Company: TDBCP
Filing Date: 2025-11-10
Form Type: 424B2
Source: 0001140361-25-041313
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-10
Form: 424B2
Chunk 5
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 debt security of 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. The Notes do not provide for interest payments and you may not receive the Call Premium or any positive return on the Notes. Even if your return is positive, your return may be less than that of a conventional, interest-bearing senior debt security of TD of comparable maturity. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money. The Notes May Be Automatically Called Prior to the Maturity Date And Are Subject to Reinvestment Risk. If your Notes are subject to an automatic call, no further payments will be owed to you under the Notes after the Call Payment Date. Therefore, because the Notes could be called as early as the Call Payment Date, the holding period could be limited. If the Notes are subject to an automatic call, there is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return for a similar level of risk. Furthermore, to the extent you are able to reinvest such proceeds in an investment with a comparable return for a similar level of risk, you may incur transaction costs such as dealer discounts and hedging costs built into the price of the new notes. The Amount Payable on the Notes, if Any, is Not Linked to the Price of the Reference Asset at Any Time Other Than on the Review Date or the Final Valuation Date. Any payment on the Notes will be based on the Closing Price of the Reference Asset only on the Review Date and on the Final Valuation Dates. Even if the Price of the Reference Asset appreciates at any other time but then declines to a Closing Price or Final Price, as

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applicable, that is less than the Call Price or Initial Price as of the Review Date or the Final Valuation Date, respectively, you will not receive the Call Premium and may not receive a positive return on the Notes. Therefore, if the Notes are subject to an automatic call, you will not participate in any future appreciation of the Reference Asset after the Call Payment Date. Risks Relating to Characteristics of the Reference Asset There Are Single Stock Risks Associated with the Reference Asset. The price of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset and the issuer of the Reference Asset (the “Reference Asset Issuer”), such as