Obbligazione TD Bank 2% ( US89114QZU56 ) in USD

TD Bank

100 USD ▲

Canada

US89114QZU56 ( in USD )

2% per anno ( pagato 2 volte l'anno)

28/04/2022 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Toronto-Dominion Bank US89114QZU56 in USD 2%, scaduta

1 000 USD

89114QZU5

N/A

La Toronto-Dominion Bank (TD Bank) è una delle più grandi banche del Canada, con una significativa presenza internazionale, offrendo una vasta gamma di servizi finanziari al dettaglio e commerciali.

The Obbligazione issued by TD Bank ( Canada ) , in USD, with the ISIN code US89114QZU56, pays a coupon of 2% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 28/04/2022

424B2 1 e73988_424b2.htm PRICING SUPPLEMENT
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 1 1 7 1 8

Pricing Supplement dated April 25, 2017 to the
Prospectus Supplement dated June 30, 2016 and
Prospectus Dated June 30, 2016

The Toronto-Dominion Bank

$500,000
Callable Step Up Notes
Due April 28, 2022
The Toronto-Dominion Bank ("TD" or "we") has offered the Callable Step Up Notes due April 28, 2022 (the "Notes") described below.
CUSIP / ISIN: 89114QZU5 / US89114QZU56
The Notes will accrue interest at the following per annum fixed rates:
Year 1-3:
2.00%
Year 4:
2.75%
Year 5:
4.30%
TD will pay interest on the Notes quarterly on the 28th calendar day of January, April, July and October of each year (each an "Interest Payment Date"),
commencing on July 28, 2017.
TD may, at its option, elect to redeem the Notes in whole, but not in part, on any Optional Call Date, upon five Business Days' prior written notice,
commencing on July 28, 2017.
Any payments on the Notes are subject to the credit risk of TD. The Notes are unsecured and are not savings accounts or insured deposits of a bank. The
Notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other
governmental agency or instrumentality of Canada or the United States.
The Notes will not be listed on any securities exchange.
I nve st m e nt in t he N ot e s involve s a num be r of risk s. Se e "Addit iona l Risk Fa c t ors" on pa ge P-5 of t his pric ing supple m e nt ,
"Risk Fa c t ors" be ginning on pa ge S-4 of t he prospe c t us supple m e nt da t e d J une 3 0 , 2 0 1 6 (t he "prospe c t us supple m e nt ") a nd
"Risk Fa c t ors" on pa ge 1 of t he prospe c t us da t e d J une 3 0 , 2 0 1 6 (t he "prospe c t us").
N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission (t he "SEC") nor a ny st a t e se c urit ie s c om m ission ha s a pprove d or
disa pprove d of t he se se c urit ie s or de t e rm ine d t ha t t his pric ing supple m e nt , t he prospe c t us supple m e nt or t he prospe c t us is
t rut hful or c om ple t e . Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .
We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on April 28, 2017, against payment in immediately
available funds.

Public Offe ring Pric e 1
U nde rw rit ing Disc ount 2
Proc e e ds t o T D
Per Security
$1,000.00
$10.40
$989.60
Total
$500,000.00
$5,200.00
$494,800.00
1 Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forego some or all of their selling concessions, fees or
commissions. The public offering price for investors purchasing the Notes in these accounts may be as low as $993.10 (99.31%) per $1,000 principal amount
of the Notes.
2 TD Securities (USA) LLC will receive a commission of up to $10.40 (1.04%) per $1,000 principal amount of the Notes and will use a portion of that
commission to allow selling concessions to other dealers in connection with the distribution of the Notes. The other dealers may forgo, in their sole
discretion, some or all of their selling concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page P-8 of this pricing supplement.
TD SECURITIES (USA) LLC
P-1

https://www.sec.gov/Archives/edgar/data/947263/000089109217003470/e73988_424b2.htm[4/27/2017 1:00:19 PM]

Ca lla ble St e p U p N ot e s
Due April 2 8 , 2 0 2 2

Summary
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the prospectus
supplement and the prospectus.
I ssue r:
The Toronto-Dominion Bank
I ssue :
Senior Debt Securities
T ype of N ot e :
Callable Step Up Notes
CU SI P / I SI N :
89114QZU5 / US89114QZU56
U nde rw rit e r:
TD Securities (USA) LLC
Curre nc y:
U.S. Dollars
M inim um I nve st m e nt :
$1,000 and minimum denominations of $1,000 in excess thereof.
Princ ipa l Am ount
$1,000 per Note
Pric ing Da t e :
April 25, 2017
I ssue Da t e :
April 28, 2017
M a t urit y Da t e :
April 28, 2022, subject to redemption by TD prior to the maturity date as set forth below under
"Redemption."
Pa ym e nt a t M a t urit y
If the Notes have not been redeemed by us, as described elsewhere in this pricing supplement, TD will pay
you the Principal Amount of your Notes plus any accrued and unpaid interest.
I nt e re st Ra t e :
Rates per annum, payable quarterly in arrears (equal payments):
April 28, 2017 to but excluding April 28, 2020: 2.00%
April 28, 2020 to but excluding April 28, 2021: 2.75%
April 28, 2021 to but excluding April 28, 2022: 4.30%
Da y Count Fra c t ion:
30/360
I nt e re st Pa ym e nt Da t e s:
Quarterly, on the 28th calendar day of January, April, July and October of each year, commencing on July
28, 2017. If an Interest Payment Date is not a Business Day, interest shall be paid on the next Business
Day, without adjustment for period end dates and no interest shall be paid in respect of the delay.
Re de m pt ion:
The Notes are redeemable by TD, in whole, but not in part, on any Optional Call Date at 100% of their
Principal Amount together with accrued and unpaid interest, if any, to, but excluding the applicable Optional
Call Date. TD will provide written notice to DTC at least five (5) Business Days prior to the applicable
Optional Call Date.
Opt iona l Ca ll Da t e s:
The 28th calendar day of January, April, July and October of each year, commencing on July 28, 2017, and
ending on the Interest Payment Date immediately preceding the Maturity Date. If an Optional Call Date is
not a Business Day, then the Notes shall be redeemable on the next Business Day and no interest shall be
paid in respect of the delay.
Busine ss Da y:
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 City or Toronto.
U .S. T a x T re a t m e nt :
The Notes should be treated for U.S. federal income tax purposes as fixed rate debt instruments that are
issued without original issue discount. Please see the discussion below under "Supplemental Discussion of
U.S. Federal Income Tax Consequences", which apply to your Notes.
https://www.sec.gov/Archives/edgar/data/947263/000089109217003470/e73988_424b2.htm[4/27/2017 1:00:19 PM]

TD SECURITIES (USA) LLC
P-2

Ca na dia n T a x T re a t m e nt :
Please see the discussion under the caption "Tax Consequences--Canadian Taxation" in the prospectus,
which applies to your Notes.
Ca lc ula t ion Age nt :
TD
List ing:
The Notes will not be listed on any securities exchange.
Cle a ra nc e a nd Se t t le m e nt : DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described
under "Forms of the Debt Securities" and "Book-Entry Procedures and Settlement" in the prospectus).
T e rm s I nc orpora t e d
All of the terms appearing above the item captioned "Listing" beginning on page P-3 of this pricing
in t he M a st e r N ot e :
supplement and the terms appearing under the caption "Description of the Notes We May Offer" in the
prospectus supplement, as modified by this pricing supplement.
TD SECURITIES (USA) LLC
P-3

Additional Terms of Your Notes
You should read this pricing supplement together with the prospectus, as supplemented by the prospectus supplement, relating to our Senior
Debt Securities, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings given
to them in the prospectus supplement. In the event of any conflict, this pricing supplement will control. The Notes vary from the terms
described in the prospectus supplement in several important ways. You should read this pricing supplement carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all
prior
or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade
ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among
other things, the matters set forth in "Additional Risk Factors" on page P-5 of this pricing supplement, "Risk Factors" beginning on page S-4 of
the prospectus supplement and "Risk Factors" on page 1 of the prospectus, as the Notes involve risks not associated with conventional debt
securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes. You may access
these documents on the SEC website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant date on
the SEC website):

Prospectus dated June 30, 2016:
https://www.sec.gov/Archives/edgar/data/947263/000119312516638441/d162493d424b3.htm

Prospectus Supplement dated June 30, 2016:
https://www.sec.gov/Archives/edgar/data/947263/000119312516638460/d191617d424b3.htm
Our Central Index Key, or CIK, on the SEC website is 0000947263. As used in this pricing supplement, the "Bank," "we," "us," or "our" refers to
The Toronto-Dominion Bank and its subsidiaries. Alternatively, The Toronto-Dominion Bank, any agent or any dealer participating in this offering
will arrange to send you the prospectus supplement and the prospectus if you so request by calling 1-855-303-3234.
TD SECURITIES (USA) LLC
P-4

Additional Risk Factors
The Notes involve risks not associated with an investment in ordinary fixed rate notes. This section describes the most significant risks relating
to the terms of the Notes. For additional information as to these risks, please see the prospectus supplement and the prospectus.
You should carefully consider whether the Notes are suited to your particular circumstances before you decide to purchase them. Accordingly,
prospective investors should consult their investment, legal, tax, accounting and other advisors as to the risks entailed by an investment in the
Notes and the suitability of the Notes in light of their particular circumstances.
https://www.sec.gov/Archives/edgar/data/947263/000089109217003470/e73988_424b2.htm[4/27/2017 1:00:19 PM]

I nve st ors Are Subje c t t o Our Cre dit Risk , a nd Our Cre dit Ra t ings a nd Cre dit Spre a ds M a y Adve rse ly Affe c t t he
M a rk e t V a lue of t he N ot e s.
Investors are dependent on TD's ability to pay all amounts due on the Notes on the Interest Payment Dates and the Maturity Date, 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 for taking TD's credit risk is likely to adversely affect the market value of the
Notes.
T he N ot e s Are Subje c t t o Ea rly Re de m pt ion a t T D's Opt ion.
TD has the option to redeem the Notes on any Optional Call Dates as set forth above. It is more likely that we will redeem the Notes prior to the
Maturity Date to the extent that the interest payable on the Notes is greater than the interest that would be payable on our other instruments of a
comparable maturity, terms and credit rating trading in the market. If the Notes are redeemed prior to their stated Maturity Date, you may have
to re-invest the proceeds in a lower rate environment.
T he St e p U p Fe a t ure Pre se nt s Diffe re nt I nve st m e nt Conside ra t ions T ha n Fix e d Ra t e N ot e s.
The interest rate payable on the Notes during their term will increase from the initial interest rate, subject to TD's right to redeem the notes on
any Optional Call Date. You should not expect to earn the higher stated interest rates which are applicable only after the first Optional Call Date
because the Notes may be redeemed prior to the stated Maturity Date. Should general market interest rates increase beyond the rates provided
by the Notes during the term of the Notes, we will likely not redeem the Notes, and investors will be holding Notes that bear interest at below-
market rates.
T he Age nt Disc ount , Offe ring Ex pe nse s a nd Ce rt a in H e dging Cost s Are Lik e ly t o Adve rse ly Affe c t Se c onda ry M a rk e t
Pric e s.
Assuming no changes in market conditions or any other relevant factors, the price, if any, at which you may be able to sell the Notes will likely be
lower than the public offering price. The public offering price includes, and any price quoted to you is likely to exclude, the underwriting discount
paid in connection with the initial distribution, offering expenses as well as the cost of hedging our obligations under the Notes. In addition, any
such price is also likely to reflect dealer discounts, mark-ups and other transaction costs, such as a discount to account for costs associated
with establishing or unwinding any related hedge transaction.
T he re M a y N ot Be a n Ac t ive T ra ding M a rk e t for t he N ot e s -- Sa le s in t he Se c onda ry M a rk e t M a y Re sult in Signific a nt
Losse s.
There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange. TD Securities (USA) LLC and
other affiliates of TD may make a market for the Notes; however, they are not required to do so. TD Securities (USA) LLC or any other affiliate of
TD may stop any market-making activities at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity
or trade at prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a result, the difference
between bid and ask prices for your Notes in any secondary market could be substantial.
If you sell your Notes before the Maturity Date, you may have to do so at a substantial discount from the issue price, and as a result, you may
suffer substantial losses.
T he T e m pora ry Pric e a t Whic h t he U nde rw rit e r M a y I nit ia lly Buy T he N ot e s in t he Se c onda ry M a rk e t M a y Ex c e e d
Ot he r Se c onda ry M a rk e t V a lue s a nd, De pe nding on Y our Brok e r, t he V a lua t ion Provide d on Y our Cust om e r Ac c ount
St a t e m e nt s M a y N ot Be I ndic a t ive of Fut ure Pric e s of Y our N ot e s.
Assuming that all relevant factors remain constant after the Pricing Date, the price at which the Underwriter may initially buy or sell the Notes in
the secondary market (if the Underwriter makes a market in the Notes, which it is not obligated to do) may, for a temporary period after the Issue
Date of the Notes, exceed the secondary market value of the Notes, as discussed further under "Supplemental Plan of Distribution (Conflicts of
Interest)." During this temporary period such prices may, depending on your broker, be greater than the valuation provided on your customer
account statements; you should inquire with your broker as to the valuation provided on your customer account statement. The price at which
the Underwriter may initially buy or sell the Notes in the secondary market may not be indicative of future prices of your Notes.
Signific a nt Aspe c t s of t he T a x T re a t m e nt of t he N ot e s M a y Be U nc e rt a in.
The U.S. tax treatment of the Notes may be uncertain. Please read carefully the section entitled "Supplemental Discussion of U.S. Federal
Income Tax Consequences" below. You should consult your tax advisor about your tax situation.
For a more complete discussion of the Canadian federal income tax consequences of investing in the Notes, please see "Tax Consequences--
Canadian Taxation" in the prospectus. If you are not a Non-resident Holder (as that term is defined in "Canadian Taxation" in the prospectus) for
Canadian federal income tax purposes or if you acquire the Notes in the secondary market, you should consult your tax advisors as to the
consequences of acquiring, holding and disposing of the Notes and receiving the payments that might be due under the Notes.
TD SECURITIES (USA) LLC
P-5

https://www.sec.gov/Archives/edgar/data/947263/000089109217003470/e73988_424b2.htm[4/27/2017 1:00:19 PM]

Supplemental Discussion of U.S. Federal Income Tax Consequences
General The following discussion summarizes certain U.S. federal income tax consequences to U.S. Holders of the purchase, beneficial
ownership and disposition of the Notes. This discussion replaces the federal income tax discussions in the prospectus supplement and
prospectus.
For purposes of this summary, a "U.S. Holder" is a beneficial owner of a Note that is:
·
an individual who is a citizen or a resident of the U.S., for U.S. federal income tax purposes;
·
a corporation (or other entity that is treated as a corporation for U.S. federal income tax purposes) that is created or organized in or
under the laws of the U.S. or any State thereof (including the District of Columbia);
·
an estate whose income is subject to U.S. federal income taxation regardless of its source; or
·
a trust if a court within the U.S. is able to exercise primary supervision over its administration, and one or more U.S. persons, for
U.S. federal income tax purposes, have the authority to control all of its substantial decisions.
For purposes of this summary, a "Non-U.S. Holder" is a beneficial owner of a Note that is:
·
a nonresident alien individual for federal income tax purposes;
·
a foreign corporation for federal income tax purposes; or
·
an estate or trust whose income is not subject to federal income tax on a net income basis.
An individual may, subject to certain exceptions, be deemed to be a resident of the U.S. for U.S. federal income tax purposes by reason of
being present in the U.S. for at least 31 days in the calendar year and for an aggregate of at least 183 days during a three year period ending in
the current calendar year (counting for such purposes all of the days present in the current year, one third of the days present in the
immediately preceding year, and one sixth of the days present in the second preceding year).
This summary is based on interpretations of the Internal Revenue Code of 1986, as amended, regulations issued thereunder, and rulings and
decisions currently in effect (or in some cases proposed), all of which are subject to change. Any such change may be applied retroactively and
may adversely affect the U.S. federal income tax consequences described herein. In addition, this summary addresses only holders that
purchase Notes at initial issuance, and own Notes as capital assets and not as part of a "straddle," "hedge," "synthetic security," or a "conversion
transaction" for U.S. federal income tax purposes or as part of some other integrated investment. This summary does not discuss all of the tax
consequences (such as any alternative minimum tax consequences) that may be relevant to particular investors or to investors subject to
special treatment under the U.S. federal income tax laws (such as banks, thrifts or other financial institutions; insurance companies; securities
dealers or brokers, or traders in securities electing mark-to-market treatment; regulated investment companies or real estate investment trusts;
small business investment companies; S corporations; partnerships; or investors that hold their Notes through a partnership or other entity
treated as a partnership for U.S. federal income tax purposes; holders whose functional currency is not the U.S. dollar; certain former citizens or
residents of the U.S.; retirement plans or other tax-exempt entities, or persons holding the Notes in tax-deferred or tax-advantaged accounts;
persons that purchase or sell the Notes as part of a wash sale for tax purposes; or "controlled foreign corporations" or "passive foreign
investment companies" for U.S. federal income tax purposes). This summary also does not address the tax consequences to shareholders, or
other equity holders in, or beneficiaries of, a holder, or any state, local or foreign tax consequences of the purchase, ownership or disposition of
the Notes. Persons considering the purchase of Notes should consult their tax advisors concerning the application of U.S. federal income tax
laws to their particular situations as well as any consequences of the purchase, beneficial ownership and disposition of Notes arising under the
laws of any other taxing jurisdiction.
U .S. Fe de ra l I nc om e T a x T re a t m e nt of t he N ot e s a s I nde bt e dne ss for U .S. Fe de ra l I nc om e T a x Purpose s a nd
Pa ym e nt s of I nt e re st
The Notes should be treated as indebtedness for U.S. federal income tax purposes, and the balance of this summary assumes that the Notes
are treated as indebtedness for U.S. federal income tax purposes.
We intend to take the position that, solely for purposes of determining whether the Notes are issued with original issue discount, we are deemed
to exercise our option to redeem the Notes prior to each interest rate step-up and, as a result, interest payments on the Notes will be taxable to
a U.S. Holder as Non-U.S.-source ordinary interest income at the time it accrues or is received in accordance with the U.S. Holder's normal
method of accounting for tax purposes. Pursuant to the terms of the Notes, you agree to treat the Notes consistent with our treatment for all
U.S. federal income tax purposes.
In the opinion of our counsel, Cadwalader, Wickersham & Taft LLP, your Notes should be treated as described above. However, the U.S. federal
income tax treatment of the Notes is uncertain. We do not plan to request a ruling from the Internal Revenue Service
TD SECURITIES (USA) LLC
P-6
https://www.sec.gov/Archives/edgar/data/947263/000089109217003470/e73988_424b2.htm[4/27/2017 1:00:19 PM]

regarding the tax treatment of the Notes, and the Internal Revenue Service or a court may not agree with the tax treatment described in this
pricing supplement. We urge you to consult your tax advisor as to the tax consequences of your investment in the Notes.
Sa le , Ex c ha nge , Ea rly Re de m pt ion or M a t urit y of t he N ot e s
Upon the disposition of a Note by sale, exchange, early redemption, maturity or other taxable disposition, a U.S. Holder should generally
recognize taxable gain or loss equal to the difference between (1) the amount realized on the disposition (other than amounts attributable to
accrued but untaxed interest) and (2) the U.S. Holder's adjusted tax basis in the Note. A U.S. Holder's adjusted tax basis in a Note generally will
equal the U.S. Holder's cost of the Note. Because the Note is held as a capital asset, such gain or loss will generally constitute capital gain or
loss. Capital gain of a noncorporate U.S. Holder is generally taxed at preferential rates where the holder has a holding period of greater than one
year. The deductibility of a capital loss realized on the sale, exchange, early redemption, maturity or other taxable disposition of a Note is subject
to limitations.
M e dic a re T a x on N e t I nve st m e nt I nc om e
U.S. Holders that are individuals or estates and certain trusts are subject to an additional 3.8% tax on all or a 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 with respect to the
Notes, to the extent of their net investment income 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 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 (which, in 2017, is $12,500). The 3.8% Medicare tax is determined in a different manner than the regular income tax. You should
consult your tax advisor with respect to the 3.8% Medicare tax.
Spe c ifie d Fore ign Fina nc ia l Asse t s
Certain U.S. Holders that own "specified foreign financial assets" may be 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. You are urged to consult your tax advisor as to
the application of this legislation to your ownership of the Notes.
T a x T re a t m e nt of N on -U .S. H olde rs
In general and subject to the discussion below, payments on the Notes to a Non-U.S. Holder and gain realized on the sale, exchange, early
redemption, maturity or other taxable disposition of the Notes by a Non-U.S. Holder will not be subject to U.S. federal income or withholding tax,
unless (1) such income is effectively connected with a trade or business conducted by such Non-U.S. Holder in the U.S., (2) in the case of gain,
such Non-U.S. Holder is a nonresident alien individual who holds the Notes as a capital asset and is present in the U.S. for more than 182 days
in the taxable year of the sale and certain other conditions are satisfied, or (3) such Non-U.S. Holder fails to provide the relevant correct,
complete and executed IRS Form W-8.
Ba c k up Wit hholding a nd I nform a t ion Re port ing
Interest paid on, and the proceeds received from a sale, exchange, early redemption, maturity or other taxable disposition of Notes held by a
U.S. Holder will be subject to information reporting unless the U.S. Holder is an "exempt recipient" and may also be subject to backup
withholding if the holder fails to provide certain identifying information (such as an accurate taxpayer number) or meet certain other conditions.
Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against your U.S. federal income
tax liability, provided the required information is furnished to the Internal Revenue Service.
Payments of principal and interest on, and proceeds from the sale of, Notes held by a Non-U.S. Holder to or through certain brokers may be
subject to a backup withholding tax on "reportable payments" unless, in general, the holder complies with certain procedures or is an exempt
recipient. Any such amounts so withheld from distributions on the Notes generally will be refunded by the Internal
Revenue Service or allowed as a credit against the holder's federal income tax, provided the holder makes a timely filing of an appropriate tax
return or refund claim. Reports will be made to the Internal Revenue Service and to holders that are not excepted from the reporting
requirements.
Bot h U .S. a nd N on -U .S. H olde rs should c onsult t he ir t a x a dvisors re ga rding t he U .S. fe de ra l inc om e t a x
c onse que nc e s of a n inve st m e nt in t he N ot e s, a s w e ll a s a ny t a x c onse que nc e s a rising unde r t he la w s of a ny st a t e ,
loc a l or non -U .S. t a x ing jurisdic t ion (inc luding t ha t of T D).
TD SECURITIES (USA) LLC
P-7

Supplemental Plan of Distribution (Conflicts of Interest)
https://www.sec.gov/Archives/edgar/data/947263/000089109217003470/e73988_424b2.htm[4/27/2017 1:00:19 PM]

We have appointed TD Securities (USA) LLC, an affiliate of TD, as the agent for the sale of the Notes. Pursuant to the terms of a distribution
agreement, TD Securities (USA) LLC will purchase the Notes from TD at the public offering price less the underwriting discount set forth on the
cover page of this pricing supplement for distribution to other registered broker-dealers, or has offered the securities directly to investors. TD
Securities (USA) LLC or other registered broker-dealers have offered the Notes at the public offering price set forth on the cover page of this
pricing supplement. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forego some or all of their
selling concessions, fees or commissions. The public offering price for investors purchasing the Notes in these accounts may be as low as
$993.10 (99.31%) per $1,000 principal amount of the Notes. TD Securities (USA) LLC will receive a commission of up to $10.40 (1.04%) per
$1,000 principal amount of the Notes and will use a portion of that commission to allow selling concessions to other dealers in connection with
the distribution of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions.
Delivery of the Notes will be made against payment for the Notes on April 28, 2017, which is the third (3rd) Business Day following the Pricing
Date (this settlement cycle being referred to as "T+3"). See "Plan of Distribution" in the prospectus.
Assuming that all relevant factors remain constant after the Pricing Date, the price at which the Underwriter may initially buy or sell the Notes in
the secondary market, if any, may, for a temporary period expected to be approximately 18 months after the Issue Date, exceed the secondary
market value of the Notes because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of
hedging our obligations under the Notes and other costs in connection with the Notes which we will no longer expect to incur over the term of
the Notes. This discretionary election and the temporary reimbursement period are determined on the basis of a number of factors, including the
tenor of the Notes and any agreement we may have with the distributors of the Notes. The amount of our estimated costs which we effectively
reimburse to 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 Issue Date of the Notes based on changes in market
conditions and other factors that cannot be predicted.
Conflicts of Interest. TD Securities (USA) LLC is an affiliate of TD and, as such, has a ``conflict of interest'' in this offering within the meaning of
Financial Industry Regulatory Authority, Inc. ("FINRA") Rule 5121. In addition, TD will receive the net proceeds from the initial public offering of
the notes, thus creating an additional conflict of interest within the meaning of FINRA Rule 5121. Consequently, the offering is being conducted
in compliance with the provisions of FINRA Rule 5121. TD Securities (USA) LLC is not permitted to sell notes in this offering to an account over
which it exercises discretionary authority without the prior specific written approval of the account holder.
We may use this pricing supplement in the initial sale of the Notes. In addition, TD Securities (USA) LLC or another of our affiliates may use this
pricing supplement in a market-making transaction in the Notes after their initial sale. Unless we or our agent informs the purchaser
otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.
TD SECURITIES (USA) LLC
P-8

Validity of the Notes
In the opinion of Cadwalader, Wickersham & Taft LLP, as special products counsel to TD, when the Notes offered by this pricing supplement
have been executed and issued by TD and authenticated by the trustee pursuant to the indenture and delivered, paid for and sold as
contemplated herein, the Notes will be valid and binding obligations of TD, enforceable against TD in accordance with their terms, 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 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, Cadwalader, Wickersham & Taft LLP has assumed, without independent inquiry or investigation, the validity of the matters
opined on by McCarthy Tétrault LLP, Canadian legal counsel for TD, in its opinion expressed below. In addition, this opinion is subject to
customary assumptions about the trustee's authorization, execution and delivery of the indenture and, with respect to the Notes, authentication
of the Notes and the genuineness of signatures and certain factual matters, all as stated in the opinion of Cadwalader, Wickersham & Taft LLP
dated May 31, 2016 which has been filed as Exhibit 5.3 to the registration statement on form F-3 filed by the Bank on May 31, 2016.
In the opinion of McCarthy Tétrault LLP, the issue and sale of the Notes has been duly authorized by all necessary corporate action on the part
of TD, and when this pricing supplement has been attached to, and duly notated on, the master note that represents the Notes, the Notes will
have been validly executed and issued and, to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario, or the
laws of Canada applicable therein, will be valid obligations of TD, subject to the following limitations: (i) the enforceability of the indenture is
subject to bankruptcy, insolvency, reorganization, arrangement, winding up, moratorium and other similar laws of general application limiting the
enforcement of creditors' rights generally; (ii) the enforceability of the indenture is subject to general equitable principles, including the fact that
the availability of equitable remedies, such as injunctive relief and specific performance, is in the discretion of a court; (iii) courts in Canada are
precluded from giving a judgment in any currency other than the lawful money of Canada; and (iv) the enforceability of the indenture will be
https://www.sec.gov/Archives/edgar/data/947263/000089109217003470/e73988_424b2.htm[4/27/2017 1:00:19 PM]

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 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 Provinces of Ontario and the federal laws of Canada applicable thereto. In 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 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 May 31, 2016, which has been filed as
Exhibit 5.2 to the registration statement on form F-3 filed by TD on May 31, 2016.
TD SECURITIES (USA) LLC
P-9

https://www.sec.gov/Archives/edgar/data/947263/000089109217003470/e73988_424b2.htm[4/27/2017 1:00:19 PM]

Document Outline

#1">
- #1">