Company: TDBCP
Filing Date: 2025-08-21
Form Type: 424B2
Source: 0001140361-25-032224
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-21
Form: 424B2
Chunk 6
---
 as dealer discounts and hedging costs built into the price of the new notes. The Amounts Payable on the Notes, Including the Payment at Maturity, Are Not Linked to the Level of the Reference Assets at Any Time Other Than on the Applicable Review Dates, Including the Final Review Date. Any payment on the Notes will be based on the Closing Level of each Reference Asset only on each of the Review Dates (including the Final Review Date). Even if the Closing Level of one or more Reference Assets appreciates at any other time but then the Closing Level of at least one Reference Asset declines to a Closing Level that is less than its Initial Level or Step-Down Call Level, respectively, on the relevant Review Date, you will not receive the applicable Call Premium on the corresponding Call Payment Date. In addition, any Payment at Maturity will be calculated by reference to the Final Level, which will be equal to the Closing Level of the Reference Asset on the Final Review Date. In calculating the Final Level, positive performance of a Reference Asset before or after the Final Review Date that would lead to a positive return on the Notes will not be taken into account. Therefore, even if the Closing Level of the Least Performing Reference Asset is greater than or equal to its Barrier Level or Step-Down Call Level, the return on the Notes will be negative, regardless of the level of the Reference Assets on any other day. Risks Relating to Characteristics of the Reference Assets Because the Notes are Linked to the Least Performing Reference Asset, You Are Exposed to a Greater Risk of no Call Premium and Losing a Significant Portion or All of Your Initial Investment at Maturity than if the Notes Were Linked to a Single Reference Asset or Fewer Reference Assets. The risk that you will not receive any Call Premium and lose a significant portion or all of your initial investment in the Notes is greater if you invest in the Notes than the risk of investing in substantially similar securities that are linked to the performance of only one Reference Asset or fewer Reference Assets. With more Reference Assets, it is more likely that the Closing Level of any Reference Asset will be less than its Initial Level on the Review Date prior to the Final Review Date, and that the Final Level of any Reference Asset will be less than its Step-Down Call Level and Barrier Level on the Final Review Date, than if the Notes were linked to a single Reference Asset or fewer Reference Assets. In addition, the lower the correlation is between the performance of a pair of Reference Assets, the more likely it is that one of the