Company: TDBCP
Filing Date: 2025-12-02
Form Type: 424B2
Source: 0001140361-25-043985
Chunk: 12

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-02
Form: 424B2
Chunk 12
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 share price of any underlying stock is                                                 
 less than its downside threshold price, you will receive a cash payment per security that will be less than the stated principal amount and you will be exposed on a 1-to-1 basis to the decline of the worst performing underlying stock.You may lose your entire investment in the securities. |

| ■ | Contingent repayment of stated principal amount only at maturity.If your securities are not redeemed prior to maturity, you should be willing to hold your securities                                                                            
 to maturity. If you are able to sell your securities prior to maturity in the secondary market, you may have to sell them at a loss relative to your investment even if the then-current prices of all of the underlying stocks are greater than 
 or equal to their respective downside threshold prices.                                                                                                                                                                                          |

| ■ | You may not receive any contingent monthly coupons.TD will not necessarily make periodic payments on the securities. If the closing price ofanyof the underlying stocks on any determination date is less than its coupon threshold price, TD will not pay you the contingent monthly coupon applicable to such determination date. If the closing price of any of the 
 underlying stocks is less than its coupon threshold price on each of the determination dates, TD will not pay you any contingent monthly coupons during the term of, and you will not receive a positive return on, your securities. Generally,                                                                                                                        
 this non-payment of the contingent monthly coupon coincides with a period of greater risk of principal loss on your securities.                                                                                                                                                                                                                                        |

| ■ | Greater expected volatility with respect to, and lower expected correlation of, the underlying stocks generally reflects a higher contingent monthly coupon and a higher                                                                         
 expectation as of the pricing date that the final share price of any of the underlying stocks could be less than its downside threshold price.Greater expected volatility with respect to, and lower expected correlation of, the                
 underlying stocks reflects a higher expectation as of the pricing date that the final share price of any of the underlying stocks could be less than its downside threshold price. “Volatility” refers to the frequency and magnitude of changes 
 in the price of an underlying stock. This greater expected risk will generally be reflected in a higher contingent monthly coupon for that security. However, while the contingent monthly coupon is set on the pricing date based, in part, on  
 the correlations of the underlying stocks and each underlying stock’s volatility calculated using our internal models, an underlying stock’s volatility, and the correlation among the underlying stocks, can change significantly over the term 
 of the securities. The price of