Company: TDBCP
Filing Date: 2025-06-17
Form Type: 424B3
Source: 0001140361-25-022771
Chunk: 21

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-17
Form: 424B3
Chunk 21
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iness, including any increases in our credit spreads and any actual or anticipated decreases in                                                                         
 our credit ratings, may adversely affect the market value of the SUNs. In general, we expect the longer the amount of time that remains until maturity, the more significant the impact will be on the value of the SUNs. However, a decrease 
 in our credit spreads or an improvement in our credit ratings will not necessarily increase the market value of the SUNs.                                                                                                                     |

| • | Time to Maturity or, if Applicable, the Next Observation Date.There may be a disparity between the market value of the SUNs prior to maturity or, if applicable, prior              
 to an Observation Date, and their value at maturity or as of the next Observation Date, if applicable. This disparity is often called a time “value,” “premium,” or “discount,” and |

PS-18 reflects expectations concerning the value of the Market Measure during the term of the SUNs. As the time to maturity or, if applicable, the next Observation Date, decreases, this disparity will likely decrease, such that the market value of the SUNs will approach the expected Redemption Amount to be paid at maturity or, if applicable, the Call Amount to be paid at the next Call Settlement Date. Conflict-Related Risks Trading and hedging activities by us, the agents, and our or their respective affiliates may affect the market value of, and return on, the SUNs.We, the agents, and our or their respective affiliates may buy or sell the Market Measure, any of its Underlying Constituents, futures, options contracts, or exchange-traded instruments on the Market Measure or any of its Underlying Constituents or other listed over-the-counter derivative instruments whose value is derived from the Market Measure or any of its Underlying Constituents. We, the agents, or our or their respective affiliates may execute such purchases or sales for our own or their own accounts, for business reasons, or in connection with hedging our obligations under the SUNs. These transactions could adversely affect the value of a Market Measure in a manner that could be adverse to your investment in the SUNs. On or before the applicable pricing date, any purchases or sales by us, the agents, and our or their respective affiliates, or others on our or their behalf (including those for the purpose of hedging some or all of our anticipated exposure in connection with the SUNs), may increase the value of the Market Measure or its Underlying Constituents. Consequently, the value