Company: TDBCP
Filing Date: 2025-08-04
Form Type: 424B2
Source: 0001140361-25-028635
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-04
Form: 424B2
Chunk 14
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| ◾ | The underwriting discount, offering expenses and certain hedging costs are likely to adversely affect secondary market                                                                                                                         
 prices.Assuming no changes in market conditions or any other relevant factors, the price, if any, at which you may be able to sell the Buffered PLUS will likely be less than the public offering price. The public offering price             
 includes, and any price quoted to you is likely to exclude, any underwriting discount paid in connection with the initial distribution, offering expenses as well as the cost of hedging our obligations under the Buffered PLUS. In addition, 
 any such price is also likely to reflect dealer discounts, mark-ups and other transaction costs, such as a discount to account for costs associated with establishing or unwinding any related hedge transaction.                              |

| ◾ | There may not be an active trading market for the Buffered PLUS — sales in the secondary market may result in significant                                                                                                                 
 losses.There may be little or no secondary market for the Buffered PLUS. The Buffered PLUS will not be listed or displayed on any Buffered PLUS exchange or electronic communications network. The agent or another one of our            
 affiliates may make a market for the Buffered PLUS; however, it is not required to do so and may stop any market-making activities at any time. Even if a secondary market for the Buffered PLUS develops, it may not provide significant 
 liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a result, the difference between bid and ask prices for your Buffered PLUS in any secondary market could be  
 substantial. If you sell your Buffered PLUS before the maturity date, you may have to do so at a substantial discount from the public offering price irrespective of the price of the underlying index, and as a result, you may suffer   
 substantial losses.                                                                                                                                                                                                                       |

| ◾ | If the value of the underlying index changes, the market value of your Buffered PLUS may not change in the same manner.Your Buffered PLUS may trade quite differently from the performance of the underlying index. Changes in the value of the underlying index may not result in a comparable change in the market value of your Buffered PLUS. Even if the closing 
 value of the underlying index increases to greater than the initial index value during the term of the Buffered PLUS, the market value of your Buffered PLUS may not increase by the same amount and could decline.                                                                                                                                                   |

Risks Relating to General Credit Characteristics

| ◾ | Investors are subject to TD’s credit risk, and TD’s credit ratings