Company: TDBCP
Filing Date: 2025-07-24
Form Type: 424B2
Source: 0001140361-25-027052
Chunk: 18

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-24
Form: 424B2
Chunk 18
---
 market-making activities at any time. Even if a secondary market for the securities develops, it may not provide significant liquidity or trade at    
 prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a result, the difference between bid and ask prices for your securities in any secondary market could be substantial. If you sell your 
 securities before the maturity date, you may have to do so at a substantial discount from the public offering price irrespective of the value of the underlying indices, and as a result, you may suffer substantial losses.                  |

| July 2025 | Page14 |

| $4,038,000 Contingent Income Auto-Callable Securities due July 27, 2027                            |
| Based on the Worst Performing of the Nasdaq-100 Index®, the Nikkei 225®Index and the S&P 500®Index 
 Principal at Risk Securities                                                                       |

| ◾ | If the value of an underlying index changes, the market value of your securities may not change in the same manner.Your                                                                                                                         
 securities may trade quite differently from the performance of each underlying index. Changes in the value of an underlying index may not result in a comparable change in the market value of your securities. Even if the closing value of an 
 underlying index remains greater than or equal to the downside threshold level or increases to greater than the call threshold level during the term of the securities, the market value of your securities may not increase by the same amount 
 and could decline.                                                                                                                                                                                                                              |

Risks Relating to General Credit Characteristics

| ◾ | Investors are subject to TD’s credit risk, and TD’s credit ratings and credit spreads may adversely affect the market value                                                                                                                     
 of the securities.Although the return on the securities will be based on the performance of the underlying indices, the payment of any amount due on the securities is subject to TD’s credit risk. The securities are TD’s senior              
 unsecured debt obligations. Investors are dependent on TD’s ability to pay all amounts due on the securities and, therefore, investors are subject to the credit risk of TD and to changes in the market’s view of TD’s creditworthiness. Any   
 decrease in TD’s credit ratings or increase in the credit spreads charged by the market for taking TD’s credit risk is likely to adversely affect the market value of the securities. If TD becomes unable to meet its financial obligations as 
 they become due, investors may not receive any amounts due under the terms of the securities.                                                                                                                                                   |

R