Company: TDBCP
Filing Date: 2025-08-26
Form Type: 424B2
Source: 0001140361-25-032661
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-26
Form: 424B2
Chunk 13
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 TD’s creditworthiness or perceived creditworthiness. These changes may adversely affect the value of your Notes, including the price you may receive for your Notes in any market making transaction. To the extent that GS&Co. makes a market in the Notes, the quoted price will reflect the estimated value determined by reference to GS&Co.’s pricing models at that time, plus or minus GS&Co.’s then current bid and ask spread for similar sized trades of structured notes (and subject to the declining excess amount described above). Furthermore, if you sell your Notes, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount. This commission or discount will further reduce the proceeds you would receive for your Notes in a secondary market sale. There is no assurance that GS&Co. or any other party will be willing to purchase your Notes at any price and, in this regard, GS&Co. is not obligated to make a market in the Notes. See “—There May Not Be an Active Trading Market for the Notes — Sales in the Secondary Market May Result in Significant Losses” herein.

| TD SECURITIES (USA) LLC | P-9 |

The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors. When we refer to the market value of your Notes, we mean the value that you could receive for your Notes if you chose to sell them in the open market before the Maturity Date. A number of factors, many of which are beyond our control, will influence the market value of your Notes, including:

| • | the price of the Reference Asset; |

| • | the volatility – i.e., the frequency and magnitude of changes – in the price of the Reference Asset; |

| • | the dividend rates of the Reference Asset, if applicable; |

| • | economic, financial, regulatory and political, military, public health or other events that may affect stock markets generally and the market segment of which the Reference Asset is a part, and which may affect the market price of the 
 Reference Asset;                                                                                                                                                                                                                           |

| • | interest rates and yield rates in the market; |

| • | the time remaining until your Notes mature; |

| • | any fluctuations in the exchange rate between currencies in which the Reference Asset is quoted and traded and the U.S. dollar, as applicable; and |

| • | our creditworthiness, whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings