Company: TDBCP
Filing Date: 2025-08-05
Form Type: 424B2
Source: 0001140361-25-028903
Chunk: 18

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-05
Form: 424B2
Chunk 18
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 engage in business                                            
 with the index sponsors. However, we and our affiliates are not affiliated with the sponsor of any underlying index and have no ability to control or predict their actions. You, as an investor in the securities, should conduct your own       
 independent investigation of the relevant index sponsor and each underlying index. No index sponsor is involved in the securities offered hereby in any way and has no obligation of any sort with respect to your securities. The relevant index 
 sponsor has no obligation to take your interests into consideration for any reason, including when taking any actions that might affect the value of, and any amounts payable on, your securities.                                                |

Risks Relating to Estimated Value and Liquidity

| ◾ | The estimated value of your securities is less than the public offering price of your securities.The estimated value of your securities is less than the public offering price of your securities.                                                 
 The difference between the public offering price of your securities and the estimated value of the securities reflects costs and expected profits associated with selling and structuring the securities, as well as hedging our obligations under 
 the securities. 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 securities is based on our internal funding rate.The estimated value of your securities is determined by reference to our internal funding rate. The internal funding                                                  
 rate used in the determination of the estimated value of the securities 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 securities as well as the higher issuance, operational and ongoing liability management costs of the securities in comparison to   
 those costs for our conventional, fixed-rate debt, as well as estimated financing costs of any hedge positions, 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 securities to be more favorable to you. Additionally, assuming all      
 other economic terms are held constant, the use of an internal funding rate for the securities is expected to increase the estimated value of the securities at any time.                                                                          |

| ◾ | The estimated