Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001140361-25-035084
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 11
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 index sponsor. However, we and our affiliates are not affiliated with the index sponsor and have no ability to control or predict its actions. You, as an investor in the PLUS, should conduct your own independent investigation of the 
 index sponsor and the underlying index. The index sponsor is not involved in the PLUS offered hereby in any way and has no obligation of any sort with respect to your PLUS. The index sponsor has no obligation to take your interests into      
 consideration for any reason, including when taking any actions that might affect the value of, and any amounts payable on, your PLUS.                                                                                                            |

### Risks Relating to Estimated Value and Liquidity
| ◾ | The estimated value of your PLUS is expected to be less than the public offering price of your PLUS.The estimated value of your PLUS on the pricing date is expected to be less than the public offering                                             
 price of your PLUS. The difference between the public offering price of your PLUS and the estimated value of the PLUS reflects costs and expected profits associated with selling and structuring the PLUS, as well as hedging our obligations under 
 the PLUS. Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or a loss.                                                |

| ◾ | The estimated value of your PLUS is based on our internal funding rate.The estimated value of your PLUS on the pricing date is determined by reference to our internal funding rate. The internal                                                    
 funding rate used in the determination of the estimated value of the PLUS generally represents a discount from the credit spreads for our conventional, fixed-rate debt PLUS and the borrowing rate we would pay for our conventional, fixed-rate    
 debt PLUS. This discount is based on, among other things, our view of the funding value of the PLUS as well as the higher issuance, operational and ongoing liability management costs of the PLUS in comparison to those costs for our              
 conventional, fixed-rate debt, as well as estimated financing costs of any hedge positions, taking into account regulatory and internal requirements. If the interest rate implied by the credit spreads for our conventional, fixed-rate debt PLUS, 
 or the borrowing rate we would pay for our conventional, fixed-rate debt PLUS were to be used, we would expect the economic terms of the PLUS to be more favorable to you. Additionally, assuming all other economic terms are held constant, the    
 use of an internal funding rate for the PLUS is expected to increase the estimated value of the PLUS at any time.