Company: TDBCP
Filing Date: 2025-03-26
Form Type: 424B2
Source: 0001140361-25-010414
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-26
Form: 424B2
Chunk 5
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 May Be Less Than The Return On A Hypothetical Direct Investment In The Reference Asset. The opportunity to participate in the possible increases in the level of the Reference Asset through an investment in the Notes is limited because the Payment at Maturity will not exceed the Maximum Redemption Amount. Furthermore, the effect of the Leverage Factor will not be taken into account for any Final Level exceeding the level at which the Maximum Redemption Amount is reached, regardless of any further increase in the Final Level of the Reference Asset. Accordingly, your return on the Notes may be less than the return on a hypothetical direct investment in the Reference Asset. The Payment at Maturity Is Not Linked to the Closing Level of the Reference Asset at Any Time Other Than the Valuation Date. The Final Level will be based on the Closing Level of the Reference Asset on the Valuation Date. Therefore, if the Closing Level of the Reference Asset dropped precipitously on the 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 higher than its Closing Level on the Valuation Date, you will not benefit from the Closing Level of the Reference Asset at any time other than the Valuation Date. You Will Have No Rights to Receive Any Shares of the Reference Asset 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. 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. Your Notes will be paid in cash and you have no right to receive delivery of shares of the Reference Asset. Risks Relating to Characteristics of the Reference Asset There Are Single Stock Risks Associated with the Reference Asset. The level 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,