Ms. Brooke Hales reports

TD ANNOUNCES INTEREST RATE RESET ON CAD LIMITED RECOURSE CAPITAL NOTES, SERIES 1

Toronto-Dominion Bank has released the interest rate for its $1.75-billion of 3.600 per cent limited recourse capital notes, Series 1 (non-viability contingent capital) for the five-year period commencing on Oct. 31, 2026.

In accordance with the terms of the trust indenture dated July 29, 2021, the interest rate on the LRCNs for the period from, and including, Oct. 31, 2026, to, but excluding, Oct. 31, 2031, will be 6.281 per cent per annum.

The interest rate was calculated as the sum of the government of Canada yield (as defined in the indenture) determined as of Oct. 30, 2026, plus 2.747 per cent. Interest on the LRCNs will continue to be payable semi-annually on April 30 and Oct. 31, with the first such payment occurring on April 30, 2027. The LRCNs are scheduled to mature on Oct. 31, 2081.

In connection with the issuance of the LRCNs, TD also issued 1.75 million non-cumulative five-year fixed rate reset NVCC preferred shares, Series 26, held by Computershare Trust Company of Canada, as trustee for TD LRCN Limited Recourse Trust. In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the limited recourse trust's assets, which will consist of preferred shares, Series 26, except in limited circumstances. The LRCNs and the preferred shares, Series 26, were issued pursuant to a prospectus supplement dated July 23, 2021, to TD's short form base shelf prospectus dated Jan. 4, 2021.

With the prior written approval of the Superintendent of Financial Institutions (Canada), TD may redeem the LRCNs commencing on Oct. 31, 2031, and every five years thereafter, during the period from and including Oct. 1 to and including Oct. 31. TD may redeem the LRCNs in whole or in part on not fewer than 15 days and not more than 60 days prior notice to the LRCN holders.

For more information, the prospectus supplement dated July 23, 2021, is available on TD's website and TD's SEDAR+ profile.

About Toronto-Dominion Bank

Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. TD is the sixth-largest bank in North America by assets and serves 28.2 million clients in four key businesses operating in a number of locations in financial centres around the globe: Canadian personal and commercial banking, including TD Canada Trust and TD Auto Finance Canada; U.S. banking, including TD Auto Finance U.S. and TD Wealth (U.S.); wealth management and insurance, including TD Wealth (Canada), TD Direct Investing and TD Insurance; and wholesale banking, including TD Securities and TD Cowen. TD also ranks among North America's leading digital banks, with more than 14 million active mobile users in Canada and the United States. TD had $2.1-trillion in assets on July 31, 2026. Toronto-Dominion Bank trades under the symbol TD on the Toronto Stock Exchange and the New York Stock Exchange.