Company: TDBCP
Filing Date: 2025-08-20
Form Type: 424B2
Source: 0001140361-25-032059
Chunk: 7

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-20
Form: 424B2
Chunk 7
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 is greater than or equal to its Barrier Level or Step-Down Call Level, the return on the Notes will be negative, regardless of the level of the Reference Assets on any other day. Risks Relating to Characteristics of the Reference Assets Because the Notes are Linked to the Least Performing Reference Asset, You Are Exposed to a Greater Risk of no Call Premium and Losing a Significant Portion or All of Your Initial Investment at Maturity than if the Notes Were Linked to a Single Reference Asset or Fewer Reference Assets. The risk that you will not receive any Call Premium and lose a significant portion or all of your initial investment in the Notes is greater if you invest in the Notes than the risk of investing in substantially similar securities that are linked to the performance of only one Reference Asset or fewer Reference Assets. With more Reference Assets, it is more likely that the Closing Level of any Reference Asset will be less than its Initial Level on the Review Date prior to the Final Review Date, and that the Final Level of any Reference Asset will be less than its Step-Down Call Level and Barrier Level on the Final Review Date, than if the Notes were linked to a single Reference Asset or fewer Reference Assets. In addition, the lower the correlation is between the performance of a pair of Reference Assets, the more likely it is that one of the Reference Assets will decline to a Closing Level that is less than its Initial Level on the Review Date prior to the Final Review Date and a Final Level that is less than its Step-Down Call Level and Barrier Level on the Final Review Date. Although the correlation of the Reference Assets’ performance may change over the term of the Notes, the economic terms of the Notes, including the Call Premium, Step-Down Call Level and Barrier Levels, are determined, in part, based on the correlation of the Reference Assets’ performance calculated using our internal models at the time when the terms of the Notes are finalized. All things being equal, higher Call Premiums and lower Step-Down Call Levels and Barrier Levels are generally associated with lower correlation of the Reference Assets. Therefore, if the performance of a pair of Reference Assets is not correlated to each other or is negatively correlated, the risk that you will not receive any Call Premium and that the Final Level of any Reference Asset will be less than its Step-Down Call Level and Barrier Level is even greater despite such lower levels. Therefore, it is more likely that you will not receive any Call Premium and that you will lose a significant portion or all of your initial investment at maturity.

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