Company: TDBCP
Filing Date: 2025-07-01
Form Type: 424B2
Source: 0001140361-25-024322
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-01
Form: 424B2
Chunk 8
---
 calculation agents may be discretionary and could adversely affect any payment 
 on the notes.                                                                                                                                                                                                                                 |

General Credit-Related Risks

| ■ | Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the notes. If we become unable to meet our financial obligations as they become due, you 
 may lose some or all of your investment.                                                                                                                                                                                                   |

Tax-Related Risks

| ■ | The U.S. federal income tax consequences of the notes are uncertain and, because of this uncertainty, there is a risk that the U.S. federal income tax consequences of the notes could differ materially and adversely from the treatment        
 described below in “Supplemental Discussion of U.S. Federal Income Tax Consequences”, as described further in product supplement EQUITY ARN-1 under “Material U.S. Federal Income Tax Consequences — Alternative Treatments”. You should consult 
 your tax advisors as to the tax consequences of an investment in the notes and the potential alternative treatments.                                                                                                                             |

| ■ | For a discussion of the Canadian federal income tax consequences of investing in the notes, please see the discussion in the prospectus under “Tax Consequences — Canadian Taxation” and in the product supplement EQUITY ARN-1 under           
 “Supplemental Discussion of Canadian Tax Consequences” and the further discussion herein under “Summary of Canadian Federal Income Tax Consequences”. If you are not a Non-resident Holder (as that term is defined in the prospectus) for      
 Canadian federal income tax purposes or if you acquire the notes in the secondary market, you should consult your tax advisors as to the consequences of acquiring, holding and disposing of the notes and receiving the payments that might be 
 due under the notes.                                                                                                                                                                                                                            |

Additional Risk Factors All of the securities held by the Underlying Fund are concentrated in one sector. The Underlying Fund holds securities issued by companies in the energy sector. As a result, the securities that will determine the performance of the notes are concentrated in one sector. Although an investment in the notes will not give holders any ownership or other direct interests in the securities held by the Underlying Fund, the return on an investment in the notes will be subject to certain risks associated with a direct equity investment in companies in this sector. Accordingly, by investing in the notes, you will not benefit from the diversification which could result from an investment linked to securities of a more broadly diversified group of issuers. The stocks of companies