Company: TDBCP
Filing Date: 2025-01-14
Form Type: 424B2
Source: 0001140361-25-001019
Chunk: 7

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-14
Form: 424B2
Chunk 7
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 likely that you will not receive any Call Premium and that you will lose some or all of your initial investment at maturity. Investors Are Exposed to the Market Risk of Each Reference Asset on Each Review Date . Your return on the Notes is not linked to a basket consisting of the Reference Assets. Rather, it will be contingent upon the performance of each Reference Asset. Unlike an instrument with a return linked to a basket of indices, common stocks or other underlying securities, in which risk is mitigated and diversified among all of the components of the basket, you will be exposed equally to the risks related to each Reference Asset on each Review Date, as applicable. Poor performance by any Reference Asset over the term of the Notes will negatively affect your return and will not be offset or mitigated by more favorable performance of any other Reference Asset. For instance, you will suffer a percentage loss equal to the Least Performing Percentage Change if the Final Level of any Reference Asset is less than its Buffer Level on the Final Review Date, even if the Percentage Change of another Reference Asset is positive or has not declined as much. Accordingly, your investment is subject to the market risk of each Reference Asset. The Applicable Call Premiums Will Reflect, In Part, the Volatility of each Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher the Reference Assets’ volatility, the more likely it is that the Closing Level or Final Level, as applicable, of each Reference Asset could be less than its Initial Level or its Step-Down Call Level on a Review Date, as applicable. Volatility means the

| TD SECURITIES (USA) LLC | P-4 |

magnitude and frequency of changes in the levels of the Reference Assets. This greater risk will generally be reflected in higher Call Premiums for the Notes than the amount payable on our conventional debt securities of a comparable term. However, while the Call Premiums are set on the Pricing Date, the Reference Assets’ volatility can change significantly over the term of the Notes, and may increase. The Closing Level or Final Level, as applicable, of any Reference Asset could fall sharply on the Review Dates, resulting in the Notes not being subject to an automatic call and potentially a significant or entire lossof principal . There Are Market Risks Associated with each Reference Asset. The level of each Reference Asset can rise or fall sharply due to factors specific to such Reference Asset, the Reference Asset Constituents and their issuers (the “Reference Asset Constituent Iss