Company: TDBCP
Filing Date: 2025-10-03
Form Type: 424B2
Source: 0001140361-25-037196
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-03
Form: 424B2
Chunk 6
---
 securities. However, if the agreed-upon tax treatment is successfully challenged by the Internal Revenue Service (the “ IRS”), you may be required to recognize taxable income over the term of the securities. You should review the section of this pricing supplement entitled “Material U.S. Federal Income Tax Consequences”. The Securities Are Subject To The Market Risks Of Each Underlying Stock And Will Be Negatively Affected If Any Underlying Stock Performs Poorly, Even If Another Underlying Stock Performs Favorably. You are subject to the market risks of each Underlying Stock. If any Underlying Stock performs poorly, you will be negatively affected, even if another Underlying Stock performs favorably. The securities are not linked to a basket composed of the Underlying Stocks, where the better performance of a Underlying Stock could offset the poor performance of another. Instead, you are subject to the full risks of whichever Underlying Stock is the lowest performing Underlying Stock on the calculation day. As a result, the securities are riskier than an alternative investment linked to only one of the Underlying Stocks or linked to a basket composed of each Underlying Stock. You should not invest in the securities unless you understand and are willing to accept the market risks of each Underlying Stock. Your Return On The Securities Will Depend Solely On The Performance Of The Underlying Stock That Is The Lowest Performing Underlying Stock On The Calculation Day, And You Will Not Benefit In Any Way From The Performance Of A Better Performing Underlying Stock. Your return on the securities will depend solely on the performance of the Underlying Stock that is the lowest performing Underlying Stock on the calculation day. Although it is necessary for each Underlying Stock to close at or above its threshold price in order for you to receive the face amount of your securities at maturity or at or above its starting price in order for you to receive any positive return at maturity, you will not benefit in any way from a performance of a better performing Underlying Stock. The securities may underperform an alternative investment linked to a basket composed of the Underlying Stocks, since in such case the performance of the better performing Underlying Stock(s) would be blended with the performance of the lowest performing Underlying Stock, resulting in a better return than the return of the lowest performing Underlying Stock alone.

P-9

You Will Be Subject To Risks Resulting From The Relationship Among The Underlying Stocks. It is preferable from your perspective for the Underlying Stocks to be correlated with each other so that their prices will tend to increase or