Company: TDBCP
Filing Date: 2025-07-29
Form Type: 424B2
Source: 0001140361-25-027858
Chunk: 7

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-29
Form: 424B2
Chunk 7
---
 Payment at Maturity may be significantly less than it would have been had the Notes been linked to the price of the Reference Asset on a date other than the Final Valuation Date. Although the actual price of the Reference Asset at other times during the term of the Notes may be higher than the price on the Final Valuation Date, the Payment at Maturity will be based solely on the Final Price of the Reference Asset on the Final Valuation Date. The Coupon Payment Will Reflect, in Part, the Volatility of the Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher the Reference Asset’s volatility, the more likely it is that the Final Price of the Reference Asset could be less than the Principal Barrier Price on the Final Valuation Date. Volatility means the magnitude and frequency of changes in the price of the Reference Asset. This greater risk will generally be reflected in a higher Coupon Payment for the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the Coupon Payment is set on the Pricing Date, the Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The price of the Reference Asset could fall sharply on the Final Valuation Date, resulting in a significant or entire lossof principal .

#### TD SECURITIES (USA) LLCP-7
The Return on Your Notes Will Not Reflect, and You Will Not Be Entitled to Any Dividends or Other Distributions on, the Reference Asset. The Notes are our debt securities. They are not equity instruments, shares of stock, or securities of any other issuer. Unless and until you receive the Share Delivery Amount on the Maturity Date, investing in the Notes will not make you a holder of shares of the Reference Asset. You will not have any voting rights, any rights to receive dividends or other distributions or any rights against the issuer of the Reference Asset (the “Reference Asset Issuer”). As a result, the return on your Notes may not reflect the return you would realize if you actually owned shares of the Reference Asset and received any dividends paid or other distributions made in connection with them. Risks Relating to Characteristics of the Reference Asset There Are Single Stock Risks Associated With the Reference Asset. The price of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset and the Reference Asset Issuer, such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes