Company: TDBCP
Filing Date: 2025-03-20
Form Type: 424B2
Source: 0001140361-25-009612
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-20
Form: 424B2
Chunk 6
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uation Date. Although the actual value of the Reference Asset at other times during the term of the Notes may be higher than the value on one or more Call Observation Dates (including the Final Valuation Date), any payment of the applicable Call Premium or the Payment at Maturity will be based solely on the Closing Value of the Reference Asset on the applicable Call Observation Date (including the Final Valuation Date).

| TD SECURITIES (USA) LLC | P-7 |

The Call Rate and Call Premiums Will Reflect, in Part, the Volatility of the Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, a higher volatility of the Reference Asset results in a greater likelihood that the Closing Value of the Reference Asset could be less than the Call Threshold Value on a Call Observation Date or the Barrier Value on the Final Valuation Date. Volatility means the magnitude and frequency of changes in the value of the Reference Asset. This greater risk will generally be reflected in a higher Call Rate and Call Premiums for the Notes as compared to the interest rate payable on our conventional debt securities with a comparable term. However, while the Call Rate and Call Premiums are set on the Pricing Date, the Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The value of the Reference Asset could fall sharply on the Call Observation Dates, which may result in the Notes not being automatically called and in a loss of a significant portion or all of the Principal Amount. Risks Relating to Characteristics of the Reference Asset There Are Market Risks Associated with the Reference Asset. The value of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset, the Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into the Reference Asset, the Reference Asset Constituents and the Reference Asset Constituent Issuers for your Notes. For additional information, see “Information Regarding the Reference Asset” in this pricing supplement. We Have No Affiliation With the Index Sponsor and Will Not Be Responsible for Any Actions Taken by the Index Sponsor. The index sponsor as specified under “Information Regarding the Reference Asset” (the