Company: TDBCP
Filing Date: 2025-11-19
Form Type: 424B2
Source: 0001140361-25-042690
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-19
Form: 424B2
Chunk 4
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 stocks comprising each Reference Asset (the “Reference Asset Constituents”). The Payment at Maturity Is Not Linked to the Closing Value of Any Reference Asset at Any Time Other Than the Final Valuation Date. The Final Value of each Reference Asset will be based on the Closing Value of that Reference Asset on the Final Valuation Date. Therefore, if the Closing Value of any Reference Asset dropped precipitously on the Final Valuation Date, the Payment at Maturity may be significantly less than it would have been had the Payment at Maturity been linked to the Closing Values of the Reference Assets prior to such drop. Although the actual Closing Values of the Reference Assets on the Maturity Date or at other times during the term of your Notes may be higher than their Closing Values on the Final Valuation Date, your return is based solely on the Closing Value of the Least Performing Reference Asset on the Final Valuation Date. The Return on Your Notes May Change Significantly Despite Only a Small Change in the Final Value. If the Final Value of any Reference Asset is less than its Buffer Value, you will receive less than the Principal Amount of your Notes and you could lose some or almost all of your investment in the Notes. This means that while a decrease in the Least Performing Reference Asset by up to 20% from its Initial Value to its Final Value will result in a positive return on the Notes that is equal to the Digital Return, any additional decrease in the Final Value of the Least Performing Reference Asset will instead result in a loss of 1% of the Principal Amount of the Notes for each 1% that the Final Level of the Least Performing Reference Asset is less than its Initial Level in excess of the Buffer Percentage. The return on an investment in the Notes in these two scenarios is significantly different despite only a small relative difference in the Percentage Change of the Least Performing Reference Asset. Risks Relating to Characteristics of the Reference Assets There Are Market Risks Associated With Each Reference Asset. The value of each Reference Asset can rise or fall sharply due to factors specific to such Reference Asset, its Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into the Reference Assets, the Reference Asset Constituents and