Company: TDBCP
Filing Date: 2025-10-31
Form Type: 424B2
Source: 0001140361-25-039953
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-31
Form: 424B2
Chunk 14
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 — Role of Calculation Agent” in the product supplement. You Will Have Limited Anti-Dilution Protection. The Calculation Agent may adjust the Initial Price, and therefore the Buffer Price, of a Reference Asset for stock splits, reverse stock splits, stock dividends, extraordinary dividends and other events that affect such Reference Asset, but only in the situations we describe in “Additional Terms of the Notes — Anti-Dilution Adjustments” herein. The Calculation Agent will not be required to make an adjustment for every event that may affect a Reference Asset. Notwithstanding the Calculation Agent’s ability to make adjustments to the terms of the Notes and a Reference Asset, those events or other actions affecting a Reference Asset, a Reference Asset Issuer or a third party may nevertheless adversely affect the price of such Reference Asset and, therefore, adversely affect the market value of, and return on, your Notes. Risks Relating to General Credit Characteristics Investors Are Subject to TD’s Credit Risk, and TD’s Credit Ratings and Credit Spreads May Adversely Affect the Market Value of the Notes. Although any return on the Notes will depend on the Final Prices of the Reference Assets and the Least Performing Percentage Change, the payment of any amount due on the Notes is subject to TD’s credit risk. The Notes are TD’s unsecured debt obligations. Investors are dependent on TD’s ability to pay all amounts due on the Notes on the Maturity Date and, therefore, investors are subject to the credit risk of TD and to changes in the market’s view of TD’s creditworthiness. Any decrease in TD’s credit ratings or increase in the credit spreads charged by the market for taking TD’s credit risk is likely to adversely affect the market value of the Notes. If TD becomes unable to meet its financial obligations as they become due, investors may not receive any amounts due under the terms of the Notes. Risks Relating to Canadian and U.S. Federal Income Taxation Significant Aspects of the Tax Treatment of the Notes Are Uncertain. Significant aspects of the U.S. tax treatment of the Notes are uncertain. You should consult your tax advisor about your tax situation and should read carefully the section entitled “Material U.S. Federal Income Tax Consequences” herein and in the product supplement. For a discussion of the Canadian federal income tax consequences of investing in the Notes, please see the discussion in the prospectus under “Tax Consequences — Canadian Taxation” and in the product supplement under “Supplemental Discussion of Canadian Tax Consequences” and the further discussion herein under “Summary