Company: TDBCP
Filing Date: 2025-10-21
Form Type: 424B2
Source: 0001140361-25-038801
Chunk: 20

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-21
Form: 424B2
Chunk 20
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 ◾ | If the price of an underlying stock changes, the market value of your securities may not change in the same manner.Your securities may trade quite differently from the performance of each                                                
 underlying stock. Changes in the price of an underlying stock may not result in a comparable change in the market value of your securities. Even if the closing price of an underlying stock remains greater than or equal to the downside 
 threshold price or increases to greater than the call threshold price during the term of the securities, the market value of your securities may not increase by the same amount and could decline.                                        |

Risks Relating to General Credit Characteristics

| ◾ | Investors are subject to TD’s credit risk, and TD’s credit ratings and credit spreads may adversely affect the market value of the securities.Although the return on the securities will be based                                               
 on the performance of the underlying stocks, any payments or deliveries on the securities is subject to TD’s credit risk. The securities are TD’s senior unsecured debt obligations. Investors are dependent on TD’s ability to pay all amounts 
 due on the securities and, therefore, investors are subject to the credit risk of TD and to changes in the market’s view of TD’s creditworthiness. Any decrease in TD’s credit ratings or increase in the credit spreads charged by the market  
 for taking TD’s credit risk is likely to adversely affect the market value of the securities. If TD becomes unable to meet its financial obligations as they become due, investors may not receive any amount payable and/or deliverable due    
 under the terms of the securities.                                                                                                                                                                                                              |

| October 2025 | Page13 |

| $3,030,000 Contingent Income Auto-Callable Securities dueOctober 22, 2026                                           |
| Based on the Worst Performing of the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc. 
 Principal at Risk Securities                                                                                        |

Risks Relating to Hedging Activities and Conflicts of Interest

| ◾ | There are potential conflicts of interest between you and the calculation agent.The calculation agent will, among other things, determine any amount payable and/or deliverable on the securities.                                               
 We will serve as the calculation agent and may appoint a different calculation agent after the original issue date without notice to you. The calculation agent will exercise its judgment when performing its functions and may have a conflict 
 of interest if it needs to make certain decisions. For example, the calculation agent may have to determine whether a market disruption event affecting an underlying stock has