Company: TDBCP
Filing Date: 2025-11-12
Form Type: 424B2
Source: 0001140361-25-041554
Chunk: 16

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-12
Form: 424B2
Chunk 16
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 Calculation Agent” in the product supplements. You Will Have Limited Anti-Dilution Protection and, in Certain Situations, Your Return on the Notes May be Based on a Substitute Reference Asset. The Calculation Agent may adjust the Initial Value, and therefore the Buffer Value of an Equity Reference Asset for stock splits, reverse stock splits, stock dividends, extraordinary dividends and other events that affect such Equity Reference Asset, but only in the situations we describe in “General Terms of the Notes — Anti-Dilution Adjustments” in the product supplement MLN-ES-ETF-1. The Calculation Agent will not be required to make an adjustment for every event that may affect an Equity Reference Asset. Furthermore, in certain situations, such as when a Reference Asset undergoes a Reorganization Event or a Reference Asset is delisted, such Reference Asset may be replaced by distribution property or a substitute equity security, as discussed more fully in the product supplement MLN-ES-ETF-1 under “General Terms of the Notes”. Notwithstanding the Calculation Agent’s ability to make adjustments to the terms of the Notes and the Reference Assets, those events or other actions affecting a Reference Asset, or a third party may nevertheless adversely affect the price of the applicable Reference Asset and, therefore, adversely affect the market value of, and return on, your Notes. The Final Valuation Date and the Maturity Date Are Subject to Market Disruption Events and Postponements. The Final Valuation Date and accordingly the Maturity Date are subject to postponement due to the occurrence of one of more market disruption events. For a description of what constitutes a market disruption event as well as the consequences of that market disruption event, see “General Terms of the Notes — Market Disruption Events” in the product supplements. A market disruption event for a particular Reference Asset will not constitute a market disruption event for any other Reference Asset.

| TD SECURITIES (USA) LLC | P-10 |

Trading and Business Activities by TD or Its Affiliates May Adversely Affect the Market Value Of, and Return On, the Notes. We, the Agent and/or our other affiliates may hedge our obligations under the Notes by purchasing securities, futures, options or other derivative instruments with returns linked or related to changes in the value of a Reference Asset or one or more Reference Asset Constituents, and we may adjust these hedges by, among other things, purchasing or selling at any time any of the foregoing assets. It is possible that we or one or more of our affiliates could receive substantial returns