Company: TDBCP
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036947
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-26
Form: 424B5
Chunk 4
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 The existence of a trading market for, and the market value of, any of the notes may be impacted by market
perception of our creditworthiness. If market perception of our creditworthiness were to decline for any reason, the market value of your notes, and availability of the trading markets generally, may be adversely affected. No assurance can be given
as to what our financial condition will be at any time during the term of the notes, or at maturity.

The Interest Rate of Certain Types of Notes Is Not Certain for One or More Interest Periods, and May Be Equal to or Less Than 0.0%.

Except for any interest periods (as defined
herein) in which your notes will bear interest at a fixed rate, the interest rate for one or more interest periods during the term of the notes will not be known on the pricing date of your notes.

Depending on the terms set forth in the applicable pricing supplement, it is possible that the applicable interest rate for one or more
interest periods may be equal to or less than 0%, or if the rate is above 0%, it may be substantially less than the rate of interest that we would pay on fixed-rate debt securities with a comparable term. You should carefully read the terms of the
notes that will be set forth in the applicable pricing supplement and the information in this prospectus supplement in order to determine the extent to which the interest rate on your notes during any period may be so limited.

Even if your yield on the notes is positive, and even if your notes have a specified fixed rate of interest for one or more interest periods,
the return on your investment may not compensate you for the opportunity cost when you take into account factors, such as inflation, that affect the time value of money.

There May Not Be an Active Trading Market for the Notes—Sales in the Secondary Market May Result in Significant Losses.

There may be little or no secondary market for the notes. The notes will not be listed on any securities exchange. TD Securities (USA) LLC and
other affiliates of TD may make a market for the notes; however, they are not required to do so. TD Securities (USA) LLC or any other affiliate of TD may stop any market-making activities at any time. Even if a secondary market for the notes
develops, it may not provide significant liquidity

S-4

or trade at prices advantageous to you. For some notes, we expect that transaction costs in any secondary market would be high. As a result, the difference