Company: TDBCP
Filing Date: 2025-02-28
Form Type: 424B2
Source: 0001140361-25-006512
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-28
Form: 424B2
Chunk 4
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 Limited by the Maximum Return and May be Lower Than the Return on a Direct Investment in the Reference Asset. Your potential return on the Notes is limited to, and will not exceed, the Maximum Return because the Notes provide the opportunity to participate in only a limited range of increases in the level of the Reference Asset. Accordingly, your return on the Notes may be less than that of a hypothetical direct investment in the Reference Asset, the Reference Asset Constituents or in a security directly linked to the positive performance of the Reference Asset or the Reference Asset Constituents. The Notes Do Not Pay Interest and Any Return May Be Less than the Return on a Conventional Debt Security of Comparable Maturity. There will be no periodic interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having a comparable maturity. The return that you will receive on your Notes may be less than the return you could earn on other investments. The Notes do not provide for any interest payments and you may not receive any positive return on the Notes. Even if your return on the Notes is positive, your return may be less than the return you would earn if you bought a conventional, interest-bearing senior debt security of TD of comparable maturity. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money. The Amount Payable on the Notes is not Linked to the Level of the Reference Asset at any Time Other than as of the Valuation Date. The amount payable on the Notes will be based on the Final Level, which will be the Closing Level of the Reference Asset the Valuation Date. Even if the level of the Reference Asset appreciates prior to the Valuation Date but then declines by the Valuation Date, the Payment at Maturity may be significantly less than it would have been had the Payment at Maturity been linked to the level of the Reference Asset prior to such decline. Although the actual Closing Level of the Reference Asset on the Valuation Date or at other times during the term of the Notes may be higher than the Final Level, the Payment at Maturity will be based solely on the Closing Level of the Reference Asset on the Valuation Date, as compared to the Initial Level. Risks Relating to Characteristics of the Reference Asset There Are Market Risks Associated with the Reference Asset. The level of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset, the Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers