Company: TDBCP
Filing Date: 2025-08-19
Form Type: 424B2
Source: 0001140361-25-031886
Chunk: 16

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-19
Form: 424B2
Chunk 16
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. 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 and credit spreads may adversely affect the market value of the Buffered PLUS.Although the return on the Buffered PLUS will be                                             
 based on the performance of the underlying index, the payment of any amount due on the Buffered PLUS is subject to TD’s credit risk. The Buffered PLUS are TD’s senior unsecured debt obligations. Investors are dependent on TD’s ability to 
 pay all amounts due on the Buffered PLUS 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 Buffered PLUS. 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 Buffered PLUS.                                                                                                                                                                                                         |

Risks Relating to Hedging Activities and Conflicts of Interest

| ◾ | There are potential conflicts of interest between you and the calculation agent.The calculation agent will, among other things, determine the amount payable on the Buffered PLUS. We will serve as                                             
 the calculation agent and may appoint a different calculation agent after the original issue date without notice to you. The calculation agent will exercise its judgment when performing its functions and may have a conflict of interest if  
 it needs to make certain decisions. For example, the calculation agent may have to determine whether a market disruption event affecting the underlying index has occurred, and make certain adjustments if certain events occur, which may, in 
 turn, depend on the calculation