they are available, copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange on which any class of securities of the Bank is listed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that from the date of this Agreement and continuing to and including the Time of Delivery, the Bank will not, without the prior written consent of the Underwriters, offer, sell, contract to sell or otherwise dispose of any debt securities of the Bank which are substantially similar to the Notes except pursuant to this Agreement, or except in an offering of Notes that is not and is not required to be registered under the Act (other than in Secondary Market Transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Bank acknowledges and agrees that the Underwriters are acting solely in the capacity of an arm's-length contractual counterparty to the Bank with respect to the offering of the Notes contemplated hereby (including in connection with determining the terms of the offering) and not as financial advisors or fiduciaries to the Bank or any other person; additionally, the Underwriters are not advising the Bank or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction; the Bank shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Underwriters shall have no responsibility or liability to the Bank with respect thereto; any review by the Underwriters of the Bank, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on behalf of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to use its commercially reasonable efforts to list, within 30 days from the Closing Date, subject to notice of issuance if applicable, the Conversion Shares into which the Series 33 Shares may be converted upon the occurrence of a Trigger Event, on the Toronto Stock Exchange (the **"TSX"**) and the New York Stock Exchange (the **"NYSE"**). The Bank will use its commercially reasonable efforts to maintain the listing of such Conversion Shares on the TSX and the NYSE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to reserve and keep available enough Common Shares for the purpose of enabling the Bank to satisfy its obligations to issue the Conversion Shares upon conversion of the Series 33 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Certain Agreements of the Underwriters.* Each Underwriter hereby represents and agrees as follows, *provided, however,* that the covenant and agreement contained in Section 6(d) hereof is made solely by TD Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has not and will not use, authorize use of, refer to, or participate in the planning for use of, any **"free writing prospectus**,**"** as defined in Rule 405 under the Act (which term includes use of any written information furnished to the Commission by the Bank and not incorporated by reference into the Registration Statement and any press release issued by the Bank) other than (i) a free writing prospectus not required to be filed by the Bank with the Commission or retained by the Bank under Rule 433 under the Act, (ii) any Issuer Free Writing Prospectus listed on Schedule II hereto or other agreement in respect of the offering of Notes in the form of Schedule II hereto or prepared pursuant to Section 5(a) hereof or (iii) any free writing prospectus prepared by the Underwriters and approved by the Bank in advance in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has not and will not distribute any free writing prospectus referred to in clause (a)(i) above in a manner reasonably designed to lead to its broad unrestricted dissemination;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has not and will not, without the prior written consent of the Bank, use any free writing prospectus that contains the final terms of the Notes and the Series 33 Shares unless such terms have previously been included in a free writing prospectus filed with the Commission; *provided* that the Underwriters may use a term sheet substantially in the form of Schedule III hereto, and a Bloomberg term sheet that contains some or all of the information in Schedule III hereto, without the consent of the Bank; *provided* further that the Underwriters using such agreed term sheet shall notify the Bank, and provide a copy of such term sheet to the Bank, prior to, or substantially concurrently with, the first use of such term sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it will file or cause to be filed, in accordance with the requirements of NI 45-106, applicable private placement notices in connection with exempt sales of the Notes in the Qualifying Provinces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it will, pursuant to reasonable procedures developed in good faith, retain copies of each free writing prospectus used or referred to by it, in accordance with Rule 433 under the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is not subject to any pending proceeding under Section 8A of the Act with respect to the offering (and will promptly notify the Bank if any such proceeding against it is initiated during the Prospectus Delivery Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Payment of Certain Expenses.* The Bank covenants and agrees with the Underwriters that the Bank will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the Bank's counsel and accountants in connection with the registration of the Notes and Series 33 Shares under the Act and all other expenses in connection with the preparation, printing and filing of the Registration Statement, any Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus, any Time of Sale Information and all other amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters; (ii) the cost of printing or producing this Agreement, the Indenture, any blue sky memorandum, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Notes and the Series 33 Shares; (iii) all expenses in connection with the qualification of the Notes and the Series 33 Shares for offering and sale under state securities laws as provided in Section 5(b) hereof, including the fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with any blue sky memorandum; (iv) any fees charged by securities rating services for rating the Notes and the Series 33 Shares; (v) any filing fees incident to, and the fees and disbursements of counsel for the Underwriters in connection with, any required review by the Financial Industry Regulatory Authority, Inc. of the terms of the sale of the Notes; (vi) the cost of preparing the Notes and the Series 33 Shares; (vii) the fees and expenses of the Trustees and any agent of the Trustees and any transfer or paying agent of the Bank and the fees and disbursements of counsel for the Trustees or such agent in connection with the Indenture, the Notes and the Series 33 Shares; and (viii) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section. It is understood, however, that, except as provided in this Section, the Underwriters will pay all of their own costs and expenses, including the fees of their counsel, transfer taxes on resale of any of the Notes by them, and any advertising expenses connected with any offers of the Notes they may make.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Conditions to the Obligations of the Underwriters.* The obligations of the Underwriters to purchase Notes from the Bank pursuant to this Agreement shall be subject, in the Underwriters' discretion, to the condition that all representations and warranties and other statements of the Bank herein are true and correct at and as of the Time of Delivery; the condition that prior to the Time of Delivery, the Bank shall have performed all of its obligations hereunder theretofore to be performed; and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The Registration Statement (or if a post-effective amendment thereto is required to be filed under the Act, such post-effective amendment) shall have become effective; no stop order suspending the effectiveness of the Registration Statement shall be in effect, and no proceedings for such purpose or pursuant to Section 8A under the Act shall be pending before or threatened by the Commission; the Preliminary Prospectus, the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with the Commission under the Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Act) and in accordance with Section 5(a) hereof; and all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representative; (ii) there shall not have occurred any downgrading in the rating accorded any debt securities of the Bank by Standard & Poor's Global Ratings or Moody's Investors Service, Inc., or any public announcement by either such organization of an intended or potential downgrading; and (iii) there shall have been no material adverse change in the financial condition, earnings, business or operations of the Bank and its subsidiaries, taken as a whole, from that set forth in the Registration Statement, the Time of Sale Information (excluding any amendment or supplement thereto) and the Prospectus (exclusive of any amendments or supplements thereto prior to the Time of Delivery), which, in the reasonable judgment of the Representative, makes it impracticable to proceed with the solicitation by the Underwriters of offers to purchase Notes from the Bank or the purchase by the Underwriters of Notes from the Bank, as the case may be, on the terms and in the manner contemplated in this Agreement, Registration Statement, the Time of Sale Information and the Prospectus as first amended or supplemented relating to the Notes to be delivered at the applicable Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) McCarthy Tetrault LLP, Canadian counsel for the Bank, shall have delivered to the Underwriters their written opinions, dated the Closing Date, in form and substance reasonably satisfactory to the Representative and counsel for the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Simpson Thacher & Bartlett LLP, United States counsel for the Bank, shall have delivered to the Underwriters their written opinion and negative assurance letter, each dated the Closing Date, in form and substance reasonably satisfactory to the Representative and counsel for the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Paul Hastings LLP, United States counsel for the Underwriters, shall have delivered to the Underwriters their written opinion and negative assurance letter, each dated the Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the date hereof and on the Closing Date, the Underwriters shall have received, in form and substance reasonably satisfactory to the Representative and counsel for the Underwriters, from Ernst & Young LLP, independent public accountants, constituting statements and information of the type ordinarily included in accountants' "comfort letters" to Underwriters with respect to the financial statements and certain financial information contained in or incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On or after the date hereof there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the NYSE or the TSX; (ii) a material disruption in securities settlement, payment or clearance services in the United States; (iii) a general moratorium on commercial banking activities in The City of New York or the City of Toronto, declared by either United States federal, New York State, Canadian federal or Ontario provincial authorities, as the case may be; or (iv) an outbreak or escalation of hostilities or other calamity or crisis having an adverse effect on the financial markets of the United States of America, which, in the reasonable judgment of the Representative makes it impracticable to proceed with the solicitation of offers to purchase Notes or the purchase of the Notes from the Bank pursuant to this Agreement or otherwise, as the case may be, on the terms and in the manner contemplated in the Prospectus as first amended or supplemented relating to the Notes to be delivered at the applicable Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Bank shall have delivered or caused to be delivered to the Underwriters a certificate signed by an authorized officer (with a title of "Associate Vice President" or higher) of the Bank dated the Time of Delivery to the effect set forth in Section 8(a)(i), (ii) and (iii) hereof and to the effect that the representations and warranties of the Bank contained in this Agreement are true and correct as of the Time of Delivery, and that the Bank has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or prior to the Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Indemnification and Contribution*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank agrees to indemnify and hold harmless the Underwriters, their respective affiliates, directors and officers and each person, if any, who controls the Underwriters within the meaning of either Section 15 of the Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a Material Fact contained in the Registration Statement, any Preliminary Prospectus, the Prospectus as amended or supplemented or any amendment or supplement thereto, any Issuer Free Writing Prospectus or Time of Sale Information or caused by any omission or alleged omission to state therein a Material Fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except with respect to the Underwriters insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon the Underwriter Information. The indemnity agreement set forth in this Section 9(a) shall be in addition to any liabilities that the Bank may otherwise have.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters agree, severally and not jointly, to indemnify and hold harmless the Bank, its directors, its officers, its authorized representative or representatives in the United States, and each person, if any, who controls the Bank within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Bank to the Underwriters, but only with reference to the Underwriter Information. The Bank hereby acknowledges that the only Underwriter Information consists of (i) written information furnished to the Bank by any Underwriter expressly for use in the Registration Statement, any Preliminary Prospectus, the Prospectus as amended or supplemented or any amendment or supplement thereto, any Issuer Free Writing Prospectus or Time of Sale Information, (ii) the name of any Underwriter in any of such documents and (iii) the statements set forth under the fifth paragraph, the seventh paragraph and the second and third sentences of the twelfth paragraph under the heading "Underwriting (Conflicts of Interest)" in the Prospectus Supplement and the Preliminary Prospectus. The indemnity agreement set forth in this Section 9(b) shall be in addition to any liabilities that the Underwriters may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to either of the two preceding paragraphs, such person (the **"indemnified party"**) shall promptly notify the person against whom such indemnity may be sought (the **"indemnifying party"**) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding; *provided, however,* that the failure to notify promptly the indemnifying party will not relieve it from liability unless and to the extent that such failure results in the forfeiture by the indemnifying party of substantial rights or defenses. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to such indemnified party or (iii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by the Underwriters in the case of parties indemnified pursuant to Section 9(a) and by the Bank in the case of parties indemnified pursuant to Section 9(b). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent but if settled with such

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consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is an actual or potential party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in Sections 9(a) and 9(b) hereof is unavailable as a matter of law to an indemnified party in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under either such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Bank on the one hand, and the Underwriters on the other, from the offering of the Notes or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Bank on the one hand, and of the Underwriters on the other, in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Bank on the one hand, and the Underwriters on the other, shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Bank bear to the total underwriting commission received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus as amended or supplemented. The relative fault of the Bank and of the Underwriters shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a Material Fact or the omission or alleged omission to state a Material Fact relates to information supplied by the Bank or by the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Bank and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 9(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the preceding paragraphs shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 9, the Underwriters shall not be required to contribute any amount in excess of the underwriting commissions received by the Underwriters in connection with the Notes sold by it. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Survival of Certain Representations and Obligations*. The respective indemnities, agreements, representations, warranties and other statements of the Bank and the Underwriters, as set forth in Sections 1, 2, 7 and 9 hereof or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any (i) termination of this Agreement or (ii) investigation (or any statement as to the results thereof) made by or on behalf of the Underwriters or any controlling person of any Underwriter, or the Bank, or any officer or director or controlling person of the Bank, and shall survive delivery of and payment for any of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Notices*. All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile transmission to the address of TD Securities (USA) LLC, 1 Vanderbilt Avenue, 11<sup>th</sup> Floor, New York, New York 10017, Attention: DCM – Transaction Advisory, email: USTransactionAdvisory@tdsecurities.com; and if to the Bank shall be delivered to the address of the Bank set forth in the Registration Statement: Attention: General Counsel. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Patriot Act*. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Bank, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Effectiveness; Defaulting Underwriters*. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

If, on the Closing Date, any one or more of the Underwriters shall fail or refuse to purchase Notes that it has or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Notes which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate principal amount of the Notes to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the principal amount of Notes set forth opposite their respective names in Schedule I bears to the aggregate principal amount of Notes set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Notes which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; *provided* that in no event shall the principal amount of Notes that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 13 by an amount in excess of one-ninth of such principal amount of Notes without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Notes and the aggregate principal amount of Notes with respect to which such default occurs is more than one-tenth of the aggregate principal amount of Notes to be purchased on such date, and arrangements satisfactory to the Representative and the Bank for the purchase of such Notes are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting

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Underwriter or the Bank. In any such case either the Representative or the Bank shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, the Time of Sale Information or the Prospectus, as amended or supplemented, if applicable, or in any other documents or arrangements may be effected. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Bank to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Bank shall be unable to perform its obligations under this Agreement, the Bank will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *Successors.* This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters and the Bank, and to the extent provided in Sections 9 and 10 hereof, the officers and directors of the Bank and each person who controls the Underwriters or the Bank, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Notes through or from the Underwriters hereunder shall be deemed a successor or assign by reason merely of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *Jurisdiction.* The Bank irrevocably (i) agrees that any legal suit, action or proceeding against the Bank brought by the Underwriters or by any person who controls any of the Underwriters arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any state or federal court in The City of New York (a **"New York Court"**), (ii) waives, to the fullest extent it may lawfully do so, any objection that it may now or hereafter have to the laying of venue of any such proceeding and (iii) submits to the jurisdiction of such courts in any such suit, action or proceeding. The Bank irrevocably waives any immunity to jurisdiction to which it may otherwise be entitled or become entitled (including sovereign immunity, immunity to pre-judgment attachment, post-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Agreement or the transactions contemplated hereby that is instituted in any New York Court. The Bank has appointed Mr. Glenn Gibson, The Toronto-Dominion Bank, 1 Vanderbilt Avenue, New York, New York 10017, as its authorized agent (the **"Authorized Agent"**) upon whom process may be served in any such action arising out of or based on this Agreement or the transactions contemplated hereby that may be instituted in any New York Court by the Underwriters or by any person who controls any Underwriter, expressly consents to the jurisdiction of any such court in respect of any such action, and waives any other requirements of or objections to personal jurisdiction with respect thereto. The Bank represents and warrants that the Authorized Agent has agreed to act as such agent for service of process and agrees to take any and all action, including the filing of any and all documents and instruments, which may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Bank shall be deemed, in every respect, effective service of process upon the Bank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *Business Day.* Time shall be of the essence in this Agreement. As used herein, **"business day"** shall mean any day when the Commission's office in Washington, D.C. is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *Judgment Currency.* If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures the applicable Underwriters could purchase United States dollars with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligation of the Bank with respect to any sum due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day following receipt by such Underwriter or controlling person of any sum in such other currency, and only to the extent that such Underwriter or controlling person may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due to such Underwriter or controlling person hereunder, the Bank agrees as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter or controlling person against such loss. If the United States dollars so purchased are greater than the sum originally due to such Underwriter or controlling person hereunder, such Underwriter or controlling person agrees to pay to the Bank an amount equal to the excess of the dollars so purchased over the sum originally due to such Underwriters or controlling person hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *Additional Amounts.* The amounts to be paid by the Bank hereunder shall be paid in United States dollars without withholding or deduction for or on account of any present or future taxes, duties or governmental charges imposed under the laws of Canada or any political subdivision thereof unless the Bank is compelled by law or the administration thereof to deduct or withhold such taxes, duties or charges. In such an event, the Bank shall pay such additional amounts as may be necessary in order that the net amounts received after such withholding or deduction shall equal the amount that would have been received if no withholding or deduction had been made; *provided, however,* that no such additional amounts shall be paid on account of any taxes, duties or charges (i) that are imposed due to a present or former connection of an Underwriter with Canada or any political subdivision thereof other than the mere entering into of this Agreement or receipt of payments hereunder or (ii) that would not have been imposed but for the failure of an Underwriter to provide any form, certificate, document, or other information that would have reduced or eliminated such taxes, duties or other charges except where providing such form, certificate, document, or other information would subject such Underwriter to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Underwriter. In addition, if any such taxes, duties or governmental charges (other than any such taxes, duties or governmental charges excluded from indemnification by reason of the proviso in the preceding sentence) ought to have been withheld by the Bank and were not withheld, then the Bank will indemnify the Underwriters against liability for such taxes, duties or governmental charges, together with any interest or penalties thereon.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. *Certain Taxes.* The Bank will indemnify and hold harmless the Underwriters against any documentary, stamp or similar issuance tax, including any interest and penalties, on the creation, issuance and sale of the Notes and on the authorization, performance, execution and delivery of this Agreement. The Bank also will indemnify and hold harmless the Underwriters for any goods and services or harmonized goods and services tax in respect of the payment of any amounts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. *Governing Law.* This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. *Recognition of the U.S. Special Resolution Regimes.* (a) In the event that any Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter is a Covered Entity or a BHC Act Affiliate (as defined below) of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of this <u>Section</u> <u>21</u>:

**"BHC Act Affiliate"** has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

**"Covered Entity"** means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b).

**"Default Right"** has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 3 82.1, as applicable.

**"U.S. Special Resolution Regime"** means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. *Counterparts; Electronic Signatures.* This Agreement may be executed by any one or more of the parties hereto and thereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include (i) electronic signatures (including electronic signatures covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act, the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law, e.g., www.docusign.com), (ii) transmission by telecopy, electronic mail or other transmission methods and (iii) the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

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If the foregoing is in accordance with your understanding, please sign and return to us counterparts hereof, whereupon this letter and the acceptance by you thereof shall constitute a binding agreement between the Bank and you in accordance with its terms.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| THE TORONTO-DOMINION BANK | THE TORONTO-DOMINION BANK |
| By: | /s/ Colin Elion |
|  | Name:Colin Elion |
|  | Title: Associate Vice President, Funding, Treasury and Balance Sheet Management |

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Accepted as of the date hereof:

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| | |
|:---|:---|
| TD SECURITIES (USA) LLC | TD SECURITIES (USA) LLC |
| By: | /s/ Luiz Lanfredi |
|  | Name:Luiz Lanfredi |
|  | Title: Managing Director |

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Acting on behalf of themselves and the

other several Underwriters listed in Schedule I hereto

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**Schedule I** 

**Underwriters** 

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| | |
|:---|:---|
| **Underwriter** | **Amount of the Notes** |
|  TD Securities (USA) LLC | $300000000 |
|  BofA Securities, Inc. | $112500000 |
|  Citigroup Global Markets Inc. | $112500000 |
|  NatWest Markets Securities Inc. | $90000000 |
|  SG Americas Securities, LLC | $90000000 |
|  Citizens JMP Securities, LLC | $7500000 |
|  Huntington Securities, Inc. | $7500000 |
|  KeyBanc Capital Markets Inc. | $7500000 |
|  M&T Securities, Inc. | $7500000 |
|  MUFG Securities Americas Inc. | $7500000 |
|  Regions Securities LLC | $7500000 |
|  **TOTAL** | $**750000000** |

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Purchase Price (inclusive of the Underwriters' Fee): 99.000% of the principal amount of the Notes, plus accrued interest thereon, if any, from September 23, 2025 to the date of payment and delivery

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**Schedule II** 

a. Time of Sale Information

The Free Writing Prospectuses that are to be included in the Time of Sale Information are as follows:

The term sheet attached as Schedule III hereto

b. Pricing Information Provided Orally by the Underwriters

None

## Exhibit 4.2

**Exhibit 4.2** 

***Execution Version*** 

THE TORONTO-DOMINION BANK

to

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as U.S. Trustee

and

COMPUTERSHARE TRUST COMPANY OF CANADA, as Canadian Trustee

Fifth Supplemental Indenture

Dated as of September 23, 2025

to

Indenture

Dated as of September 15, 2016

6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (Non-Viability Contingent Capital (NVCC))

Subordinated Debt Securities

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE ONE | ARTICLE ONE |  |
| DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION | DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION |  |
|  Section 1.1 | Relation to Base Indenture | 1 |
|  Section 1.2 | Definitions | 2 |
|  Section 1.3 | Meaning of "Proportionate Share of the Corresponding Limited Recourse Trust Assets" | 8 |
|  Section 1.4 | Conflict with Trust Indenture Act | 9 |
|  Section 1.5 | Separability Clause | 9 |
|  Section 1.6 | Effect of Headings and **Table of Contents** | 9 |
|  Section 1.7 | Benefits of Fifth Supplemental Indenture | 9 |
|  Section 1.8 | Governing Law | 9 |
| ARTICLE TWO | ARTICLE TWO |  |
| THE NOTES | THE NOTES |  |
|  Section 2.1 | Designation and Principal Amount | 9 |
|  Section 2.2 | Maturity | 10 |
|  Section 2.3 | Form, Payment and Appointment | 10 |
|  Section 2.4 | Global Note | 10 |
|  Section 2.5 | Interest | 10 |
|  Section 2.6 | No Sinking Fund | 11 |
| ARTICLE THREE | ARTICLE THREE |  |
| FORM OF NOTES | FORM OF NOTES |  |
|  Section 3.1 | Form of Notes | 11 |
| ARTICLE FOUR | ARTICLE FOUR |  |
| ISSUE OF NOTES | ISSUE OF NOTES |  |
|  Section 4.1 | Issue of Notes | 11 |
| ARTICLE FIVE | ARTICLE FIVE |  |
| REMEDIES | REMEDIES |  |
|  Section 5.1 | Applicability of Article V of the Base Indenture | 11 |
|  Section 5.2 | Events of Default | 11 |
|  Section 5.3 | Recourse to Corresponding Limited Recourse Trust Assets is Sole Remedy | 12 |
|  Section 5.4 | Suits for Enforcement by Trustees | 12 |
|  Section 5.5 | Application of Money or Corresponding Limited Recourse Trust Assets Collected | 12 |
|  Section 5.6 | Limitation on Suits | 13 |
|  Section 5.7 | Delay or Omission Not Waiver of Default | 13 |

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| | | |
|:---|:---|:---|
|  Section 5.8 | Waiver of Claims Relating to a Trigger Event | 13 |
| ARTICLE SIX | ARTICLE SIX |  |
| SATISFACTION AND DISCHARGE | SATISFACTION AND DISCHARGE |  |
|  Section 6.1 | Applicability of Article X of the Base Indenture | 14 |
|  Section 6.2 | Satisfaction and Discharge of Indenture | 14 |
|  Section 6.3 | Application of Trust Money or Corresponding Limited Recourse Trust Assets | 15 |
| ARTICLE SEVEN | ARTICLE SEVEN |  |
| TRUSTEE | TRUSTEE |  |
|  Section 7.1 | Money or Corresponding Limited Recourse Trust Assets Held in Trust | 15 |
|  Section 7.2 | Conflicting Interests | 15 |
|  Section 7.3 | Trustee to Provide Instructions upon Request of the Bank | 15 |
|  Section 7.4 | Corresponding Limited Recourse Trust Assets for Notes Payments to Be Held in Trust | 15 |
| ARTICLE EIGHT | ARTICLE EIGHT |  |
| COVENANTS APPLICABLE TO THE NOTES | COVENANTS APPLICABLE TO THE NOTES |  |
|  Section 8.1 | Additional Amounts | 16 |
|  Section 8.2 | No Restriction on Other Indebtedness | 17 |
| ARTICLE NINE | ARTICLE NINE |  |
| LIMITED RECOURSE TRUST | LIMITED RECOURSE TRUST |  |
|  Section 9.1 | Satisfaction of Payment Obligations with Corresponding Limited Recourse Trust Assets | 17 |
|  Section 9.2 | Corresponding Limited Recourse Trust Assets | 18 |
|  Section 9.3 | Right Not to Deliver Common Shares or Preferred Shares | 18 |
|  Section 9.4 | Trigger Event | 19 |
|  Section 9.5 | Conversion Rate | 19 |
|  Section 9.6 | Time of Delivery | 19 |
|  Section 9.7 | Trigger Event Procedure | 19 |
|  Section 9.8 | Duties of Trustees upon Trigger Event | 19 |
|  Section 9.9 | General | 20 |
|  Section 9.10 | Agreement of Holders and Beneficial Owners of the Notes | 20 |
|  Section 9.11 | Amendments to Limited Recourse Trust Declaration | 21 |
|  Section 9.12 | Dissolution of the Limited Recourse Trust | 21 |
| ARTICLE TEN | ARTICLE TEN |  |
| SUBORDINATION OF NOTES | SUBORDINATION OF NOTES |  |
|  Section 10.1 | Applicability of Article XII of the Base Indenture | 22 |
|  Section 10.2 | Notes Subordinate to Deposit Liabilities and Other Indebtedness | 22 |

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ii

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| | | |
|:---|:---|:---|
| ARTICLE ELEVEN | ARTICLE ELEVEN |  |
| REDEMPTION OF NOTES | REDEMPTION OF NOTES |  |
|  Section 11.1 | Applicability of Article XI of the Base Indenture | 22 |
|  Section 11.2 | Regulatory Redemption | 22 |
|  Section 11.3 | Tax Redemption | 22 |
|  Section 11.4 | Optional Redemption | 23 |
|  Section 11.5 | Mandatory Redemption | 23 |
|  Section 11.6 | Redemption Obligations; Open Market Purchases | 23 |
|  Section 11.7 | Notice of Redemption | 23 |
|  Section 11.8 | Applicability of Article | 24 |
| ARTICLE TWELVE | ARTICLE TWELVE |  |
| SUPPLEMENTAL INDENTURES | SUPPLEMENTAL INDENTURES |  |
|  Section 12.1 | Applicability of Article VIII of the Base Indenture | 24 |
|  Section 12.2 | Supplemental Indentures With Consent of Holders | 24 |
|  Section 12.3 | Supplemental Indentures Without Consent of Securityholders | 24 |
| ARTICLE THIRTEEN | ARTICLE THIRTEEN |  |
| MISCELLANEOUS | MISCELLANEOUS |  |
|  Section 13.1 | Ratification of Base Indenture | 24 |
|  Section 13.2 | Conflict with Base Indenture | 24 |
|  Section 13.3 | Execution in Counterparts | 25 |
|  Section 13.4 | Agreement of Subsequent Investors | 25 |
|  Section 13.5 | Waiver of Jury Trial | 25 |
|  Section 13.6 | Acceptance by Trustees | 25 |
|  Section 13.7 | Electronic Communication | 25 |

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iii

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FIFTH SUPPLEMENTAL INDENTURE, dated as of September 23, 2025 (this "**Fifth Supplemental Indenture**") among THE TORONTO-DOMINION BANK, a financial institution governed by the *Bank Act* (Canada) (the "**Bank**" or the "**Issuer**"), and COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, a trust company organized under the laws of the United States, as U.S. Trustee (the "**U.S. Trustee**") and COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company organized under the laws of Canada, and having its head office in the City of Toronto, as Canadian Trustee (the "**Canadian Trustee**" and, together with the U.S. Trustee, the "**Trustees**" and each, a "**Trustee**").

**RECITALS OF THE BANK** 

WHEREAS, the Bank, the U.S. Trustee and the Canadian Trustee have entered into the Indenture, dated as of September 15, 2016 (the "**Base Indenture**" and, as hereby supplemented and amended, the "**Indenture**") providing for the issuance from time to time of one or more series of the Bank's unsecured subordinated indebtedness (herein called the "**Securities**");

WHEREAS, Section 8.01(e) of the Base Indenture provides, among other things, that the Bank and the Trustee (and any successor Trustees) may enter into an indenture supplemental to the Base Indenture to establish the form or terms of Securities of any series as permitted by the Base Indenture;

WHEREAS, pursuant to Section 2.03 of the Base Indenture, the Bank wishes to provide for the issuance of $750,000,000 aggregate principal amount of a new series of Securities to be known as its 6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (Non-Viability Contingent Capital (NVCC)) (the "**Notes**"), the form and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this Fifth Supplemental Indenture;

WHEREAS, the Bank has requested and hereby requests that the Trustees execute and deliver this Fifth Supplemental Indenture; and all requirements necessary to make this Fifth Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Bank and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations of the Bank, have been satisfied and complied with; and the execution and delivery of this Fifth Supplemental Indenture has been duly authorized in all respects;

WHEREAS, TD LRCN Limited Recourse Trust, a trust established under the laws of the Province of Manitoba (the "**Limited Recourse Trust**"), has been established by the Limited Recourse Trustee (as defined herein) by a declaration of trust dated as of October 16, 2020, as amended and restated as of July 27, 2021, as amended as of October 13, 2022 and as may be further amended or restated from time to time (the "**Limited Recourse Trust Declaration**"); and

WHEREAS, in accordance with the terms of the Limited Recourse Trust Declaration, the Limited Recourse Trustee holds assets in the Limited Recourse Trust for the benefit of the Bank to satisfy the recourse of the Holders in respect of the Bank's obligations in respect of the Notes under this Fifth Supplemental Indenture.

NOW, THEREFORE, in consideration of the foregoing recitals and other valuable consideration, the receipt whereof is hereby acknowledged, the Bank agrees with the Trustees, for the equal and proportionate benefit of the Holders of the Notes, as follows:

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1 <u>Relation to Base Indenture</u><u>.</u>

This Fifth Supplemental Indenture constitutes an integral part of the Indenture.

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Section 1.2 <u>Definitions</u><u>.</u>

For all purposes of this Fifth Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other terms used herein which are defined in the Base Indenture or in the U.S. Trust Indenture Act of 1939, as amended (the "**Trust Indenture Act**"), either directly or by reference therein, have the meanings assigned to them therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in Canada, including the accounting requirements of the Office of the Superintendent of Financial Institutions (Canada) (or any successor thereto) (**"OSFI")**, and, except as otherwise herein expressly provided, the term "generally accepted accounting principles" with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) unless the context otherwise requires, any reference to an "Article" or a "Section" refers to an Article or a Section, as the case may be, of this Fifth Supplemental Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the words "herein", "hereof" and "hereunder" and other words of similar import refer to this Fifth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to dollars and $ shall mean U.S. dollars unless otherwise indicated.

"**Additional Amounts**" has the meaning specified in Section 8.1.

**"Administrative Action"** means any judicial decision, administrative pronouncement, published or private ruling, regulatory procedure, rule, notice, announcement, assessment or reassessment (including any notice or announcement of intent to adopt or issue such decision, pronouncement, ruling, procedure, rule, notice, announcement, assessment or reassessment).

**"Affiliate**" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing.

**"Bank Act"** means the *Bank Act* (Canada) as may be amended from time to time.

**"Beneficial Owners"** means (a) with respect to Global Securities, the beneficial owners of the Notes and (b) with respect to definitive Securities, the Holders in whose names the Notes are registered.

**"C$"** or **"Canadian dollars"** means the lawful currency for the time being of Canada.

**"Canadian Trustee"** means the Person named as the "Canadian Trustee" in the recitals hereto until a successor Canadian Trustee shall have become such pursuant to the applicable provisions of the Indenture, and thereafter "Canadian Trustee" shall mean such successor Canadian Trustee.

**"CAR Guideline"** means the OSFI Capital Adequacy Requirements Guideline, as may be amended from time to time.

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**"Common Share Price"** means the volume weighted average per share trading price of the Common Shares on the Toronto Stock Exchange (the "**TSX**") for the 10 consecutive Trading Day (as defined below) period ending on the Trading Day immediately before the occurrence of a Trigger Event, or if the Common Shares are not then listed on the TSX, the principal stock exchange on which the Common Shares are then listed or quoted (being the stock exchange with the greatest volume of trading in the Common Shares during the previous six months), or if such shares are not listed or quoted on any stock exchange, or if no such trading prices are available, the Floor Price.

**"Common Shares"** means common shares, without par value, of the Bank.

**"Consent Event"** has the meaning specified in Section 7.3.

**"Contingent Conversion"** means, upon the occurrence of a Trigger Event, the automatic and immediate conversion, on a full and permanent basis, of each outstanding Preferred Share into fully-paid Common Shares in accordance with the terms of the Preferred Shares.

"**Conversion Price**" means the greater of (i) the Common Share Price and (ii) the Floor Price.

"**Conversion Rate**" means the product of (a) the number of Preferred Shares held by the Limited Recourse Trustee immediately prior to a Contingent Conversion times (b) the quotient obtained by dividing (i) the Multiplier multiplied by the Share Value divided by (ii) the Conversion Price (rounding down, if necessary, to the nearest whole number of Common Shares).

**"Corporate Trust Office"** means the principal corporate trust office of the U.S. Trustee in St. Paul, Minnesota at which at any particular time its corporate trust business shall be administered, which as of the date hereof is located at Computershare Trust Company, N.A., Corporate Trust, ATTN: LEGACY CPU CT, 1505 Energy Park Drive, St. Paul, MN 55108.

**"corporation**" means a corporation, association, company, limited liability company, joint-stock company, business trust or other entity.

**"Corresponding Limited Recourse Trust Assets"** means the assets held in respect of the Notes by the Limited Recourse Trustee from time to time, which may only be comprised of (i) Preferred Shares (or proceeds with respect to the subscription for units of the Limited Recourse Trust by the Bank, which are to be used by the Limited Recourse Trustee to subscribe for Preferred Shares), (ii) Common Shares issued upon a Contingent Conversion (other than Dividend Common Shares, if any), (iii) cash from the redemption, or the purchase by the Bank for cancellation, of the Preferred Shares (other than any portion of such cash in respect of any declared and unpaid dividends) or (iv) any combination thereof, depending on the circumstances. For the avoidance of doubt, at no time shall the Corresponding Limited Recourse Trust Assets include any dividends paid on the Preferred Shares, any right to receive declared, but unpaid, dividends on the Preferred Shares or any Dividend Common Shares.

"**Date of Issue**" means September 23, 2025.

**"Depository**" means, with respect to Notes issuable in whole or in part in the form of one or more Global Notes, any Person that is designated to act as Depository for such Notes as contemplated by Section 2.4.

**"Dividend Common Shares"** means, with respect to the Preferred Shares and a Trigger Event, that number of Common Shares, if any, issued in respect of the portion of the Share Value of the Preferred Shares equal to any declared and unpaid dividends on the Preferred Shares.

**"Dividend Waiver"** means the waiver that the Limited Recourse Trustee will, by written notice, provide to the Bank immediately following the issue of the Preferred Shares to the Limited Recourse Trustee, waiving its right to receive any and all dividends on the Preferred Shares during the period from and including the date of such waiver to and including the earlier of (i) the date upon which the Limited Recourse Trustee provides, by written notice, a revocation of such waiver to the Bank and (ii) the date upon which the Limited Recourse Trustee is no longer a registered holder of the Preferred Shares.

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**"DTC"** means The Depository Trust Company (and any successor thereto).

**"Electronic Means"** shall mean the following communication methods: S.W.I.F.T., email, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the U.S. Trustee or Canadian Trustee, or another method or system specified by the U.S. Trustee or Canadian Trustee as available for use in connection with its services hereunder.

**"Event of Default"** has the meaning specified in Section 5.2.

**"Failed Coupon Payment Date"** means the fifth Business Day immediately following an Interest Payment Date upon which the Bank does not pay interest on the Notes in cash, and has not cured such non-payment by subsequently paying such interest in cash prior to such fifth Business Day.

"**FATCA**" has the meaning specified in Section 8.1.

**"Floor Price"** means C$5.00, subject to adjustment in the event of (i) the issuance of Common Shares or securities exchangeable for or convertible into Common Shares to all or substantially all of the holders of the Common Shares as a stock dividend or similar distribution, (ii) the subdivision, redivision or change of the Common Shares into a greater number of shares, or (iii) the reduction, combination or consolidation of the Common Shares into a lesser number of shares. No adjustment of the Floor Price will be required if the amount of such adjustment will be less than 1% of the Floor Price in effect immediately prior to the event giving rise to the adjustment, provided, however, that in such case any adjustment that would otherwise be required then to be made will be carried forward and will be made at the time of and together with the next subsequent adjustment which, together with any adjustment so carried forward, will amount to at least 1% of the Floor Price.

**"Global Note"** has the meaning specified in Section 2.4.

**"H.15 Daily Update"** means the Selected Interest Rates (Daily)—H.15 release of the U.S. Federal Reserve Board of Governors, available at www.federalreserve.gov/releases/h15/update, or any successor site or publication.

**"Higher Ranked Indebtedness"** means Indebtedness of the Bank then outstanding (including all Subordinated Indebtedness of the Bank then outstanding other than Junior Deeply Subordinated Indebtedness).

**"Indebtedness"** at any time means the deposit liabilities of the Bank at such time; and all other liabilities and obligations of the Bank to third parties (other than fines or penalties which pursuant to the Bank Act are a last charge on the assets of the Bank in the case of insolvency of the Bank and obligations to shareholders of the Bank, as such) which would entitle such third parties to participate in a distribution of the Bank's assets in the event of the insolvency or winding-up of the Bank.

**"Ineligible Government Holder"** means any person who is the federal or a provincial government in Canada or agent or agency thereof, or the government of a foreign country or any political subdivision of a foreign country, or any agent or agency of a foreign government, in each case to the extent that the recording in the Bank's securities register of a transfer or issue of any share of the Bank to such person would cause the Bank to contravene the Bank Act.

**"Ineligible Person"** means (i) any person whose address is in, or whom the Bank or its transfer agent has reason to believe is a resident of, any jurisdiction outside of Canada or the United States to the extent that the issuance by the Bank or delivery by the Trustees or the transfer agent to such person of Preferred Shares or Common Shares upon a Contingent Conversion (A) would require the Bank to take any action to comply with securities, banking or analogous laws of such jurisdiction or (B) would give rise to a liability for withholding tax in connection with such issuance or delivery or (ii) any person to the extent that the issuance by the Bank or delivery by the Trustees or the transfer agent to such person of Preferred Shares or Common Shares upon a Contingent Conversion would cause the Bank to be in violation of any law to which the Bank is subject.

**"Initial Reset Date"** has the meaning specified in Section 2.5.

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**"Interest Payment Date"** has the meaning specified in Section 2.5.

**"Interest Rate Calculation Date"** means, for any Reset Date, the Business Day prior to such Reset Date.

**"Junior Deeply Subordinated Indebtedness"** means Indebtedness of the Bank then outstanding which by its terms ranks equally in right of payment with, or is subordinate to, the Notes (including the Notes).

**"Limited Recourse Trust"** has the meaning stated in the fifth recital of this Fifth Supplemental Indenture.

**"Limited Recourse Trust Declaration"** has the meaning stated in the fifth recital of this Fifth Supplemental Indenture.

**"Limited Recourse Trustee"** means Computershare Trust Company of Canada until a successor Limited Recourse Trustee shall have become such pursuant to the applicable provisions of the Limited Recourse Trust Declaration, and thereafter "Limited Recourse Trustee" shall mean or include each Person who is then a Limited Recourse Trustee thereunder.

**"Majority Holders"** means the Holders of a majority in principal amount of the Outstanding Notes.

**"Mandatory Redemption"** has the meaning specified in Section 11.5.

**"Mandatory Redemption Date"** has the meaning specified in Section 11.5.

**"Maturity Date"** has the meaning specified in Section 2.2.

**"Multiplier"** means 1.0.

**"Notes"** has the meaning specified in Section 2.1.

"**Optional Redemption Date**" means each January 31, April 30, July 31 and October 31 after the Initial Reset Date.

**"Paying Agent"** means any Person authorized by the Bank to pay the principal amount of, interest on or Redemption Price of any Notes on behalf of the Bank and may be the Bank acting in such capacity.

"**Place of Payment**" when used with respect to the Notes, means the place or places where the principal amount of, interest on and Redemption Price of the Notes are payable as specified as contemplated by Section 2.3.

"**Predecessor Note"** of any particular Note means every previous Note evidencing all or a portion of the same debt evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.04 of the Base Indenture in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note.

**"Preferred Share Redemption"** means any redemption by the Bank of Preferred Shares held by the Limited Recourse Trustee in accordance with the terms of such Preferred Shares.

**"Preferred Share Voting Event"** has the meaning specified in Section 7.3.

**"Preferred Shares"** means the Non-Cumulative 6.350% Fixed Rate Reset Preferred Shares, Series 33 (Non-Viability Contingent Capital (NVCC)) of the Bank.

**"Recourse Event"** means any of the following: (a) the occurrence of a Failed Coupon Payment Date; (b) on the Maturity Date, the Bank does not pay the aggregate principal amount of the Notes, together with any accrued and unpaid interest thereon, in cash, (c) the occurrence of an Event of Default, (d) in connection with the redemption of the Notes, on the date of redemption for such redemption, the Bank does not pay the Redemption Price in cash or (e) the occurrence of a Trigger Event. 

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**"Redemption Price",** when used with respect to any Note to be redeemed, means the aggregate of (i) the principal amount of the Note and (ii) any accrued and unpaid interest on the Note up to, but excluding, the applicable date of redemption.

**"Regulatory Event Date"** means the date specified in a letter from the Superintendent to the Bank on which the Notes will no longer be recognized in full as eligible "Additional Tier 1" capital or will no longer be eligible to be included in full as risk-based "Total Capital" on a consolidated basis, in each case under the CAR Guideline for banks as interpreted by the Superintendent.

**"Reset Date"** means the Initial Reset Date and every fifth anniversary thereafter occurring prior to and not including the Maturity Date.

**"Reset Rate Period"** means initially the period from and including the Initial Reset Date to, but excluding, the next following Reset Date, and thereafter each period from and including each Reset Date to, but excluding, the next following Reset Date.

**"Share Value"** means US$1,000 plus declared and unpaid dividends as at the date of the Trigger Event, expressed in Canadian dollars. In determining the Share Value of any Preferred Share, the face amount thereof and any declared and unpaid dividends thereon shall be converted from U.S. dollars into Canadian dollars on the basis of the closing exchange rate between Canadian dollars and U.S. dollars (in Canadian dollars per U.S. dollar) reported by the Bank of Canada on the date immediately preceding the date of the Trigger Event (or if not available on such date, the date on which such closing rate was last available prior to such date). If such exchange rate is no longer reported by the Bank of Canada, the relevant exchange rate for calculating the Share Value in Canadian dollars shall be the simple average of the closing exchange rates between Canadian dollars and U.S. dollars (in Canadian dollars per U.S. dollar) quoted at approximately 4:00 p.m., New York City time, on such date by three major banks selected by the Bank. As a result of the Dividend Waiver, no declared and unpaid dividends are expected for so long as the Preferred Shares are held by the Limited Recourse Trustee.

**"Significant Shareholder"** means any Person who beneficially owns, directly or indirectly through entities controlled by such Person or Persons associated with or acting jointly or in concert with such Person (as determined in accordance with the Bank Act), shares of any class of the Bank in excess of a specified percentage of the total number of outstanding shares of that class in contravention of the Bank Act.

**"Subordinated Indebtedness"** at any time means the Bank's subordinated indebtedness within the meaning of the Bank Act.

**"Superintendent"** means the Superintendent of Financial Institutions (Canada) appointed pursuant to the *Office of the Superintendent of Financial Institutions Act* (Canada).

**"surrender**" or **"delivery"** of a Note by a Holder means: (a) with respect to any Definitive Notes or Global Notes in certificated form, delivery of the certificates representing such Notes and (b) with respect to any Notes or Global Notes in uncertificated form, delivery of a written order signed by the Holder or Holders entitled to request that one or more actions be taken in such form as may be reasonably acceptable to the Trustees requesting one or more such actions to be taken in respect of such uncertificated Note, and the terms "surrendered" and "delivered" have meanings correlative to the foregoing.

**"Tax Act"** has the meaning specified in Section 8.1.

**"Tax Event Date"** means the date on which the Bank has received an opinion of independent counsel of a nationally recognized law firm in Canada experienced in such matters (who may be counsel to the Bank or the Limited Recourse Trust) to the effect that,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any amendment to, clarification of, or change (including any announced prospective change) in, the laws, or any regulations thereunder, or any application or interpretation thereof, of Canada or any political subdivision or taxing authority thereof or therein, affecting taxation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Administrative Action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any amendment to, clarification of, or change (including any announced prospective change) in, the official position with respect to or the interpretation of any Administrative Action or any interpretation or pronouncement that provides for a position with respect to such Administrative Action that differs from the theretofore generally accepted position,

in each of case (A), (B) or (C), by any legislative body, court, governmental authority or agency, regulatory body or taxing authority in Canada, irrespective of the manner in which such amendment, clarification, change, Administrative Action, interpretation or pronouncement is made known, which amendment, clarification, change or Administrative Action is effective or which interpretation, pronouncement or Administrative Action is announced on or after the Date of Issue, there is more than an insubstantial risk (assuming any proposed or announced amendment, clarification, change, interpretation, pronouncement or Administrative Action is effective and applicable) that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the Bank or the Limited Recourse Trust is, or may be, subject to more than a de minimis amount of additional taxes, duties or other governmental charges or civil liabilities because the treatment of any of its items of income, taxable income, expense, taxable capital or taxable paid-up capital with respect to the Notes (including the treatment by the Bank of interest on the Notes) or the treatment of the Notes or the Preferred Shares (including dividends thereon) or other assets of the Limited Recourse Trust or the Limited Recourse Trust, as or as would be reflected in any tax return or form filed, to be filed, or otherwise could have been filed, will not be respected by a taxing authority, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the Limited Recourse Trust is, or will be, subject to more than a de minimis amount of taxes, duties or other governmental charges or civil liabilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) as a result of any change (including any announced prospective change) in or amendment to the laws or
treaties (or any rules, regulations, rulings or administrative pronouncements thereunder) of Canada or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official position regarding the
application or interpretation of such laws, treaties, rules, regulations, rulings or administrative pronouncements (including a holding by a court of competent jurisdiction), which change or amendment is announced or becomes effective on or after
the Date of Issue, the Bank (or its successor) has or will become obligated to pay, on the next succeeding date on which interest is due, Additional Amounts on the Notes (assuming, in the case of any announced prospective change, that such announced
change will become effective as of the date specified in such announcement and in the form announced); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on or after the Date of Issue, any action has been taken by any taxing authority of, or any decision has been rendered by a court of competent jurisdiction in, Canada or any political subdivision or taxing authority thereof or therein, including any of those actions specified in clause (ii)(A) above, whether or not such action was taken or decision was rendered with respect to the Bank (or its successor), or any change, amendment, application or interpretation shall be officially proposed, which, in any such case, will result in the Bank (or its successor) becoming obligated to pay, on the next succeeding date on which interest is due, Additional Amounts on the Notes (assuming, in the case of any announced prospective change, that such announced change will become effective as of the date specified in such announcement and in the form announced);

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and, in any such case of clauses (ii)(A) or (B), the Bank (or its successor), in its business judgment, determines that such obligation cannot be avoided by the use of reasonable measures available to it (or its successor). For the avoidance of doubt, reasonable measures do not include a change in the terms of the Notes or a substitution of the debtor.

**"Taxes"** has the meaning specified in Section 8.1.

**"Taxing Jurisdiction"** has the meaning specified in Section 8.1.

**"Trading Day"** means, with respect to any stock exchange or market, a day on which shares may be traded through the facilities of that stock exchange or market.

**"Trigger Event"** has the meaning set out in the CAR Guideline, Chapter 2 – Definition of Capital, effective November 2023, as such term may be amended or superseded by OSFI from time to time, which term currently provides that each of the following constitutes a Trigger Event: (i) the Superintendent publicly announces that the Bank has been advised, in writing, that the Superintendent is of the opinion that the Bank has ceased, or is about to cease, to be viable and that, after the conversion or write-off, as applicable, of all contingent instruments (including the Preferred Shares) and taking into account any other factors or circumstances that are considered relevant or appropriate, it is reasonably likely that the viability of the Bank will be restored or maintained or (ii) the federal or a provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent or agency thereof without which the Bank would have been determined by the Superintendent to be non-viable.

**"Trigger Event Notice**" has the meaning specified in Section 9.6.

**"U.S. Treasury Rate"** means, with respect to any Reset Rate Period for which such rate applies, the rate per annum equal to the average of the yields on actively traded U.S. treasury securities adjusted to constant maturity, for five-year maturities, for the five Business Days immediately preceding the Interest Rate Calculation Date for that Reset Rate Period, appearing under the caption "Treasury Constant Maturities" in the most recently published statistical release designated H.15 Daily Update or any successor publication which is published by the United States Federal Reserve Board of Governors, as determined by the Bank or our designee as the calculation agent; provided that, if such rate cannot be determined as described above, then (i) the U.S. Treasury Rate will be determined by the Bank or our designee by interpolation between the most recent weekly average yield to maturity for two series of U.S. treasury securities trading in the public securities market, (1) one maturing as close as possible to, but earlier than, the Reset Date following the next following Interest Rate Calculation Date and (2) the other maturing as close as possible to, but later than, the Reset Date following the next following Interest Rate Calculation Date, in each case, appearing under the caption "Treasury Constant Maturities" in the most recently published statistical release designated H.15 Daily Update or any successor publication which is published by the U.S. Federal Reserve Board of Governors or (ii) if the calculation described in clause (i) cannot be determined, then the U.S. Treasury Rate will be the same rate as determined for the prior Interest Rate Calculation Date.

**"U.S. Trustee"** means the Person named as the "U.S. Trustee" in the recitals hereto until a successor U.S. Trustee shall have become such pursuant to the applicable provisions of the Indenture, and thereafter "U.S. Trustee" shall mean such successor U.S. Trustee.

Section 1.3 <u>Meaning of</u> <u>"</u><u>Proportionate Share of the Corresponding Limited Recourse Trust Assets</u><u>"</u><u>.</u>

Wherever used in this Fifth Supplemental Indenture, the phrase "proportionate share of the Corresponding Limited Recourse Trust Assets" shall mean, with respect to each Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Recourse Event other than the occurrence of a Trigger Event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where the Corresponding Limited Recourse Trust Assets include Preferred Shares, one Preferred Share for each $1,000 principal amount of Notes held by such Holder, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Corresponding Limited Recourse Trust Assets include cash from the redemption of the Preferred Shares, such Holder's pro rata share (in proportion to the aggregate principal amount of Notes held by such Holder relative to the aggregate principal amount of Outstanding Notes at such time) of such cash (but excluding any cash paid upon the redemption of the Preferred Shares that is attributable to the value of declared and unpaid dividends on the Preferred Shares at the time of redemption); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a Recourse Event that is the occurrence of a Trigger Event, for each $1,000 principal amount of Notes held by such Holder, the number of Common Shares issued to the Limited Recourse Trustee upon a Contingent Conversion for one Preferred Share (but excluding any Dividend Common Shares).

Section 1.4 <u>Conflict with Trust Indenture Act</u><u>.</u>

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern the Indenture, the latter provision shall control. If any provision of this Fifth Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Fifth Supplemental Indenture as so modified or to be excluded, as the case may be.

Section 1.5 <u>Separability Clause.</u>

In case any provision in this Fifth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 1.6 <u>Effect of Headings and **Table of Contents**</u><u>.</u>

The Article and Section headings herein and the **Table of Contents** are for convenience only and shall not affect the Construction hereof.

Section 1.7 <u>Benefits of</u> <u>Fifth</u> <u>Supplemental Indenture</u><u>.</u>

Nothing in this Fifth Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Fifth Supplemental Indenture.

Section 1.8 <u>Governing Law</u><u>.</u>

This Fifth Supplemental Indenture shall be governed by and construed in accordance with the law of the State of New York, except for Sections 9.3, 9.4, 9.5, 9.6, 9.9, 9.10, 9.12 and 10.2, each of which shall be governed by and construed in accordance with the laws of the Province of Ontario and the Federal laws of Canada applicable therein.

ARTICLE TWO

THE NOTES

Section 2.1 <u>Designation and Principal Amount</u><u>.</u>

The Securities may be issued from time to time upon an Issuer Order for the authentication and delivery of Securities pursuant to Sections 2.04 and 2.05 of the Base Indenture. There is hereby authorized a series of Securities designated as the 6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (Non-Viability Contingent Capital (NVCC)) (the **"Notes"**) having an initial aggregate principal amount of $750,000,000 (except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.08, 2.09, 2.11, 8.05 or 11.02 of the Base Indenture and except for Notes which, pursuant to Sections 2.04 and 2.05 of the Base Indenture are deemed to never have been authenticated and delivered under the Base Indenture).

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Section 2.2 <u>Maturity</u><u>.</u>

The date upon which the Notes shall become due and payable at final maturity, together with any accrued and unpaid interest then owing, is October 31, 2085 (the **"Maturity Date"**).

Section 2.3 <u>Form, Payment and Appointment</u><u>.</u>

Except as provided in Section 2.08 of the Base Indenture, the Notes will be issued only in book-entry form and will be represented by one or more Global Notes (as defined below) registered in the name of or held by DTC or its nominee. Principal or the redemption price, if any, of a Note shall be payable to the Person in whose name that Note is registered on the Maturity Date or redemption date, as the case may be, provided that principal of, the redemption price, if any, of and interest on the Notes represented by one or more Global Notes registered in the name of or held by DTC or its nominee will be payable in immediately available funds to DTC or its nominee, as the case may be, as the registered holder of such Global Notes. The principal of any certificated Notes will be payable at the Place of Payment set forth below; provided, however, that payment of interest may be made at the option of the Bank by check mailed to the Person entitled thereto at such address as shall appear in the Security register or by wire transfer to an account appropriately designated by the Person entitled to payment.

The Notes shall have such other terms as are set forth in the form thereof attached hereto as <u>Exhibit</u> <u>A</u>.

The Security registrar, Authenticating Agent and Paying Agent for the Notes shall be the U.S. Trustee.

The Place of Payment for the Notes shall initially be the Corporate Trust Office of the U.S. Trustee.

The Notes will be issuable and may be transferred only in minimum denominations of $200,000 and integral multiples of $1,000 in excess thereof. The amounts payable with respect to the Notes shall be payable in U.S. dollars.

Section 2.4 <u>Global Note</u><u>.</u>

The Notes shall be issued initially in the form of one or more fully registered global notes (each such global note, a **"Global Note"**) deposited with DTC or its designated custodian or such other Depositary as any officer of the Bank may from time to time designate. Unless and until a Global Note is exchanged for Notes in certificated form, such Global Note may be transferred, in whole but not in part, and any payments on the Notes shall be made, only to DTC or a nominee of DTC, or to a successor Depositary selected or approved by the Bank or to a nominee of such successor Depositary.

Section 2.5 <u>Interest</u><u>.</u>

The Notes shall bear interest on their principal amount from and including the Date of Issue to, but excluding, October 31, 2030 (the "**Initial Reset Date**"), at a rate of 6.350% *per annum*. On each Reset Date following the Initial Reset Date, the interest rate will be reset at an interest rate *per annum* equal to the sum, as determined by the Bank or its designee, of (i) the U.S. Treasury Rate on each Interest Rate Calculation Date plus (ii) 2.721%. Interest on the Notes will be payable quarterly in arrears on January 31, April 30, July 31 and October 31 of each year, commencing January 31, 2026, or if any such day is not a Business Day, the next Business Day (but no interest will accrue as a result of that postponement) (each such date, an **"Interest Payment Date"**), to the Holders of the Notes of record as of the close of business on the immediately preceding January 15, April 15, July 15 and October 15 (whether or not a Business Day), as the case may be. Interest shall at all times be computed on the basis of a 360-day year consisting of twelve 30-day months.

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All percentages resulting from any calculation of the interest rate on the Notes during any Reset Rate Period will be rounded to the nearest one hundred-thousandth of a percentage point with five one millionths of a percentage point rounded upwards (e.g., 1.111115% (or .01111115) would be rounded to 1.11112% (or .0111112)), and all dollar amounts used in or resulting from such calculation on the Notes will be rounded to the nearest cent (with one half cent being rounded upward). Each calculation of the interest rate on the Notes by the Bank or our designee will (in absence of manifest error) be final and binding on the Holders and the Bank. The interest rate on the Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application.

Section 2.6 <u>No Sinking Fund</u><u>.</u>

The provisions of Article XI of the Base Indenture relating to sinking funds shall not be applicable to the Notes.

ARTICLE THREE

FORM OF NOTES

Section 3.1 <u>Form</u> <u>of Notes</u><u>.</u>

The Notes and the Trustee's certificate of authentication thereon are to be substantially in the form attached as <u>Exhibit</u> <u>A</u> hereto, with such changes therein as the officer of the Bank executing the Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by such officer's execution thereof.

ARTICLE FOUR

ISSUE OF NOTES

Section 4.1 <u>Issue of Notes</u><u>.</u>

Notes having an aggregate principal amount of $750,000,000 may from time to time, upon execution of this Fifth Supplemental Indenture, be executed by the Bank and delivered to the U.S. Trustee for authentication, and upon Issuer Order the Trustee shall thereupon authenticate and deliver said Notes in accordance with an Issuer Order pursuant to Section 2.04 of the Base Indenture without any further action by the Bank (other than as required by the Base Indenture).

ARTICLE FIVE

REMEDIES

Section 5.1 <u>Applicability of Article V of the Base Indenture</u><u>.</u>

For the avoidance of doubt, except as set forth in this Article Five, Article V of the Base Indenture applies to the Notes.

Section 5.2 <u>Events of Default</u><u>.</u>

With respect to the Notes, **"Event of Default"** means the happening of any one or more of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): if the Bank shall become insolvent or bankrupt or subject to the provisions of the *Winding-up and Restructuring Act* (Canada), or any act that may be substituted therefor, as from time to time amended, or if the Bank goes into liquidation, either voluntarily or under an order of a court of competent jurisdiction, passes a resolution for the winding-up, liquidation or dissolution of the Bank or otherwise acknowledges its insolvency (provided that a resolution or order for the winding-up of the Bank with a view to its reconstruction or its consolidation, amalgamation or merger with another Person or the transfer of its assets as an entirety to such other Person, as provided in Article IX of the Base Indenture, shall not constitute an Event of Default if such last-mentioned Person shall, as a part of such reconstruction, consolidation, amalgamation, merger or transfer, and, within 90 days from the passing of the resolution or the date of the order or within such further period of time as may be allowed by the Trustees, comply with the conditions to that end stated in Article IX of the Base Indenture).

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Notwithstanding any other provisions of the Indenture, and for the avoidance of doubt, none of (i) the non-payment of principal amount of or interest on the Notes, (ii) a default in the performance of any other covenant of the Bank in the Indenture or (iii) the occurrence of a Contingent Conversion upon a Trigger Event shall constitute an Event of Default under the Indenture or the Notes.

In addition, by acquiring any Note, each Holder and Beneficial Owner of such Note or any interest therein, including any person acquiring any such Note or interest therein after the date hereof, irrevocably acknowledges and agrees with and for the benefit of the Bank and the Trustees that neither a Contingent Conversion nor a Trigger Event shall give rise to a default for purposes of Section 315(b) (*Notice of Default*) and Section 315(c) (*Duties of the Trustee in Case of Default*) of the Trust Indenture Act.

Section 5.3 <u>Recourse to Corresponding Limited Recourse Trust Assets is Sole Remedy</u><u>.</u>

Notwithstanding any other provision in the Indenture or the Notes, by acquiring any Note, each Holder and Beneficial Owner of such Note or any interest therein, including any person acquiring any such Note or interest therein after the date hereof, irrevocably acknowledges and agrees with and for the benefit of the Bank and the Trustees that the delivery of such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets to such Holder shall exhaust all remedies of such Holder under the Notes including in connection with any Event of Default. All claims of a Holder against the Bank shall be extinguished upon receipt by such Holder of such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets. If the Limited Recourse Trustee fails to deliver a Holder's proportionate share of the Corresponding Limited Recourse Trust Assets to such Holder, the sole remedy of such Holder for any claims against the Bank shall be recourse to such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets.

For the avoidance of doubt, the delivery of a Holder's proportionate share of the Corresponding Limited Recourse Trust Assets to such Holder shall be deemed to be in full satisfaction of the Notes and shall exhaust all remedies of such Holder against the Bank. In case of any shortfall resulting from the value of a Holder's proportionate share of the Corresponding Limited Recourse Trust Assets being less than the principal amount of and any accrued and unpaid interest on, or the Redemption Price of, the Notes held by such Holder, all losses arising from such shortfall shall be borne by such Holder and no claim may be made against the Bank.

Section 5.4 <u>Suits for Enforcement by Trustees.</u>

If an Event of Default occurs and is continuing and the Limited Recourse Trustee fails to deliver a Holder's proportionate share of Corresponding Limited Recourse Trust Assets to such Holder, the Trustees may in their discretion proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings as the Trustees shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in the Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy, provided that, for the avoidance of doubt, any remedies and any claims against the Bank shall be subject to the limitations set out in Section 5.3.

Section 5.5 <u>Application of Money or Corresponding Limited Recourse Trust Assets Collected.</u>

For purposes of the Notes, Section 5.03 of the Base Indenture is hereby replaced in its entirety as follows:

"Any money or Corresponding Limited Recourse Trust Assets collected by the Trustees pursuant to the Indenture shall be applied in the following order, at the date or dates fixed by the Trustees and, in case of the distribution of such money or Corresponding Limited Recourse Trust Assets on account of principal amount or interest or of the Redemption Price, as the case may be, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

FIRST: To the payment of all amounts due to the Trustees under Section 12.10 of the Indenture;

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SECOND: To the payment of the amounts then due and unpaid on account of the principal amount (including any portion of the Redemption Price representing principal) of the Notes in respect of which or for the benefit of which such money or Corresponding Limited Recourse Trust Assets has been collected; and

THIRD: To the payment of the amounts then due and unpaid on account of interest (including any portion of the Redemption Price representing interest), on the Notes in respect of which or for the benefit of which such money or Corresponding Limited Recourse Trust Assets has been collected."

Section 5.6 <u>Limitation on Suits.</u>

For purposes of the Notes, Section 5.06 of the Base Indenture is hereby replaced in its entirety as follows:

"No Holder shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such Holder has previously given written notice to the Trustees of a continuing Event of Default or a failure of the Limited Recourse Trustee to deliver such Holder's proportionate share of Corresponding Limited Recourse Trust Assets to such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Holders of not less than 25% in principal amount of the Outstanding Notes shall have made written request to the Trustees to institute proceedings in respect of such Event of Default or failure of the Limited Recourse Trustee to deliver the proportionate share of Corresponding Limited Recourse Trust Assets to a Holder, in its own name as Trustees hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Holder or Holders have offered to the Trustees full indemnity and/or security against reasonable costs, expenses and liabilities to be incurred in compliance with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Trustees for 90 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) no direction inconsistent with such written request has been given to the Trustees during such 90-day period by the Majority Holders;

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders."

Section 5.7 <u>Delay or Omission Not Waiver of Default.</u> For purposes of the Notes, the second paragraph of Section 5.08 of the Base Indenture is hereby replaced in its entirety as follows:

"No delay or omission of the Trustees or of any Holder to exercise any right or power accruing upon any Event of Default or failure of the Limited Recourse Trustee to deliver the proportionate share of the Corresponding Limited Recourse Trust Assets to a Holder, shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section 5.06 of the Indenture, every power and remedy given by the Indenture or by law to the Trustees or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustees or by the Holders as the case may be."

Section 5.8 <u>Waiver of Claims Relating to a Trigger Event.</u> To the extent permitted by the Trust Indenture Act, a Holder or Beneficial Owner waives any and all claims against the Trustees for, agrees not to initiate a suit against the Trustees in respect of, and agrees that the Trustees

shall not be liable for, any action that the Trustees take, or abstains from taking, in either case in connection with the receipt by Holders of the Corresponding Limited Recourse Trust Assets (which shall be the fully-paid Common Shares then held by the Limited Recourse Trustee pursuant to a Contingent Conversion) upon a Trigger Event.

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ARTICLE SIX

SATISFACTION AND DISCHARGE

Section 6.1 <u>Applicability of Article X of the Base Indenture</u><u>.</u>

For the avoidance of doubt, except as set forth in this Article Six, Article X of the Base Indenture applies to the Notes.

Section 6.2 <u>Satisfaction and Discharge of Indenture.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of the Notes, Section 10.01(a) of the Base Indenture is hereby replaced in its entirety as follows:

"The Indenture shall upon Issuer Order cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for), and the Trustees, at the expense of the Bank, shall execute proper instruments acknowledging satisfaction and discharge of the Indenture, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Notes theretofore authenticated and delivered (other than (i) Notes which have been mutilated, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09 of the Indenture and (ii) Notes for whose payment money or Corresponding Limited Recourse Trust Assets have theretofore been deposited in trust or segregated and held in trust by the Bank and thereafter repaid to the Bank or discharged from such trust, as provided in Section 7.1) have been delivered to the Trustees for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all such Notes not theretofore delivered to the Trustees for cancellation have become due and payable and the Bank has deposited or caused to be deposited with the Trustees in trust (i) funds in an amount sufficient to discharge the entire indebtedness on such Notes for principal amount and interest to the Maturity Date or to the date of redemption, as the case may be, or (ii) in the event of a Recourse Event, all Corresponding Limited Recourse Trust Assets which Holders of such Notes are entitled to receive under Section 9.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Bank has paid or caused to be paid all other sums payable hereunder by the Bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Bank has delivered to the Trustees an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of the Indenture have been complied with.

Notwithstanding the satisfaction and discharge of the Indenture, the obligations of the Bank to the Trustees under Section 12.10 of the Indenture, and, if money or Corresponding Limited Recourse Trust Assets shall have been deposited with the Trustees pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustees under Section 6.3 and Section 7.4 shall survive."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of the Notes, Section 10.01(b) of the Base Indenture is hereby amended by adding at the end of such Section 10.01(b): "The provisions of this Section 10.01(b) of the Indenture shall be subject to the prior written approval of the Superintendent."

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Section 6.3 <u>Application of Trust Money or Corresponding Limited Recourse Trust Assets</u><u>.</u>

For purposes of the Notes, Section 10.02 of the Base Indenture is hereby replaced in its entirety as follows:

"Subject to Section 7.4, all money or Corresponding Limited Recourse Trust Assets deposited with the Trustees pursuant to Section 6.2 shall be held in trust and applied by it, in accordance with the provisions of the Notes and the Indenture, to the payment, either directly or through any Paying Agent (including the Bank acting as its own Paying Agent) as the Trustees may determine, to the Persons entitled thereto, of the principal amount and interest or the Redemption Price, as the case may be, for whose payment such money or Corresponding Limited Recourse Trust Assets has been deposited with the Trustees."

ARTICLE SEVEN

TRUSTEE

Section 7.1 <u>Money or Corresponding Limited Recourse Trust Assets Held in Trust.</u> Money or Corresponding Limited Recourse Trust Assets held by the Trustees in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustees shall be under no liability for interest on any money or Corresponding Limited Recourse Trust Assets received by it hereunder except as otherwise agreed with the Bank.

Section 7.2 <u>Conflicting Interests.</u> To the extent permitted by such Act, a Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under the Limited Recourse Trust Declaration.

Subject to the first paragraph of Section 6.08 of the Base Indenture, the same Person may be named as the Trustees and the Limited Recourse Trustee.

Section 7.3 <u>Trustee to Provide Instructions upon Request of the Bank.</u> If at any time the Bank requests instructions from the Trustees pursuant to an Issuer Order as required under the Limited Recourse Trust Declaration (i) in respect of statutory voting rights or voting rights conferred by the bylaws of the Bank in respect of Preferred Shares held by the Limited Recourse Trustee and a meeting of holders of the Bank's preferred shares, including the holders of Preferred Shares, has been called or a written consent is sought from the holders of the Bank's preferred shares, including the holders of Preferred Shares (each a **"Preferred Share Voting Event"**) or (ii) in respect of any consent or approval of Holders required under the terms of the Limited Recourse Trust Declaration and the Indenture in respect of an amendment to the Limited Recourse Trust Declaration (each a **"Consent Event"**), the Trustees shall provide notice of such Preferred Share Voting Event or Consent Event, as applicable, to the Holders and solicit voting instructions from such Holders in respect of such matters for the purpose of preserving the value of the Holders' interest in the Notes. In respect of each Preferred Share Voting Event and Consent Event, each Holder shall be entitled to provide instructions in proportion to the aggregate principal amount of Notes held by such Holder.

The Trustees shall deliver to the Bank the voting instructions received from the Holders and the Bank shall direct the Limited Recourse Trustee to (i) vote the Preferred Shares, in respect of each Preferred Share Voting Event, then held by the Limited Recourse Trustee in accordance with such voting instructions (it being understood that the Limited Recourse Trustee shall be directed to vote the Preferred Shares in favour of, against and abstain on, any matter in the same proportion as voted or abstained on by the Holders) or (ii) take such action, or abstain from taking such action, as the case may be, that is the subject matter of the applicable Consent Event and is approved by the consent of the Holders of the requisite principal amount of Outstanding Notes in accordance with Section 9.11.

Section 7.4 <u>Corresponding Limited Recourse Trust Assets for Notes Payments to Be Held in Trust</u><u>.</u>

Subject to applicable laws, any money or Corresponding Limited Recourse Trust Assets deposited with the Trustees or any Paying Agent in trust to be applied in the manner provided herein and remaining unclaimed for two years after such principal amount, interest or the Redemption Price has become due and payable shall be paid to the Bank on Issuer Order; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Bank for payment or delivery thereof, and all liability of the Trustees or such Paying Agent with respect to such trust money or Corresponding Limited Recourse Trust Assets, shall thereupon cease; *provided, however*, that the Trustees or such Paying Agent, before being required to make any such repayment, may at the expense of the Bank cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the City of Toronto, Ontario, Canada, notice that such money or Corresponding Limited Recourse Trust Assets remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money or Corresponding Limited Recourse Trust Assets then remaining will be paid to the Bank.

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ARTICLE EIGHT

COVENANTS APPLICABLE TO THE NOTES

Section 8.1 <u>Additional Amounts</u><u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All payments of principal and interest in respect of the Notes by the Bank shall be made without the Bank making any withholding of or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature ("**Taxes**"), unless the withholding or deduction of such Taxes is required or authorized by law or the administration thereof. In the event withholding or deduction of such Taxes is required or authorized by law or the administration thereof, the Bank shall, subject to certain exceptions and limitations set forth below, pay such additional amounts ("**Additional Amounts**") to the Holder or beneficial owner of any Notes as may be necessary in order that every net payment of the principal of and interest on such Notes, after any withholding or deduction for Taxes imposed or levied by or on behalf of Canada or any political subdivision or taxing authority thereof or therein having the power to tax (each a "**Taxing Jurisdiction**") (and Taxes imposed or levied by a Taxing Jurisdiction on such Additional Amounts), shall not be less than the amount such Holder or beneficial owner would have received if such Taxes imposed or levied by or on behalf of a Taxing Jurisdiction had not been withheld or deducted. The Bank shall not, however, be required to make any payment of Additional Amounts to any Holder or beneficial owner for or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Taxes that would not have been so imposed but for a present or former connection (including, without
limitation, carrying on business in a Taxing Jurisdiction or having a permanent establishment or fixed base in a Taxing Jurisdiction) between such Holder or beneficial owner of a Note (or between a fiduciary, settlor, beneficiary, member or
shareholder of, or possessor of power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership, limited liability company or corporation) and a Taxing Jurisdiction, other than merely holding such
Note or receiving payments with respect to such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any estate, inheritance, gift, sales, transfer or personal property Tax or any similar Tax with respect to a
Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Tax imposed by reason that such Holder or beneficial owner of a Note or other person or partnership that
receives payments or is entitled to payments on the Note (i) does not deal at arm's length within the meaning of the Income Tax Act (Canada) (the "**Tax Act**") with the Bank, (ii) is, or does not deal at arm's
length with any person who is, a "specified shareholder" of the Bank for purposes of the thin capitalization rules in the Tax Act, or (iii) is an entity in respect of which the Bank is a "specified entity" as defined in
the Tax Act with respect to "hybrid mismatch arrangements";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Tax that is levied or collected otherwise than by withholding from payments on or in respect of a Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Tax required to be withheld by any Paying Agent from any payment on a Note, if such payment can be made
without such withholding by at least one other Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Tax that would not have been imposed but for the failure of a Holder or beneficial owner of a Note to
comply with certification, identification, declaration, information or other reporting requirements, if such compliance is required by a Taxing Jurisdiction (including where required by statute, treaty, regulation or administrative pronouncement) as
a precondition to relief or exemption from such Tax;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Tax which would not have been imposed but for the presentation of a Note (where presentation is required)
for payment on a date more than 30 days after (i) the date on which such payment became due and payable or (ii) the date on which payment thereof is duly provided for, whichever occurs later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any withholding or deduction imposed pursuant to (i) Sections 1471 to 1474 of the U.S. Internal Revenue
Code of 1986, as amended ()"**FATCA** "), or any successor version thereof, or any similar legislation imposed by any other governmental authority, (ii) any treaty, law, regulation or other official guidance enacted by Canada
implementing FATCA or an intergovernmental agreement with respect to FATCA or any similar legislation imposed by any other governmental authority or (iii) any agreement between the Bank and the United States or any authority thereof
implementing FATCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any combination of the items listed in clauses (i) through (viii) above;

nor shall Additional Amounts be paid with respect to any payment on a Note to a Holder who is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary, a member of such partnership or such beneficial owner would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner held its interest in the Note directly.

In addition, no Additional Amounts will be payable under the provisions described above to any Holder or beneficial owner of a Note on account of Taxes that are in excess of the Taxes that would have been imposed if, at all relevant times, such Holder or beneficial owner of a Note were a resident of the United States for purposes of, and was entitled to all of the benefits of, the United States-Canada Income Tax Convention (1980), as amended, including any protocols thereto.

All references in this Fifth Supplemental Indenture to principal, premium, if any, or interest in respect of the Notes shall be deemed to include all Additional Amounts, if any, payable in respect of such principal, premium, if any, or interest, unless the context otherwise requires.

Section 8.2 <u>No Restriction on Other Indebtedness.</u>

The Bank may create, issue or incur any other Indebtedness which, in the event of the insolvency or winding-up of the Bank, would rank in right of payment in priority to, equally with, or subordinate to the Notes.

ARTICLE NINE

LIMITED RECOURSE TRUST

Section 9.1 <u>Satisfaction of Payment Obligations with Corresponding Limited Recourse Trust Assets.</u>

Notwithstanding any other provision in the Indenture, the sole remedy of Holders in the event of a Recourse Event (including, for the avoidance of doubt, the non-payment of the principal amount of, interest on or the Redemption Price for the Notes when due) shall be recourse to the Corresponding Limited Recourse Trust Assets. Upon any such Recourse Event, the principal amount of, and accrued and unpaid interest (if any) on, the Notes will become immediately due and payable without any declaration or other act on the part of the Trustees or any Holders; provided that recourse for such principal amount and accrued and unpaid interest shall be solely to the Corresponding Limited Recourse Trust Assets. The delivery of a Holder's proportionate share of Corresponding Limited Recourse Trust Assets to such Holder shall exhaust all remedies of such Holder under the Notes including in connection with any Recourse Event. All claims of a Holder against the Bank shall be extinguished upon receipt by such Holder of its proportionate share of Corresponding Limited Recourse Trust Assets. The delivery of a Holder's proportionate share of the Corresponding Limited Recourse Trust Assets to such Holder shall be deemed to be in full satisfaction of the Notes and shall exhaust all remedies of such Holder against the Bank in accordance with Section 5.3 regardless of whether the value of such Corresponding Limited Recourse Trust Assets is less than the principal amount of and any accrued and unpaid interest on the Notes or the Redemption Price of the Notes, as applicable. Upon the distribution of the Limited Recourse Trust Assets to the Holders, the Bank will instruct the Trustees to cancel (or write-down, if applicable) the corresponding Notes.

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Section 9.2 <u>Corresponding Limited Recourse Trust Assets.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the issuance of the Notes, the Bank will cause the Limited Recourse Trustee to hold Corresponding Limited Recourse Trust Assets in the Limited Recourse Trust, that will, on the Date of Issue, consist of 750,000 Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after the Date of Issue, in the event of a Recourse Event, each Holder will be entitled to receive from the Limited Recourse Trustee, such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of a Recourse Event that is a Trigger Event, each Holder will be entitled to receive from the Limited Recourse Trustee, such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets (subject to Section 9.3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In accordance with the Limited Recourse Trust Declaration and subject to the provisions thereof, the Bank shall not permit the Limited Recourse Trustee to distribute any Corresponding Limited Recourse Trust Assets other than as provided therein, however, as provided therein, the Limited Recourse Trustee shall remain free to distribute the Corresponding Limited Recourse Trust Assets to the Holders on a Recourse Event and shall remain free to distribute, at any time, to the Bank as sole unitholder of the Limited Recourse Trust (a) any dividends declared and paid on the Preferred Shares while held by the Limited Recourse Trustee, (b) the proceeds of the sale of any Dividend Common Shares issued to the Limited Recourse Trustee upon a Contingent Conversion and (c) cash received on a Preferred Share Redemption in respect of any accrued and unpaid dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Recourse Event occurs, the Bank will, no later than one Business Day after the occurrence of such Recourse Event, notify the Limited Recourse Trustee and the Trustees of the occurrence of such Recourse Event, and the Bank will take any necessary actions to cause the Limited Recourse Trustee to deliver to each Holder such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets in accordance with the terms of the Limited Recourse Trust Declaration and the Indenture.

Section 9.3 <u>Right Not to Deliver Common Shares or Preferred Shares.</u>

Notwithstanding any other provision in the Indenture or the Limited Recourse Trust Declaration, the Bank reserves the right not to (a) deliver Common Shares or Preferred Shares to any Person whom the Bank or its transfer agent has reason to believe is an Ineligible Person or any person who, by virtue of that delivery, would become a Significant Shareholder or (b) record in its securities register a transfer or issue of Common Shares or Preferred Shares to any person whom the Bank or its transfer agent has reason to believe is an Ineligible Government Holder based on a declaration submitted to the Bank or its transfer agent by or on behalf of such person. In such circumstances, the Bank or its transfer agent will hold, as agent for such Persons, the Common Shares or Preferred Shares that would have otherwise been delivered to such Persons and will attempt to facilitate the sale of such Common Shares or Preferred Shares to parties other than the Limited Recourse Trust and the Bank and its Affiliates on behalf of such Persons through a registered dealer to be retained by the Bank on behalf of such Persons. Those sales (if any) may be made at any time and at any price. The Bank shall not be subject to any liability for failure to sell any such Common Shares or Preferred Shares on behalf of such Persons or at any particular price on any particular day. The net proceeds received by the Bank or its transfer agent from the sale of any such Common Shares or Preferred Shares will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes. The Bank shall deliver a check or send a wire transfer in immediately available funds representing the aggregate net proceeds to the Depository (if the Common Shares or Preferred Shares are then held in the form of one or more global securities) or in all other cases to such Persons in accordance with the regular practices and procedures of the Depository or otherwise.

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Section 9.4 <u>Trigger Event.</u>

Upon the occurrence of a Trigger Event and immediately following a Contingent Conversion, each Holder will be entitled to receive from the Limited Recourse Trustee, such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets (subject to Section 9.3).

Section 9.5 <u>Conversion Rate.</u>

The number of Common Shares that will be held by the Limited Recourse Trustee following a Contingent Conversion and immediately before the delivery of the Common Shares (other than any Dividend Common Shares) to Holders will be equal to the Conversion Rate.

Section 9.6 <u>Time of Delivery.</u>

The delivery of the Common Shares is deemed to be effected immediately following the occurrence of a Contingent Conversion and the person or persons entitled to receive Corresponding Limited Recourse Trust Assets (which shall be the fully-paid Common Shares then held by the Limited Recourse Trustee pursuant to a Contingent Conversion (other than any Dividend Common Shares)) upon the applicable Recourse Event shall be treated for all purposes as having become the holder or holders of record of such Common Shares at such time. Subject to Section 9.3, as promptly as practicable after the occurrence of a Trigger Event, the Bank shall announce the applicable Recourse Event by way of a press release and shall give notice (a **"Trigger Event Notice"**) of the delivery of the Common Shares in accordance with the provisions of Section 13.04 of the Base Indenture to the Holders and the Trustees. Immediately following the Contingent Conversion, any certificates representing the Notes shall represent the right to receive upon surrender thereof the applicable number of Common Shares as specified in Section 9.5. The provisions hereof shall be mandatory and binding upon the Bank and all Holders notwithstanding anything else including, without limitation: (i) the existence or prior occurrence of an Event of Default in respect of the Notes; (ii) any prior action to or in furtherance of a redeeming, exchanging or converting the Notes pursuant to the other terms and conditions of the Indenture and (iii) any delay or impediment to the issuance or delivery of the Common Shares to the Holders.

Section 9.7 <u>Trigger Event Procedure.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Notes are held in the form of one or more Global Notes at the time of the Trigger Event, within two Business Days of its receipt of the Trigger Event Notice, the Trustees shall, acting pursuant to the Indenture, cause such notice to be transmitted to the direct participants of DTC holding the Notes at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Notes are held in definitive form at the time of the Trigger Event, the Bank will provide Holders with a notice describing, among other things, how the Bank intends to cause the Limited Recourse Trustee to deliver the evidence of beneficial ownership of the Common Shares and requesting such Holders to provide the Bank with their relevant securities account information for purposes of receiving such evidence of beneficial ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank shall have no liability to any Holder or Beneficial Owner of the Notes from any delay in the receipt of the evidence of beneficial ownership of the Common Shares resulting from the Bank's compliance with applicable operational and legal requirements.

Section 9.8 <u>Duties of Trustees upon Trigger Event.</u>

Upon receipt by Holders of their proportionate share of the Corresponding Limited Recourse Trust Assets, the Trustees shall not be required to take any further directions from Holders or Beneficial Owners of the Notes under the Indenture. The Indenture shall impose no duties upon the Trustees whatsoever with respect to delivery of Common Shares upon a Trigger Event (except for the delivery of a notice by the Trustees to participants of DTC following a Trigger Event pursuant to Section 9.7).

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Section 9.9 <u>General.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The delivery of the Common Shares issued to the Limited Recourse Trustee upon a Contingent Conversion (other than any Dividend Common Shares) to a Holder shall exhaust all remedies of such Holder under the Notes including in connection with any Trigger Event. All claims of a Holder against the Bank shall be extinguished upon receipt by such Holder of the applicable Common Shares. If tax is required to be withheld from such payment of any interest in the form of Common Shares, the number of Common Shares received by a Holder shall reflect an amount net of any applicable withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of the Indenture or the Notes, the Trigger Event and the delivery of Common Shares to the Holders pursuant to the provisions hereof shall not be an Event of Default and the only consequence of a Trigger Event shall be the right of the Holders to receive the Corresponding Limited Recourse Trust Assets (which shall be the fully-paid Common Shares then held by the Limited Recourse Trustee pursuant to a Contingent Conversion (other than any Dividend Common Shares)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees shall have no duty to determine the occurrence of a Trigger Event or any calculations in connection with such Trigger Event. The Trustees makes no representation as to the validity or value of any securities or assets delivered upon a Trigger Event, and the Trustees shall not be responsible for the Bank's failure to comply with any provisions of this Article Nine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of the Indenture or the Notes, a failure to provide any notice referred to in Section 9.2, Section 9.6 or Section 9.7, shall not have any impact on the effectiveness of, or otherwise invalidate, any of the recourse mechanics described in the Indenture, or give the Holders and Beneficial Owners of the Notes any rights as a result of such failure.

Section 9.10 <u>Agreement of Holders and Beneficial Owners of the Notes.</u>

By acquiring any Note, each Holder and Beneficial Owner of such Note or any interest therein, including any person acquiring any such Note or interest therein after the date hereof, irrevocably acknowledges, consents and agrees with and for the benefit of the Bank and the Trustees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the delivery of the Holder's proportionate share of the Corresponding Limited Recourse Trust Assets to such Holder shall exhaust all remedies of such Holder against the Bank under the Notes, including in connection with any Event of Default, and all claims of a Holder against the Bank shall be extinguished upon receipt by such Holder of such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets (which shall be the fully-paid Common Shares then held by the Limited Recourse Trustee pursuant to a Contingent Conversion (other than any Dividend Common Shares)) upon the occurrence of a Trigger Event, which occurrence and resulting delivery of Common Shares shall occur without any further action on the part of such Holder or Beneficial Owner or the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the delivery of Common Shares or the occurrence of a Trigger Event shall not constitute an Event of Default under the terms of the Notes or the Indenture, and upon receipt by Holders of their proportionate share of the Corresponding Limited Recourse Trust Assets, no Holder or Beneficial Owner of the Notes will have any rights against the Bank with respect to the repayment of the principal amount of, or interest on, the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that, (i) upon receipt by Holders of their proportionate share of the Corresponding Limited Recourse Trust Assets, the Trustees shall not be required to take any further directions from Holders or Beneficial Owners of the Notes under the Indenture and (ii) the Indenture shall impose no duties upon the Trustees whatsoever with respect to the delivery of the Corresponding Limited Recourse Trust Assets (which shall be the fully-paid Common Shares then held by the Limited Recourse Trustee pursuant to a Contingent Conversion (other than any Dividend Common Shares)) immediately following a Contingent Conversion (except for the delivery of a notice by the Trustees to participants of DTC following a Trigger Event pursuant to Section 9.7);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that such Holder or Beneficial Owner authorizes, directs and requests DTC and any direct participant in DTC or other intermediary through which it holds such Notes to take any and all necessary action, if required, to implement the delivery of the Corresponding Limited Recourse Trust Assets (which shall be the fully-paid Common Shares then held by the Limited Recourse Trustee pursuant to a Contingent Conversion (other than any Dividend Common Shares)) immediately following a Contingent Conversion without any further action or direction on the part of such Holder or such Beneficial Owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that such Holder or Beneficial Owner acknowledges and agrees that all authority conferred or agreed to be conferred by any Holder and Beneficial Owner pursuant to the provisions described above shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of each Holder and Beneficial Owner of a Note or any interest therein.

Section 9.11 <u>Amendments to Limited Recourse Trust Declaration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amendment or supplemental declaration of trust for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Limited Recourse Trust Declaration shall require the consent of the Majority Holders; provided, however, that to the extent any such addition, change or elimination is in respect of the definition of "Trust Assets" in Section 1.1 (Definitions), Section 2.3 (Objective of the Trust), Section 2.4 (Ownership of Trust Assets), Section 2.5 (Binding Effect), Section 2.6 (Legal Character of the Trust), Section 10.6 (Acquisition and Administration of Trust Assets) and Article 14 (Termination) of the Limited Recourse Trust Declaration (or the equivalent sections of the Limited Recourse Trust Declaration following any addition, change or elimination to the Limited Recourse Trust Declaration permitted in accordance with this Section 9.11), such addition, change or elimination shall not be made without the consent of the Holder of each Outstanding Note affected thereby. For certainty, a change to the governing law of the Limited Recourse Trust Declaration in accordance with the provisions of the Limited Recourse Trust Declaration shall not require the consent of any Holders. It shall not be necessary for any Act of Holders under this this Section 9.11(1) to approve the particular form of any proposed amendment or supplemental declaration of trust, but it shall be sufficient if such Act shall approve the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 9.11(a), without the consent of any Holders, the Limited Recourse Trustee may make any amendment to the Limited Recourse Trust Declaration or enter into supplemental declarations of trust to the Limited Recourse Trust Declaration for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to evidence and provide for the acceptance of appointment by a successor Limited Recourse Trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to cure any ambiguity, to correct or supplement any provision of the Limited Recourse Trust Declaration which may be defective or inconsistent with any other provision of the Limited Recourse Trust Declaration, to add, amend, correct or supplement any provision of the Limited Recourse Trust Declaration which may become incorrect or inaccurate as a result of the passage of time (including changes to the provisions of legislation referred to in the Limited Recourse Trust Declaration) or to make any other provisions with respect to matters or questions arising under the Limited Recourse Trust Declaration, provided that such action pursuant to this Section 9.11(b) shall not adversely affect the interests of the Holders in any material respect.

Section 9.12 <u>Dissolution of the Limited Recourse Trust.</u>

The Limited Recourse Trust will only be dissolved following the earlier to occur of the following events: (a) no Notes (or any other limited recourse capital notes) are outstanding and held by a person other than the Bank (whether through (i) a cash redemption by the Bank of all preferred shares (including the Preferred Shares) held by the Limited Recourse Trust and corresponding cash redemption of all corresponding limited recourse capital notes (including the Notes), (ii) delivery of all preferred shares (including the Preferred Shares) held by the Limited Recourse Trust to holders of the corresponding limited recourse capital notes on maturity or any earlier date on which the principal amount of and interest on the corresponding limited recourse capital notes becomes due and payable, (iii) delivery of Common Shares received by the Limited Recourse Trustee for preferred shares (including the Preferred Shares) on a Contingent Conversion to holders of the corresponding limited recourse capital notes or (iv) the purchase for cancellation of all limited recourse capital notes (including the Notes)) and (b) each of the Limited Recourse Trustee and the Bank elects in writing to terminate the Limited Recourse Trust and such termination is approved by the holders of the Notes in accordance with the terms of the Indenture and this Fifth Supplemental Indenture and if necessary, the holders of any other limited recourse capital notes in accordance with the terms of the indentures under which they are issued.

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ARTICLE TEN

SUBORDINATION OF NOTES

Section 10.1 <u>Applicability of Article XII of the Base Indenture</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the avoidance of doubt, the provisions of Article XII of the Base Indenture shall be applicable to the Notes, except as modified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Solely for purposes of the Notes (and not in relation to any other series of Securities), all references in Article XII of the Base Indenture to "Senior Indebtedness" shall hereby be replaced with references to "Higher Ranked Indebtedness."

Section 10.2 <u>Notes Subordinate to Deposit Liabilities and Other Indebtedness</u>.

The Notes are direct unsecured debt obligations of the Bank constituting bank Subordinated Indebtedness and, in the event of the insolvency or winding-up of the Bank, the Indebtedness evidenced by the Notes shall rank: (1) subordinate in right of payment to the prior payment in full of all Higher Ranked Indebtedness and (2) in right of payment equally with and not prior to the Junior Deeply Subordinated Indebtedness (other than the Junior Deeply Subordinated Indebtedness which by its terms ranks subordinate to the Notes), in each case, from time to time outstanding.

Notwithstanding the foregoing, in the event of the occurrence of a Recourse Event, including an Event of Default, the sole remedy of a Holder shall be recourse to such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets.

The Bank agrees and each Holder, by his, her or its acceptance of such Note, also agrees and shall be deemed conclusively to have agreed, for the benefit of the present and future holders of Higher Ranked Indebtedness, and for the benefit of all present and future holders of Indebtedness to which the Notes are subordinate in right of payment, to the provisions of this Section 10.2 and Article XII of the Base Indenture and the Bank and each Holder by his, her or its acceptance of such Note shall be bound by such provisions.

ARTICLE ELEVEN

REDEMPTION OF NOTES

Section 11.1 <u>Applicability of Article XI of the Base Indenture</u><u>.</u>

For the avoidance of doubt, the provisions of Article XI of the Base Indenture shall be applicable to the Notes, except as modified herein.

Section 11.2 <u>Regulatory Redemption</u><u>.</u>

The Bank may, at its option, with the prior written approval of the Superintendent and without the consent of the Holders of the Notes, redeem the Notes, in whole but not in part, at any time within 90 days following a Regulatory Event Date, on not less than 10 days' and not more than 60 days' prior written notice to the Holders of the Notes, at a redemption price which is equal to the Redemption Price. Any Notes redeemed by the Bank will be cancelled and will not be re-issued.

Section 11.3 <u>Tax Redemption</u><u>.</u>

The Bank may, at its option, with the prior written approval of the Superintendent and without the consent of the Holders of the Notes, redeem the Notes, in whole, but not in part, at any time following a Tax Event Date, on not less than 10 days' and not more than 60 days' prior written notice to the Holders of the Notes, at a redemption price which is equal to the Redemption Price. Any Notes redeemed by the Bank will be cancelled and will not be re-issued.

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Section 11.4 <u>Optional Redemption</u><u>.</u>

The Bank may, at its option, with the prior written approval of the Superintendent and without the consent of the Holders of the Notes, redeem the Notes in cash, in whole or in part, on not less than 10 days' and not more than 60 days' prior written notice to the registered Holders, on the Initial Reset Date and each Optional Redemption Date thereafter, at a redemption price which is equal to the Redemption Price. Any Notes redeemed by the Bank will be cancelled and will not be re-issued.

Section 11.5 <u>Mandatory Redemption</u><u>.</u>

Upon the occurrence of a Preferred Share Redemption (a **"Mandatory Redemption Date"**) on any date other than the Maturity Date, a corresponding number of Outstanding Notes with an aggregate principal amount equal to the aggregate face amount of Preferred Shares redeemed by the Bank pursuant to the Preferred Share Redemption, shall automatically and immediately be redeemed for a cash amount equal to the Redemption Price (a **"Mandatory Redemption"**), on a full and permanent basis, without any action on the part of, or the need for consent from, the Holders of such Notes. For certainty, to the extent that the Bank has immediately prior to or concurrently with such Preferred Share Redemption redeemed or purchased for cancellation a corresponding number of Outstanding Notes in accordance with the terms of the Indenture, the foregoing requirement to automatically and immediately redeem a corresponding number of Outstanding Notes shall be deemed satisfied.

From and after the Mandatory Redemption Date, any Outstanding Notes so redeemed shall cease to be outstanding, the Holders thereof shall cease to be entitled to interest thereon, and any certificates representing the Notes shall represent only the right to receive upon surrender thereof the Redemption Price.

Section 11.6 <u>Redemption Obligations; Open Market Purchases</u><u>.</u>

Except as provided in this Article Eleven, the Bank shall not be required to make mandatory redemption payments or sinking fund payments with respect to the Notes. At any time the Bank may, with the prior written approval of the Superintendent, purchase Notes, in whole or in part, by tender offer, open market purchases, negotiated transactions or otherwise in accordance with applicable securities laws and regulations, so long as such acquisition does not otherwise violate the terms of the Indenture, upon such terms and at such prices as the Bank may determine. Notes purchased by the Bank shall, subject to the following paragraph, be cancelled and shall not be re-issued. Notwithstanding the foregoing, any subsidiary of the Bank may purchase Notes in the ordinary course of its business of dealing in securities.

If any Notes are to be cancelled pursuant to the preceding paragraph, the Bank shall, with the prior written approval of the Superintendent, redeem a corresponding number of Preferred Shares (which amount shall equal the aggregate principal amount of the Notes to be cancelled) then held by the Limited Recourse Trustee for cancellation, and, unless otherwise satisfied, the proceeds from the redemption of such Preferred Shares shall be applied by the Limited Recourse Trustee first towards the payment of the principal amount of, and second towards any accrued and unpaid interest on, the Notes, and should such proceeds of redemption be insufficient to pay such amounts in full, the Bank shall be obligated to fund any shortfall.

Section 11.7 <u>Notice of Redemption</u><u>.</u>

A notice of redemption delivered in respect of the Notes pursuant to Section 11.02 of the Base Indenture shall be irrevocable, except that the occurrence of a Trigger Event prior to the date fixed for redemption shall automatically rescind such notice of redemption and, in such circumstances, no Notes shall be redeemed and no payment in respect of the Notes shall be due and payable.

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Section 11.8 <u>Applicability of Article</u><u>.</u>

For purposes of the Notes, Section 11.01 of the Base Indenture is hereby replaced in its entirety as follows:

"Subject to any applicable law restricting the redemption of the Notes, including the Bank Act and the regulations and guidelines thereunder, including the CAR Guideline, and provided that a Trigger Event has not occurred, the Notes shall be redeemable in accordance with this Article Eleven. For certainty, the Bank will not redeem the Notes under any circumstances if such redemption would, directly or indirectly, result in the Bank's breach of any provision of the Bank Act and the regulations and guidelines thereunder, including the CAR Guideline.

The provisions of this Article shall be applicable to the Securities of any Series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a Series except as otherwise specified as contemplated by Section 2.03 for Securities of such Series."

ARTICLE TWELVE

SUPPLEMENTAL INDENTURES

Section 12.1 <u>Applicability of Article VIII of the Base Indenture</u><u>.</u>

For the avoidance of doubt, the provisions of Article VIII of the Base Indenture shall be applicable to the Notes, except as modified herein.

Section 12.2 <u>Supplemental Indentures With Consent of Holders</u><u>.</u>

For purposes of the Notes, Section 8.02 of the Base Indenture is hereby amended by adding ", or (c) modify (i) Section 7.3 to the Fifth Supplemental Indenture or (ii) Section 9.11" after the reference to "Security so affected" at the end of the first paragraph of Section 8.02 of the Base Indenture.

Section 12.3 <u>Supplemental Indentures Without Consent of Securityholders</u><u>.</u>

Subject to obtaining any necessary consents as contemplated in Sections 12.1 and 12.2, the Bank will not without, but may from time to time with, the prior written approval of the Superintendent, make any modification to this Fifth Supplemental Indenture or the Notes in a manner that would affect the regulatory capital classification afforded to the Notes from time to time for capital adequacy requirements pursuant to the Bank Act and the regulations and guidelines thereunder, including the CAR Guideline.

ARTICLE THIRTEEN

MISCELLANEOUS

Section 13.1 <u>Ratification of Base Indenture</u><u>.</u>

The Base Indenture, as supplemented by this Fifth Supplemental Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided.

Section 13.2 <u>Conflict with Base Indenture</u><u>.</u>

If any provision of this Fifth Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, such provision of this Fifth Supplemental Indenture shall control.

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Section 13.3 <u>Execution in Counterparts</u><u>.</u>

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this instrument or any document to be signed in connection with this instrument shall be deemed to include (i) electronic signatures (including electronic signatures covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act, the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law, e.g., www.docusign.com), (ii) transmission by electronic mail or other transmission methods and (iii) the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. This Fifth Supplemental Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code/UCC (collectively, "Signature Law"); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof other than ascertaining that such party is included in an incumbency certificate of the Bank received by the Trustees listing persons designated by the Bank to give instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. The Trustees shall not be liable for any losses, costs, or expenses arising directly or indirectly from the Trustees' reasonable reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent instruction. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

Section 13.4 <u>Agreement of Subsequent Investors</u><u>.</u>

Holders or Beneficial Owners of Notes that acquire the Notes in the secondary market shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders or Beneficial Owners of the Notes that acquire the Notes upon their initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Notes, including in relation to any Contingent Conversion.

Section 13.5 <u>Waiver of Jury Trial</u><u>.</u>

EACH OF THE BANK AND THE TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIFTH SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

Section 13.6 <u>Acceptance by Trustees</u><u>.</u>

The Trustees accept the amendments to the Indenture effected by this Fifth Supplemental Indenture. Without limiting the generality of the foregoing, the Trustees assume no responsibility for the correctness of the recitals or statements contained herein, which shall be taken as the statements of the Bank and the Trustees shall not be responsible or accountable in any way whatsoever for or with respect to the validity or execution (other than by the Trustees) or sufficiency of this Fifth Supplemental Indenture and the Trustees make no representation with respect thereto.

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Section 13.7 <u>Electronic Communication</u>

The U.S. Trustee and the Canadian Trustee shall have the right to accept and act upon instructions, including funds transfer instructions ("Instructions") given pursuant to this Fifth Supplemental Indenture and

delivered using Electronic Means; provided, however, that the Bank shall provide to the U.S. Trustee and the Canadian Trustee an incumbency certificate listing its authorized officers and containing specimen signatures of such authorized officers, which incumbency certificate shall be amended by the Bank whenever a person is to be added or deleted from the listing. If the Bank elects to give the U.S. Trustee or the Canadian Trustee Instructions using Electronic Means and the U.S. Trustee or the Canadian Trustee in its discretion elects to act upon such Instructions, the U.S. Trustee's, or the Canadian Trustee's understanding of such Instructions shall be deemed controlling. The Issuer understands and agrees that the U.S. Trustee and the Canadian Trustee cannot determine the identity of the actual sender of such Instructions and that the U.S. Trustee and the Canadian Trustee shall conclusively presume that directions that purport to have been sent by an authorized officer listed on the incumbency certificate provided to the U.S. Trustee or the Canadian Trustee have been sent by such authorized officer. The Bank shall be responsible for ensuring that only authorized officers transmit such Instructions to the U.S. Trustee and the Canadian Trustee and that the Bank and all authorized officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Bank. The U.S. Trustee and the Canadian Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the U.S. Trustee's or the Canadian Trustee's reliance upon and compliance with such Instructions notwithstanding that such directions conflict or are inconsistent with a subsequent written instruction, until the receipt of such subsequent written instruction, except to the extent that such losses, costs or expenses are the result of the U.S. Trustee's or the Canadian Trustee's negligence or willful misconduct. Subject to the foregoing, the Bank agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the U.S. Trustee or the Canadian Trustee, including the risk of the U.S. Trustee or the Canadian Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the U.S. Trustee and the Canadian Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Bank; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to use reasonable efforts to notify the U.S. Trustee and the Canadian Trustee upon learning of any compromise or unauthorized use of any such Electronic Means used to send instructions to the U.S. Trustee or Canadian Trustee.

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IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed, all as of the day and year first above written.

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| THE TORONTO-DOMINION BANK | THE TORONTO-DOMINION BANK | THE TORONTO-DOMINION BANK |
| By: | /s/ Colin Elion | /s/ Colin Elion |
|  | Name: | Colin Elion |
|  | Title: | Associate Vice President, Funding, Treasury and Balance Sheet Management |
| COMPUTERSHARE TRUST COMPANY, | COMPUTERSHARE TRUST COMPANY, | COMPUTERSHARE TRUST COMPANY, |
| NATIONAL ASSOCIATION, as U.S. Trustee | NATIONAL ASSOCIATION, as U.S. Trustee | NATIONAL ASSOCIATION, as U.S. Trustee |
| By: | /s/ Corey J. Dahlstrand | /s/ Corey J. Dahlstrand |
|  | Name: | Corey J. Dahlstrand |
|  | Title: | Vice President |
| COMPUTERSHARE TRUST COMPANY OF | COMPUTERSHARE TRUST COMPANY OF | COMPUTERSHARE TRUST COMPANY OF |
| CANADA, as Canadian Trustee | CANADA, as Canadian Trustee | CANADA, as Canadian Trustee |
| By: | /s/ Zhel Peters | /s/ Zhel Peters |
|  | Name: | Zhel Peters |
|  | Title: | Corporate Trust Officer |
| COMPUTERSHARE TRUST COMPANY OF | COMPUTERSHARE TRUST COMPANY OF | COMPUTERSHARE TRUST COMPANY OF |
| CANADA, as Canadian Trustee | CANADA, as Canadian Trustee | CANADA, as Canadian Trustee |
| By: | /s/ Stanley Kwan | /s/ Stanley Kwan |
|  | Name: | Stanley Kwan |
|  | Title: | Associate Trust Officer |

---

[*Signature Page to Fifth Supplemental Indenture*]

------

**Exhibit A** 

**Form of Global Note** 

THIS SECURITY IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) ("DTC") TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER NAME, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

**THE TORONTO-DOMINION BANK** 

6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (Non-Viability Contingent Capital (NVCC))

Subordinated Indebtedness

This security will not constitute a deposit insured by the U.S. Federal Deposit Insurance Corporation under the U.S. Federal Deposit Insurance Act or by the Canada Deposit Insurance Corporation under the Canada Deposit Insurance Corporation Act or any other Canadian or U.S. governmental agency or instrumentality or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the insolvency of a deposit taking financial institution

No.: A-[•] <sup>1</sup>CUSIP: [•] <br> ISIN: [•]

Issue Date: September 23, 2025 Stated Maturity: October 31, 2085

The Toronto-Dominion Bank, a Schedule I bank under the *Bank Act* (Canada) (herein called the "<u>Bank</u>", which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., Inc., or registered assigns, the principal sum of [•] Dollars ($[•]) on October 31, 2085 (the "<u>Maturity Date</u>"), and to pay interest thereon quarterly in arrears on January 31, April 30, July 31 and October 31 of each year (each, an "<u>Interest Payment Date</u>"), commencing January 31, 2026, or if any such day is not a Business Day, the next Business Day (but no interest will accrue as a result of that postponement), from and including the Date of Issue to, but excluding, October 31, 2030 (the "<u>Initial Reset Date</u>"), at a rate of 6.350% *per annum*. On each Reset Date following the Initial Reset Date, the interest rate will be reset at an interest rate *per annum* equal to the sum, as determined by the Bank or its designee, of (i) the U.S. Treasury Rate on each Interest Rate Calculation Date plus (ii) 2.721%.

Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

<sup>1</sup> NTD: Notes issued on the Date of Issue shall bear the CUSIP 89116C 4H7 and the ISIN US89116C4H77 for this issuance.

Exh. A-1

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Interest payments are non-deferrable.

All percentages resulting from any calculation of the interest rate on the Securities during any Reset Rate Period will be rounded to the nearest one hundred-thousandth of a percentage point with five one millionths of a percentage point rounded upwards (e.g., 1.111115% (or .01111115) would be rounded to 1.11112% (or .0111112)), and all dollar amounts used in or resulting from such calculation on the Securities will be rounded to the nearest cent (with one half cent being rounded upward). Each calculation of the interest rate on the Securities by the Bank or our designee will (in absence of manifest error) be final and binding on the Holders and the Bank. The interest rate on the Securities will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application.

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered as of the close of business on the record date for such interest, which record date shall be the January 15, April 15, July 15 and October 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such record date and may either be paid to the Person in whose name this Security (or one or more Predecessor Notes) is registered at the close of business on a date fixed by the Trustee (a "<u>Special Record Date</u>") for the payment of such defaulted interest to be fixed by the Trustees, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

Notwithstanding any provision of this Security or the Indenture, if any amount of principal, premium or interest would otherwise be due on this Security on a day (the "<u>Specified Day</u>") that is not a Business Day, such amount may be paid or made available for payment on the next succeeding Business Day with the same force and effect as if such amount were paid on the Specified Day (but no interest will accrue as a result of that postponement).

For the purposes of this Security, "<u>Business Day</u>" means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law to close in New York City or Toronto.

The Bank may make any and all payments of principal, premium and interest on this Security pursuant to the applicable procedures of the Depositary or otherwise for this Security as permitted in the Indenture.

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Bank has caused this instrument to be duly executed.

---

| | | |
|:---|:---|:---|
|  | THE TORONTO-DOMINION BANK | THE TORONTO-DOMINION BANK |
| Dated: _____________ | By: |  |
|  |  | Name: |
|  |  | Title: |

---

CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

Exh. A-2

------

---

| | | |
|:---|:---|:---|
|  | COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as U.S. Trustee | COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as U.S. Trustee |
| Dated: _____________ | By: |  |
|  |  | Name: |
|  |  | Title: |

---

[REVERSE OF SECURITY]

Exh. A-3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Securities and the Indenture</u>

This Security is one of a duly authorized issue of securities of the Bank (herein called the "<u>Securities</u>"), issued and to be issued in one or more series under an Indenture, dated as of September 15, 2016 (the "<u>Base Indenture</u>"), among the Bank, and Computershare Trust Company, National Association, as U.S. Trustee (the "<u>U.S. Trustee</u>") and Computershare Trust Company of Canada, as Canadian Trustee (the "<u>Canadian Trustee</u>" and, together with the U.S. Trustee, the "<u>Trustees</u>" and each, a "<u>Trustee</u>"), as supplemented by the Fifth Supplemental Indenture, dated as of September 23, 2025 (the "<u>Fifth Supplemental Indenture</u>"; the Base Indenture, as so supplemented, the "<u>Indenture</u>"), among the Bank, the U.S. Trustee and the Canadian Trustee, and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Bank, the Trustees and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to $750,000,000, <u>provided</u> that the Bank may, without the consent of any Holder, at any time and from time to time, increase the initial principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Redemption; No Sinking Fund; Satisfaction and Discharge</u>

The Bank may, at its option, with the prior written approval of the Superintendent and without the consent of the Holders of the Securities, redeem the Securities, in whole but not in part, at any time within 90 days following a Regulatory Event Date, on not less than 10 days' and not more than 60 days' prior written notice to the Holders of the Securities, at a redemption price which is equal to the Redemption Price.

The Bank may, at its option, with the prior written approval of the Superintendent and without the consent of the Holders of the Securities, redeem the Securities, in whole, but not in part, at any time following a Tax Event Date, on not less than 10 days' and not more than 60 days' prior written notice to the Holders of the Securities, at a redemption price which is equal to the Redemption Price.

The Bank may, at its option, with the prior written approval of the Superintendent and without the consent of the Holders of the Securities, redeem the Securities in cash, in whole or in part, on not less than 10 days' and not more than 60 days' prior written notice to the registered Holders of the Securities, on the Initial Reset Date and each January 31, April 30, July 31 and October 31 thereafter, at a redemption price which is equal to the Redemption Price.

Upon the occurrence of a Preferred Share Redemption on any date other than the Maturity Date, a corresponding number of Outstanding Notes with an aggregate principal amount equal to the aggregate face amount of Preferred Shares redeemed by the Bank pursuant to the Preferred Share Redemption, shall automatically and immediately be redeemed for a cash amount equal to the Redemption Price, on a full and permanent basis, without any action on the part of, or the need for consent from, the Holders of such Securities. For certainty, to the extent that the Bank has immediately prior to or concurrently with such Preferred Share Redemption redeemed or purchased for cancellation a corresponding number of Outstanding Notes in accordance with the terms of the Indenture, the foregoing requirement to automatically and immediately redeem a corresponding number of Outstanding Notes shall be deemed satisfied.

Except as provided in Article Eleven of the Fifth Supplemental Indenture and this Section 2, the Bank shall not be required to make mandatory redemption payments or sinking fund payments with respect to the Securities. At any time the Bank may, with the prior written approval of the Superintendent, purchase Securities, in whole or in part, by tender offer, open market purchases, negotiated transactions or otherwise in accordance with applicable securities laws and regulations, so long as such acquisition does not otherwise violate the terms of the Indenture, upon such terms and at such prices as the Bank may determine. Securities purchased by the Bank shall, subject to the following paragraph, be cancelled and shall not be re-issued. Notwithstanding the foregoing, any subsidiary of the Bank may purchase Securities in the ordinary course of its business of dealing in securities.

If any Securities are to be cancelled pursuant to the preceding paragraph, the Bank shall, with the prior written approval of the Superintendent, redeem a corresponding number of Preferred Shares (which amount shall equal the aggregate principal amount of the Securities to be cancelled) then held by the Limited Recourse Trustee for cancellation, and, unless otherwise satisfied, the proceeds from the redemption of such Preferred Shares shall be applied by the Limited Recourse Trustee first towards the payment of the principal amount of, and second towards any accrued and unpaid interest on, the Securities, and should such proceeds of redemption be insufficient to pay such amounts in full, the Bank shall be obligated to fund any shortfall.

Exh. A-4

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This Security will not be subject to, or entitled to the benefit of, any sinking fund.

The provisions of Section 10.01(b) of the Base Indenture shall be subject to the prior written approval of the Superintendent.

The following shall apply to this Security:

The Indenture shall upon an Issuer Order cease to be of further effect with respect to this Security, and the Trustees, at the expense of the Bank, shall execute proper instruments acknowledging satisfaction and discharge of the Indenture with respect to this Security, when (a) all Securities theretofore authenticated and delivered (other than (i) Securities which have been mutilated, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09 of the Base Indenture and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Bank and thereafter repaid to the Bank or discharged from such trust, as provided in Section 10.04 of the Base Indenture) have been delivered to a Trustee for cancellation; (b) the Bank has paid or caused to be paid all other sums payable hereunder by the Bank and (c) the Bank has delivered to the Trustees an Officer's Certificate stating that all conditions precedent herein provided for relating to the satisfaction and discharge of the Indenture with respect to the Securities have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Subordination</u>

The indebtedness evidenced by this Security is a direct unsecured debt obligation of the Bank constituting bank Subordinated Indebtedness and, in the event of the insolvency or winding-up of the Bank, the Indebtedness evidenced by the Security shall rank: (1) subordinate in right of payment to the prior payment in full of all Higher Ranked Indebtedness and (2) in right of payment equally with and not prior to the Junior Deeply Subordinated Indebtedness (other than the Junior Deeply Subordinated Indebtedness which by its terms ranks subordinate to the Notes), in each case, from time to time outstanding. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) authorizes and directs the Trustees on his or her behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided. Each Holder hereof, by his or her acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Indebtedness, other than Junior Deeply Subordinated Indebtedness, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such holder upon said provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Repayment at the Option of the Holder</u>

This Security will not be subject to repayment at the option of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Modification and Waiver</u>

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Bank and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Bank and the Trustees with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Bank with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and the Persons who are Beneficial Owners of interests represented hereby, and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

Exh. A-5

------

Subject to the provisions of the Indenture, the Bank will not without, but may from time to time with, the prior written approval of the Superintendent, make any modification to the Indenture or the Security in a manner that would affect the regulatory capital classification afforded to the Security from time to time for capital adequacy requirements pursuant to the Bank Act and the regulations and guidelines thereunder, including the CAR Guideline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Default; Remedies</u>

If an Event of Default occurs and is continuing, the rights and remedies of the Holders and either Trustee shall be as set forth in Article V of the Fifth Supplemental Indenture.

For the avoidance of doubt, none of (i) the non-payment of principal amount of or interest on this Security, (ii) a default in the performance of any other covenant of the Bank in the Indenture or (iii) the occurrence of a Contingent Conversion upon a Trigger Event shall constitute an Event of Default under the Indenture or this Security.

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Bank to pay the principal of, any premium and interest on, or Redemption Price for, this Security at the times, place and rate, and in the coin or currency, herein prescribed, provided, however, that the sole remedy of a Holder if the Bank does not make such payment shall be recourse to such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets.

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (1) such Holder shall have previously given the Trustees written notice of a continuing Event of Default or failure of the Limited Recourse Trustee to deliver a Holder's proportionate share of the Corresponding Limited Recourse Trust Assets to such Holder, (2) the Holders of not less than 25% in principal amount of the Outstanding Notes shall have made written request to the Trustees to institute proceedings in respect of such Event of Default or failure of the Limited Recourse Trustee to deliver a Holder's proportionate share of the Corresponding Limited Recourse Trust Assets to such Holder, in its own name as Trustees hereunder, (3) such Holder or Holders have offered to the Trustees full indemnity and/or security against reasonable costs, expenses and liabilities to be incurred in compliance with such request, (4) the Trustees for 90 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding and (5) no direction inconsistent with such written request has been given to the Trustees during such 90-day period by the Majority Holders. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein if a Trigger Event has not occurred, provided, however, that the sole remedy of a Holder if the Bank does not make such payment shall be recourse to such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Disclosure under Interest Act (Canada)</u>

For disclosure purposes under the Interest Act (Canada), whenever in the Securities or the Indenture interest at a specified rate is to be calculated on the basis of a period less than a calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by the actual number of days in the relevant calendar year and divided by the number of days in such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Transfer or Exchange</u>

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security register, upon surrender of this Security for registration of transfer at the office or agency of the Bank in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bank and the Security registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of Authorized Denominations (as defined below) and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

Exh. A-6

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The Securities of this series are issuable only in registered form without coupons in "Authorized Denominations", which term shall have the following meaning: for each Security of this series, the Authorized Denominations shall be $200,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different Authorized Denomination, as requested by the Holder surrendering the same.

No service charge shall be made for any such registration of transfer or exchange of Securities as provided above, but the Bank or the Trustees may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

Prior to due presentment of this Security for registration of transfer, the Bank, the Trustees and any agent of the Bank or the Trustees may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Bank, the Trustees nor any such agent shall be affected by notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Recourse Event</u>

Notwithstanding any other provision in this Security or in the Indenture, the sole remedy of a Holder in the event of a Recourse Event (including, for the avoidance of doubt, the non-payment of the principal amount of, interest on or the Redemption Price for the Securities when due) shall be recourse to such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets. Upon any such Recourse Event, the principal amount of, and accrued and unpaid interest on, the Securities will become immediately due and payable without any declaration or other act on the part of the Trustees or any Holders; provided that recourse for such principal amount and accrued and unpaid interest shall be solely to the Corresponding Limited Recourse Trust Assets. The delivery of a Holder's proportionate share of the Corresponding Limited Recourse Trust Assets to such Holder shall exhaust all remedies of such Holder under the Securities including in connection with any Recourse Event. All claims of a Holder against the Bank shall be extinguished upon receipt by such Holder of such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets. The delivery to a Holder of such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets shall be deemed to be in full satisfaction of the Securities and shall exhaust all remedies of such Holder against the Bank in accordance with Section 5.3 of the Fifth Supplemental Indenture regardless of whether the value of such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets is less than the principal amount of and any accrued and unpaid interest on the Securities or the Redemption Price of the Securities, as applicable.

Upon a Recourse Event, the Bank reserves the right not to (a) deliver Common Shares or Preferred Shares to any Person whom the Bank or its transfer agent has reason to believe is an Ineligible Person or any person who, by virtue of that delivery, would become a Significant Shareholder or (b) record in its securities register a transfer or issue of Common Shares or Preferred Shares to any person whom the Bank or its transfer agent has reason to believe is an Ineligible Government Holder based on a declaration submitted to the Bank or its transfer agent by or on behalf of such person. In such circumstances, the Bank or its transfer agent will hold, as agent for such Persons, the Common Shares or Preferred Shares that would have otherwise been delivered to such Persons and will attempt to facilitate the sale of such Common Shares or Preferred Shares to parties other than the Bank and its Affiliates on behalf of such Persons through a registered dealer to be retained by the Bank on behalf of such Persons. Those sales (if any) may be made at any time and at any price. The Bank shall not be subject to any liability for failure to sell any such Common Shares or Preferred Shares on behalf of such Persons or at any particular price on any particular day. The net proceeds received by the Bank or its transfer agent from the sale of any such Common Shares or Preferred Shares will be delivered to any such person, after deducting the costs of sale and any applicable withholding taxes. The Bank shall deliver a check or send a wire transfer in immediately available funds representing the aggregate net proceeds to the Depository (if the Common Shares or Preferred Shares are then held in the form of one or more global securities) or in all other cases to such Persons in accordance with the regular practices and procedures of the Depository or otherwise.

Exh. A-7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Agreements of Holders and Beneficial Owners of this Security</u>

By acquiring this Security, each Holder and Beneficial Owner of this Security or any interest herein, including any person acquiring this Security or interest herein after the date hereof, irrevocably acknowledges, consents and agrees with and for the benefit of the Bank and the Trustees that, upon the occurrence of any redemption in Section 2, (1) such redemption shall occur without any further action on the part of such Holder or Beneficial Owner and (2) such redemption shall not constitute an Event of Default under the terms of the Securities or the Indenture, and that following such redemption, such Holder or Beneficial Owner will not have any rights against the Bank with respect to the repayment of the principal amount of, or interest on, the Securities other than recourse to the Corresponding Limited Recourse Trust Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Contingent Conversion Upon a Trigger Event</u>

Upon the occurrence of a Trigger Event and immediately following a Contingent Conversion, each Holder will be entitled to receive from the Limited Recourse Trustee, such Holder's proportionate share of the Corresponding Limited Recourse Trust Assets (subject to Section 9.3 of the Fifth Supplemental Indenture), such that the subordination provisions of the Securities will not be relevant since all of the Securities will have been converted into Common Shares which will rank on parity with all other Common Shares of the Bank.

The number of Common Shares that will be held by the Limited Recourse Trustee following a Contingent Conversion and immediately before the delivery of the Common Shares (other than any Dividend Common Shares) to Holders will be equal to the product of (a) the number of Preferred Shares held by the Limited Recourse Trustee immediately prior to a Contingent Conversion, times (b) the quotient obtained by dividing (i) the Multiplier multiplied by the Share Value, divided by (ii) the Conversion Price (rounding down, if necessary, to the nearest whole number of Common Shares).

Notwithstanding any other provision in this Security or in the Indenture, the occurrence of a Trigger Event and the delivery of Common Shares to the Holders pursuant to the provisions hereof shall not be an Event of Default and the only consequence of a Trigger Event shall be the right of the Holders to receive the Corresponding Limited Recourse Trust Assets (which shall be the fully-paid Common Shares then held by the Limited Recourse Trustee pursuant to a Contingent Conversion (other than any Dividend Common Shares)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Defined Terms</u>

All terms used in this Security not otherwise defined herein that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law</u>

Except as otherwise provided in the Indenture or in this Security, this Security and the Indenture shall be governed by and construed in accordance with the laws of the State of New York, except for Sections 3 and 11 hereof, which shall be governed by the laws of the Province of Ontario and the Federal laws of Canada applicable therein.

Exh. A-8

## Exhibit 5.1

**Exhibit 5.1** 

Simpson Thacher & Bartlett LLP

425 LEXINGTON AVENUE

NEW YORK, NY 10017-3954

TELEPHONE: +1-212-455-2000

FACSIMILE: +1-212-455-2502

Direct Dial Number E-mail Address

September 23, 2025

The Toronto-Dominion Bank

TD Bank Tower

Toronto-Dominion Centre

Toronto, Ontario M5K 1A2

Canada

To the Addressee Stated Above:

We have acted as U.S. counsel to The Toronto-Dominion Bank, a bank chartered under the Bank Act (Canada) (the "Bank"), in connection with the Registration Statement on Form F-3 (File No. 333-283969) filed by the Bank with the U.S. Securities and Exchange Commission (the "Commission") under the U.S. Securities Act of 1933, as amended (the "Securities Act"), as it became effective under the Securities Act (the "Registration Statement"), relating to the issuance by the Bank of (i) US$750,000,000 aggregate principal amount of 6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (Non-Viability Contingent Capital (NVCC)) (the "Notes") and (ii) 750,000 Non-Cumulative Fixed Rate Reset Class A First Preferred Shares, Series 33 (Non-Viability Contingent Capital (NVCC)), with no par value (the "Preferred Shares"). The Notes will be issued under an Indenture, dated as of September 15, 2016 (the "Base Indenture"), among the Bank, Computershare Trust Company, National Association, as U.S. trustee (the "U.S. Trustee"), and Computershare Trust Company of Canada, as Canadian trustee (together with the U.S. Trustee, the "Trustees"), as supplemented by a Fifth Supplemental Indenture, dated as of September 23, 2025 (together with the Base Indenture, the "Indenture"), among the Bank and the Trustees. The Preferred Shares will be convertible into common shares, with no par value, of the Bank in certain circumstances.

BEIJING BOSTON BRUSSELS HONG KONG HOUSTON LONDON LOS ANGELES LUXEMBOURG PALO ALTO SÃO PAULO TOKYO WASHINGTON, D.C.

------

The Toronto-Dominion Bank 2 September 23, 2025

We have examined the Registration Statement, the Indenture, the Underwriting Agreement, dated as of September 12, 2025 (the "Underwriting Agreement"), between the Bank and TD Securities (USA) LLC as representative of the other several underwriters named in Schedule I to the Underwriting Agreement, and duplicates of the global notes representing the Notes. In addition, we have examined, and have relied as to matters of fact upon, originals, or duplicates or certified or conformed copies, of such records, agreements, documents and other instruments and such certificates or comparable documents of public officials and of officers and representatives of the Bank, and have made such other investigations as we have deemed relevant and necessary in connection with the opinion hereinafter set forth.

In rendering the opinion set forth below, we have assumed the genuineness of all signatures, including electronic signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents. We also have assumed that the Indenture is the valid and legally binding obligation of the Trustees.

In rendering the opinion set forth below, we have further assumed that (1) the Bank is validly existing and in good standing under Canadian law and has duly authorized, executed, issued and delivered the Underwriting Agreement, the Indenture and the Notes, as applicable, in accordance with the Bank Act (Canada), the Bank's by-laws and Canadian law, (2) the execution, issuance, delivery and performance by the Bank of the Underwriting Agreement, the Indenture

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The Toronto-Dominion Bank 3 September 23, 2025

and the Notes, as applicable, do not constitute a breach or violation of the Bank Act (Canada) or the Bank's by-laws, or violate Canadian law or the law of any other jurisdiction (except that no such assumption is made with respect to the law of the State of New York or the federal law of the United States) and (3) the execution, issuance, delivery and performance by the Bank of the Underwriting Agreement, the Indenture and the Notes, as applicable, do not constitute a breach or default under any agreement or instrument which is binding upon the Bank.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that, assuming the due authentication thereof by the U.S. Trustee and upon payment and delivery in accordance with the Underwriting Agreement, the Notes will constitute valid and legally binding obligations of the Bank enforceable against the Bank in accordance with their terms; provided that we express no opinion with respect to the subordination provisions of the Indenture or the Notes or the provisions of the Indenture or the Notes relating to a Contingent Conversion upon a Trigger Event (as such terms are defined in the Indenture) that, under the terms of the Indenture or the Notes, are governed by the law of the Province of Ontario and the federal law of Canada applicable therein.

Our opinion set forth above is subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), (iii) an implied covenant of good faith and fair dealing and (iv) the effects of the possible application of foreign laws or foreign governmental or judicial action affecting creditors' rights.

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The Toronto-Dominion Bank 4 September 23, 2025

In connection with the provisions of the Indenture and the comparable provisions of the Notes whereby the parties thereto submit to the jurisdiction of the U.S. federal and New York State courts in The City of New York, we note the limitations of 28 U.S.C. §§ 1331 and 1332 on U.S. federal court jurisdiction. In connection with the provisions of the Indenture which relate to forum selection (including, without limitation, any waiver of any objection to venue or any objection that a court is an inconvenient forum), we note that under N.Y.C.P.L.R. §510 a New York State court may have discretion to transfer the place of trial, and under 28 U.S.C. §1404(a) a U.S. district court has discretion to transfer an action from one U.S. federal court to another, and we also note that a New York State court and a U.S. district court may dismiss an action on the ground that such court is an improper venue or inconvenient forum. We note that the recognition and enforcement in New York State courts or U.S. federal courts sitting in the State of New York of a foreign judgment obtained against the Bank is subject to the Uniform Foreign Country Money-Judgments Recognition Act (53 N.Y.C.P.L.R. §5301, et seq.).

We do not express any opinion herein concerning any law other than the law of the State of New York and the federal law of the United States. We understand that you will be relying with respect to all matters of Canadian law on the opinion of McCarthy Tétrault LLP, Canadian counsel to the Bank, dated the date hereof.

We hereby consent to the filing of this opinion letter as an exhibit to a Report on Form 6-K of the Bank filed with the Commission and to the incorporation by reference of this opinion into the Registration Statement.

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|:---|
| Very truly yours, |
| */s/ Simpson Thacher & Bartlett LLP* |
| SIMPSON THACHER & BARTLETT LLP |

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## Exhibit 5.2

**Exhibit 5.2** 

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|:---|:---|
| <br>![LOGO](g933116dsp41.jpg)  | McCarthy Tétrault LLP<br> Box 48, Suite 5300<br> Toronto Dominion Bank Tower<br> Toronto ON M5K 1E6<br> Canada |

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September 23, 2025

The Toronto-Dominion Bank

P.O. Box 1

Toronto-Dominion Centre

Toronto, Ontario

M5K 1A2

Dear Sirs/Mesdames:

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|:---|:---|
| **Re:** | **The Toronto-Dominion Bank – Issue of US$750,000,000 Aggregate Principal Amount of 6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (Non-Viability Contingent Capital (NVCC)) and 750,000 Non-Cumulative Fixed Rate Reset Preferred Shares, Series 33 <u>(Non-Viability Contingent Capital (NVCC))</u>**  |

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We have acted as Canadian counsel for The Toronto-Dominion Bank (the "**Bank**") in connection with the issue and sale by the Bank of (i) US$750,000,000 aggregate principal amount of 6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (Non-Viability Contingent Capital (NVCC)) (the "**Notes**") pursuant to an underwriting agreement dated September 12, 2025, between the Bank and TD Securities (USA) LLC as Representative of the several Underwriters named in Schedule I therein (the "**Underwriting Agreement**"), and (ii) 750,000 Non-Cumulative Fixed Rate Reset Preferred Shares, Series 33 (Non-Viability Contingent Capital (NVCC)) (the "**Preferred Shares**" and, collectively with the Notes, the "**Securities**").

The Securities are being offered for sale pursuant to a Registration Statement on Form F-3 (File No. 333-283969) and the Bank's prospectus dated February 26, 2025 (the "**Base Shelf Prospectus**"), as supplemented by a preliminary prospectus supplement of the Bank dated September 12, 2025 relating to the Securities (the "**Preliminary Prospectus Supplement**"), as further supplemented by a prospectus supplement of the Bank dated September 12, 2025 relating to the Securities (the "**Final Prospectus Supplement**"," and together with the Base Shelf Prospectus and the Preliminary Prospectus Supplement, the "**Prospectus**").

The Notes will be issued under a trust indenture dated September 15, 2016 (the "**Base Indenture**"), between the Bank, Computershare Trust Company, National Association, as U.S. trustee (the "**US Trustee**"), and Computershare Trust Company of Canada, as Canadian trustee (the "**Canadian Trustee**"), as supplemented by a fifth supplemental indenture dated September 23, 2025, between the Bank, the US Trustee and the Canadian Trustee (the "**Supplemental Indenture**", and together with the Base Indenture, the "**Indenture**").

Capitalized terms used herein not otherwise defined have the meaning given to them in the Prospectus.

The Preferred Shares will convert, upon a Trigger Event (as defined in the Prospectus), into common shares in the capital of the Bank (the "**Common Shares**"), subject to certain conditions as described in the Prospectus.

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As such counsel, we have examined originals or copies, certified or otherwise identified to our satisfaction, of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Limited Recourse Trust Declaration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the provisions attached to the Preferred Shares.

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such other documents, records of corporate proceedings, certificates and acknowledgements of officers of the Bank and of governmental officials and such other material as we have considered necessary or appropriate for the purpose of the opinions hereinafter expressed.

For purposes of the opinions hereinafter expressed, we have assumed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the documents examined by us which purport to be originals are authentic and those which purport to be copies,
whether facsimile, electronic, photostatic, certified or otherwise, conform with the originals thereof and the signatures on all documents examined or received by us are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the indices and filing systems maintained at the public offices and registries where we have searched or made
enquiries and the information and advice provided to us by appropriate government, regulatory and other like officials with respect to those matters referred to herein, are accurate, current and complete; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each of the documents, instruments or agreements executed in connection with the issue, sale or distribution of
the Securities is within the capacity of, and has been validly authorized, executed and delivered and, if applicable, certified by, each party other than the Bank.

The opinions expressed below are limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein as such laws exist and are construed as at the date hereof.

Based upon the foregoing and subject to the qualifications expressed herein, we are of the opinion that:

1. The Bank is validly existing as a bank under the *Bank Act* (Canada) and has the corporate power to
create, issue and sell the Securities and to issue the Common Shares upon the conversion of the Preferred Shares upon the occurrence of a Trigger Event.

2. The issue, sale and delivery of the Notes have been duly authorized by the Bank and all necessary corporate
action has been taken by the Bank to validly issue the Notes and such Notes have been duly executed by the Bank and when such Notes have been duly authenticated and issued in accordance with the Indenture and delivered against payment in accordance
with the Underwriting Agreement, such Notes will be validly issued and to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario or the federal laws of Canada applicable therein, will be valid obligations of the
Bank.

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3. All necessary corporate action has been taken by the Bank to authorize the creation, issue and sale of the
Preferred Shares and, assuming receipt in full by the Bank of the consideration therefor, the Preferred Shares have been duly issued as fully paid and non-assessable shares in the capital of the Bank.

4. All necessary corporate action has been taken by the Bank to issue the Common Shares on the conversion of the
Preferred Shares upon the occurrence of a Trigger Event and such Common Shares, when issued in accordance with the terms of the Notes, will be validly issued as fully paid and non-assessable shares in the
capital of the Bank.

5. The Indenture has been duly authorized, executed and, to the extent delivery is a matter governed by the laws
of the Province of Ontario and the federal laws of Canada applicable therein, delivered by the Bank and, with respect to the provisions thereof governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein,
constitutes a legal, valid and binding obligation of the Bank enforceable against it in accordance with its terms.

6. The execution and delivery by the Bank of, and the performance by the Bank of its obligations under the
Indenture and the Notes; and the creation, issuance and sale of the Securities; do not contravene any existing provision of applicable law or result in a breach (whether after notice or lapse of time or both) of any of the terms, conditions or
provisions of the *Bank Act* (Canada) or the by-laws of the Bank.

7. Subject to the assumptions, limitations and qualifications set out therein, the statements as to matters of the
laws of Canada under the heading "Certain Canadian Federal Income Tax Considerations" in the Final Prospectus Supplement are accurate in all material respects.

Our opinion in paragraph 5 above as to the enforceability of the Indenture is subject to the qualifications that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the enforceability thereof is subject to applicable bankruptcy, insolvency, reorganization, arrangement,
winding up, moratorium and other laws of general application limiting the enforcement of creditors' rights generally and to general principles of equity, including that specific performance, injunctive relief and other equitable remedies may
be granted only in the discretion of a court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the *Currency Act* (Canada), in effect, precludes a court in Canada from giving judgment in any currency
other than lawful money of Canada; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the enforceability thereof is subject to the *Limitations Act, 2002* (Ontario) and we express no opinion
whether a court might find any provision in the Indenture to be unenforceable as an attempt to vary, suspend or exclude the ultimate limitation period established by Section 15 of that Act.

Our opinion in paragraph 7 above is limited to the tax matters described herein and does not address any other Canadian federal income tax matters, any other Canadian federal tax matters, any provincial tax matters or any foreign tax matters. Except as noted in the Final Prospectus Supplement, our opinion in paragraph 7 does not take into account or anticipate any changes in law, whether by way of legislative, judicial or governmental decision or action, or in the administrative and assessing practices

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of the Canada Revenue Agency ("**CRA**"), and there can be no assurance that the *Income Tax Act* (Canada) or the Income Tax Regulations made thereunder will not be amended, or the CRA administrative and assessing practices changed, in a manner which will affect the considerations that are identified and reviewed in such opinion.

This opinion is addressed to you and is solely for your benefit in connection with the transactions contemplated above and is not to be used, relied on, circulated or quoted from by any other person or for any other purpose without our prior written consent.

We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 6-K to be incorporated by reference in the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the United States Securities Act of 1933.

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|:---|
| Yours truly, |
| /s/ McCarthy Tétrault LLP |

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