Company: TDBCP
Filing Date: 2025-11-24
Form Type: 424B2
Source: 0001140361-25-043103
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-24
Form: 424B2
Chunk 8
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 Asset Issuer. An Anticipated Merger With Respect to the Reference Asset May Affect the Value of the Reference Asset and the Market Value of, and Return on, the Notes. On October 28, 2025, Skyworks Solutions, Inc. announced that it had entered into a merger agreement with Qorvo, Inc. to combine in a cash-and-stock transaction, which is anticipated to be completed in 2027 subject to customary closing conditions. If the merger or another corporate event with respect to the Reference Asset occurs, the Calculation Agent may adjust the Initial Value, and therefore the Call Threshold Value, Contingent Interest Barrier Value and Barrier Value as described under “General Terms of the Notes — Anti-Dilution Adjustments” in the product supplement. Notwithstanding the Calculation Agent’s ability to make adjustments to the terms of the Notes and the Reference Asset, such event or other events or actions affecting the Reference Asset, Reference Asset Issuer or a third party may nevertheless adversely affect the price of the Reference Asset and, therefore, adversely affect the market value of, and return on, your Notes. See also “— Risks Relating to Hedging Activities and Conflicts of Interest — You Will Have Limited Anti-Dilution Protection and, in Certain Situations, Your Return on the Notes May be Based on a Substitute Reference Asset” herein.

| TD SECURITIES (USA) LLC | P-8 |

Risks Relating to Estimated Value and Liquidity The Estimated Value of Your Notes Is Less Than the Public Offering Price of Your Notes. The estimated value of your Notes is less than the public offering price of your Notes. The difference between the public offering price of your Notes and the estimated value of the Notes reflects costs and expected profits associated with selling and structuring the Notes, as well as hedging our obligations under the Notes. Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or a loss. The Estimated Value of Your Notes Is Based on Our Internal Funding Rate. The estimated value of your Notes is determined by reference to our internal funding rate. The internal funding rate used in the determination of the estimated value of the Notes generally represents a 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