Company: TDBCP
Filing Date: 2025-12-08
Form Type: 424B2
Source: 0001140361-25-044823
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-08
Form: 424B2
Chunk 5
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 Constituent for your short sale, and you could receive certain interest payments (the short interest rebate) from the lender. The Return on Your Notes May Change Significantly Despite Only a Small Change in the Final Value. Your return on the Notes may change significantly despite only a small change in the Percentage Change of the Reference Asset. For example, if the Final Value is equal to the Buffer Value, you would receive a positive return on the Notes equal to the Contingent Absolute Return, whereas a decline in the value of the Reference Asset to a Final Value that is only slightly lower than the Buffer Value would instead result in a loss of 1% of the Principal Amount of the Notes for each 1% that the Final Value is less than the Initial Value in excess of the Buffer Amount. 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 Reference Asset. The Notes Do Not Pay Interest and Your Return May Be Less Than the Return on a Conventional Debt Security of Comparable Maturity. There will be no periodic interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having a comparable maturity. The return that you will receive on the Notes, which could be negative, may be less than the return you could earn on other investments. Even if your return on the Notes is positive, your return may be less than the return you would earn if you bought a conventional, interest-bearing senior debt security of TD of comparable maturity.

| TD SECURITIES (USA) LLC | P-6 |

The Payment at Maturity is Not Linked to the Closing Value of the Reference Asset at Any Time Other Than the Valuation Date. Any payment on the Notes will be based on the Final Value, which will be the Closing Value of the Reference Asset on the Valuation Date. Therefore, if the Closing Value of the Reference Asset dropped precipitously on the Valuation Date, the Payment at Maturity for your Notes may be significantly less than it would have been had the Payment at Maturity been linked to the Closing Value of the Reference Asset prior to such drop. Although the actual Closing Value of the Reference Asset on the Maturity Date or at other times during the term of your Notes may be higher than its Closing Value on the Valuation Date, you will not benefit from the Closing Value of the Reference Asset at any time other than the Valuation Date. Risks Relating to Characteristics of the Reference Asset There Are Market Risks Associated