Company: TDBCP
Filing Date: 2025-07-29
Form Type: 424B2
Source: 0001140361-25-027770
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-29
Form: 424B2
Chunk 8
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 lose all or a substantial portion of your investment in the Notes. This means that while a decrease in the Final Price to the Principal Barrier Price will not result in a loss of the Principal Amount on the Notes, a decrease in the Final Price to less than the Principal Barrier Price will result in a loss of a significant portion of the Principal Amount of the Notes despite only a small change in the price of the Reference Asset.

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

The Amounts Payable or Deliverable on the Notes Are Not Linked to the Price of the Reference Asset at Any Time Other Than on the Observation Dates (Including the Final Valuation Date). Any payments or deliveries on the Notes will be based on the Closing Price of the Reference Asset only on the Observation Dates (including the Final Valuation Date). Even if the value of the Reference Asset appreciates prior to an Observation Date but then drops on that day to a Closing Price that is less than the Contingent Coupon Barrier Price, you will not receive any Contingent Coupon Payment with respect to such Coupon Payment Date. Similarly, the Payment at Maturity may be significantly less than it would have been had the Notes been linked to the Closing 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 one or more Coupon Payment Dates (including the Final Valuation Date), any Contingent Coupon Payments on the Notes and the return on the Notes will be based solely on the Closing Price of the Reference Asset on the applicable Coupon Payment Dates (including the Final Valuation Date). The Contingent 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 Closing Price of the Reference Asset price could be less than the Contingent Coupon Barrier Price on an Observation Date or 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 Contingent Coupon Payment for the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the Contingent Coupon Payment is set on the Pricing Date, the Reference Asset’s volatility can change significantly over the term of the Notes,