Company: TDBCP
Filing Date: 2025-07-29
Form Type: 424B2
Source: 0001140361-25-027726
Chunk: 9

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-29
Form: 424B2
Chunk 9
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 the Closing Price of the Reference Asset on the applicable Coupon Payment Dates (including the Final Valuation Date).

The Contingent Coupon Payment Will Reflect, in Part, the Volatility of the Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at
    Maturity.

Generally, the higher the Reference Asset’s volatility, the more likely it is that the Closing Price of the Reference Asset price could be less than the Contingent Coupon Barrier Price on an Observation Date or the Principal Barrier Price on the Final Valuation Date. Volatility means the magnitude and frequency of changes in the price of the Reference Asset. This greater risk will generally be reflected in a higher Contingent Coupon Payment for the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the Contingent Coupon Payment is set on the Pricing Date, the Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The price of the Reference Asset could fall sharply on the Observation Dates, resulting in few or no Contingent Coupon Payments or on the Final Valuation Date, resulting in a significant or entire loss of principal .

The Return on Your Notes Will Not Reflect, and You Will Not Be Entitled to Any Dividends or Other Distributions on, the Reference Asset.

The Notes are our debt securities. They are not equity instruments, shares of stock, or securities of any other issuer. Unless and until you receive the Share Delivery Amount on the Maturity Date,
    investing in the Notes will not make you a holder of shares of the Reference Asset. You will not have any voting rights, any rights to receive dividends or other distributions or any rights against the issuer of the Reference Asset (the “Reference
    Asset Issuer”). As a result, the return on your Notes may not reflect the return you would realize if you actually owned shares of the Reference Asset and received any dividends paid or other distributions made in connection with them.**

<div align='center'>**Risks Relating to Characteristics of the Reference Asset**</div>

**There Are Single Stock Risks Associated With the Reference Asset.

The price of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset and the Reference Asset Issuer, such as stock price volatility, earnings,
    financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general market volatility and levels, interest rates and economic and political