Company: TDBCP
Filing Date: 2025-04-03
Form Type: 424B3
Source: 0001140361-25-012065
Chunk: 12

Company: TORONTO DOMINION BANK
Filing Date: 2025-04-03
Form: 424B3
Chunk 12
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 Value, if any, will only apply if you hold your ARNs to maturity. You have no right to have your ARNs redeemed prior to maturity. If you wish to liquidate your investment in your ARNs prior to maturity, your only option would be to sell them. At that time, there may be an illiquid market for your ARNs or no market at all. Even if you were able to sell your ARNs, 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 PS-11 one factor may be offset or magnified by the effect of another factor. The following paragraphs describe a specific factor’s expected impact on the market value of ARNs, assuming all other conditions remain constant.

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

In addition, because the Redemption Amount will not exceed the applicable Capped Value, we do not expect that ARNs will trade in any secondary market at a price that is greater than the Capped Value.

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