Company: TDBCP
Filing Date: 2025-12-01
Form Type: 424B2
Source: 0001140361-25-043737
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-01
Form: 424B2
Chunk 8
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 depend solely on the performance of the Underlying that is the lowest performing Underlying on each calculation day. Although it is necessary for each Underlying to close above its respective coupon threshold value on the relevant calculation day in order for you to receive a contingent coupon payment and above its respective downside threshold value on the final calculation day for you to receive the face amount of your securities at maturity, you will not benefit in any way from the performance of a better performing Underlying. The securities may underperform an alternative investment linked to a basket composed of the Underlyings, since in such case the performance of the better performing Underlying(s) would be blended with the performance of the lowest performing Underlying, resulting in a better return than the return of the lowest performing Underlying alone.

P-10

You Will Be Subject To Risks Resulting From The Relationship Among The Underlyings. It is preferable from your perspective for the Underlyings to be correlated with each other so that their values will tend to increase or decrease at similar times and by similar magnitudes. By investing in the securities, you assume the risk that the Underlyings will not exhibit this relationship. The less correlated the Underlyings, the more likely it is that any one of the Underlyings will be performing poorly at any time over the term of the securities. All that is necessary for the securities to perform poorly is for one of the Underlyings to perform poorly; the performance of a better performing Underlying is not relevant to your return on the securities. It is impossible to predict what the relationship among the Underlyings will be over the term of the securities. To the extent the Underlyings represent a different equity market, such equity markets may not perform similarly over the term of the securities. You May Be Fully Exposed To The Decline In The Lowest Performing Underlying On The Final Calculation Day From Its Starting Value, But Will Not Participate In Any Positive Performance Of Any Underlying. Even though you will be fully exposed to a decline in the value of the lowest performing Underlying on the final calculation day if its ending value is below its downside threshold value, you will not participate in any increase in the value of any Underlying over the term of the securities. Your maximum possible return on the securities will be limited to the sum of the contingent coupon payments you receive, if any. Consequently, your return on the securities may be significantly less than the return you could achieve on an alternative investment that provides for participation in an increase in the value of any