Company: TDBCP
Filing Date: 2025-09-22
Form Type: 424B2
Source: 0001140361-25-035692
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-22
Form: 424B2
Chunk 6
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 Adjustments Relating to Underlying Funds” beginning on page 
 PS-32 of product supplement EQUITY SUN-1.                                                                                                                                                                                               |

Valuation- and Market-Related Risks

| ◾ | The initial estimated value of your notes on the pricing date is less than their public offering price. The difference between the public offering price of your notes and the initial estimated value of the notes reflects costs and    
 expected profits associated with selling and structuring the notes, as well as hedging our obligations under the notes (including, but not limited to, the hedging related charge, as further described under “Structuring the Notes” on  
 page TS-12). Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or a loss and the amount of any such profit 
 or loss will not be known until the maturity date.                                                                                                                                                                                        |

| ◾ | The initial estimated value of your notes is based on our internal funding rate. The internal funding rate used in the determination of the initial estimated value of the notes generally represents a discount from the credit          
 spreads for our conventional fixed-rate debt securities and the borrowing rate we would pay for our conventional fixed-rate debt securities. This discount is based on, among other things, our view of the funding value of the notes as 
 well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate debt, as well as estimated financing costs of any hedge positions (including,   
 but not limited to, the hedging related charge, as further described under “Structuring the Notes” on page TS-12), taking into account regulatory and internal requirements. If the interest rate implied by the credit spreads for our   
 conventional fixed-rate debt securities, or the borrowing rate we would pay for our conventional fixed-rate debt securities were to be used, we would expect the economic terms of the notes to be more favorable to you. Additionally,   
 assuming all other economic terms are held constant, the use of an internal funding rate for the notes is expected to have increased the initial estimated value of the notes and have had an adverse effect on the economic terms of the 
 notes.                                                                                                                                                                                                                                    |

| Market-Linked One Look Notes | TS-6 |

| ◾ | The initial estimated value of the notes is based on our internal pricing models, which may prove to be inaccurate and may be different from the pricing models of other financial