Company: TDBCP
Filing Date: 2025-04-30
Form Type: 424B2
Source: 0001140361-25-016604
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-04-30
Form: 424B2
Chunk 5
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 of a pair of Reference Assets, the more likely it is that one of the Reference Assets will decline in value to a Final Value that is less than its Initial Value. Although the correlation of the Reference Assets’

| TD SECURITIES (USA) LLC | P-6 |

performance may change over the term of the Notes, the economic terms of the Notes, including the Maximum Redemption Amount and Minimum Redemption Amount, are determined, in part, based on the correlation of the Reference Assets’ performance calculated using our internal models at the time when the terms of the Notes are finalized. All things being equal, a higher Maximum Redemption Amount and lower Minimum Redemption Amount are generally associated with lower correlation of the Reference Assets. Therefore, if the performance of a pair of Reference Assets is not correlated to each other or is negatively correlated, the risk that the Final Value of any Reference Asset is less than its Initial Value is even greater despite a lower Minimum Redemption Amount. Therefore, it is more likely that you will lose up to 5.00% of your initial investment at maturity. There Are Market Risks Associated with each Reference Asset. The value of each Reference Asset can rise or fall sharply due to factors specific to such 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 and commodity 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 Assets for your Notes. For additional information, see “Information Regarding the Reference Assets” in this pricing supplement. The Reference Assets Reflect Price Return, not Total Return. The return on your Notes is based on the performance of the Reference Assets, which reflect the changes in the market prices of their respective Reference Asset Constituents. They are not, however, linked to a “total return” index or strategy, which, in addition to reflecting those price returns, would also reflect dividends paid on the Reference Asset Constituents. The return on your Notes will not include such a total return feature or dividend component. We Have No Affiliation with Any Index Sponsor and Will Not Be Responsible for Any Actions Taken by Any Index Sponsor. No Index Sponsor is an affiliate of ours and no such entity will be involved in the offering of the Notes in any way. Consequently, we have no control over the