Company: TDBCP
Filing Date: 2025-11-20
Form Type: 424B2
Source: 0001140361-25-042827
Chunk: 10

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-20
Form: 424B2
Chunk 10
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 Rate Risk. Because ADRs are denominated in U.S. dollars but represent non-U.S. equity securities that are denominated in a non-U.S. currency, changes in currency exchange rates may negatively impact the value of the ADRs. The value of the non-U.S. currency may be subject to a high degree of fluctuation due to changes in interest rates, the effects of monetary policies issued by the United States, non-U.S. governments, central banks or supranational entities, the imposition of currency controls or other national or global political or economic developments. Therefore, exposure to exchange rate risk may result in reduced returns for securities linked to ADRs. There Are Legal and Regulatory Risks Relating to the Reference Asset Issuer of TSM and the Return on the Notes May Be Based on a Substitute Security. Pursuant to executive orders, U.S. persons are prohibited from engaging in transactions in publicly traded securities of certain companies that are determined to be linked to the People’s Republic of China (the “PRC”) military, intelligence and security apparatus. The prohibition also covers any securities that are derivative of, or are designed to provide investment exposure to, such securities. While the Reference Asset Issuer of TSM is not currently designated as such a company, there can be no assurance that such Reference Asset Issuer will not, in the future, become subject to the executive order, a similar bill, other executive action or other legal restrictions. Any such action could lead to the loss of a significant portion or all of your initial investment. Additionally, in certain circumstances the Calculation Agent may (but is not required to) select a substitute security as discussed further under “— Risks Relating to Hedging Activities and Conflicts of Interest — You Will Have Limited Anti-Dilution Protection and, in Certain Situations, Including a Change in Law Event, Your Return on the Notes May be Based on a Substitute Reference Asset” herein. Risks Relating to Estimated Value and Liquidity The Estimated Value of Your Notes Is Less Than the Public Offering Price of Your Notes. The estimated value of your Notes is less than the public offering price of your Notes. The difference between the public offering price of your Notes and the estimated value of the Notes reflects costs and expected profits associated with selling and structuring the Notes, as well as hedging our obligations under the Notes. 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