Mr. Alicia Skrinjar reports

TD ASSET MANAGEMENT INC. ANNOUNCES MERGERS AND TERMINATIONS TO ITS INVESTMENT FUND LINE-UP

Toronto-Dominion Bank's TD Asset Management Inc. (TDAM), the manager of TD mutual funds and TD managed assets program portfolios, has arranged fund mergers and terminations, as indicated below.

Fund mergers

Effective on or about Oct. 24, 2025, TDAM will merge each of the discontinuing funds into each of the corresponding continuing funds, as indicated in the table below, on a tax-deferred basis.

The decision to merge the TD FundSmart managed portfolios will further optimize portfolio management efficiency within TDAM's managed portfolio programs. TDAM believes the mergers are in the best interests of the discontinuing funds.

The independent review committee of each of the discontinuing funds considered the mergers and after determining that they achieve a fair and reasonable result for the discontinuing funds provided a positive recommendation in respect of each of the mergers.

None of the discontinuing funds or continuing funds will bear any of the costs or expenses of the mergers. Such costs will be borne by TDAM.

Securityholders of each discontinuing fund will receive units of the equivalent series of the respective continuing fund, determined on a dollar-for-dollar basis. Each discontinuing fund will be wound up as soon as reasonably possible following its merger.

Securityholders may redeem or switch their holdings of a discontinuing fund until market close on the effective date.

Termination of certain TD mutual funds

Effective on or about Oct. 24, 2025, TDAM will terminate the following funds:

• TD Global Conservative Opportunities Fund;
• TD Global Balanced Opportunities Fund.

Effective today, the terminating funds will no longer accept additional purchases, including purchases made through preauthorized purchase plans and preauthorized contribution plans. Securityholders may redeem or switch their holdings of a terminating fund for settlement on or prior to market close on Oct. 24, 2025. TDAM will not charge securityholders any short-term trading fees, sales charges or other fees related to transactions involving the terminating funds. On or about Oct. 24, 2025, TDAM will liquidate the holdings of the terminating funds at fair market value, determine distributions and distribute the net assets to securityholders.

If a terminating fund is held in a non-registered account, redemptions of securities from the termination will be treated as a taxable disposition and may result in capital gains or losses. There will be no immediate tax implication of the redemption of securities from the terminating fund if held within a registered plan.

A notice will be sent to each securityholder of the terminating funds and discontinuing funds regarding the mergers and terminations at least 60 days prior to these changes taking effect.

About TD Asset Management Inc.

TDAM, a member of TD Bank Group, is a North American investment management firm. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of almost two million retail investors and offers a broadly diversified suite of investment solutions, including mutual funds, professionally managed portfolios and corporate class funds. Asset management businesses at TD manage $496-billion in assets. Aggregate statistics are as of March 31, 2025, for TDAM and Epoch Investment Partners Inc. TDAM operates in Canada and Epoch Investment Partners operates in the United States. Both entities are affiliates and are wholly owned subsidiaries of Toronto-Dominion Bank.