Company: TDBCP
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0001140361-25-044492
Chunk: 10

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-05
Form: 424B2
Chunk 10
---
 Notes may be adversely affected. The Dow Jones Industrial Average ®, Nasdaq-100 Index ®and S&P 500 ®Index Reflects Price Return, not Total Return. The return on the Notes is based on the performance of the Dow Jones Industrial Average ®, Nasdaq-100 Index ®and S&P 500 ®Index, which reflects the changes in the market prices of its Reference Asset Constituents. The Dow Jones Industrial Average ®, Nasdaq-100 Index ®and S&P 500 ®Index is not a “total return” index or strategy, which, in addition to reflecting those price returns, would also reflect dividends paid on its Reference Asset Constituents. The return on the Notes will not include such a total return feature or dividend component. Risks Relating to Estimated Value and Liquidity The Estimated Value of Your Notes Is Expected to Be Less Than the Public Offering Price of Your Notes. The estimated value of your Notes on the Pricing Date is expected to be less than the public offering price of your Notes. The difference between the public offering price of your Notes and the estimated value of the Notes reflects costs and expected profits associated with selling and structuring the Notes, as well as hedging our obligations under the Notes. Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or a loss.

| TD SECURITIES (USA) LLC | P-9 |

The Estimated Value of Your Notes Is Based on Our Internal Funding Rate. The estimated value of your Notes on the Pricing Date is determined by reference to our internal funding rate. The internal funding rate used in the determination of the estimated value of the Notes generally represents a discount from the credit spreads for our conventional, fixed-rate debt securities and the borrowing rate we would pay for our conventional, fixed-rate debt securities. This discount is based on, among other things, our view of the funding value of the Notes as well as the higher issuance, operational and ongoing liability management costs of the Notes in comparison to those costs for our conventional, fixed-rate debt, as well as estimated financing costs of any hedge positions, taking into account regulatory and internal requirements. If the interest rate implied by the credit spreads for our conventional, fixed-rate debt securities, or the borrowing rate we would pay for our conventional, fixed-rate debt securities were to be used, we would expect the economic terms of the Notes to be more favorable to you. Additionally, assuming all other economic terms are