Company: TDBCP
Filing Date: 2025-03-21
Form Type: 424B2
Source: 0001140361-25-009853
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-21
Form: 424B2
Chunk 5
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 Reference Asset prior to such change. Although the Closing Price of a Reference Asset at other times during the term of the Notes may be higher than its Final Price, the Payment at Maturity, if any, will be based solely on the Closing Price of each Reference Asset and, specifically, the Final Price of the Least Performing Reference Asset, on the Valuation Date. Risks Relating to Characteristics of the Reference Assets There Are Market Risks Associated with Each Reference Asset. The price of a Reference Asset can rise or fall sharply due to factors specific to such Reference Asset and its issuer (each, its “Reference Asset Issuer”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into each Reference Asset Issuer and Reference Asset. For additional information, see “Information Regarding the Reference Assets” herein. We urge you to review financial and other information filed periodically by each Reference Asset Issuer with the SEC. Investors Are Exposed to the Market Risk of Each Reference Asset on the Valuation Date. Your return on the Notes is not linked to a basket consisting of the Reference Assets. Rather, it will be contingent upon the performance of each Reference Asset. Unlike an instrument with a return linked to a basket of indices, common stocks or other underlying securities in which risk is mitigated and diversified among all of the components of the basket, you will be exposed equally to the risks related to each Reference Asset on the Valuation Date. Poor performance by any Reference Asset over the term of the Notes will negatively affect your return and will not be offset or mitigated by more favorable performance of any other Reference Asset. For instance, if the Final Price of any Reference Asset is less than its Initial Price on its Valuation Date, you will receive a number of shares of the Least Performing Reference Asset per Note equal to its Physical Delivery Amount, the value of which, based on its Final Price, will be worth significantly less than the Principal Amount, even if the price of another Reference Asset has increased or has not declined as much. Accordingly, your investment is subject to the market risk of each Reference Asset. Because the Notes are Linked to the Least Performing Reference Asset, You Are Exposed to a Greater Risk of Suffering a Loss on Your Initial Investment in the Notes than if the Notes Were Linked to