Company: TDBCP
Filing Date: 2025-06-17
Form Type: 424B3
Source: 0001140361-25-022771
Chunk: 19

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-17
Form: 424B3
Chunk 19
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 if you were able to sell your SUNs, there are many factors outside of our control that may affect their market value, some of which, but not all, are stated below. These factors may interact with each other in complex and unpredictable ways, and the impact of any one factor may be offset or magnified by the effect of another factor. These factors may interact with each other in complex and unpredictable ways. The following paragraphs describe a specific factor’s expected impact on the market value of the SUNs, assuming all other conditions remain constant.

| • | Value of the Market Measure.We anticipate that the market value of the SUNs prior to maturity or an automatic call generally will depend to a significant extent on the                                                                       
 value of the Market Measure. In general, it is expected that the market value of the SUNs will decrease as the value of the Market Measure decreases. However, as the value of the Market Measure increases, the market value of the SUNs may 
 decrease or may not increase at the same rate. If you sell your SUNs when the value of the Market Measure is less than, or not sufficiently above, the Starting Value or Call Level, as applicable, then you may receive less than the        
 principal amount of your SUNs.                                                                                                                                                                                                                |

| In addition, if the SUNs are subject to an automatic call, because the amount payable on the SUNs upon an automatic call will not exceed the applicable Call Amount, we do not expect that 
 the SUNs will trade in any secondary market prior to any Observation Date at a price that is greater than the applicable Call Amount.                                                      |

PS-17

| • | Volatility of the Market Measure.Volatility is the term used to describe the size and frequency of market fluctuations. The volatility of the Market Measure during the                                                                         
 term of the SUNs may vary. In addition, an unsettled international environment and related uncertainties may result in greater market volatility, which may continue over the term of the SUNs. Increases or decreases in the volatility of the 
 Market Measure may have an adverse impact on the market value of the SUNs. Even if the value of the Market Measure increases after the applicable pricing date, if you are able to sell your SUNs before their maturity date, you may receive   
 substantially less than the amount that would be payable upon an automatic call, if applicable, or at maturity based on that value because of the anticipation that the value of the Market Measure will continue to fluctuate until the SUNs   
 are automatically called, if applicable,