Company: TDBCP
Filing Date: 2025-12-11
Form Type: 424B2
Source: 0001140361-25-045238
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-11
Form: 424B2
Chunk 4
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 security directly linked to the positive performance of the Reference Asset or the Reference Asset Constituents. The Notes Do Not Pay Interest and Your Return May Be Less Than the Return on a Conventional Debt Security of Comparable Maturity. There will be no periodic interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having a comparable maturity. The return that you will receive on the Notes, which could be negative, may be less than the return you could earn on other investments. Even if your return on the Notes is positive, your return may be less than the return you would earn if you bought a conventional, interest-bearing senior debt security of TD of comparable maturity. The Payment at Maturity is Not Linked to the Closing Value of the Reference Asset at Any Time Other Than the Valuation Date. Any payment on the Notes will be based on the Final Value, which will be the Closing Value of the Reference Asset on the Valuation Date. Therefore, if the Closing Value of the Reference Asset dropped precipitously on the Valuation Date, the Payment at Maturity for your Notes may be significantly less than it would have been had the Payment at Maturity been linked to the Closing Value of the Reference Asset prior to such drop. Although the actual Closing Value of the Reference Asset on the Maturity Date or at other times during the term of your Notes may be higher than its Closing Value on the Valuation Date, you will not benefit from the Closing Value of the Reference Asset at any time other than the Valuation Date. Risks Relating to Characteristics of the Reference Asset There Are Market Risks Associated With the Reference Asset. The value of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset, the Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into the Reference Asset, the Reference Asset Constituents and the Reference Asset Constituent Issuers for your Notes. For additional information, see “Information Regarding the Reference Asset” in this pricing supplement. We Have No Affiliation With the Index Sponsor and Will Not Be Responsible for Any Actions Taken by the Index Sponsor. The index sponsor as specified under “Information Regarding the Reference Asset