Company: TDBCP
Filing Date: 2025-08-18
Form Type: 424B2
Source: 0001140361-25-031736
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-18
Form: 424B2
Chunk 8
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 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         
 (including, but not limited to, the hedging related charge, as further described under “Structuring the Notes” on page TS-17), 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 held constant, the use of an internal funding rate for the notes is expected to have increased the initial estimated value of the notes and have had an adverse effect on the 
 economic terms of the notes.                                                                                                                                                                                                           |

| ◾ | The initial estimated value of the notes is based on our internal pricing models, which may prove to be inaccurate and may be different from the pricing models of other financial institutions, including BofAS and MLPF&S. The         
 initial estimated value of your notes when the terms of the notes were set on the pricing date is based on our internal pricing models, which take into account a number of variables, typically including the expected volatility of    
 the Market Measure, interest rates (forecasted, current and historical rates), price-sensitivity analysis, time to maturity of the notes and our internal funding rate, and are based on a number of subjective assumptions, which are   
 not evaluated or verified on an independent basis and may or may not materialize. Further, our pricing models may be different from other financial institutions’ pricing models, including those of BofAS and MLPF&S, and the           
 methodologies used by us to estimate the value of the notes may not be consistent with those of other financial institutions that may be purchasers or sellers of notes in any secondary market. As a result, the secondary market price 
 of your notes, if any, may be materially less than the initial estimated value of the notes determined by reference to our internal pricing models. In addition, market conditions and other relevant factors in the future may change   
 and any assumptions may prove to be incorrect.                                                                                                                                                                                           |

| ◾ | The initial estimated value of your notes is not a prediction of the