Company: TDBCP
Filing Date: 2025-10-22
Form Type: 424B2
Source: 0001140361-25-038964
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-22
Form: 424B2
Chunk 8
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uation Date). Poor performance by any Reference Asset over the term of the Notes will negatively affect your return and will not be offset or mitigated by a positive performance by any other Reference Asset. Accordingly, your investment is subject to the market risk of each Reference Asset. Because the Notes Are Linked to Multiple Reference Assets, You Are Exposed to a Greater Risk of No Contingent Interest Payments and Not Receiving a Positive Return on Your Initial Investment Than if the Notes Were Linked to a Single Reference Asset or Fewer Reference Assets. The risk that you will not receive any Contingent Interest Payments and not receive a positive return on your initial investment in the Notes is greater if you invest in the Notes than the risk of investing in substantially similar securities that are linked to the performance of only one Reference Asset or fewer Reference Assets. With more Reference Assets, it is more likely that the Closing Value of any Reference Asset will be less than its Contingent Interest Barrier Value on any Contingent Interest Observation Date (including the Final Valuation Date) than if the Notes were linked to a single Reference Asset or fewer Reference Assets.

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

In addition, the lower the correlation is between the performance of a pair of Reference Assets, the more likely it is that one of the Reference Assets will decline in value to a Closing Value or Final Value, as applicable, that is less than its Contingent Interest Barrier Value on any Contingent Interest Observation Date (including the Final Valuation Date). Although the correlation of the Reference Assets’ performance may change over the term of the Notes, the economic terms of the Notes, including the Contingent Interest Rate and Contingent Interest Barrier Value are determined, in part, based on the correlation of the Reference Assets’ performance calculated using our internal models at the time when the terms of the Notes are finalized. All things being equal, a higher Contingent Interest Rate and lower Contingent Interest Barrier Values are generally associated with lower correlation of the Reference Assets. Therefore, if the performance of a pair of Reference Assets is not correlated to each other or is negatively correlated, the risk that you will not receive any Contingent Interest Payments is even greater despite a lower Contingent Interest Barrier Value. Therefore, it is more likely that you will not receive any Contingent Interest Payments and that you will not receive a positive return on your initial investment. We Do Not Control Any Reference Asset Issuer and Are Not Responsible for Any of Their Disclosures.