Company: TDBCP
Filing Date: 2025-07-28
Form Type: 424B2
Source: 0001140361-25-027554
Chunk: 7

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-28
Form: 424B2
Chunk 7
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 discount from the credit spreads      
 for our conventional fixed-rate debt securities and the borrowing rate we would pay for our conventional fixed-rate debt securities. This discount is based on, among other things, our view of the funding value of the notes as well as the 
 higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate debt, as well as estimated financing costs of any hedge positions (including, but not limited   
 to, the hedging related charge, as further described under “Structuring the Notes” on page TS-33), taking into account regulatory and internal requirements. If the interest rate implied by the credit spreads for our conventional          
 fixed-rate debt securities, or the borrowing rate we would pay for our conventional fixed-rate debt securities were to be used, we would expect the economic terms of the notes to be more favorable to you. Additionally, assuming all other 
 economic terms are held constant, the use of an internal funding rate for the notes is expected to have increased the initial estimated value of the notes and have had an adverse effect on the economic terms of the notes.                 |

| ◾ | The initial estimated value of the notes is based on our internal pricing models, which may prove to be inaccurate and may be different from the pricing models of other financial institutions, including BofAS and MLPF&S. The          
 initial estimated value of your notes when the terms of the notes were set on the pricing date is based on our internal pricing models, which take into account a number of variables, typically including the expected volatility of the 
 Market Measure, interest rates (forecasted, current and historical rates), price-sensitivity analysis, time to maturity of the notes and our internal funding rate, and are based on a number of subjective assumptions, which are not    
 evaluated or verified on an independent basis and may or may not materialize. Further, our pricing models may be different from other financial institutions’ pricing models, including those of BofAS and MLPF&S, and the methodologies  
 used by us to estimate the value of the notes may not be consistent with those of other financial institutions that may                                                                                                                   |

| Market-Linked Step Up Notes | TS-7 |

be purchasers or sellers of notes in any secondary market. As a result, the secondary market price of your notes, if any, may be materially less than the initial estimated value of the notes determined by reference to our internal pricing models. In addition, market conditions and other relevant factors in the future may change and any assumptions