Company: TDBCP
Filing Date: 2025-04-02
Form Type: 424B2
Source: 0001140361-25-011791
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-04-02
Form: 424B2
Chunk 14
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 level on every other trading day during the quarterly observation period. If the index closing value of any underlying index on at least one trading day       
 during each quarterly observation period is less than its coupon threshold level, TD will not pay you any contingent quarterly coupons during the term of, and you will not receive a positive return on, your securities. Generally, this           
 non-payment of the contingent quarterly coupon coincides with a period of greater risk of principal loss on your securities. Because there is more than one underlying index, it is more likely that you will (a) not receive any contingent         
 quarterly coupons and/or (b) receive an amount in cash that is worth less than your stated principal amount on the maturity date than would have been the case had the securities been linked to only one underlying index.                          |

| ■ | Greater expected volatility with respect to, and lower expected correlation of, the underlying indices generally reflects a higher contingent quarterly coupon and a higher expectation as of the pricing date                                       
 that the index closing value of any of the underlying indices could be less than its downside threshold level.Greater expected volatility with respect to, and lower expected correlation of, the underlying indices reflects a higher               
 expectation as of the pricing date that the final index value of any of the underlying indices could be less than its downside threshold level and/or that the index closing value of any underlying index on any trading day during the term of the 
 securities will be less than its coupon threshold level. “Volatility” refers to the frequency and magnitude of changes in the level of an asset or group of assets. This greater expected risk will generally be reflected in a higher contingent    
 quarterly coupon for that security than would have been the case if expected volatility of the underlying indices been lower. However, while the contingent quarterly coupon is set on the pricing date based, in part, on the correlations of the   
 underlying indices and each underlying index’s volatility calculated using our internal models, an underlying index’s volatility, and the correlation of the underlying indices, can change significantly over the term of the securities. The level 
 of any underlying index could fall sharply, which could result in the loss of a significant portion or all of your investment in the securities.                                                                                                     |

| ■ | The securities are subject to reinvestment risk in the event of an early redemption.The securities will be automatically redeemed prior to maturity if the index closing values of all of the                                                       
 underlying indices on any observation period end-date other than the final observation period end-date are greater than or equal to their call threshold levels and