Company: TDBCP
Filing Date: 2025-12-10
Form Type: 424B2
Source: 0001140361-25-045123
Chunk: 12

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-10
Form: 424B2
Chunk 12
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 factors remain constant after the Pricing Date, the price at which TDS may initially buy or sell the Notes in the secondary market (if TDS makes a market in the Notes, which it is not obligated to do) may exceed the estimated value of the Notes on the Pricing Date, as well as the secondary market value of the Notes, for a temporary period after the Pricing Date of the Notes, as discussed further under “Additional Information Regarding the Estimated Value of the Notes.” The price at which TDS may initially buy or sell the Notes in the secondary market may not be indicative of future prices of your Notes. The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors. When we refer to the market value of your Notes, we mean the value that you could receive for your Notes if you chose to sell them in the open market before the Maturity Date. A number of factors, many of which are beyond our control, will influence the market value of your Notes, including:

| • | the level of the Reference Asset; |

| • | the volatility – i.e., the frequency and magnitude of changes – in the level of the Reference Asset; |

| • | the dividend rates, if applicable, of the Reference Asset Constituents; |

| • | economic, financial, regulatory and political, military, public health or other events that may affect the prices of any of the Reference Asset Constituents and thus the level of the Reference Asset; |

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| • | interest rates and yield rates in the market; |

| • | the time remaining until your Notes mature; |

| • | any fluctuations in the exchange rate between currencies in which the Reference Asset Constituents are quoted and traded and the U.S. dollar, as applicable; and |

| • | our creditworthiness, whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings or changes in other credit measures. |

These factors will influence the price you will receive if you sell your Notes before maturity, including the price you may receive for your Notes in any market-making transaction. If you sell your Notes prior to maturity, you may receive less than the Principal Amount of your Notes. The future levels of the Reference Asset cannot be predicted. The actual change in the level of the Reference Asset over the term of the Notes, as well as the Payment at Maturity, may bear little or no relation to the hypothetical historical closing levels of the Reference Asset or to the hypothetical examples shown elsewhere in this