Company: TDBCP
Filing Date: 2025-11-06
Form Type: 424B2
Source: 0001140361-25-040749
Chunk: 9

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-06
Form: 424B2
Chunk 9
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 issuers, potentially including the applicable Reference Asset Issuer. There Are Important Differences Between the ADRs and the Ordinary Shares of a Non-U.S. Company. The Notes are linked to the American depositary receipts (“ADRs”) of a non-U.S. company. There are important differences between the rights of holders of an ADR and the non-U.S. stock such ADR represents. The ADRs are issued pursuant to a deposit agreement, which sets forth the rights and responsibilities of the depositary, the non-U.S. company and holders of the ADRs, which may be different from the rights of holders of the non-U.S. stock. For example, a company may make distributions with respect to the non-U.S. stock that are not passed on to the holders of its ADRs. Any such differences between the rights of holders of the ADRs and the rights of holders of the ordinary shares of the non-U.S. company may be significant and may materially and adversely affect the value of the applicable Reference Asset and, as a result, the market value of, and return on, your Notes. The Notes Are Subject to Exchange Rate Risk. Because ADRs are denominated in U.S. dollars but represent non-U.S. equity securities that are denominated in a non-U.S. currency, changes in currency exchange rates may negatively impact the value of the ADRs. The value of the non-U.S. currency may be subject to a high degree of fluctuation due to changes in interest rates, the effects of monetary policies issued by the United States, non-U.S. governments, central banks or supranational entities, the imposition of currency controls or other national or global political or economic developments. Therefore, exposure to exchange rate risk may result in reduced returns for securities linked to ADRs. The Notes Are Subject to Sector Concentration Risk. The Notes are subject to sector concentration risk because each Reference Asset Issuer operates in the same sector, as described below under “Information Regarding the Reference Assets”. The performance of these companies is subject to a number of complex and unpredictable factors such as government regulation, supply and demand for the products and services produced or offered by such companies and industry competition. Any negative developments may have a negative effect on the Reference Asset Issuers and, in turn, may have a material adverse effect on the market value of, and return on, the Notes. By investing in the Notes, you will not benefit from the diversification which could result from an investment linked to the