Toronto-Dominion Bank

Capital/Financing Update • Dec 5, 2025

Calculation Date: Date of Report:

This report contains information regarding TD Covered Bond (Legislative) Programme's Cover Pool as of the indicated Calculation Date. The composition of the Cover Pool will change as Loans (and their Related Security) are added and removed from the Cover Pool from time to time and, accordingly, the characteristics and performance of the Loans (and their Related Security) in the Cover Pool will vary over time.

This material is for distribution only under such circumstances as may be permitted by applicable law. This material is published solely for informational purposes and this report does not constitute an invitation or recommendation to invest or otherwise deal in, or an offer to sell or the solicitation of an offer to buy or subscribe for, any security. Reliance should not be placed on the information herein when making any decision to buy, hold or sell any security or for any other purpose.

The information set forth below has been obtained and based upon sources believed by The Toronto-Dominion Bank ("TD") to be accurate, however, TD makes no representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of the information contained herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. We assume no liability for any errors or any reliance you place on the information provided herein.

THESE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADA MORTGAGE AND HOUSING CORPORATION ("CMHC") NOR HAS CMHC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS DISCLOSURE DOCUMENT. THESE COVERED BONDS ARE NOT INSURED OR GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY OTHER AGENCY THEREOF.

			BUNDS ARE NOT INSURED OR	GUARANTEED BY CMHC OR THE GOVE	ERNMENT OF CANAL	JA OR AI	NY UTHER AGENCY THEREC	r.
Programme I
Series (1)		itial Principal	Coupon Rate	Rate Type	Exchange Rate		CAD Equivalent	Final Maturity	Moody's Rating	DBRS Rating	Fitch Rating
CBL28	€	1,250,000,000	0.100%	Fixed	1.4713	\$	1,839,125,000	July 19, 2027	Aaa	AAA	AAA
CBL34	€	2,500,000,000	0.864%	Fixed	1.4028	\$	3,507,000,000	March 24, 2027	Aaa	AAA	AAA
CBL35 CBL41	US\$ €	2,000,000,000	3.301% 3.250%	Fixed Fixed	1.2630 1.3492	\$	2,526,000,000	April 20, 2027	Aaa Aaa	AAA AAA	AAA AAA
CBL41	€	1,250,000,000 3,500,000,000	3.879%	Fixed	1.4552	\$ \$	1,686,500,000 5,093,200,000	April 27, 2026 March 13, 2026	Aaa	AAA	AAA
CBL43	ě	1,500,000,000	3.715%	Fixed	1.4530	s	2,179,500,000	March 13, 2030	Aaa	AAA	AAA
CBL44	AU\$	950,000,000	4.500%	Fixed	0.9084	s	862,986,555	March 16, 2026	Aaa	AAA	AAA
CBL45	AU\$	1,550,000,000	3M BBSW +0.70%	Float	0.9080	s	1,407,390,390	March 16, 2026	Aaa	AAA	AAA
CBL46	US\$	1,600,000,000	4.701%	Fixed	1.3615	\$	2,178,400,000	June 5, 2026	Aaa	AAA	AAA
CBL47	CA\$	1,250,000,000	CORRA + 65 bps	Float	1.0000	\$	1,250,000,000	June 8, 2026	Aaa	AAA	AAA
CBL48	£	850,000,000	SONIA + 70 bps	Float	1.6632	\$	1,413,720,000	June 12, 2028	Aaa	AAA	AAA
CBL50	US\$	100,000,000	SOFR + 68 bps	Float	1.3158	\$	131,580,000	January 9, 2026	Aaa	AAA	AAA
CBL51	CHF	315,000,000	1.970%	Fixed	1.5393	\$	484,888,950	September 18, 2026	Aaa	AAA	AAA
CBL52 CBL53	CHF €	185,000,000	1.945%	Fixed Float	1.5393 1.4735	\$ \$	284,776,050	September 18, 2029	Aaa Aaa	AAA AAA	AAA AAA
CBL53 CBL54	€	1,500,000,000	3M EURIBOR + 36 bps 3.765%	Fixed	1.4735	\$	1,105,125,000 2,210,250,000	September 8, 2026 September 8, 2026	Aaa Aaa	AAA	AAA
CBL54	€	1,000,000,000	3.666%	Fixed	1.4725	\$	1,472,500,000	September 8, 2031	Aaa	AAA	AAA
CBL56	US\$	1,750,000,000	5.141%	Fixed	1.3668	Š	2,391,900,000	September 13, 2028	Aaa	AAA	AAA
CBL57	US\$	200,000,000	SOFR + 92 bps	Float	1.3661	s	273,220,000	August 24, 2028	Aaa	AAA	AAA
CBL58	AU\$	1,300,000,000	3M BBSW + 97 bps	Float	0.8710	s	1,132,287,000	September 15, 2028	Aaa	AAA	AAA
CBL59	AU\$	700,000,000	4.950%	Fixed	0.8710	\$	609,693,000	September 15, 2028	Aaa	AAA	AAA
CBL60	€	30,000,000	3.714%	Fixed	1.4420	\$	43,260,000	September 25, 2041	Aaa	AAA	AAA
CBL61	€	118,500,000	3.979%	Fixed	1.4480	\$	171,588,000	October 13, 2033	Aaa	AAA	AAA
CBL62	US\$	3,500,000,000	SOFR + 92 bps	Float	1.3650	\$	4,777,500,000	October 20, 2028	Aaa	AAA	AAA
CBL63	£	1,250,000,000	SONIA + 67 bps	Float	1.7046	\$	2,130,750,000	January 18, 2027	Aaa	AAA	AAA
CBL64	CHF	265,000,000	1.483%	Fixed	1.5686	\$	415,686,950	January 30, 2029	Aaa	AAA	AAA
CBL65	CA\$	2,000,000,000	4.516%	Fixed	1.0000	\$	2,000,000,000	January 29, 2027	Aaa	AAA	AAA
CBL66 CBL67	€	2,500,000,000	3M EURIBOR + 35 bps 3.191%	Float Fixed	1.4728 1.4738	\$ \$	2,945,502,000 3,684,500,000	February 16, 2027 February 16, 2029	Aaa Aaa	AAA AAA	AAA AAA
CBL67	€	1,000,000,000	3.247%	Fixed	1.4731	S	1,473,100,000	February 16, 2034	Aaa	AAA	AAA
CBL69	CA\$	1,000,000,000	4.232%	Fixed	1.0000	s	1,000,000,000	April 2, 2029	Aaa	AAA	AAA
CBL70	€		3M EURIBOR + 26 bps	Float	1.4730	s	441,900,000	October 19, 2026	Aaa	AAA	AAA
CBL70-2	€			Float	1.4658	\$	293,160,000	October 19, 2026	Aaa	AAA	AAA
CBL71	US\$	250,000,000	SOFR + 73 bps	Float	1.3770	\$	344,250,000	February 15, 2029	Aaa		AAA
CBL70-3	€	250,000,000	3M EURIBOR + 26 bps	Float	1.4815	\$	370,375,000	October 19, 2026	Aaa	AAA	AAA
CBL72	£	800,000,000	SONIA + 60 bps	Float	1.7371	\$	1,389,680,000	June 11, 2029	Aaa	AAA	AAA
CBL73	US\$	250,000,000	SOFR + 69 bps	Float	1.3625	\$	340,625,000	July 11, 2029	Aaa		AAA
CBL74	US\$	2,500,000,000	4.814%	Fixed	1.3635	\$	3,408,750,000	July 16, 2027	Aaa	AAA	AAA
CBL75	€		3M EURIBOR + 31 bps	Float	1.4978	\$	1,497,800,000	September 3, 2027	Aaa	AAA	AAA
CBL76 CBL77	€	1,750,000,000 1,500,000,000	2.776% 2.862%	Fixed Fixed	1.4990 1.4993	\$ \$	2,623,250,000 2,248,950,000	September 3, 2027 April 15, 2031	Aaa Aaa	AAA AAA	AAA AAA
				Fixed	1.4993	٥	2,240,950,000	April 15, 2031	Add	AAA	AAA
Covered Bond	s currently	outstanding (CAD Eq	uivalent):			\$	65,640,668,895
OSFI Covered B	Bond Ratio (2)						3.40%
OSFI Covered E	Bond Ratio L	imit					5.50%
Weighted avera	ae maturity	of Outstanding Covered	d Bonds in months				28.52
			he cover pool in months				23.61
Va. Partias
Key Parties Issuer, Seller, S	Carvicar Cae	h Manager				The T	pronto-Dominion Bank
Account Bank.							oronto-Dominion Bank
Interest Rate Swap Provider, Covered Bond Swap Provider					oronto-Dominion Bank
Standby Account Bank, Standby GDA Provider					of Montreal
Bond Trustee, Custodian, Corporate Services Provider						utershare Trust Company of Ca
Guarantor Asset Monitor						vered Bond (Legislative) Guara & Young LLP	nor Ennited Partnership
Paying Agents							nk, N.A. and Citibank, N.A. Lond	don Branch
Intercompany	I oan Balan	re
tercompany		itee Loan				\$	69,163,442,217
	Deman					\$	50,176,459,991
	Total:						119,339,902,208
Events of Defa	ult

Guarantor Event of Default

(1) An Extended Due for Payment Date twelve months after the Final Maturity Date has been specified in the Final Terms of each Series. The Coupon Rate specified in this report in respect of each Series applies until the Final Maturity Date of that Series following which the

floating rate of interest specified in the Final Terms of each Series is payable monthly in arrears from and including the Final Maturity Date to but excluding the Excended Due for Payment Date.

(2) Per OSFI's letter dated May 23, 2019, the OSFI Covered Bond Ratio refers to total assets pledged for covered bonds relative to total on-balance sheet assets. Total on-balance sheet assets. Total on-balance sheet assets as at April 30, 2025.

Current Ratings	Moody's	DBRS	Fitch
The Toronto-Dominion Bank's Ratings (1):
egacy Senior Debt (2)	Aa3	AA	AA
Senior Debt (3)	A2	AA (Low)	AA-
Ratings Outlook	Stable	Negative (Long Term) Stable (Short Term)	Negative
Short-Term	P-1	R-1	F1+
Counterparty Risk Assessment (Short-Term/Long-Term)	P-1 (cr)/Aa3 (cr)	N/A	N/A
Bank of Montreal's Ratings (1):
ong Term Deposits/Legacy Senior Debt (2)	Aa2	AA	AA
Senior Debt (3)	A2	AA (low)	AA-
Ratings Outlook	Stable	Stable	Stable
Short-Term	P-1	R-1 (high)	F1+

Ratings Triggers	Counterparty		Moody's	DBRS	Fitch	Specified Rating Related Action when Ratings Triggers are below the Threshold	Ratings Threshold
Cash Management Deposit Ratings	TD	Short-Term Long-Term	P-1 -	- BBB (low)	F1 A	(a) Direct Servicer to deposit cashflows directly into the GDA Account; and (b) all amounts held by Cash Manager belonging to the Guarantor to be deposited to the GDA Account or Transaction Account, as applicable, within 2 business days	Above
Cash Manager Required Ratings	TD	Short-Term Long-Term	P-2 (cr)	BBB (low)	F2 BBB+	Obtain a guarantee from a credit support provider or replace	Above
Servicer Deposit Threshold Ratings	TD	Short-Term Long-Term	P-1 (cr)	- BBB (low)	F1 A	Deposit cashflows to the Cash Manager within 2 business days or the GDA Account, as applicable	Above

⁽¹⁾ Credit ratings are not recommendations to purchase, sell, or hold a financial obligation in as much as they do not comment on market price or suitability for a particular investor. Ratings are subject to revision or withdrawal at any time by the rating organization.

(2) Includes, (a) Senior debt issued prior to September 23, 2016 and (a) Senior debt issued on or after September 23, 2016 which is excluded from the bank recapitalization "ball-in" regime.

(3) Subject to correction under the bank recapitalization "ball-in" regime.

			•
Ratings Triggers and Requirements (co	ontinued)
		Rat	tings Triggers (1)
Ratings Trigger	Counterparty		Moody's	DBRS	Fitch	Specified Rating Related Action when Ratings Triggers are below the Threshold	Ratings Thresho
Servicer Replacement Threshold Ratings	TD	Short-Term		-	F2	Replace within 60 days	Above
		Long-Term	Baa3	BBB (low)	BBB+
Account Bank and GDA Provider	TD	Short-Term	P-1	R-1 (low)	F1	Replace with Standby Account Bank	Above
Threshold Ratings		Long-Term	-	Α	Α
Standby Account Bank & Standby GDA	BMO	Short-Term	P-1	R-1 (low)	F1	Replace	N/A
Provider Threshold Ratings		Long-Term	-	Α	Α
Registration of Title Threshold Ratings	TD	Long-Term	Baa1	BBB (low)	BBB-	Transfer the registered title to the Guarantor	Above
Reserve Fund Threshold Ratings	TD	Short-Term	P-1 (cr)	R-1 (low)	F1	Establish the Reserve Fund and fund up to the	Above
		Long-Term		- A (low)	Α	Reserve Fund Required Amount
Contingent Collateral Threshold Ratings	TD	Long-Term	Baa1	BBB (high)	BBB+	Unless the Guarantor is holding sufficient Contingent Collateral,	Above
						the Covered Bond Swap will become effective
Interest Rate Swap Provider	TD	_
Initial Rating Event		Short-Term	P-1(cr)	R-1 (low)	F1	Credit support, obtain guarantee or replace	Above
		Long-Term	A2(cr)	A	A-
Subsequent Downgrade Trigger Event		Short-Term	P-2(cr)	R-2 (middle)	F3	Obtain guarantee or replace
		Long-Term	A3(cr)	BBB	BBB-
Covered Bond Swap Provider	TD
Initial Rating Event		Short-Term	P-1(cr)	R-1 (low)	F1	Credit support, obtain guarantee or replace	Above
		Long-Term	A2(cr)	A	A-
Subsequent Downgrade Trigger Event		Short-Term	P-2(cr)	R-2 (middle)	F3	Obtain guarantee or replace
		Long-Term	A3(cr)	BBB	BBB-

⁽¹⁾ Where both a short-term and long-term rating are noted for a particular rating agency, both such triggers must be breached before the consequences apply.

(Applicable to Hard Bullet Covered Bonds)	Moody's	DBRS	Fitch	Pre-Maturity Test
Pre Maturity Minimum Ratings	P-1	A(low) (1)	F1+	N/A

Following a breach of the Pre-Maturity Test in respect of a Series of Hard Bullet Covered Bonds, and unless the Pre-Maturity Ledger is otherwise funded from other sources, the Partnership shall offer to sell Randomly Selected Loans if the Final Maturity Date is within twelve months from the Pre-Maturity Test Date.

• (i) The Bank has been required to assign the Interest Rate Swap Agreement to a third party (ii) A Notice to Pay has been served on the Guarantor (iii) The Intercompany Loan has been terminated or the revolving commitment is not renewed

Outstanding Covered Bonds

	_
Total = A + B + C + D + E - F - G	\$	113,261,439,314
G = Negative Carry Factor calculation		-
F = Contingent Collateral Amount		-
E = Reserve Fund		-
D = Substitute Assets		-
(iii) unapplied proceeds from sale of Loans		-
(ii) unapplied proceeds advanced under the Intercompany Loan Agreement		-
(i) Cash Capital Contributions	\$	100
C = the sum of
B = Principal Receipts		-
(ii) Asset Percentage Adjusted Loan Balance (1)
(i) LTV Adjusted Loan Balance (1) and
A = lesser of	\$	113,261,439,214
-

\$ 113,261,439,314

\$ 71,727,873,829

\$ 119,825,309,058

119,825,309,158

100

3 97

\$ 65,640,668,895

A(i), Aggregated A(ii), Aggregated Asset Percentage Maximum Asset Percentage

Regulatory OC Minimum Level of Overcollateralization⁽²⁾ 110 066 011 157 95.00% 97.00%

105 26%

Valuation Calculation (C\$)

Trading Value of Outstanding Covered Bonds

A = LTV Adjusted Loan Present Value (1) B = Principal Receipts C = the sum of

(i) Cash Capital Contributions (iii) unapplied proceeds advanced under the Intercompany Loan Agreement (iii) unapplied proceeds from sale of Loans

D = Trading Value of Substitute Assets E = Reserve Fund
F = Trading Value of Swap Collateral
Total = A + B + C + D + E + F

Valuation Calculation Test Result

Weighted average rate used for discounting:

(I) LTV Adjusted Loan Present Value is calculated based on quarterly indexation of original or renewal appraised value.

Amortization Test

Do any of the Covered Bonds remain outstanding? Event of Default on the part of the Registered Issuer? Amortization Test Required?

Monthly Investor Report - August 29, 2025

⁽¹⁾ For DBRS, if the Final Maturity Date is within six months of the Pre-Maturity Test, then A(high).

⁽¹⁾ LTV Adjusted Loan Balance and Asset Percentage Adjusted Loan Balance are calculated based on quarterly indexation of original or renewal appraised value.

⁽a) Per Section 4.3.8 of the CMI/C Guide, the level of overcollateralization is calculated as: (A) the lesser of (i) the total amount of cover pool collateral and (ii) the amount of cover pool collateral required to collateralize the covered bonds outstanding and ensure the Asset Coverage Test is met, divided by (B) the Caraction dollar equivalent of the principal amount of covered bonds outstanding under the registered covered bond program.

Calculation Date: 8/29/2025 Date of Report: 9/22/2025

Cover Pool - Summary Statistics

Previous Month Ending Balance	\$106,925,276,495
Current Month Ending Balance (1)	\$119,339,902,208
Number of Eligible Loans in cover pool	328,331
Average Loan Size	\$363,474
Number of Properties	328,331
Number of Primary Borrowers	315,286
Weighted Average LTV - Authorized (1)	68.04%
Weighted Average LTV - Original (1)	68.04%
Weighted Average LTV - Current (2)	55.01%
Weighted Average Seasoning (months)	47.28
Weighted Average Rate	4.30%
Weighted Average Term of Loans (months)	49.58
Weighted Average Remaining Term of Loans (months)	23.61

⁽¹⁾ Weighted Average Original LTV and Weighted Average Authorized LTV are based on original or renewal.

(2) Weighted Average Current LTV is based on quarterly indexation of original or renewal appraised value.

Cover Pool Type of Assets

	Principal Balance	Percentage	Number of Loans	Percentage
Conventional Amortizing Mortgages	118,578,858,582	99.36%	327,016	99.60%
Conventional Non-Amortizing Mortgages (1)	761,043,626	0.64%	1,315	0.40%
Total	119,339,902,208	100.00%	328,331	100.00%

⁽¹⁾ Represents the percentage of TD Variable Interest Rate Mortgages (TD VIRMs) where the customer's contractual payment is no longer sufficient to cover the interest owed. With TD VIRMs, the customer's contractual payment amount will remain the same as the TD Mortgage Prime Rate changes. Any interest that is not covered by the contractual payment is then added to the customer's principal amount and the customer's amortization period will increase unless the customer takes action to make the mortgage amortizing again (e.g. makes a lump sum principal payment or increases their contractual payment amount).

Cover Pool Rate Type Distribution

Rate Type	Principal Balance	Percentage	Number of Loans	Percentage
Fixed	80,727,120,930	67.64%	238,631	72.68%
Variable	38,612,781,278	32.36%	89,700	27.32%
Total	119,339,902,208	100.00%	328,331	100.00%

Cover Pool Rate Distribution

Loan Rate (%)	Principal Balance	Percentage	Number of Loans	Percentage
1.4999 and Below	488,953,478	0.41%	629	0.19%
1.5000 - 1.9999	8,028,674,455	6.73%	24,477	7.45%
2.0000 - 2.4999	4,726,343,648	3.96%	17,781	5.42%
2.5000 - 2.9999	2,553,020,596	2.14%	9,204	2.80%
3.0000 - 3.4999	1,538,265,944	1.29%	4,755	1.45%
3.5000 - 3.9999	17,478,850,889	14.65%	37,743	11.50%
4.0000 and above	84,525,793,198	70.83%	233,742	71.19%
Total	119,339,902,208	100.00%	328,331	100.00%

Cover Pool Occupancy Type Distribution

Occupancy Code	Principal Balance	Percentage	Number of Loans	Percentage
Non-Owner Occupied	19,923,780,207	16.69%	58,683	17.87%
Owner Occupied (1)	99,416,122,001	83.31%	269,648	82.13%
Total	119,339,902,208	100.00%	328,331	100.00%

(1) Owner Occupied & Rental mortgages have been reclassified from the "Non-Owner Occupied" to the "Owner Occupied" category to align with updated TD internal policies. This reclassification represents a change of 3.7% in the August 2024 report

Cover Pool Remaining Term Distribution

Remaining Term (Months)	Principal Balance	Percentage	Number of Loans	Percentage
5.99 and Below	9,951,701,421	8.34%	33,078	10.07%
6.00 - 11.99	20,053,081,694	16.80%	53,307	16.24%
12.00 - 23.99	39,044,352,666	32.72%	98,503	30.00%
24.00 - 35.99	25,996,206,201	21.78%	73,374	22.35%
36.00 - 41.99	5,577,556,680	4.67%	16,586	5.05%
42.00 - 47.99	3,711,399,267	3.11%	10,571	3.22%
48.00 - 53.99	6,374,710,098	5.34%	18,510	5.64%
54.00 - 59.99	7,760,100,030	6.50%	21,423	6.52%
60.00 - 65.99	742,794,450	0.62%	2,445	0.74%
66.00 - 71.99	24,527,296	0.02%	95	0.03%
72.00 - 119.99	103,205,948	0.09%	437	0.13%
120.00 +	266,456	0.00%	2	0.00%
Total	119,339,902,208	100.00%	328,331	100.00%

Cover Pool Remaining Principal Balance Distribution

Remaining Principal Balance	Principal Balance	Percentage	Number of Loans	Percentage
\$99,999 and below	1,767,556,698	1.48%	30,719	9.36%
\$100,000 - \$199,999	9,898,498,071	8.29%	64,733	19.72%
\$200,000 - \$299,999	16,797,818,882	14.08%	67,387	20.52%
\$300,000 - \$399,999	18,190,073,699	15.24%	52,237	15.91%
\$400,000 - \$499,999	17,309,321,211	14.50%	38,634	11.77%
\$500,000 - \$599,999	14,098,144,374	11.81%	25,773	7.85%
\$600,000 - \$699,999	10,669,509,292	8.94%	16,492	5.02%
\$700,000 - \$799,999	8,092,516,633	6.78%	10,819	3.30%
\$800,000 - \$899,999	6,222,295,786	5.21%	7,342	2.24%
\$900,000 - \$999,999	4,809,189,038	4.03%	5,075	1.55%
\$1,000,000 and above	11,484,978,523	9.62%	9,120	2.78%
Total	119,339,902,208	100.00%	328,331	100.00%

Cover Pool Property Type Distribution

Property Type	Principal Balance	Percentage	Number of Loans	Percentage
Detached (Single Family)	76,871,124,798	64.41%	202,225	61.59%
Semi-Detached	7,544,151,034	6.32%	19,437	5.92%
Multi-Family	2,857,261,568	2.39%	8,432	2.57%
Townhouse	6,288,483,948	5.27%	16,083	4.90%
Condos	25,757,354,105	21.58%	82,017	24.98%
Other	21,526,756	0.02%	137	0.04%
Total	119,339,902,208	100.00%	328,331	100.00%

Cover Pool Multi-Dimensional Distribution by Current LTV(1) and Credit Scores

				Credit Score
Current LTV (\$)	<599	600-650	651-700	701-750	751-800	>800	Score Unavailable	Total
< 20.0	46,272,425	32,554,101	134,030,245	317,592,677	1,148,744,879	2,148,699,967	17,619,297	3,845,513,590
20.01 - 30.00	116,965,094	127,637,850	390,846,228	938,495,062	2,821,160,812	4,618,858,460	33,757,439	9,047,720,945
30.01 - 40.00	176,251,890	204,917,075	680,079,535	1,603,833,205	4,728,410,015	6,958,850,035	36,682,115	14,389,023,869
40.01 - 50.00	230,085,515	277,713,426	952,614,329	2,267,866,514	6,644,121,368	8,999,004,224	38,385,695	19,409,791,070
50.01 - 55.00	129,208,826	159,115,868	522,767,216	1,319,833,964	3,712,037,620	4,812,927,570	12,762,994	10,668,654,059
55.01 - 60.00	102,537,413	139,491,658	506,961,002	1,262,235,700	3,626,949,879	4,405,118,730	12,736,508	10,056,030,890
60.01 - 65.00	91,906,780	144,021,578	499,399,618	1,193,647,941	3,554,978,463	4,103,975,304	6,897,299	9,594,826,984
65.01 - 70.00	88,621,872	143,971,588	509,697,496	1,359,367,424	3,739,067,876	4,162,609,318	9,732,270	10,013,067,845
70.01 - 75.00	124,042,288	177,291,628	656,945,849	1,579,066,609	4,676,737,398	4,553,467,601	5,703,530	11,773,254,903
75.01 - 80.00	102,640,043	222,947,247	841,651,660	2,124,341,273	5,785,535,553	5,350,949,636	5,553,849	14,433,619,261
> 80.00	53,161,864	80,127,966	322,403,112	839,240,034	2,474,984,024	2,333,127,634	5,354,158	6,108,398,792
Total	1,261,694,009	1,709,789,985	6,017,396,289	14,805,520,403	42,912,727,888	52,447,588,480	185,185,154	119,339,902,208

⁽¹⁾ Current LTV is based on the quarterly indexation of the original or renewal appraised value.

Confidential Monthly Investor Report - August 29, 2025 ³

Date of Report:

anal Distribution by Current LTV⁽¹⁾ and Credit Scores (continu

				Credit Score
Current LTV (%)	<599	600-650	651-700	701-750	751-800	>800	Score Unavailable	Total
< 20.0	0.04%	0.03%	0.11%	0.27%	0.96%	1.80%	0.01%	3.22%
20.01 - 30.00	0.10%	0.11%	0.33%	0.79%	2.36%	3.87%	0.03%	7.58%
30.01 - 40.00	0.15%	0.17%	0.57%	1.34%	3.96%	5.83%	0.03%	12.06%
40.01 - 50.00	0.19%	0.23%	0.80%	1.90%	5.57%	7.54%	0.03%	16.26%
50.01 - 55.00	0.11%	0.13%	0.44%	1.11%	3.11%	4.03%	0.01%	8.94%
55.01 - 60.00	0.09%	0.12%	0.42%	1.06%	3.04%	3.69%	0.01%	8.43%
60.01 - 65.00	0.08%	0.12%	0.42%	1.00%	2.98%	3.44%	0.01%	8.04%
65.01 - 70.00	0.07%	0.12%	0.43%	1.14%	3.13%	3.49%	0.01%	8.39%
70.01 - 75.00	0.10%	0.15%	0.55%	1.32%	3.92%	3.82%	0.00%	9.87%
75.01 - 80.00	0.09%	0.19%	0.71%	1.78%	4.85%	4.48%	0.00%	12.09%
> 80.00	0.04%	0.07%	0.27%	0.70%	2.07%	1.96%	0.00%	5.12%
Total	1.06%	1.43%	5.04%	12.41%	35.96%	43.95%	0.16%	100.00%

⁽¹⁾ Current LTV is based on the quarterly indexation of the original or renewal appraised value

Cover Pool Multi-	-Dimensional Distribut	ion by Region, Current L	TV (1) and Arrears
Region	Current LTV	Current and less than	Percentage	30 to 59	Percentage	60 to 89	Percentage	90 or more	Percentage	Total
British Columbia	·	30 days past due		days past due		days past due		days past due		· -
Di tiali Columbia	< 20.0	894.563.230	3.20%		0.00%	420.641	0.00%	922.765	0.00%	895.906.636
	20.01 - 30.00	1,975,853,883	7.07%	686,451	0.00%	442,041	0.00%	2,400,826	0.01%	1,979,383,201
	30.01 - 40.00	3,137,250,817	11.23%	3,079,432	0.01%	857,628	0.00%	2,640,532	0.01%	3,143,828,409
	40.01 - 50.00	4,405,641,925	15.77%	6,653,292	0.02%	1,427,832	0.01%	5,735,954	0.02%	4,419,459,003
	50.01 - 55.00	2,704,195,042	9.68%	3,583,231	0.01%	-	0.00%	2,288,576	0.01%	2,710,066,849
	55.01 - 60.00	2,630,782,238	9.42%	4,061,713	0.01%	752,128	0.00%	2,339,216	0.01%	2,637,935,295
	60.01 - 65.00 65.01 - 70.00	2,355,551,288	8.43% 8.55%	1,606,624	0.01%		0.00%	2,447,489	0.01% 0.00%	2,359,605,401
	70.01 - 70.00 70.01 - 75.00	2,389,294,374 3,011,499,841	8.55% 10.78%	449.915	0.00% 0.00%	1,434,737 925,256	0.01% 0.00%	2,073,723	0.00%	2,390,729,111 3,014,948,735
	75.01 - 75.00	3,215,578,973	11.51%	2.341.848	0.00%	732.434	0.00%	2,073,723	0.01%	3,221,047,246
	> 80.00	1,161,892,541	4.16%	996,016	0.00%	485,012	0.00%	1,059,738	0.00%	1,164,433,306
Total British Colum		27,882,104,150	99.80%	23,458,523	0.08%	7,477,709	0.03%	24,302,810	0.09%	27,937,343,192
Ontario
Ontario	< 20.0	2,376,271,754	3.47%	1,840,956	0.00%	1,123,840	0.00%	2,873,692	0.00%	2,382,110,242
	20.01 - 30.00	5,485,255,240	8.02%	6,226,643	0.01%	2,581,646	0.00%	6,020,124	0.01%	5,500,083,653
	30.01 - 40.00	8,486,246,587	12.41%	5,686,228	0.01%	3,987,785	0.01%	14,785,553	0.02%	8,510,706,153
	40.01 - 50.00	10,750,397,014	15.71%	10,697,846	0.02%	6,551,056	0.01%	7,016,508	0.01%	10,774,662,423
	50.01 - 55.00	5,828,141,778	8.52%	6,292,091	0.01%	3,608,250	0.01%	7,213,524	0.01%	5,845,255,643
	55.01 - 60.00	5,373,714,833	7.86%	5,177,431	0.01%	1,456,398	0.00%	3,441,073	0.01%	5,383,789,734
	60.01 - 65.00 65.01 - 70.00	5,056,868,269 5,213,745,749	7.39% 7.62%	4,960,316 5,079,961	0.01% 0.01%	4,701,134 1,763,309	0.01% 0.00%	912,438 3,159,818	0.00%	5,067,442,158 5,223,748,837
	70.01 - 75.00	6,317,761,644	9.24%	7,807,857	0.01%	474,635	0.00%	7,844,752	0.00%	6,333,888,888
	75.01 - 80.00	8,537,344,606	12.48%	5,283,154	0.01%	666,324	0.00%	9,299,029	0.01%	8,552,593,113
	> 80.00	4,816,834,542	7.04%	5,842,513	0.01%	2,543,926	0.00%	10,277,068	0.02%	4,835,498,049
Total Ontario		68,242,582,016	99.76%	64,894,995	0.09%	29,458,304	0.04%	72,843,578	0.11%	68,409,778,894
Prairies		'
	< 20.0	263,799,848	2.12%	295,893	0.00%	-	0.00%	324,693	0.00%	264,420,433
	20.01 - 30.00	673,770,050	5.41%	547,116	0.00%	383,316	0.00%	1,030,733	0.01%	675,731,215
	30.01 - 40.00	1,386,358,333	11.14%	1,722,322	0.01%	-	0.00%	1,313,542	0.01%	1,389,394,197
	40.01 - 50.00	2,496,107,859	20.05%	4,559,109	0.04%	214,001	0.00%	4,212,356	0.03%	2,505,093,325
	50.01 - 55.00 55.01 - 60.00	1,188,903,934 1,105,460,288	9.55% 8.88%	1,682,266 262,913	0.01% 0.00%	78,893	0.00% 0.00%	1,174,900 953,567	0.01% 0.01%	1,191,839,993 1,106,676,768
	60.01 - 65.00	1,105,460,266	9.33%	743,379	0.00%		0.00%	948,304	0.01%	1,163,117,068
	65.01 - 70.00	1,233,767,165	9.91%	845,030	0.01%	255,096	0.00%	342,480	0.00%	1,235,209,772
	70.01 - 75.00	1,293,372,477	10.39%	797,472	0.01%	-	0.00%	151,473	0.00%	1,294,321,421
	75.01 - 80.00	1,571,077,004	12.62%	,	0.00%	721,816	0.01%	-	0.00%	1,571,798,820
	> 80.00	52,622,871	0.42%		0.00%		0.00%		0.00%	52,622,871
Total Prairies		12,426,665,213	99.81%	11,455,499	0.09%	1,653,121	0.01%	10,452,048	0.08%	12,450,225,882
Quebec		204 500 744	0.070/	407.000	0.000/	455.004	0.000/	000 000	0.00%	000 445 005
	< 20.0	231,599,741	2.87%	127,822	0.00%	155,684	0.00%	232,638		232,115,885
	20.01 - 30.00 30.01 - 40.00	654,879,236 1,032,123,562	8.12% 12.80%	656,010	0.01% 0.02%	165,268 579,438	0.00% 0.01%	1,019,819 636,114	0.01% 0.01%	656,720,333 1,034,715,768
	40.01 - 50.00	1,315,519,882	16.31%	1,376,654 1,009,588	0.02%	174,762	0.00%	1,117,553	0.01%	1,317,821,785
	50.01 - 55.00	727,367,642	9.02%	151,663	0.00%	231,264	0.00%	1,117,555	0.00%	727,750,569
	55.01 - 60.00	725,691,516	9.00%	1,114,253	0.01%	121,579	0.00%	243,294	0.00%	727,170,641
	60.01 - 65.00	774,208,952	9.60%	1,000,633	0.01%	251,232	0.00%	381,480	0.00%	775,842,297
	65.01 - 70.00	943,388,511	11.70%	2,486,489	0.03%	-	0.00%	1,725,594	0.02%	947,600,594
	70.01 - 75.00	836,874,702	10.38%	439,400	0.01%	167,551	0.00%	480,822	0.01%	837,962,475
	75.01 - 80.00	763,164,821	9.46%	976,112	0.01%	-	0.00%	319,292	0.00%	764,460,226
Total Quebec	> 80.00	42,757,466 8,047,576,031	0.53% 99.78%	9,338,624	0.00% 0.12%	1,846,779	0.00%		0.00%	42,757,466 8,064,918,039
Atlantic		8,047,576,031	99.78%	9,338,624	0.12%	1,846,779	0.02%	6,156,605	0.08%	8,064,918,039
Atlantic	< 20.0	70,796,183	2.86%	91.499	0.00%	39,097	0.00%	33,615	0.00%	70,960,394
	20.01 - 30.00	234,886,236	9.48%	511,584	0.00%	39,097	0.00%	404,722	0.00%	235,802,543
	30.01 - 40.00	308,947,337	12.47%	323,579	0.02%	345,534	0.01%	762,892	0.02%	310,379,342
	40.01 - 50.00	392,274,503	15.83%	-	0.00%	245,912	0.01%	234,121	0.01%	392,754,535
	50.01 - 55.00	192,557,196	7.77%	123,781	0.00%	· · ·	0.00%	1,060,028	0.04%	193,741,005
	55.01 - 60.00	200,458,452	8.09%		0.00%	-	0.00%	-	0.00%	200,458,452
	60.01 - 65.00	227,933,328	9.20%	741,193	0.03%	145,540	0.01%		0.00%	228,820,061
	65.01 - 70.00	214,549,099	8.66%	498,422	0.02%	295,794	0.01%	436,215	0.02%	215,779,531
	70.01 - 75.00	291,958,827	11.78%	-	0.00%	-	0.00%	174,556	0.01%	292,133,383
	75.01 - 80.00	322,408,841	13.01%	-	0.00%	837,591	0.03%	473,425	0.02%	323,719,856
Total Atlantic	> 80.00	13,087,099 2,469,857,100	0.53% 99.69%	2,290,059	0.00% 0.09%	1,909,468	0.00%	3,579,573	0.00%	13,087,099 2,477,636,201
TOTAL ALIANTIC		2,409,007,100	99.69%	2,290,059	0.09%	1,909,468	0.08%	3,518,513	0.14%	2,411,000,201
Grand Total		119,068,784,511	99.77%	111,437,700	0.09%	42,345,382	0.04%	117,334,615	0.10%	119,339,902,208

⁽¹⁾ Current LTV is based on the quarterly indexation of the original or renewal appraised value.

As of the date of this Investor Report, the Guarantor uses the following methodology to determine indexed valuations for Properties in the Covered Bond Portfolio for reporting as of a date on or after January 1, 2018 (the "Indexation Methodology") for purposes of the following: (a) the Asset Coverage Test. (b) the Amortization Test. (c) the Valuation Calculation and (d) for other purposes required by the CMHC Guide. Changes to the Indexation Methodology may only be made (i) upon notice to CMHC and satisfaction of any other conditions specified by CMHC in relation thereto, (ii) if such change constitutes a material change, subject to satisfaction of the Rating Agency Condition, and (iii) if such change is materially prejudicial to the Covered Bondholders, subject to satisfaction of the CMHC Guide.

To determine the current market value of a Property, the Guarantor uses The Teranet-National Bank House Price Index", "the "HPI Index", and The Teranet - National Bank City House Price Index" and together with the HPI Index, the "Indices"). At this time, the Property value is calculated using the CHPI Index available for the following eleven Canadian metropolitian areas: Alberta-Calgary, Alberta-Edmonton, British Columbia-Vanocouver, British Columbia-Vanocouver, British Columbia-Vanocouver, Ottava-Gardinero, Ottava-Gardinero, Ottava-Gardinero, Ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, and the "Composite 11" HPI Index for all other cities outside of the above listed metropolitan areas. The "Composite 11" HPI Index combines the aforementioned eleven Canadian metropolitan areas to form a national composite for low.

Further details on the Indices including a description of the method used to calculate the Indices is available by subscription at https://housepriceindex.ca/

A three step process is used to determine the current market value for each Property subject to the Related Security in respect of the Loan. First, a code (the Forward Sorting Area) which identifies the location of the Property is compared to corresponding codes published by Canada Post that groups properties into the areas covered by the Indices. Second, the rate of change for the applicable area is used to calculate a house price index factor (the "HPI Factor"). In order to calculate the applicable HPI Factor, if the Property is located within an area covered by the CHPI Index, the applicable CHPI Index will be used based on the city mapping assigned in parenthesis above and if the Property is located outside of the metropolitian areas covered by the CHPI Index, the "Composite 11" HPI Index is used. Finally, the current market value is then determined by adjusting the original valuation for such Property, by applying the corresponding HPI Factor from the date of the original valuation in respect of such property pre-dates the first available date for the relevant rate of change is used. Index the indices, the nearest available date within two months for such rate of change is used to determine the rate of change to apply to adjust the latest valuation for purposes of determining the current market value for such Property. The process is repeated at least quarterly.

Material risks associated with using the Indexation Methodology include, but are not limited to, the accuracy and completeness of the Indices being used, the continued availability of the Indices, the risk that the Indices do not account for differences in property value changes based on property type, and, in the case of Properties located outside of the areas covered by the CHPI Index, the risk that the "Composite 11" HPI Index may not accurately unique factors affecting local housing markets.

The Teranet-National Bank House Price Index™ and The Teranet – National Bank City House Price Indices™ are trademarks of Teranet Enterprises Inc. and National Bank of Canada and have been licensed for internal use by The Toronto-Dominion Bank's real estate secured lending team only. The Indices are provided on an "as is" and "as available" basis without warranties or representations, express or implied, of any kind.