Company: TDBCP
Filing Date: 2025-07-21
Form Type: 424B2
Source: 0001140361-25-026538
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-21
Form: 424B2
Chunk 4
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 may be less than the return on an investment in a note directly linked to the performance of any Reference Asset or in a hypothetical investment in the Reference Asset or the stocks comprising each Reference Asset (the “Reference Asset Constituents”). The Payment at Maturity Is Not Linked to the Closing Value of Any Reference Asset at Any Time Other Than on the Final Valuation Date. The Final Value of each Reference Asset will be based on its Closing Value on the Final Valuation Date. Therefore, if the Closing Value of any Reference Asset dropped precipitously on the Final Valuation Date, the Payment at Maturity may be significantly less than it would have been had the Payment at Maturity been linked to its Closing Value on a date other than the Final Valuation Date. Although the actual Closing Values of the Reference Assets on the Maturity Date or at other times during the term of your Notes may be higher than their Closing Values on the Final Valuation Date, your return is based solely on the Closing Value of the Least Performing Reference Asset on the Final Valuation Date. Risks Relating to Characteristics of the Reference Assets There Are Market Risks Associated With Each Reference Asset. The value of each Reference Asset can rise or fall sharply due to factors specific to such Reference Asset, its Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers”), 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 stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into the Reference Assets, the Reference Asset Constituents and the Reference Asset Constituent Issuers for your Notes. For additional information, see “Information Regarding the Reference Assets” in this pricing supplement. Investors Are Exposed to the Market Risk of Each Reference Asset. Your return on the Notes is not linked to a basket consisting of the Reference Assets. Rather, it will be contingent upon the performance of each Reference Asset. Unlike an instrument with a return linked to a basket of indices, common stocks or other underlying securities, in which risk is mitigated and diversified among all of the components of the basket, you will be exposed equally to the risks related to each Reference Asset. Poor performance by any Reference Asset over the term of the Notes will negatively affect your return and will not be offset or mitigated by a positive performance by any other Reference Asset. For instance, you