Company: TDBCP
Filing Date: 2025-10-09
Form Type: 424B2
Source: 0001140361-25-037778
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-09
Form: 424B2
Chunk 4
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 are subject to an automatic call and you receive a positive return on the Notes in respect of the applicable Call Premium, your return on the Notes may be less than that of a conventional, interest-bearing senior debt security of TD of comparable maturity. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money. The Notes May Be Automatically Called Prior to the Maturity Date and Are Subject to Reinvestment Risk. If your Notes are automatically called, no further payments will be owed to you under the Notes after the applicable Call Payment Date. Therefore, because the Notes could be called as early as the first potential Call Payment Date, the holding period could be limited. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return for a similar level of risk in the event the Notes are automatically called prior to the Maturity Date. Furthermore, to the extent you are able to reinvest such proceeds in an investment with a comparable return for a similar level of risk, you may incur transaction costs such as dealer discounts and hedging costs built into the price of the new notes. The Amount Payable on the Notes is Not Linked to the Value of the Reference Asset at Any Time Other Than on the Call Observation Dates (Including the Final Valuation Date). Any payment on the Notes will be based only on the Closing Value of the Reference Asset on the Call Observation Dates (including the Final Valuation Date). Even if the market value of the Reference Asset appreciates prior to the applicable Call Observation Date but then drops on such Call Observation Date to a Closing Value that is less than the Call Threshold Value, you will not receive the applicable Call Premium on the Call Payment Date. Similarly, the Payment at Maturity, if any, may be significantly less than it would have been had the Notes been linked to the Closing Value of the Reference Asset on a date other than the Final Valuation Date. Although the actual value of the Reference Asset at other times during the term of the Notes may be higher than the value on one or more Call Observation Dates (including the Final Valuation Date), any payment of the applicable Call Premium or the Payment at Maturity will be based solely on the Closing Value of the Reference Asset on the applicable Call Observation Date (including the Final Valuation Date).

| TD SECURITIES (USA) LLC | P-7 |

The Call Rate and Call Premiums Will Reflect, in Part, the Volatility of the Reference Asset and May