[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_104":105},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","l0oz4lhzu2mlm79vrm7s2bikx","revision",2,"title","多只股票挂钩的自动赎回证券发行，投资者面临本金损失风险","originalTitle","TORONTO DOMINION BANK (0000947263) (Filer)","summary","多只股票挂钩的自动赎回证券发行，投资者面临本金损失风险，且税务处理存在不确定性。证券挂钩Broadcom和Meta股票，若股价低于阈值将自动赎回或导致本金损失。TD计划在二级市场回购证券，但无义务。税务处理存在不确定性，非美国持有人可能面临预扣税。","reason","多只股票挂钩的自动赎回证券发行，投资者面临本金损失风险，且税务处理存在不确定性。","source",{"_12":95,"_96":97,"_9":98,"_99":42,"_100":101,"_102":103},"links",{"_92":93,"_78":94},"publishedAt","2026-10-13T17:21:19.000Z","discoveredAt","2026-10-13T17:47:57.135Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89,90,91],"stockSymbols",[83],"score",62,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fCZwHokn0DC0",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","fec0cfa9-1c04-42b9-bd6c-d1f84713bb60","TD等银行发行挂钩股票的自动赎回证券，投资者面临本金损失风险",{"_73":74,"_16":75},"

\n\n \n \n \n \n\n

2026年10月

定价补充文件

发布于2026年10月9日

注册声明编号 333-283969

根据规则 424(b)(2) 提交

(至2025年2月26日的招股说明书

和产品补充文件 MLN-ES-ETF-1 发布于2025年2月26日)

结构化投资

美国股票中的机会

$7,911,000 或有收入自动赎回证券，将于2027年10月14日到期

基于博通公司和 Meta Platforms 公司普通股中最差表现的普通股

本金风险证券

或有收入自动赎回证券（以下简称“证券”）不保证本金的偿还，也不保证定期支付利息。相反，证券提供了投资者在每个确定日，当每只标的股票的收盘价大于或等于其初始股价的60.00%时，即我们所称的票息阈值价格，有机会获得或有季度票息。此外，如果在任何确定日（最终确定日除外）所有标的股票的收盘价均大于或等于其各自的赎回阈值价格，证券将按每证券（i）面值金额加上（ii）适用于相关确定日的或有季度票息的金额自动赎回。一旦证券被赎回，将不再向证券支付任何进一步的款项。然而，如果在任何确定日任何标的股票的收盘价低于其赎回阈值价格，证券将不会被自动赎回，如果任何标的股票的收盘价低于其票息阈值价格，您将不会获得适用于相关确定日的任何或有季度票息。因此，投资者必须愿意承担在证券期限内可能无法获得任何或有季度票息的风险。此外，如果任何标的股票的最终股价低于其初始股价的60.00%，即我们所称的下行阈值价格，多伦多道明银行（“TD”或“我们”）将按每证券支付少于面值金额60.00%的现金，并且您将按1:1的比例承担最差表现标的股票的下跌风险。在这种情况下，您将损失在证券中的大部分或全部投资。因此，证券不保证到期时本金的任何回报。投资者不会参与标的股票的任何上涨，也不会在证券期限内获得除所获得的或有季度票息（如有）以外的任何回报。由于证券的所有支付均基于最差表现的标的股票，任何标的股票的下跌超过其各自的票息阈值价格和/或下行阈值价格（视情况而定）将导致很少或没有或有季度票息和/或损失证券的大部分甚至全部投资，即使其他标的股票上涨或跌幅较小。这些证券适合愿意根据每个标的股票中最差表现来承担全部投资风险，并希望以承担在整个证券期限内可能无法获得利息的风险为代价，获得潜在高于市场水平的利息机会的投资者。证券是TD发行的高级无担保债务证券。证券是TD的高级债务证券系列H的一部分发行的票据。

所有证券的付款均受TD的信用风险影响。如果TD未能履行其付款义务，您可能无法获得根据证券应得的任何金额，并且您可能会损失在证券中的全部投资。这些证券不是担保义务，您不会对任何底层参考资产或资产拥有任何担保权益或任何其他访问权限。

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n

\n 摘要条款 \n \n
\n 发行人： \n		\n 多伦多道明银行（“TD”） \n
\n 发行： \n		\n 高级债务证券，H系列 \n
\n 底层股票： \n		\n 博通公司普通股（彭博代码：\"AVGO UW\"，\"AVGO\"） \n Meta Platforms, Inc.普通股（彭博代码：\"META UW\"，\"META\"） \n
\n 总本金金额： \n		\n $7,911,000 \n
\n 面值本金： \n		\n 每份证券1000.00美元 \n
\n 发行价格： \n		\n 每份证券1000.00美元（见下文“佣金和发行价格”） \n
\n 最低投资： \n		\n 1000.00美元（1份证券） \n
\n 定价日： \n		\n 2026年10月9日 \n
\n 原始发行日： \n		\n 2026年10月15日（定价日后3个工作日）。根据《1934年证券交易法》（经修订）第15c6-1条，二级市场中的交易通常要求在1个工作日（T+1）内结算，除非交易双方明确同意其他方式。因此，希望在证券交付前1个工作日之前在二级市场交易证券的购买者，由于每份证券最初将在3个工作日（T+3）内结算，必须指定替代结算安排，以防止二级市场交易结算失败。 \n
\n 到期日： \n		\n 2027年10月14日，可能因某些市场中断事件而推迟，并按照随附的产品补充文件中的“债券一般条款——市场中断事件”和“——支付日；到期日”所述内容进行调整。 \n
\n 提前赎回： \n		\n 如果任何非最终确定日的确定日，所有底层股票的收盘价均大于或等于其各自的赎回门槛价格，证券将在相关确定日之后的第一个附条件股息支付日按每份证券的提前赎回支付金额自动赎回。一旦证券被赎回，将不再向证券支付任何进一步款项。 \n 如果在相关确定日任何底层股票的收盘价低于其赎回门槛价格，证券不会在任何附条件股息支付日被提前赎回。 \n
\n 提前赎回支付： \n		\n 提前赎回支付金额将等于（i）面值本金加上（ii）与相关确定日有关的附条件季度股息。 \n
\n 附条件季度股息： \n		\n ▪ 如果任何确定日所有底层股票的收盘价均大于或等于其各自的股息门槛价格，我们将在相关附条件股息支付日按每份证券39.375美元（相当于面值本金的15.75%每年）支付附条件季度股息。 \n ▪ 如果任何确定日任何底层股票的收盘价低于其股息门槛价格，我们将不就该确定日支付附条件季度股息。 \n 有可能任何底层股票在很长一段时间内甚至在整个证券期限内都低于其票息阈值价格，因此您可能收到很少或没有附带的季度票息。 \n
\n 决定日期： \n		\n 2027年1月11日、2027年4月9日、2027年7月9日和2027年10月11日，具体取决于非交易日和某些市场中断事件的推迟情况，如随附的产品补充文件中“附注的一般条款——市场中断事件”和“—估值日期”所述。随附产品补充文件中对一个或多个“估值日期”的引用，也应指用于随附产品补充文件中市场中断事件条款的决定日期。我们也将2027年10月11日称为最终决定日期。 \n
\n 附带票息支付日期： \n		\n 2027年1月14日、2027年4月14日、2027年7月14日和到期日，具体取决于随附产品补充文件中“附注的一般条款——支付日期；到期日”所述的推迟情况。随附产品补充文件中对“支付日期”的引用，也应指用于随附产品补充文件中市场中断事件条款的附带票息支付日期。 \n
\n 到期时的支付： \n		\n ▪ 如果所有底层股票的最终股价均大于或等于其各自的下行阈值价格： \n	\n (i) 名义本金金额加上 (ii) 与最终决定日期相关的任何附带季度票息 \n
\n ▪ 如果任何底层股票的最终股价低于其下行阈值价格： \n	\n (i) 名义本金金额加上 (ii) 名义本金金额乘以表现最差的底层股票的底层回报 \n
\n		\n 如果任何底层股票的最终股价低于其下行阈值价格，到期时的支付将低于名义本金金额的60.00%，甚至可能为零。 \n
\n 底层回报*： \n		\n (最终股价 – 初始股价) / 初始股价。 \n
\n 初始股价*： \n		\n $361.54，这是AVGO在定价日的收盘价 \n $718.67，这是META在定价日的收盘价 \n
\n 表现最差的底层股票： \n		\n 底层回报最低的底层股票 \n
\n 行权阈值价格*： \n		\n $361.54，等于AVGO初始股价的100.00% \n $718.67，等于META初始股价的100.00% \n
\n 票息阈值价格*： \n		\n $216.924，等于AVGO初始股价的60.00% \n $431.202，等于META初始股价的60.00% \n
\n 下行阈值价格*： \n		\n $216.924，等于AVGO初始股价的60.00% \n $431.202，等于META初始股价的60.00% \n
\n 最终股价*： \n		\n 对于每只底层股票，最终决定日的收盘价 \n
\n CUSIP / ISIN： \n		\n 89115NK78 / US89115NK788 \n
\n 上市： \n		\n 该证券不会在任何证券交易所或任何电子通讯网络上上市或展示。 \n
\n 计算代理： \n		\n TD \n
\n 代理： \n		\n TD Securities (USA) LLC（“TDS”），TD的附属公司。详见“关于证券的附加信息——关于分销计划的补充信息（利益冲突）；二级市场（如有）” herein。 \n
\n 定价日的估计价值： \n		\n 您在定价日设定证券条款时，证券的估计价值为每证券970.40美元，如第12页开始的“风险因素——与估计价值和流动性相关的风险”以及本文中的“关于证券的附加信息——有关证券估计价值的附加信息”中进一步讨论。估计价值低于证券的公开发行价格。 \n

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n

佣金和发行价格：

对公众的定价⁽¹⁾

费用和佣金⁽¹⁾

发行人收益

每证券

$1,000.00

$12.50^(a)

+ 5.00美元^(b)

$17.50

$982.50

总计

$7,911,000.00

$138,442.50

$7,772,557.50

\n\n \n \n \n \n \n \n\n

由计算代理机构确定，并可能根据“附带产品补充文件中的通用条款——上市或交易暂停或影响股权证券的法律变更事件”和“—反稀释调整”中所述的某些调整事件进行调整。

\n\n \n \n \n \n \n\n

⁽¹⁾

TDS同意以对公众的定价减去每证券17.50美元的费用从TD购买证券。TDS同意以承销折扣将所有证券重新出售给摩根士丹利史密斯·巴尼有限责任公司（“摩根士丹利财富管理”），该折扣反映了：

\n\n \n \n \n \n \n\n

(a)

摩根士丹利财富管理每销售1000.00美元面值的证券收取固定销售佣金12.50美元，以及

\n\n \n \n \n \n \n\n

(b)

摩根士丹利财富管理每销售1000.00美元面值的证券收取固定结构费用5.00美元，

每笔费用支付给摩根士丹利财富管理。详见本文“关于证券的附加信息——有关分销计划（利益冲突）；二级市场（如有）的补充信息”。

这些证券涉及与普通债务证券投资无关的风险。详见第11页开始的“风险因素”。

证券交易委员会（以下简称“SEC”）或任何州证券委员会均未批准或否决这些证券，也未确定此定价补充文件、产品补充文件或招股说明书是否真实或完整。与此相反的任何陈述均为刑事犯罪。

这些证券无担保，不是储蓄账户或银行的保险存款。这些证券未由加拿大存款保险公司、美国联邦存款保险公司或任何其他加拿大或美国政府机构或附属机构提供保险或担保。这些证券不会在任何证券交易所或电子通讯网络上上市或展示。

我们将在原始发行日通过存管信托公司的设施以簿记形式交付证券，并在立即可用资金支付后交付。

\n\n \n \n \n \n\n

2025年2月26日的的产品补充文件MLN-ES-ETF-1

2025年2月26日的招股说明书

\n\n \n \n \n \n \n \n \n \n \n\n

$7,911,000 附带收益自动赎回证券，到期日为2027年10月14日

基于博通公司和Meta平台公司普通股中最差表现的普通股

本金风险证券

关于TD和证券的附加信息

您应将本定价补充文件与招股说明书一起阅读，该招股说明书由与我们高级债务证券系列H相关的产品补充文件MLN-ES-ETF-1（“产品补充文件”）进行补充，这些证券是该系列的一部分。本定价补充文件中使用的但未定义的首字母缩写词将在产品补充文件中获得定义。如发生任何冲突，以下层级将具有约束力：首先，本定价补充文件；其次，产品补充文件；最后，招股说明书。这些证券在几个重要方面与产品补充文件中描述的条款有所不同。您应仔细阅读本定价补充文件。

本定价补充文件以及下列文件包含证券的条款，并取代所有先前或同时期的口头陈述以及任何其他书面材料，包括初步或指示性定价条款、通信、交易想法、实施方案结构、示例结构、宣传册或其他教育材料。您应仔细考虑“风险因素”部分中列出的事项，以及产品补充文件中的“特定于票据的额外风险因素”和招股说明书中的“风险因素”，因为这些证券涉及与传统债务证券无关的风险。我们敦促您就投资这些证券咨询您的投资、法律、税务、会计和其他顾问。您可以通过访问SEC网站www.sec.gov查阅这些文件（或如果该地址已更改，可通过查阅我们在SEC网站上相关日期的文件）：

您可以通过访问SEC网站www.sec.gov查阅这些文件：

\n\n \n \n \n \n\n

♦	\n 产品补充文件MLN-ES-ETF-1，日期为2025年2月26日： \n

http://www.sec.gov/Archives/edgar/data/947263/000114036125006132/ef20044456_424b3.htm

\n\n \n \n \n \n\n

♦	\n 招股说明书，日期为2025年2月26日： \n

http://www.sec.gov/Archives/edgar/data/947263/000119312525036639/d931193d424b5.htm

我们在SEC网站上的中央索引键（CIK）为0000947263。在本定价补充文件中，“TD”、“我们”、“我们”或“我们的”指的是多伦多道明银行及其子公司。

TD保留更改证券条款或在发行前拒绝任何购买要约的权利。如证券条款有任何变更，TD将通知您，并要求您在购买时接受这些变更。您也可以选择拒绝这些变更，在这种情况下，TD可能会拒绝您的购买要约。

\n\n \n \n \n \n\n

2026年10月

第2页

\n\n \n \n \n \n \n \n \n \n \n\n

7,911,000美元或有收入自动赎回证券，到期日为2027年10月14日

基于博通公司和元平台公司普通股中最差表现的普通股

本金风险证券

投资摘要

或有收入自动赎回证券

本金风险证券

基于博通公司和Meta平台公司普通股中最差表现的或有收益自动赎回证券，于2027年10月14日到期，我们将其称为证券，为投资者提供了获得或有季度票息的机会，该票息金额为每证券39.375美元（相当于面值年收益率15.75%），在每个确定日，如果所有底层股票的收盘价或最终股价（视情况而定）大于或等于其各自初始股价的60.00%，我们将其称为票息阈值价格。如果有的话，或有季度票息将在本页封面指定的相关或有票息支付日支付，这通常是在相关确定日后的第三个营业日，但最终确定日的或有票息支付日将是到期日。有可能底层股票的收盘价在一段时间内或甚至在整个证券期限内持续低于其各自的票息阈值价格，因此您可能收到很少或没有或有季度票息。

如果在任何非最终确定日的确定日，所有底层股票的收盘价大于或等于其各自的赎回阈值价格，证券将按每证券等于提前赎回支付的金额自动赎回，该金额将为（i）面值金额加上（ii）适用于相关确定日的或有季度票息。如果证券此前未被赎回，并且所有底层股票的最终股价大于或等于其各自初始股价的60.00%，我们将其称为下行阈值价格，到期时的支付金额将为（i）面值金额加上（ii）适用于最终确定日的任何或有季度票息。然而，如果证券在到期前未被赎回，并且任何底层股票的最终股价低于其下行阈值价格，投资者将按1:1的比例承担最差表现的底层股票的下跌风险。投资者在到期时收到的支付金额将低于证券面值金额的60.00%，甚至可能低至零。证券的投资者必须愿意承担全部投资损失的风险，以及在整个证券期限内可能无法获得任何或有季度票息的风险。此外，投资者不会参与底层股票的任何上涨，并且在整个证券期限内不会获得超过所获得的或有季度票息所代表的收益。

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2026年10月

第3页

\n\n \n \n \n \n \n \n \n \n \n\n

7,911,000美元或有收益自动赎回证券，于2027年10月14日到期

基于博通公司和Meta平台公司普通股中最差表现的

本金风险证券

关键投资理由

证券为投资者提供了机会，以获得与每证券相关的或有季度票息，金额为39.375美元（相当于面值本金的年化15.75%），前提是所有标的股票的收盘价或最终每股价格（视情况而定）在每个确定日均大于或等于其各自初始每股价格的60.00%，我们称之为票息阈值价格。证券可在到期前以等于提前赎回支付的价格赎回，该支付将为（i）每证券的面值本金加上（ii）与适用确定日相关的或有季度票息。到期时的支付将根据最终每股价格而有所不同，如下所示：

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n

\n 情景1 \n		\n 在除最终确定日以外的任何确定日，所有标的股票的收盘价均大于或等于其各自认购阈值价格。 \n
		\n ■ \n	\n 证券将自动按每证券等于提前赎回支付的金额赎回，该支付将为（i）面值本金加上（ii）与适用确定日相关的或有季度票息。 \n
\n ■ \n	\n 投资者不会参与标的股票从其各自初始每股价格的任何上涨，也不会在证券期限内获得超过所收到的或有季度票息所代表的回报。 \n

\n 情景2 \n		\n 证券在到期前不会自动赎回，且所有标的股票的最终每股价格均大于或等于其各自下行阈值价格。 \n
		\n ■ \n	\n 到期时的应付金额将为（i）面值本金加上（ii）与最终确定日相关的任何或有季度票息。 \n
\n ■ \n	\n 投资者不会参与标的股票从其各自初始每股价格的任何上涨，也不会在证券期限内获得超过所收到的或有季度票息所代表的回报。 \n

\n 情景3 \n		\n 证券在到期前不会自动赎回，且任何标的股票的最终每股价格低于其下行阈值价格。 \n
		\n ■ \n	\n 到期时的应付金额将等于（i）面值本金加上（ii）面值本金乘以最差表现标的股票的标的回报。 \n
\n ■ \n	\n 在本情景中，投资者可能会损失大部分，甚至全部的投资。 \n

投资于证券涉及重大风险。您可能会损失投资于证券的大部分，甚至全部。证券的任何支付，包括提前赎回、或有季度票息或到期时提供的本金偿还，均取决于TD的偿付能力，因此投资者需承担TD的信用风险。如果TD无法履行其到期的财务义务，投资者可能无法根据证券条款获得任何应付金额。

如果在任何相关决定日，任何基础股票的收盘价低于其票息阈值价格，则证券在相关票息支付日（包括到期日）将不会支付或有季度票息。如果在除最终决定日以外的任何相关决定日，任何基础股票的收盘价低于其赎回阈值价格，则证券将不会被自动赎回。如果证券在到期前未被赎回，且任何基础股票的最终股价低于其下行阈值价格，您将可能损失大部分甚至全部的投资金额。

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2026年10月

第4页

\n\n \n \n \n \n \n \n \n \n \n\n

7911000美元或有收益自动赎回证券，到期日为2027年10月14日

基于博通公司和Meta平台公司普通股中最差表现的股票

本金风险证券

投资者适合性

如果满足以下条件，证券可能适合您：

\n\n \n \n \n \n\n

■	\n 您完全了解并愿意接受投资证券的风险，包括可能损失证券中100.00%的投资的风险 \n

\n\n \n \n \n \n\n

■	\n 您能够承受大部分或全部投资损失，并愿意进行可能具有与直接投资最差表现基础股票相同下行市场风险的投资 \n

\n\n \n \n \n \n\n

■	\n 您了解并接受证券不与基础股票组合挂钩，您将在每个决定日面临每只基础股票的市场风险 \n

\n\n \n \n \n \n\n

■	\n 您认为每只基础股票在每个决定日的收盘价将大于或等于其票息阈值价格 \n

\n\n \n \n \n \n\n

■	\n 您认为每只基础股票的最终股价将大于或等于其下行阈值价格 \n

\n\n \n \n \n \n\n

■	\n 您了解并接受（i）您不会参与任何基础股票价格的上涨，任何潜在的正收益仅限于本封面所述的或有季度票息，以及（ii）在证券期限内，您可能收到很少或没有或有季度票息 \n

\n\n \n \n \n \n\n

■	\n 您能够承受证券到期前市场价格波动，这些波动可能与基础股票价格波动相当或更大 \n

\n\n \n \n \n \n\n

■	\n 您愿意放弃基础股票派发的任何股息，并且不期望从该投资中获得保证的当前收入 \n

\n\n \n \n \n \n\n

■	\n 您愿意投资可能在到期日前被赎回的证券，您愿意将此类证券持有至到期，期限约为12个月，并接受证券可能几乎没有或没有二级市场 \n

\n\n \n \n \n \n\n

■	\n 您了解并愿意接受与基础股票相关的风险 \n

\n\n \n \n \n \n\n

■	\n 您愿意承担TD公司对证券所有付款的信用风险，并且您了解如果TD未能履行其义务，您可能无法获得任何应得金额，包括本金的偿还 \n

证券可能不适合您：

\n\n \n \n \n \n\n

■	\n 您不完全了解或不愿意接受投资证券的风险，包括可能损失证券中100.00%的投资的风险 \n

\n\n \n \n \n \n\n

■	\n 您需要一种设计用于在到期时提供全部或至少部分本金返还的投资 \n

\n\n \n \n \n \n\n

■	\n 您不能容忍投资的大幅损失或全部损失，或者您不愿意进行可能具有与直接投资表现最差的基础股票相同下行市场风险的投资 \n

\n\n \n \n \n \n\n

■	\n 您不理解或不能接受这些证券并不与基础股票的组合相关，您将在每个确定日面临每只基础股票的市场风险 \n

\n\n \n \n \n \n\n

■	\n 您认为在每个确定日任何基础股票的收盘价可能低于其票息阈值价格 \n

\n\n \n \n \n \n\n

■	\n 您认为任何基础股票的最终股价可能低于其下行阈值价格 \n

\n\n \n \n \n \n\n

■	\n 您不理解或不能接受每只基础股票的风险不会因其他基础股票的表现而缓解，或者您不能接受投资于以表现最差的基础股票为基准的收益的证券的风险 \n

\n\n \n \n \n \n\n

■	\n 您寻求一种能够参与基础股票价格上涨或具有无限收益潜力的投资 \n

\n\n \n \n \n \n\n

■	\n 您不能容忍证券在到期前的市场价格波动，这种波动可能与基础股票的价格波动相似或更大 \n

\n\n \n \n \n \n\n

■	\n 您更希望获得基础股票支付的股息，或者您寻求从该投资中获得保证的当前收入 \n

\n\n \n \n \n \n\n

■	\n 您无法或不愿意持有可能在到期前被赎回的证券，或者您无法或不愿意持有此类证券至到期（约12个月的期限），或者您寻求一种存在活跃二级市场的投资 \n

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2026年10月

第5页

\n\n \n \n \n \n \n \n \n \n \n\n

7,911,000美元或有收入自动赎回证券，到期日为2027年10月14日

基于博通公司和Meta平台公司普通股中最差表现的普通股

本金风险证券

\n\n \n \n \n \n\n

■	\n 您不理解或不愿意接受与基础股票相关的风险 \n

\n\n \n \n \n \n\n

■	\n 您不愿意承担TD的信用风险，以支付证券的所有款项，包括任何本金偿还 \n

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2026年10月

第6页

\n\n \n \n \n \n \n \n \n \n \n\n

7,911,000美元或有收入自动赎回证券，到期日为2027年10月14日

基于博通公司和Meta平台公司普通股中最差表现的普通股

本金风险证券

证券如何运作

以下图表展示了根据（1）收盘价和（2）最终股价，证券可能结果的示例。

图表#1：确定日（非最终确定日）

图表#2：若未发生提前赎回，到期时的支付

有关提前赎回或到期时在不同假设情景下的支付详情，请参见下一页开始的“假设示例”部分。

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2026年10月

第7页

\n\n \n \n \n \n \n \n \n \n \n\n

7,911,000美元或有收入自动赎回证券，到期日为2027年10月14日

基于博通公司和Meta平台公司普通股中最差表现的普通股

本金风险证券

假设示例

以下示例基于以下条款，仅为假设性（您证券的实际条款在此封面中指定）。任何证券的支付均受我们信用风险的影响。

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n

	\n 假设初始股价： \n 基础股票A： \n 基础股票B： \n		\n \n $100.00 \n $100.00 \n \n
	\n 假设触发价格： \n 基础股票A： \n 基础股票B： \n \n		\n \n 100.00美元，这是假设初始股价的100.00% \n 100.00美元，这是假设初始股价的100.00% \n \n
	\n 假设的票息阈值价格： \n 标的股票A： \n 标的股票B： \n \n		\n \n 60.00美元，这是假设初始股价的60.00% \n 60.00美元，这是假设初始股价的60.00% \n \n
	\n 假设的下行阈值价格： \n 标的股票A： \n 标的股票B： \n \n		\n \n 60.00美元，这是假设初始股价的60.00% \n 60.00美元，这是假设初始股价的60.00% \n \n
	\n 假设的附带季度票息： \n		\n 每份证券39.375美元（相当于年化15.75%的面值金额） \n
	\n 面值金额： \n		\n 每份证券1000.00美元 \n

在示例1和示例2中，标的股票的收盘价在证券期限内波动，并且在最终确定日期之前的确定日期，所有标的股票的收盘价均大于或等于其各自的假设的认股阈值价格。由于在最终确定日期之前的某个确定日期，所有标的股票的收盘价均大于其各自的认股阈值价格，因此证券在相关附带票息支付日自动赎回。在示例3和示例4中，每个确定日期之前的至少一只标的股票的收盘价均低于其认股阈值价格，因此证券在到期前不会自动赎回，将继续有效直至到期。

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n

	\n 示例1 \n	\n 示例2 \n
\n 确定 \n 日期 \n	\n 假设 \n 收盘价 \n 标的 \n 股票A \n	\n 假设 \n 收盘价 \n 标的 \n 股票B \n	\n 附带 \n 季度 \n 票息 \n	\n \n 提前 \n 赎回 \n 支付 \n	\n 假设 \n 收盘价 \n 标的 \n 股票A \n	\n 假设 \n 收盘价 \n 标的 \n 股票B \n	\n 附带 \n 季度 \n 票面利率 \n	\n 提前 \n 赎回 \n 支付 \n
\n #1 \n	\n $105.00 \n （在或高于票面利率阈值价格和赎回阈值价格） \n	\n $120.00 \n （在或高于票面利率阈值价格和赎回阈值价格） \n	\n $39.375* \n	\n $1,039.375 \n	\n $76.00 \n （在或高于票面利率阈值价格；低于赎回阈值价格） \n	\n $84.00 \n （在或高于票面利率阈值价格；低于赎回阈值价格） \n	\n $39.375 \n	\n 不适用 \n
\n #2 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n	\n $51.00 \n （低于票面利率阈值价格和赎回阈值价格） \n	\n $68.00 \n （在或高于票面利率阈值价格；低于赎回阈值价格） \n	\n $0.00 \n	\n 不适用 \n
\n #3 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n	\n $120.00 \n （在或高于票面利率阈值价格和赎回阈值价格） \n	\n $120.00 \n （在或高于票面利率阈值价格和赎回阈值价格） \n	\n $39.375* \n	\n $1,039.375 \n
\n 最终 \n 确定 \n 日期 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n	\n 不适用 \n
\n 在到期时支付 \n 到期 \n	\n 不适用 \n	\n 不适用 \n

\n\n \n \n \n \n\n

*	\n 提前赎回支付包括在确定日未支付的与所有底层股票的收盘价大于或等于其各自赎回阈值价格且由于该原因证券被赎回的相关票面利率季度收益 \n

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2026年10月

第8页

\n\n \n \n \n \n \n \n \n \n \n\n

7911000美元附带收益自动赎回证券，将于2027年10月14日到期

基于博通公司和Meta平台公司普通股中最差表现的股票

本金风险证券

在示例1中，由于在第一个决定日期所有底层股票的收盘价均大于或等于其相应的认购阈值价格，证券将自动赎回。由于在该决定日期所有底层股票的收盘价均大于或等于其相应的票息阈值价格，您将在相应的或有季度票息支付日收到一笔提前赎回支付金额1039.375美元，该金额包括与第一个决定日期相关的或有季度票息。

在本示例中，提前赎回功能将您的投资期限限制在大约3个月，您可能无法以类似的风险或收益率进行再投资。在提前赎回后，您将不会收到证券的任何进一步付款。在本示例中，每张证券的总付款金额为1039.375美元（证券的总回报率为3.9375%）。

在示例2中，由于在第三个决定日期所有底层股票的收盘价均大于或等于其相应的认购阈值价格，证券将自动赎回。由于在第一个决定日期所有底层股票的收盘价均大于或等于其相应的票息阈值价格，您将收到与该决定日期相关的或有季度票息39.375美元。然而，由于在第二个决定日期至少有一只底层股票的收盘价低于其票息阈值价格，因此该决定日期未支付任何或有季度票息。

在与第三个决定日期对应的或有票息支付日，您将收到一笔提前赎回支付金额1039.375美元，该金额包括与该决定日期相关的或有季度票息。

在本示例中，提前赎回功能将您的投资期限限制在大约9个月，您可能无法以类似的风险或收益率进行再投资。如果证券被提前赎回，您将停止收到或有季度票息。此外，尽管所有底层股票在第三个决定日期相对于其各自的初始股价上涨了20.00%，但您每张证券仅收到1039.375美元，未从该上涨中获益。当加上在第一个决定日期收到的或有季度票息39.375美元，本示例中每张证券的总付款金额为1078.75美元（证券的总回报率为7.875%）。

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	\n 示例3 \n	\n 示例4 \n
\n 决定 \n 日期 \n	\n 假设收盘价 \n 底层股票A \n	\n 假设收盘价 \n 底层股票B \n	\n 或有季度票息 \n	\n 提前赎回支付 \n	\n 假设收盘价 \n 底层股票A \n	\n 假设收盘价 \n 底层股票B \n	\n 或有 \n 季度 \n 票息 \n	\n 提前 \n 赎回 \n 支付 \n
\n #1 \n	\n $54.00 \n （低于票息阈值价格和认购阈值价格） \n	\n $48.00 \n （低于票息阈值价格和认购阈值价格） \n	\n $0.00 \n	\n 无 \n	\n $45.00 \n （低于票息阈值价格和认购阈值价格） \n	\n $57.00 \n （低于票息阈值价格和认购阈值价格） \n	\n $0.00 \n	\n 无 \n
\n #2-3 \n	\n 各种 \n （所有低于票息阈值价格和认购阈值价格） \n	\n 各种 \n （全部等于或高于票息阈值价格和认购阈值价格） \n	\n $0.00 \n	\n 无 \n	\n 各种 \n （所有低于票息阈值价格和认购阈值价格） \n	\n 各种 \n （所有价格均达到或超过优惠券阈值价格和赎回阈值价格） \n	\n $0.00 \n	\n N/A \n
\n 最终 \n 决定 \n 日期 \n	\n $90.00 \n （所有价格均达到或超过下行阈值价格和优惠券阈值价格） \n	\n $80.00 \n （所有价格均达到或超过下行阈值价格和优惠券阈值价格） \n	\n $39.375* \n	\n N/A \n	\n $40.00 \n （低于下行阈值价格和优惠券阈值价格） \n	\n $95.00 \n （所有价格均达到或超过下行阈值价格和优惠券阈值价格） \n	\n $0.00 \n	\n N/A \n
\n 在到期时支付 \n 到期 \n	\n $1,039.375 \n	\n $400.00 \n

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*	\n 如果有的话，最终的或有季度优惠券将在到期时支付。 \n

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2026年10月

第9页

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7,911,000美元或有收入自动赎回证券，到期日为2027年10月14日

基于博通公司和Meta平台公司普通股中最差表现的股票

本金风险证券

示例3和4说明了根据最终股价每张证券在到期时的支付情况。

在示例3中，到期日前每个决定日至少有一只基础股票的收盘价低于其优惠券阈值价格，且至少有一只基础股票的收盘价低于其赎回阈值价格。因此，您不会在任何这些决定日收到或有季度优惠券，且证券在到期前不会被自动赎回。由于所有基础股票在最终决定日的收盘价均大于或等于其各自的下行阈值价格和优惠券阈值价格，因此在到期时您将收到面值本金加上针对最终决定日的或有季度优惠券。您在到期时的支付计算如下：

$1,000.00 + $39.375 = $1,039.375

在此示例中，您每张证券将收到面值本金加上或有季度优惠券，总支付金额为每张证券1,039.375美元。在此示例中，您每张证券的总支付金额为1,039.375美元（证券的总回报率为3.9375%）。\n

在示例4中，证券整个期限内每个决定日至少有一只基础股票的收盘价低于其优惠券阈值价格和赎回阈值价格。因此，在证券期限内您不会收到任何或有季度优惠券，且证券在到期前不会被自动赎回。此外，由于至少有一只基础股票的最终股价低于其下行阈值价格，您将在到期时收到如下计算的现金支付：

1,000.00美元 + （1,000.00美元 × 最差表现基础股票的回报率）

= 1,000.00美元 + （1,000.00美元 × -60.00%）

= $400.00

在此示例中，您在到期时的支付金额明显低于面值本金，您将在到期时每张证券收到的总现金支付为400.00美元（证券损失60.00%）。\n

我们不对哪只基础股票将在计算您实际到期支付时作为最差表现的基础股票作出任何陈述或保证。

投资证券涉及重大风险。这些证券与普通债务证券不同，因为TD不一定有义务偿还您在证券中的全部投资金额。如果在到期前未赎回证券，并且任何底层股票的最终股价低于其下行阈值价格，TD将按每份证券支付现金，该金额可能少于面值金额，从而导致您面值金额的百分比损失等于表现最差的底层股票的底层回报。在这些情况下，您在到期时收到的金额将少于面值金额的60.00%，您可能会损失全部投资。

如果任何底层股票在任何确定日的收盘价低于其票息阈值价格，这些证券将不会支付附带的季度票息。除非在相关确定日的每个底层股票的收盘价大于或等于其各自的赎回阈值价格，否则这些证券不会就可能发生提前赎回的任何确定日进行自动赎回。

您将在每个确定日（包括最终确定日）面临每个底层股票的市场风险，任何一只底层股票价格的下跌可能会对您的回报产生负面影响，而不会被其他底层股票的跌幅较小或任何潜在价格上涨所抵消或缓解。

将要支付给证券的任何款项，包括任何本金的偿还，取决于TD支付证券所有应付款项的能力，因此投资者会受到TD的信用风险的影响。如果TD无法履行其到期的财务义务，投资者可能无法根据证券条款获得任何应付款项。

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2026年10月

第10页

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7,911,000美元附带收益自动赎回证券，到期日为2027年10月14日

基于博通公司和Meta平台公司普通股中最差表现的普通股

本金风险证券

风险因素

这些证券涉及与传统债务证券投资无关的风险。本节描述了与证券条款最相关的重大风险。有关这些和其他风险的更多信息，请参阅产品补充文件中的“与票据相关的额外风险因素”和招股说明书中的“风险因素”。

投资者应咨询其投资、法律、税务、会计和其他顾问，以了解投资证券所涉及的风险以及证券在其特定情况下的适用性。

与回报特性相关的风险

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■	\n 到期时可能面临重大损失。这些证券与普通债务证券不同，因为 TD 在到期时不一定偿还证券的约定本金金额。如果在到期前未赎回这些证券，TD 只有在所有相关股票的最终股价均大于或等于其相应的下行阈值价格时，才会以现金形式偿还您证券的约定本金金额，并且仅在到期时进行此类支付。如果在到期前未赎回这些证券，且任何相关股票的最终股价低于其下行阈值价格，您将按每份证券获得少于 60.00% 的约定本金金额的现金支付，并且您将按 1:1 的比例承担最差表现的相关股票的下跌风险。您可能损失在证券中的全部投资。 \n

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■	\n 仅在到期时才可能偿还约定本金金额。如果您的证券在到期前未被赎回，您应愿意持有至到期。如果您能够在二级市场提前出售您的证券，即使当时所有相关股票的价格均大于或等于其相应的下行阈值价格，您可能仍需以低于您投资金额的价格出售。 \n

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■	\n 您可能无法获得任何附条件的季度票息。TD 不一定会对证券进行定期支付。如果任何相关股票在任何确定日的收盘价低于其票息阈值价格，TD 将不会向您支付适用于该确定日的附条件季度票息。如果任何相关股票在每个确定日的收盘价均低于其票息阈值价格，TD 将不会在证券期限内向您支付任何附条件季度票息，您也不会从证券中获得正回报。通常，附条件季度票息的未支付情况会与您的证券本金损失风险较大的时期相吻合。 \n

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■

与标的股票相比，预期波动性更大且相关性更低通常反映了更高的或有季度票息以及在定价日对任何标的股票的最终股价可能低于其下限阈值价格的更高预期。与标的股票相比，预期波动性更大且相关性更低反映了在定价日对任何标的股票的最终股价可能低于其下限阈值价格的更高预期。\"波动性\"指的是标的股票价格变化的频率和幅度。这种更大的预期风险通常会反映在该证券的更高或有季度票息上。然而，尽管或有季度票息是在定价日设定的，部分基于标的股票的相关性和每只标的股票的波动性（使用我们的内部模型计算），但标的股票的波动性以及标的股票的相关性可能在证券期限内发生显著变化。任何标的股票的价格都可能大幅下跌，这可能导致您在证券上的投资损失大部分或全部。

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■

如果提前赎回，证券将面临再投资风险。如果在任何非最终确定日的确定日，所有标的股票的收盘价均大于或等于其回售阈值价格，证券将在到期前自动赎回，并且在相关或有票息支付日后您将不再收到任何或有季度票息。相反，如果在任何确定日，任何标的股票的收盘价低于其回售阈值价格，证券将不会被自动赎回，这通常意味着您的证券面临更大的本金损失风险。证券可能在第一个或有票息支付日就提前赎回，这可能会将您的投资期限限制在大约3个月。如果证券在到期前被赎回，不能保证您能够以类似风险水平的可比收益率再投资证券的投资收益。此外，如果您能够将此类收益再投资于与证券类似的的投资，您将产生交易成本，且该投资的原始发行价格很可能包含某些内置成本，如经销商折扣和对冲成本。

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■	\n 如果有的话，或有季度票息仅基于相关确定日每只标的股票的收盘价。在任何或有票息支付日是否支付或有季度票息将基于相关确定日每只标的股票的收盘价。因此，您将无法在相关确定日之前知道您是否会在任何或有票息支付日收到或有季度票息。此外，由于或有季度票息仅基于特定确定日每只标的股票的收盘价，如果在任何确定日某只标的股票的收盘价低于其票息阈值价格，您将不会收到与该确定日相关的或有季度票息，即使该标的股票的价格在证券期限内的其他日期高于或等于其相应的票息阈值价格，即使另一只或两只标的股票的收盘价在或高于其相应的票息阈值价格。 \n

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2026年10月

第11页

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7,911,000美元或有收益自动赎回证券，到期日为2027年10月14日

基于博通公司和Meta平台公司普通股中最差表现的股票

本金风险证券

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■

您在证券上的潜在回报是有限的，您不会参与标的股票的任何上涨，您也不会获得超过证券期限内收到的或有季度票息所代表的回报。无论标的股票的价格如何上涨，证券的回报潜力仅限于或有季度票息。此外，您的证券回报将根据在到期前或提前赎回前满足或有季度票息要求的确定日数量而有所不同。此外，如果证券在到期前被赎回，您将不会收到任何与适用的或有票息支付日后任何确定日相关的或有季度票息或其他任何支付，且您的证券回报可能低于证券到期时的回报。如果证券在到期前未被赎回，您可能会受到最差表现的标的股票价格下跌的影响，尽管您无法参与标的股票价格上涨。因此，投资于证券的回报可能低于直接投资于任何或所有标的股票的回报。此外，作为证券的持有者，您不会收到任何标的股票的股息或分配，并且您不会拥有任何标的股票持有者的投票权或其他权利。

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■	\n 您会面临每只基础股票的市场风险。您在证券上的收益并不与由基础股票组成的组合相关。相反，它将取决于每只基础股票的表现。与一种收益与指数、普通股或其他基础资产组合相关的工具不同，在这种工具中，风险会在组合的所有组成部分之间得到缓解和分散，您将同等程度地面临与每只基础股票相关的风险。任何一只基础股票表现不佳都可能对您的收益产生负面影响，而不会被其他基础股票的表现所抵消或缓解。因此，您的投资会受到每只基础股票的市场风险的影响。 \n

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■

由于证券与多只基础股票的表现相关，因此您在任何确定日可能无法收到附条件的季度票息，且可能损失证券中相当大一部分或全部投资的可能性增加。如果您投资于这些证券，而不是与单只基础股票表现相关的证券（假设其条款在其他方面基本相似），那么您无法在任何确定日收到附条件的季度票息以及可能损失相当大一部分或全部投资的风险会更大。随着基础股票总数的增加，任何一只基础股票的收盘价或最终股价（视情况而定）低于其票息阈值价格和/或下行阈值价格的可能性也会更大。因此，您（a）可能无法收到任何附条件的季度票息和/或（b）在到期日收到的现金金额可能低于您声明的本金金额，这比证券仅与一只基础股票相关的情况更可能发生。此外，如果基础股票的表现彼此之间没有相关性，那么任何一只基础股票的收盘价（在非最终确定日的任何确定日）或最终股价（视情况而定）低于其票息阈值价格或下行阈值价格的风险会更大。

与基础股票特性相关的风险

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■

每只基础股票的价格将受到各种因素的影响，这些因素以复杂且不可预测的方式相互作用。证券的收益（可能是负数）与每只基础股票的表现相关。由于与发行人特定的因素（每只称为“基础股票发行人”）有关，如股票或商品价格波动、收益、财务状况、公司、行业和监管发展、管理层变动和决策以及其他事件，以及一般市场因素，如整体股市或商品市场波动和价格、利率以及经济和政治状况，每只基础股票的价格可能会大幅上涨或下跌。作为证券的投资者，您应自行调查基础股票和基础股票发行人。有关基础股票发行人的更多信息，请参见下面的“关于基础股票的信息”以及该部分中提到的美国证券交易委员会（SEC）文件。我们敦促您查阅基础股票发行人定期向SEC提交的财务和其他信息。

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■	\n 无法保证证券中隐含的投资观点会成功。无法预测基础股票的价格会上涨或下跌多少，也无法保证任何确定日期每只基础股票的收盘价会大于或等于其票面利率阈值价格，或者，如果证券在到期前未被赎回，无法保证每只基础股票在最终估值日的最终股价会大于或等于其下行阈值价格。基础股票的价格将受到影响基础股票和基础股票发行人的复杂且相互关联的政治、经济、金融和其他因素的影响。您应愿意接受一般股票和特别是基础股票的下行风险，以及可能损失您在证券中投资的大部分或全部的风险。 \n

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■	\n TD与基础股票发行人之间没有关联。基础股票发行人不是我们的关联方，他们并未以任何方式参与此次发行，也无义务在可能影响证券价值的任何公司行为中考虑您的利益。我们未对基础股票进行任何尽职调查。 \n

关于估值和流动性风险

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■	\n 您证券的估值低于您证券的公开发行价格。您证券的估值低于您证券的公开发行价格。您证券的公开发行价格与证券估值之间的差额反映了与销售和结构化证券相关的成本和预期利润，以及我们根据证券承担义务的对冲。由于对冲我们的义务涉及风险，并可能受到我们无法控制的市场力量的影响，这种对冲可能导致比预期更多或更少的利润，或产生损失。 \n

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2026年10月

第12页

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$7,911,000 附带收益自动赎回证券，于2027年10月14日到期

基于博通公司普通股和元宇宙平台公司普通股的最差表现。

本金风险证券

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您证券的估计价值基于我们的内部融资利率。您证券的估计价值是参考我们的内部融资利率确定的。用于确定证券估计价值的内部融资利率通常代表我们传统固定利率债务证券的信用利差以及我们为传统固定利率债务证券支付的借款利率的折扣。此折扣基于我们对证券的融资价值的看法，以及与我们传统固定利率债务相比，证券的发行、运营和持续负债管理成本较高，以及考虑到监管和内部要求，对任何对冲头寸的估计融资成本。如果使用我们传统固定利率债务证券的信用利差所隐含的利率，或我们为传统固定利率债务证券支付的借款利率，我们预计证券的经济条款将对您更有利。此外，假设所有其他经济条款保持不变，使用内部融资利率将预计在任何时间增加证券的估计价值。

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The estimated value of the securities is based on our internal pricing models, which may prove to be inaccurate and may be different from the pricing models of other financial institutions. The\n estimated value of your securities is based on our internal pricing models when the terms of the securities are set, which take into account a number of variables, such as our internal funding rate on the pricing date, and are based on a\n number of subjective assumptions, which are not evaluated or verified on an independent basis and may or may not materialize. Further, our pricing models may be different from other financial institutions’ pricing models and the\n methodologies used by us to estimate the value of the securities may not be consistent with those of other financial institutions that may be purchasers or sellers of securities in the secondary market. As a result, the secondary market\n price of your securities may be materially less than the estimated value of the securities determined by reference to our internal pricing models. In addition, market conditions and other relevant factors in the future may change, and any\n assumptions may prove to be incorrect.

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The estimated value of your securities is not a prediction of the prices at which you may sell your securities in the secondary market, if any, and such secondary market prices, if any, will likely be\n less than the public offering price of your securities and may be less than the estimated value of your securities. The estimated value of the securities is not a prediction of the prices at which the agent, other affiliates of\n ours or third parties may be willing to purchase the securities from you in secondary market transactions (if they are willing to purchase, which they are not obligated to do). The price at which you may be able to sell your securities in\n the secondary market at any time, if any, will be influenced by many factors that cannot be predicted, such as market conditions, and any bid and ask spread for similar sized trades, and may be substantially less than the estimated value of\n the securities. Further, as secondary market prices of your securities take into account the levels at which our debt securities trade in the secondary market, and do not take into account our various costs and expected profits associated\n with selling and structuring the securities, as well as hedging our obligations under the securities, secondary market prices of your securities will likely be less than the public offering price of your securities. As a result, the price\n at which the agent, other affiliates of ours or third parties may be willing to purchase the securities from you in secondary market transactions, if any, will likely be less than the price you paid for your securities, and any sale prior\n to the maturity date could result in a substantial loss to you.

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The temporary price at which the agent may initially buy the securities in the secondary market may not be indicative of future prices of your securities. Assuming that all relevant factors remain\n constant after the pricing date, the price at which the agent may initially buy or sell the securities in the secondary market (if the agent makes a market in the securities, which it is not obligated to do) may exceed the estimated value\n of the securities on the pricing date, as well as the secondary market value of the securities, for a temporary period after the original issue date of the securities, as discussed further under “Additional Information About the Securities\n — Additional information regarding the estimated value of the securities”. The price at which the agent may initially buy or sell the securities in the secondary market may not be indicative of future prices of your securities.

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The underwriting discount, offering expenses and certain hedging costs are likely to adversely affect secondary market prices. Assuming no changes in market conditions or any other relevant\n factors, the price, if any, at which you may be able to sell the securities will likely be less than the public offering price. The public offering price includes, and any price quoted to you is likely to exclude, any underwriting discount\n paid in connection with the initial distribution, offering expenses as well as the cost of hedging our obligations under the securities. In addition, any such price is also likely to reflect dealer discounts, mark-ups and other transaction\n costs, such as a discount to account for costs associated with establishing or unwinding any related hedge transaction.

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There may not be an active trading market for the securities — sales in the secondary market may result in significant losses. There may be little or no secondary market for the securities. The\n securities will not be listed or displayed on any securities exchange or electronic communications network. The agent or another one of our affiliates may make a market for the securities; however, it is not required to do so and may stop\n any market-making activities at any time. Even if a secondary market for the securities develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary market\n would be high. As a result, the difference between bid and ask prices for your securities in any secondary market could be substantial. If you sell your securities before the maturity date, you may have to do so at a substantial discount\n from the public offering price irrespective of the price of the underlying stocks, and as a result, you may suffer substantial losses.

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If the price of an underlying stock changes, the market value of your securities may not change in the same manner. Your securities may trade quite differently from the performance of each\n underlying stock. Changes in the price of an underlying stock may not result in a comparable change in the market value of your securities. Even if the closing price of an underlying stock remains greater than or equal to its downside\n threshold price or increases to greater than its call threshold price during the term of the securities, the market value of your securities may not increase by the same amount and could decline.

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October 2026

Page 13

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$7,911,000 Contingent Income Auto-Callable Securities due October 14, 2027

Based on the Worst Performing of the Common Stock of Broadcom Inc. and the Common Stock of Meta Platforms, Inc.

Principal at Risk Securities

Risks Relating to General Credit Characteristics

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Investors are subject to TD’s credit risk, and TD’s credit ratings and credit spreads may adversely affect the market value of the securities. Although the return on the securities will be based on\n the performance of the underlying stocks, the payment of any amount due on the securities is subject to TD’s credit risk. The securities are TD’s senior unsecured debt obligations. Investors are dependent on TD’s ability to pay all amounts\n due on the securities and, therefore, investors are subject to the credit risk of TD and to changes in the market’s view of TD’s creditworthiness. Any decrease in TD’s credit ratings or increase in the credit spreads charged by the market\n for taking TD’s credit risk is likely to adversely affect the market value of the securities. If TD becomes unable to meet its financial obligations as they become due, investors may not receive any amounts due under the terms of the\n securities.

Risks Relating to Hedging Activities and Conflicts of Interest

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There are potential conflicts of interest between you and the calculation agent. The calculation agent will, among other things, determine the amounts payable on the securities. We will serve as\n the calculation agent and may appoint a different calculation agent after the original issue date without notice to you. The calculation agent will exercise its judgment when performing its functions and may have a conflict of interest if\n it needs to make certain decisions. For example, the calculation agent may have to determine whether a market disruption event affecting an underlying stock has occurred, and make certain adjustments if certain events occur, which may, in\n turn, depend on the calculation agent’s judgment as to whether the event has materially interfered with our ability or the ability of one of our affiliates to unwind our hedge positions. Because this determination by the calculation agent\n may affect the amounts payable on the securities, the calculation agent may have a conflict of interest if it needs to make a determination of this kind. For additional information on the calculation agent’s role, see “General Terms of the\n Notes — Role of Calculation Agent” in the product supplement.

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The determination dates and related payment dates are subject to market disruption events and postponements. Each determination date (including the final determination date) and related payment\n date (including the maturity date) is subject to postponement due to the occurrence of one of more market disruption events. For a description of what constitutes a market disruption event as well as the consequences of that market\n disruption event, see “General Terms of the Notes — Market Disruption Events” in the product supplement. A market disruption event for a particular underlying stock will not constitute a market disruption event for any other underlying\n stock.

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The calculation agent can make antidilution and other adjustments that may adversely affect the market value of, and any amounts payable on, the securities. For antidilution and certain other\n events affecting an underlying stock, the calculation agent may make adjustments to the initial share price, underlying return, call threshold price, coupon threshold price, downside threshold price, closing price and/or final share price,\n as applicable, and any other term of the securities. However, the calculation agent will not make an adjustment in response to every corporate event that could affect an underlying stock. If an event occurs that does not require the\n calculation agent to make an adjustment, the market value of, and any payment on, the securities may be materially and adversely affected. In addition, all determinations and calculations concerning any such adjustments will be made by the\n calculation agent. You should be aware that the calculation agent may make any such adjustment, determination or calculation in a manner that differs from that discussed in the accompanying product supplement or this document that it\n believes are appropriate to offset to the extent practical any change in your economic position as a holder of the securities resulting solely from any such event to achieve an equitable result. Furthermore, in certain situations, such as\n when an underlying stock undergoes a reorganization event or an underlying stock is delisted, an underlying stock may be replaced by distribution property or a substitute equity security, as discussed more fully in the product supplement\n under “General Terms of the Notes — Delisting or Suspension of Trading in, or Change in Law Event Affecting, an Equity Security” and “— Anti-Dilution Adjustments”. The occurrence of any such events and the consequent adjustments may\n materially and adversely affect the market value of, and any amounts payable on, the securities. For more information, see the sections as described under “General Terms of the Notes — Delisting or Suspension of Trading in, or Change in Law\n Event Affecting, an Equity Security” and “— Anti-Dilution Adjustments” in the accompanying product supplement.

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Trading and business activities by TD or its affiliates may adversely affect the market value of, and any amounts payable on, the securities. We, the agent and/or our other affiliates may hedge our\n obligations under the securities by purchasing securities, futures, options or other derivative instruments with returns linked or related to changes in the price of an underlying stock, and we may adjust these hedges by, among other\n things, purchasing or selling at any time any of the foregoing assets. It is possible that we or one or more of our affiliates could receive substantial returns from these hedging activities while the market value of the securities\n declines. We or one or more of our affiliates may also issue or underwrite other securities or financial or derivative instruments with returns linked or related to changes in an underlying stock.

These trading activities may present a conflict between the holders’ interest in the securities and the interests we and our affiliates will have in our or their proprietary\n accounts, in facilitating transactions, including options and other derivatives transactions, for our or their customers’ accounts and in accounts under our or their management. These trading activities could be adverse to the interests of the\n holders of the securities.

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October 2026

Page 14

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$7,911,000 Contingent Income Auto-Callable Securities due October 14, 2027

Based on the Worst Performing of the Common Stock of Broadcom Inc. and the Common Stock of Meta Platforms, Inc.

Principal at Risk Securities

We, the agent and/or our other affiliates may, at present or in the future, engage in business with the underlying stock issuers, including making loans to or providing advisory services to those\n companies. These services could include investment banking and merger and acquisition advisory services. These business activities may present a conflict between our, the agent’s and/or our other affiliates’ obligations, and your interests as a\n holder of the securities. Moreover, we, the agent and/or our other affiliates may have published, and in the future expect to publish, research reports with respect to an underlying stock. This research is modified from time to time without notice\n and may express opinions or provide recommendations that are inconsistent with purchasing or holding the securities. Any of these activities by us and/or our other affiliates may affect the price of an underlying stock and, therefore, the market\n value of, and return on, the securities.

Risks Relating to Canadian and U.S. Federal Income Taxation

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Significant aspects of the tax treatment of the securities are uncertain. The U.S. tax treatment of the securities is uncertain. Please read carefully the section entitled “Material U.S. federal\n income tax consequences” herein and in the product supplement. You should consult your tax advisor as to the tax consequences of your investment in the securities.

For a discussion of the Canadian federal income tax consequences of investing in the securities, please see the discussion herein under “Additional Information About the\n Securities — Canadian taxation”. If you are not a Non-resident Holder (as that term is defined herein under “Additional Information About the Securities — Canadian taxation”) for Canadian federal income tax purposes or if you acquire the securities\n in the secondary market, you should consult your tax advisors as to the consequences of acquiring, holding and disposing of the securities and receiving the payments that might be due under the securities. We will\n not pay any additional amounts as a result of any withholding required by reason of the rules governing hybrid mismatch arrangements contained in sections 12.7 and 18.4 of the Canadian Tax Act (as defined herein under “Additional Information\n About the Securities — Canadian taxation”), as such rules may be amended from time to time.

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October 2026

Page 15

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$7,911,000 Contingent Income Auto-Callable Securities due October 14, 2027

Based on the Worst Performing of the Common Stock of Broadcom Inc. and the Common Stock of Meta Platforms, Inc.

Principal at Risk Securities

Information About the Underlying Stocks

All disclosures contained in this document regarding each underlying stock are derived from publicly available information. TD has not conducted any independent review or due\n diligence of any publicly available information with respect to the underlying stocks. You should make your own investigation into each underlying stock.

Broadcom Inc.

According to publicly available information, Broadcom Inc. (“Broadcom”) is a designer, developer and supplier of semiconductor devices. Information filed by Broadcom with the SEC\n can be located by reference to its SEC file number: 001-38449, or its CIK Code: 0001730168. Broadcom’s common stock is listed on the Nasdaq Global Select Market under the ticker symbol “AVGO”.

Historical Information

The closing price of AVGO on October 9, 2026 was $361.54. The graph below shows the closing prices of AVGO for each day from January 1, 2021 to October 9, 2026. The dotted lines\n represent its downside threshold price and its coupon threshold price of $216.924 and its call threshold price of $361.54, which are equal to 60.00% and 100.00%, respectively, of its initial share price. We obtained the information in the graph\n below from Bloomberg Professional^® Service (“Bloomberg”), without independent verification. The closing prices may be adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions,\n spin-offs, delistings and bankruptcy. TD has not undertaken an independent review or due diligence of any publicly available information obtained from Bloomberg. The historical performance of AVGO should not be\n taken as an indication of its future performance, and no assurance can be given as to the closing price of AVGO at any time, including the determination dates.

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The Common Stock of Broadcom Inc. –

Daily Closing Prices January 1, 2021 to October 9, 2026

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October 2026

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$7,911,000 Contingent Income Auto-Callable Securities due October 14, 2027

Based on the Worst Performing of the Common Stock of Broadcom Inc. and the Common Stock of Meta Platforms, Inc.

Principal at Risk Securities

Meta Platforms, Inc.

According to publicly available information, Meta Platforms, Inc. (“Meta”) provides online and digital products for people to connect and share through mobile devices, personal\n computers and other devices. Information filed by Meta with the SEC can be located by reference to its SEC file number: 001-35551, or its CIK Code: 0001326801. Meta’s common stock is listed on the Nasdaq Global Select Market under the ticker symbol\n “META”.

Historical Information

The closing price of META on October 9, 2026 was $718.67. The graph below shows the closing prices of the META for each day from January 1, 2021 to October 9, 2026. The dotted\n lines represent its downside threshold price and its coupon threshold price of $431.202 and its call threshold price of $718.67, which are equal to 60.00% and 100.00%, respectively, of its initial share price. We obtained the information in the\n graph below from Bloomberg, without independent verification. The closing prices may be adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. TD has not\n undertaken an independent review or due diligence of any publicly available information obtained from Bloomberg. The historical performance of META should not be taken as an indication of its future performance,\n and no assurance can be given as to the closing price of META at any time, including the determination dates.

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The Common Stock of Meta Platforms, Inc. –

Daily Closing Prices January 1, 2021 to October 9, 2026

This document relates only to the securities offered hereby and does not relate to any underlying stock or other securities linked to the underlying stocks. We have derived all\n disclosures contained in this document regarding the underlying stocks from the publicly available documents described in the preceding paragraphs. In connection with the offering of the securities, none of us or any of our affiliates have\n participated in the preparation of such documents or made any due diligence inquiry with respect to any underlying stock. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available\n information regarding any underlying stock is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly\n available documents described above) that would affect the trading price of any underlying stock (and therefore the price of any underlying stock at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such\n events or the disclosure of or failure to disclose material future events concerning any underlying stock could affect the value received with respect to the securities and therefore the value of the securities.

Neither TD nor any of its affiliates makes any representation to you as to the performance of any underlying stock.

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October 2026

Page 17

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$7,911,000 Contingent Income Auto-Callable Securities due October 14, 2027

Based on the Worst Performing of the Common Stock of Broadcom Inc. and the Common Stock of Meta Platforms, Inc.

Principal at Risk Securities

Additional Information About the Securities

Please read this information in conjunction with the summary terms on the front cover of this document.

\n Additional Provisions: \n
\n Record date: \n	\n The business day preceding the relevant contingent coupon payment date. \n
\n Trustee: \n	\n The Bank of New York \n
\n Calculation agent: \n	\n TD \n
\n Trading day: \n	\n As specified in the product supplement under “General Terms of the Notes — Special Calculation Provisions — Trading Day”. \n
\n Business day: \n	\n Any 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\n City. \n
\n Canadian bail-in: \n	\n The securities are not bail-inable debt securities (as defined in the prospectus) under the Canada Deposit Insurance Corporation Act. \n
\n Change in law event: \n	\n Not applicable, notwithstanding anything to the contrary in the product supplement \n
\n Terms incorporated: \n	\n All of the terms appearing above the item under the caption “General Terms of the Notes” in the accompanying product supplement, as modified by this document, and for purposes of the\n foregoing, the terms used herein mean the corresponding terms as defined in the accompanying product supplement, as specified below: \n
	\n Term used herein \n	\n Corresponding term in the accompanying \n product supplement \n
	\n underlying stock \n	\n reference asset \n
	\n stated principal amount \n	\n principal amount \n
	\n original issue date \n	\n issue date \n
	\n determination date \n	\n valuation date \n
	\n final determination date \n	\n final valuation date \n
	\n initial share price \n	\n initial price \n
	\n final share price \n	\n final price \n
	\n downside threshold price \n	\n barrier price \n
	\n underlying return \n	\n percentage change \n
\n Additional information regarding \n the estimated value of the \n securities: \n	\n The final terms for the securities were determined on the pricing date, based on prevailing market conditions, and are specified elsewhere in this pricing supplement. \n The economic terms of the securities are based on our internal funding rate (which is our internal borrowing rate based on variables such as market benchmarks and our appetite for borrowing),\n and several factors, including any sales commissions expected to be paid to TDS or another affiliate of ours, any selling concessions, discounts, commissions or fees expected to be allowed or paid to non-affiliated intermediaries, the\n estimated profit that we or any of our affiliates expect to earn in connection with structuring the securities, estimated costs which we may incur in connection with the securities and the estimated cost which we may incur in hedging our\n obligations under the securities. Because our internal funding rate generally represents a discount from the levels at which our benchmark debt securities trade in the secondary market, the use of an internal funding rate for the securities\n rather than the levels at which our benchmark debt securities trade in the secondary market is expected to have had an adverse effect on the economic terms of the securities. \n On the cover page of this pricing supplement, we have provided the estimated value for the securities. The estimated value was determined by reference to our internal pricing models which\n take into account a number of variables and are based on a number of assumptions, which may or may not materialize, typically including volatility, interest rates (forecasted, current and historical rates), price-sensitivity analysis, time\n to maturity of the securities and our internal funding rate. For more information about the estimated value, see “Risk Factors — Risks Relating to Estimated Value and Liquidity” herein. Because our internal funding rate generally represents\n a discount from the levels at which our benchmark debt securities trade in the secondary market, the use of an internal funding rate for the securities rather than the levels at which our benchmark debt securities trade in the secondary\n market is expected, assuming all other economic terms are held constant, to increase the estimated value of the securities. For more information see the \n

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October 2026

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$7,911,000 Contingent Income Auto-Callable Securities due October 14, 2027

Based on the Worst Performing of the Common Stock of Broadcom Inc. and the Common Stock of Meta Platforms, Inc.

Principal at Risk Securities

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discussion under “Risk Factors — Risks Relating to Estimated Value and Liquidity — The estimated value of your securities is based on our internal funding rate”.

Our estimated value of the securities is not a prediction of the price at which the securities may trade in the secondary market, nor will it be the price at which the agent may buy or sell\n the securities in the secondary market. Subject to normal market and funding conditions, the agent or another affiliate of ours intends to offer to purchase the securities in the secondary market but it is not obligated to do so.

Assuming that all relevant factors remain constant after the pricing date, the price at which the agent may initially buy or sell the securities in the secondary market, if any, may exceed\n our estimated value on the pricing date for a temporary period expected to be approximately 6 weeks after the original issue date because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost\n of hedging our obligations under the securities and other costs in connection with the securities which we will no longer expect to incur over the term of the securities. We made such discretionary election and determined this temporary\n reimbursement period on the basis of a number of factors, including the tenor of the securities and any agreement we may have with the distributors of the securities. The amount of our estimated costs which we effectively reimburse to\n investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the original issue date of the securities\n based on changes in market conditions and other factors that cannot be predicted.

We urge you to read the “Risk Factors” in this pricing supplement for additional information.

Canadian taxation:

The following is, as of the date hereof, a summary of the principal Canadian federal income tax considerations under the Income Tax Act (Canada) and\n the regulations promulgated thereunder (collectively, the “Canadian Tax Act”) generally applicable to a holder who is an individual and who acquires beneficial ownership of a security upon the initial issuance of the security by TD pursuant\n to this offering document or common shares of TD or any of its affiliates on a conversion of a security on a bail-in conversion (if applicable), and who, for purposes of the Canadian Tax Act and any applicable income tax treaty, at all\n relevant times, is not resident and is not deemed to be resident in Canada, and who, for purposes of the Canadian Tax Act, at all relevant times, (i) deals at arm’s length with, and is not affiliated with, TD, any affiliate of TD, and any\n Canadian resident (or deemed Canadian resident) to whom the holder assigns or otherwise transfers the security, (ii) is entitled to receive all payments (including any interest, principal and dividends, if applicable) made on the security\n as beneficial owner, (iii) is not, and deals at arm’s length with each person who is, a “specified shareholder” (within the meaning of subsection 18(5) of the Canadian Tax Act) of TD and each affiliate of TD, (iv) is not an entity in\n respect of which TD or any affiliate of TD is a “specified entity” (as defined in subsection 18.4(1) of the Canadian Tax Act); (v) holds the security or common shares of TD or any of its affiliates as capital property, (vi) does not use or\n hold and is not deemed to use or hold the security or common shares of TD or any of its affiliates in or in the course of carrying on a business in Canada or as part of an adventure or concern in the nature of trade and (vii) is not an\n insurer carrying on an insurance business in Canada and elsewhere (a “Non-resident Holder”).

This summary assumes that no amount paid or payable to a Non-resident Holder will be the deduction component of a “hybrid mismatch arrangement” under which the payment arises within the\n meaning of paragraph 18.4(3)(b) of the Canadian Tax Act. This summary further assumes that no security or property acquired on settlement of a security will be “taxable Canadian property” to a Non-resident Holder for purposes of the\n Canadian Tax Act at the time of its disposition or deemed disposition.

This summary is based upon the current provisions of the Canadian Tax Act in force as of the date hereof. This summary takes into account all specific proposals to amend the Canadian Tax Act\n publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the “Tax Proposals”) and the current administrative policies of the Canada Revenue Agency (“CRA”) published in writing by the CRA prior to the\n date hereof. This summary is not exhaustive of all possible Canadian federal income tax considerations relevant to an investment in securities and, except for the Tax Proposals, does not take into account or anticipate any changes in law or\n CRA administrative policies, whether by way of legislative, governmental or judicial decision or action, nor does it take into account or consider any other federal tax considerations or any provincial, territorial or foreign tax\n considerations, which may differ materially from those discussed herein. While this summary assumes that the Tax Proposals will be enacted in the form proposed, no assurance can be given that this will be the case, and no assurance can be\n given that judicial, legislative or administrative changes will not modify or change the statements below.

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October 2026

Page 19

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$7,911,000 Contingent Income Auto-Callable Securities due October 14, 2027

Based on the Worst Performing of the Common Stock of Broadcom Inc. and the Common Stock of Meta Platforms, Inc.

Principal at Risk Securities

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The following is only a general summary of certain Canadian federal non-resident withholding and other tax provisions which may affect a Non-resident Holder of the securities described in\n this offering document. This summary is not, and is not intended to be, and should not be construed to be, legal or tax advice to any particular Non-resident Holder and no representation with respect to the income tax consequences to any\n particular Non-resident Holder is made. Persons considering investing in securities should consult their own tax advisors with respect to the tax consequences of acquiring, holding and disposing of securities and any common shares of TD or\n any of its affiliates acquired on a bail-in conversion having regard to their own particular circumstances.

For the purposes of the Canadian Tax Act, all amounts not otherwise expressed in Canadian dollars must be converted into Canadian dollars based on the single day exchange rate as quoted by\n the Bank of Canada for the applicable day or such other rate of exchange that is acceptable to the Minister of National Revenue (Canada).

Securities

Interest (including amounts on account or in lieu of payment of, or in satisfaction of, interest) paid or credited, or deemed to be paid or credited, on a security to a Non-resident Holder\n will not be subject to Canadian non-resident withholding tax unless all or any part of such interest is “participating debt interest”. “Participating debt interest” is defined in the Canadian Tax Act generally as interest (other than on a\n “prescribed obligation” described below) all or any portion of which is contingent or dependent on the use of or production from property in Canada or is computed by reference to revenue, profit, cash flow, commodity price or any other\n similar criterion or by reference to dividends paid or payable to shareholders of any class or series of shares of the capital stock of a corporation. A “prescribed obligation” for this purpose is an “indexed debt obligation”, as defined in\n the Canadian Tax Act, in respect of which no amount payable is: (a) contingent or dependent upon the use of, or production from, property in Canada, or (b) computed by reference to: (i) revenue, profit, cash flow, commodity price or any\n other similar criterion, other than a change in the purchasing power of money, or (ii) dividends paid or payable to shareholders of any class or series of shares of the capital stock of a corporation. An “indexed debt obligation” is a debt\n obligation the terms or conditions of which provide for an adjustment to an amount payable in respect of the obligation for a period during which the obligation was outstanding that is determined by reference to a change in the purchasing\n power of money.

In the event that a security is redeemed, cancelled, purchased or repurchased by TD or any other person resident or deemed to be resident in Canada from a Non-resident Holder or is otherwise\n assigned or transferred by a Non-resident Holder to TD or another person resident or deemed to be resident in Canada for an amount which exceeds, generally, the issue price thereof, the excess may, in certain circumstances be deemed to be\n interest and may, together with any interest that has accrued or is deemed to have accrued on the security to that time, be subject to Canadian non-resident withholding tax if all or any part of such interest or deemed interest is\n participating debt interest; unless, in certain circumstances, the security is not an indexed debt obligation (described above) and was issued for an amount not less than 97% of its principal amount (as defined in the Canadian Tax Act), and\n the yield from the security, expressed in terms of an annual rate (determined in accordance with the Canadian Tax Act) on the amount for which the security was issued, does not exceed 4/3 of the interest stipulated to be payable on the\n security, expressed in terms of an annual rate on the outstanding principal amount from time to time.

If applicable, the normal rate of Canadian non-resident withholding tax is 25% but such rate may be reduced under the terms of an applicable income tax treaty.

Generally, there are no other Canadian taxes on income (including taxable capital gains) payable by a Non-resident Holder under the Canadian Tax Act solely as a consequence of the\n acquisition, ownership or disposition of securities by the Non-resident Holder.

Common Shares Acquired on a Bail-in Conversion

Dividends (including amounts on account or in lieu of payment of, or in satisfaction of, dividends) paid or credited or deemed to be paid or credited to a Non-resident Holder on any common\n shares of TD or common shares of an affiliate of TD that is a Canadian resident corporation will be subject to Canadian non-resident withholding tax of 25% but such rate may be reduced under the terms of an applicable income tax treaty.

A Non-resident Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of any common shares of TD or common shares of\n an affiliate of TD unless such shares constitute “taxable Canadian property” to the Non-resident

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Principal at Risk Securities

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Holder for purposes of the Canadian Tax Act at the time of their disposition, and such Non-resident Holder is not entitled to relief pursuant to the provisions of an applicable income tax treaty. Non-resident\n Holders should consult their own tax advisors with respect to their particular circumstances.

Material U.S. federal income tax

consequences:

The U.S. federal income tax consequences of your investment in the securities are uncertain. There are no statutory provisions, regulations, published rulings or judicial\n decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the securities. Some of these tax consequences are summarized below, but we urge you to read the more\n detailed discussion in “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement and to discuss the tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S.\n Internal Revenue Code of 1986, as amended (the “Code”), final, temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all\n of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as to the U.S.\n federal income tax consequences of your investment in the securities, and the following discussion is not binding on the IRS.

U.S. Tax Treatment. Pursuant to the terms of the securities, TD and you agree, in the absence of a statutory or regulatory change or an administrative\n determination or judicial ruling to the contrary, to characterize the securities as prepaid derivative contracts with respect to the underlying stocks. If your securities are so treated, any contingent quarterly coupon that is paid by TD\n (including on the maturity date or upon early redemption) should be included in your income as ordinary income in accordance with your regular method of accounting for U.S. federal income tax purposes.

In addition, you should generally recognize capital gain or loss upon the taxable disposition (including cash settlement) of your securities in an amount equal to the difference between the\n amount you receive at such time (other than amounts or proceeds attributable to a contingent quarterly coupon or any amount attributable to any accrued but unpaid contingent quarterly coupon) and the amount you paid for your securities.\n Such gain or loss should generally be short-term capital gain or loss. The deductibility of capital losses is subject to limitations. Although uncertain, it is possible that proceeds received from the taxable disposition of your securities\n prior to a contingent coupon payment date, but that could be attributed to an expected contingent quarterly coupon, could be treated as ordinary income. You should consult your tax advisor regarding this risk.

Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, is of the opinion that it would\n be reasonable to treat your securities in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the securities, it is possible that your securities could alternatively be treated\n for tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and character of your income from the securities could differ materially and adversely from the treatment\n described above, as described further under “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement.

Except to the extent otherwise required by law, TD intends to treat your securities for U.S. federal income tax purposes in accordance with the treatment described above and under “Material\n U.S. Federal Income Tax Consequences” in the accompanying product supplement unless and until such time as the IRS and the Treasury determine that some other treatment is more appropriate.

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Principal at Risk Securities

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Notice 2008-2. In 2007, the IRS released a notice that may affect the taxation of holders of the securities. According to Notice 2008-2, the IRS and\n the Treasury are considering whether a holder of an instrument such as the securities should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any. It is\n possible, however, that under such guidance, holders of the securities will ultimately be required to accrue income currently in excess of any receipt of contingent quarterly coupons and this could be applied on a retroactive basis.\n According to the Notice, the IRS and the Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital and whether non-U.S. holders of such\n instruments should be subject to withholding tax on any deemed income accruals and whether the special “constructive ownership rules” of Section 1260 of the Code should be applied to such instruments. Both U.S. and non-U.S. holders are\n urged to consult their tax advisors concerning the significance and potential impact of the above considerations.

Medicare Tax on Net Investment Income. U.S. holders that are individuals, estates or certain trusts are subject to an additional 3.8% tax on all or a\n portion of their “net investment income,” or “undistributed net investment income” in the case of an estate or trust, which may include any income or gain realized with respect to the securities, to the extent of their net investment income\n or undistributed net investment income (as the case may be) that, when added to their other modified adjusted gross income, exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving\n spouse), $125,000 for a married individual filing a separate return or the dollar amount at which the highest tax bracket begins for an estate or trust. The 3.8% Medicare tax is determined in a different manner than the regular income tax.\n U.S. holders should consult their tax advisors as to the consequences of the 3.8% Medicare tax.

Specified Foreign Financial Assets. Certain U.S. holders that own “specified foreign financial assets” in excess of an applicable threshold may be\n subject to reporting obligations with respect to such assets with their tax returns, especially if such assets are held outside the custody of a U.S. financial institution. U.S. holders are urged to consult their tax advisors as to the\n application of this legislation to their ownership of the securities.

Non-U.S. Holders. The U.S. federal income tax treatment of the contingent quarterly coupons is unclear. Subject to Section 897 of the Code and Section\n 871(m) of the Code, and FATCA, each as discussed below, if the securities are offered to non-U.S. holders, we currently do not intend to treat contingent quarterly coupons paid to a non-U.S. holder that provides us (and/or the applicable\n withholding agent) with a fully completed and validly executed applicable IRS Form W-8 as subject to U.S. withholding tax and we currently do not intend to withhold any tax on contingent quarterly coupons. However, it is possible that the\n IRS could assert that such payments are subject to U.S. withholding tax, or that another withholding agent may otherwise determine that withholding is required, in which case we or the other withholding agent may withhold up to 30% on such\n payments (subject to reduction or elimination of such withholding tax pursuant to an applicable income tax treaty). We will not pay any additional amounts in respect of such withholding. Subject to Section 897 of the Code and Section 871(m)\n of the Code, discussed below, gain realized from the taxable disposition of a security generally should not be subject to U.S. tax unless (i) such gain is effectively connected with a trade or business conducted by the non-U.S. holder in\n the U.S., (ii) the non-U.S. holder is a non-resident alien individual and is present in the U.S. for 183 days or more during the taxable year of such taxable disposition and certain other conditions are satisfied, or (iii) the non-U.S.\n holder has certain other present or former connections with the U.S.

Section 897. We will not attempt to ascertain whether any underlying stock issuer would be treated as a “United States real property holding\n corporation” (“USRPHC”) within the meaning of Section 897 of the Code. We also have not attempted to determine whether the securities should be treated as “United States real property interests” (“USRPI”) as defined in Section 897 of the\n Code. If any such entity and/or the securities were so treated, certain adverse U.S. federal income tax consequences could possibly apply, including subjecting any gain to a non-U.S. holder in respect of a security upon a taxable\n disposition of the securities to U.S. federal income tax on a net basis, and the proceeds from such a taxable disposition to a 15% withholding tax. Non-U.S. holders should consult their tax advisors regarding the potential treatment of any\n underlying stock issuer as a USRPHC and/or the securities as USRPI.

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Section 871(m). A 30% withholding tax (which may be reduced by an applicable income tax treaty) is imposed under Section 871(m) of the Code on certain\n “dividend equivalents” paid or deemed paid to a non-U.S. holder with respect to a “specified equity-linked instrument” that references one or more dividend-paying U.S. equity securities. The withholding tax can apply even if the instrument\n does not provide for payments that reference dividends. Treasury regulations provide that the withholding tax applies to all dividend equivalents paid or deemed paid on specified equity-linked instruments that have a delta of one\n (“delta-one specified equity-linked instruments”) issued after 2016 and to all dividend equivalents paid or deemed paid on all other specified equity-linked instruments issued after 2017. However, the IRS has issued guidance that states\n that the Treasury and the IRS intend to amend the effective dates of the Treasury regulations to provide that withholding on dividend equivalents paid or deemed paid will not apply to specified equity-linked instruments that are not\n delta-one specified equity-linked instruments and are issued before January 1, 2029.

Based on our determination that the securities are not “delta-one” with respect to any underlying stock, our special U.S. tax counsel is of the opinion that the securities should not be\n delta-one specified equity-linked instruments and thus should not be subject to withholding on dividend equivalents. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Furthermore, the application\n of Section 871(m) of the Code will depend on our determinations made on the date the terms of the securities are set. If withholding is required, we will not make payments of any additional amounts.

Nevertheless, after the date the terms are set, it is possible that your securities could be deemed to be reissued for tax purposes upon the occurrence of certain events affecting the\n underlying stocks or your securities, and following such occurrence your securities could be treated as delta-one specified equity-linked instruments that are subject to withholding on dividend equivalents. It is also possible that\n withholding tax or other tax under Section 871(m) of the Code could apply to the securities under these rules if you enter, or have entered, into certain other transactions in respect of the underlying stocks or the securities. If you\n enter, or have entered, into other transactions in respect of the underlying stocks or the securities, you should consult your tax advisor regarding the application of Section 871(m) of the Code to your securities in the context of your\n other transactions.

Because of the uncertainty regarding the application of the 30% withholding tax on dividend equivalents to the securities, you are urged to consult your tax advisor\n regarding the potential application of Section 871(m) of the Code and the 30% withholding tax to an investment in the securities.

FATCA. The Foreign Account Tax Compliance Act (“FATCA”) was enacted on March 18, 2010, and imposes a 30% U.S. withholding tax on “withholdable\n payments” (i.e., certain U.S.-source payments, including interest (and original issue discount), dividends, other fixed or determinable annual or periodical gain, profits and income, and the gross proceeds from a disposition of property of\n a type which can produce U.S.-source interest or dividends) and “passthru payments” (i.e., certain payments attributable to withholdable payments) made to certain foreign financial institutions (and certain of their affiliates) unless the\n payee foreign financial institution agrees (or is required), among other things, to disclose the identity of any U.S. individual with an account at the institution (or the relevant affiliate) and to annually report certain information about\n such account. FATCA also requires withholding agents making withholdable payments to certain foreign entities that do not disclose the name, address, and taxpayer identification number of any substantial U.S. owners (or do not certify that\n they do not have any substantial U.S. owners) to withhold tax at a rate of 30%. Under certain circumstances, a holder may be eligible for refunds or credits of such taxes.

Pursuant to final and temporary Treasury regulations and other IRS guidance, the withholding and reporting requirements under FATCA will generally apply to certain “withholdable payments”,\n will not apply to gross proceeds on a sale or disposition, and will apply to certain foreign passthru payments only to the extent that such payments are made after the date that is two years after final regulations defining the term\n “foreign passthru payment” are published. If withholding is required, we (or the applicable paying agent) will not be required to pay additional amounts with respect to the amounts so withheld. Foreign financial institutions and\n non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules.

Proposed Legislation. In 2007, legislation was introduced in Congress that, if it had been enacted, would have required holders of securities similar\n to the securities purchased after the bill was enacted to accrue interest income over the term of such securities despite the fact that there may be no interest payments over the term of such securities.

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			\n Furthermore, in 2013, the House Ways and Means Committee released in draft form certain proposed legislation relating to financial instruments. If it had been enacted, the effect of this\n legislation generally would have been to require instruments such as the securities to be marked to market on an annual basis with all gains and losses to be treated as ordinary, subject to certain exceptions. \n It is not possible to predict whether any similar or identical bills will be enacted in the future, or whether any such bill would affect the tax treatment of your securities. You are urged\n to consult your tax advisor regarding the possible changes in law and their possible impact on the tax treatment of your securities. \n Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the application of U.S. federal income tax laws to their particular situations, as well as\n any tax consequences of the purchase, beneficial ownership and disposition of the securities arising under the laws of any state, local, non-U.S. or other taxing jurisdiction (including that of TD). \n
	\n Supplemental information \n regarding plan of distribution \n (conflicts of interest); secondary \n markets (if any): \n		\n We have appointed TDS, an affiliate of TD, as the agent for the sale of the securities. Pursuant to the terms of a distribution agreement, TDS has agreed to purchase the securities from TD at\n the price to public less a fee of $17.50 per security. TDS has agreed to resell all of the securities to Morgan Stanley Wealth Management with an underwriting discount of $17.50 reflecting a fixed sales commission of $12.50 and fixed\n structuring fee of $5.00 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sells. TD or an affiliate will also pay a fee to LFT Securities, LLC, an entity in which TD and an affiliate of Morgan\n Stanley Wealth Management have an ownership interest, for providing certain electronic platform services with respect to this offering. \n Conflicts of Interest — TDS is an affiliate of TD and, as such, has a “conflict of interest”in this offering within the meaning of Financial Industry\n Regulatory Authority, Inc. (“FINRA”) Rule 5121. If any other affiliate of TD participates in this offering, that affiliate will also have a “conflict of interest” within the meaning of FINRA Rule 5121. In addition, TD will receive the net\n proceeds from the initial public offering of the securities, thus creating an additional conflict of interest within the meaning of FINRA Rule 5121. This offering of the securities will be conducted in compliance with the provisions of\n FINRA Rule 5121. In accordance with FINRA Rule 5121, neither TDS nor any other affiliate of ours is permitted to sell the securities in this offering to an account over which it exercises discretionary authority without the prior specific\n written approval of the account holder. \n We, TDS, another of our affiliates or third parties may use this pricing supplement in the initial sale of the securities. In addition, we, TDS, another of our affiliates or third parties may\n use this pricing supplement in a market-making transaction in the securities after their initial sale. If a purchaser buys the securities from us, TDS, another of our affiliates or third parties, this pricing supplement is being used in a\n market-making transaction unless we, TDS, another of our affiliates or third parties informs such purchaser otherwise in the confirmation of sale. \n
	\n Prohibition of sales in Canada \n and to Canadian residents: \n		\n The securities may not be offered, sold or otherwise made available directly or indirectly in Canada or to any resident of Canada. \n
	\n Prohibition on sales to EEA retail \n investors: \n		\n The securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic\n Area (the “EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the\n meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended.\n Consequently no key information document required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”), for offering or selling the securities or otherwise making them available to retail investors in the EEA has been prepared and\n therefore offering or selling the securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. \n

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Prohibition on sales to United

Kingdom retail investors:

The securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom\n (“UK”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union\n (Withdrawal) Act 2018 (the “EUWA”); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97,\n where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently no key information document required\n by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the securities or otherwise making them available to retail investors in the UK has been prepared\n and therefore offering or selling the securities or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

Validity of the securities:

In the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP, as special products counsel to TD, when the securities offered by this pricing supplement have been executed and issued by\n TD and authenticated by the trustee pursuant to the indenture and delivered, paid for and sold as contemplated herein, the securities will be valid and binding obligations of TD, enforceable against TD in accordance with their terms,\n subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or other laws relating to or affecting creditors’ rights generally, and to general principles of equity (regardless of whether\n enforcement is sought in a proceeding at law or in equity). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by Canadian law, Fried, Frank,\n Harris, Shriver & Jacobson LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by McCarthy Tétrault LLP, Canadian legal counsel for TD, in its opinion expressed below. In addition, this\n opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and, with respect to the securities, authentication of the securities and the genuineness of signatures and certain\n factual matters, all as stated in the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP filed as Exhibit 5.3 to the registration statement on Form F-3 filed by TD on December 20, 2024.

In the opinion of McCarthy Tétrault LLP, the issue and sale of the securities has been duly authorized by all necessary corporate action on the part of TD, and when this pricing supplement\n has been attached to, and duly notated on, the master note that represents the securities, the securities will have been validly executed and issued and, to the extent validity of the securities is a matter governed by the laws of the\n Province of Ontario, or the laws of Canada applicable therein, will be valid obligations of TD, subject to the following limitations: (i) the enforceability of the indenture is subject to bankruptcy, insolvency, reorganization, arrangement,\n winding up, moratorium and other similar laws of general application limiting the enforcement of creditors’ rights generally; (ii) the enforceability of the indenture is subject to general equitable principles, including the fact that the\n availability of equitable remedies, such as injunctive relief and specific performance, is in the discretion of a court; (iii) courts in Canada are precluded from giving a judgment in any currency other than the lawful money of Canada; and\n (iv) the enforceability of the indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the indenture to be\n unenforceable as an attempt to vary or exclude a limitation period under that Act. This opinion is given as of the date hereof and is limited to the laws of the Province of Ontario and the federal laws of Canada applicable thereto. In\n addition, this opinion is subject to: (i) the assumption that the senior indenture has been duly authorized, executed and delivered by, and constitutes a valid and legally binding obligation of, the trustee, enforceable against the trustee\n in accordance with its terms; and (ii) customary assumptions about the genuineness of signatures and certain factual matters all as stated in the letter of such counsel dated December 20,2024, which has been filed as Exhibit 5.2 to the\n registration statement on Form F-3 filed by TD on December 20, 2024.

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