Company: TDBCP
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001140361-25-026902
Chunk: 3

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-23
Form: 424B2
Chunk 3
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, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes, in which case we may reject your offer to purchase.

| TD SECURITIES (USA) LLC | P-4 |

Additional Risk Factors The Notes involve risks not associated with an investment in conventional debt securities. This section describes the most significant risks relating to the terms of the Notes. For additional information as to these and other risks, please see “Additional Risk Factors Specific to the Notes” in the product supplement and “Risk Factors” in the prospectus. Investors should consult their investment, legal, tax, accounting and other advisors as to the risks entailed by an investment in the Notes and the suitability of the Notes in light of their particular circumstances. Risks Relating to Return Characteristics Principal at Risk. The Notes do not guarantee the return of the Principal Amount and investors may lose up to their entire investment in the Notes if the Final Level is less than the Barrier Level. Specifically, if the Final Level is less than the Barrier Level, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Level is less than the Initial Level, and may lose the entire Principal Amount. The Notes Do Not Pay Interest and Your Return on the Notes May Be Less Than the Return on a Conventional Debt Security of Comparable Maturity. There will be no periodic interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having a comparable maturity. The return that you will receive on the Notes, which could be negative, may be less than the return you could earn on other investments. Even if your return on the Notes is positive, your return may be less than the return you would earn if you bought a conventional, interest-bearing senior debt security of TD of comparable maturity. The Payment at Maturity Is Not Linked to the Closing Level of the Reference Asset at Any Time Other Than the Final Valuation Date. The Final Level will be based on the Closing Level of the Reference Asset on the Final Valuation Date. Therefore, if the Closing Level of the Reference Asset dropped precipitously on the Final Valuation Date, the Payment at Maturity for your Notes may be significantly less than it would have been had the Payment at Maturity been linked to the Closing Level of the Reference Asset prior to such drop. Although the actual Closing Level of the Reference Asset on the Maturity Date or at other times during the term of your Notes may be