Company: TDBCP
Filing Date: 2025-10-23
Form Type: 424B2
Source: 0001140361-25-039080
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-23
Form: 424B2
Chunk 13
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 a Reference Asset that does not hold foreign assets. The countries whose markets are represented by the Reference Asset include emerging market countries. Countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. It will also likely be costlier and more difficult for the Reference Asset’s Investment Adviser to enforce the laws or regulations of a foreign country or trading facility, and it is possible that the foreign country or trading facility may not have laws or regulations which adequately protect the rights and interests of investors in the stocks included in the Reference Asset. Your Investment in the Notes Will Be Subject to Foreign Currency Exchange Rate Risk. The Reference Asset holds assets that are denominated in non-U.S. dollar currencies. The value of the assets held by the Reference Asset that are denominated in non-U.S. dollar currencies will be adjusted to reflect their U.S. dollar value by converting the price of such assets from the non-U.S. dollar currency to U.S. dollars. Consequently, if the value of the U.S. dollar strengthens against the non-U.S. dollar currency in which an asset is denominated, the price of the Reference Asset may not increase even if the non-dollar value of the asset held by the Reference Asset increases. Foreign currency exchange rates vary over time, and may vary considerably during the term of your Notes. Changes in a particular exchange rate result from the interaction of many factors directly or indirectly affecting economic and political conditions. Of particular importance are:

| • | existing and expected rates of inflation; |

| • | existing and expected interest rate levels; |

| • | the balance of payments among countries; |

| • | the extent of government surpluses or deficits in the relevant foreign country and the United States; and |

| • | other financial, economic, military, public health and political factors. |

All of these factors are, in turn, sensitive to the monetary, fiscal and trade policies pursued by the governments of the relevant foreign countries and the United States and other countries important to