Company: TDBCP
Filing Date: 2025-03-07
Form Type: 424B2
Source: 0001140361-25-007647
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-07
Form: 424B2
Chunk 4
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 period between the Valuation Date and the Maturity Date. Your Potential Return From Any Positive Percentage Change Will be Limited by the Maximum Upside Return and May be Lower Than the Return on a Hypothetical Direct Investment in the Reference Asset. The opportunity to participate in any increase in the price of the Reference Asset through an investment in the Notes will be limited because the return on the Notes resulting from any positive Percentage Change will not exceed the Maximum Upside Return, regardless of any further increase in the level of the Reference Asset. Accordingly, your return on the Notes may be less than that of a hypothetical direct investment in the Reference Asset or the stocks and other assets comprising the Reference Asset (the “Reference Asset Constituents”) or in a security directly linked to the positive performance of the Reference Asset or the Reference Asset Constituents. Your Potential Return From the Contingent Absolute Return Will be Limited by the Buffer Price and the Contingent Absolute Return Feature is Not the Same as Taking a Short Position Directly in the Reference Asset. The opportunity to benefit from any decline in the price of the Reference Asset through an investment in the Notes will be limited because of the Buffer Price, and you will not benefit from any decline in the price of the Reference Asset below the Buffer Price. Further, even if the Percentage Change is negative and the Final Price is greater than or equal to the Buffer Price, the return on the Notes will not reflect the return you would realize if you actually took a short position directly in the Reference Asset. For example, to maintain a short position in the Reference Asset, you would have to pay dividend payments (if any) to the entity that lends you the Reference Asset for your short sale, and you could receive certain interest payments (the short interest rebate) from the lender.

| TD SECURITIES (USA) LLC | P-3 |

The Return on Your Notes May Change Significantly Despite Only a Small Change in the Final Price. If the Final Price is less than the Buffer Price, you will receive less than the Principal Amount of your Notes and you will lose some or all of your investment in the Notes. This means that while a Final Price that is less than the Initial Price but greater than or equal to the Buffer Price will result in a positive return equal to the Contingent Absolute Return, any additional decrease in the Final Price to below the Buffer Price will instead result in the receipt of a number of shares of the Reference Asset per Note equal to the Physical Delivery Amount, the value of which, based on the