Company: TDBCP
Filing Date: 2025-06-13
Form Type: 424B2
Source: 0001140361-25-022414
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-13
Form: 424B2
Chunk 8
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; Modification to Method of Calculation” in the product supplement. An Investment in the Notes Is Subject to Emerging Markets Risk. The Notes are subject to risks associated with emerging market companies and emerging securities markets because the Reference Asset is comprised of the stocks of emerging market companies that are traded on various emerging market exchanges. Generally, emerging market securities markets may be more volatile than U.S. or other, developed non-U.S. securities markets, and market developments may affect emerging markets differently from U.S. and other, developed non-U.S. securities markets. Direct or indirect government intervention to stabilize these emerging markets, as well as cross shareholdings in emerging market companies, may affect trading prices and volumes in those markets. There is generally less publicly available information about emerging market companies than about those U.S. companies that are subject to the reporting requirements of the SEC, and emerging market companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting companies. Securities prices in emerging market countries are subject to political, economic, financial and social factors that may be

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

unique to the particular country. These factors, which could negatively affect the emerging securities markets, include the possibility of recent or future changes in the emerging market government’s economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other laws or restrictions applicable to emerging market companies or investments in emerging market equity securities and the possibility of fluctuations in the rate of exchange between currencies. Moreover, certain aspects of a particular emerging market economy may differ favorably or unfavorably from the U.S. economy in important respects, such as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency. Risks Relating to Estimated Value and Liquidity The Estimated Value of Your Notes Is Less Than the Public Offering Price of Your Notes. The estimated value of your Notes is less than the public offering price of your Notes. The difference between the public offering price of your Notes and the 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. 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. The Estimated Value of Your Notes Is Based on Our Internal Funding Rate. The estimated value of your Notes is determined by reference to