Company: TDBCP
Filing Date: 2025-04-04
Form Type: 424B2
Source: 0001140361-25-012284
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-04-04
Form: 424B2
Chunk 5
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 owed to you under the Notes after the Call Payment Date. Therefore, because the Notes could be called on the Call Payment Date, the holding period could be limited. 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 Is Not Linked to the Level of the Reference Asset at Any Time Other Than on the Call Observation Date and the Final Valuation Date. Any payment on the Notes will be based on the Closing Level of the Reference Asset only on the Call Observation Date and the Final Valuation Date. Even if the level of the Reference Asset appreciates prior to the Call Observation Date but then drops on such date to a Closing Level that is less than the Call Threshold Level, you will not receive the Call Price on the Call Payment Date. Similarly, the Payment at Maturity, if any, may be significantly less than it would have been had the Notes been linked to the Closing Level of the Reference Asset on a date other than the Final Valuation Date, and may be zero. Although the actual level of the Reference Asset at other times during the term of the Notes may be higher than the level on the Call Observation Date or the Final Valuation Date, any payment of the Call Return and any Payment at Maturity will be based solely on the Closing Level of the Reference Asset on the Call Observation Date and the Final Valuation Date, respectively. The Call Return Reflects, In Part, the Volatility of the Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher the Reference Asset’s volatility, the more likely it is that the Closing Level of the Reference Asset could be less than the Call Threshold Level on the Call Observation Date or the Barrier Level on the Final Valuation Date. Volatility means the magnitude and frequency of changes in the level of the Reference Asset. This greater risk will generally be reflected in a higher Call Return for the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the Call Return is set on the Pricing Date, a Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The level of the