Company: TDBCP
Filing Date: 2025-01-21
Form Type: 424B2
Source: 0001140361-25-001499
Chunk: 15

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-21
Form: 424B2
Chunk 15
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 developments in these other areas, could adversely impact the performance of energy sector companies. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may also be at risk for environmental damage claims. The Notes are Subject to Risks Associated with the Financial Sector. The Notes are subject to risks associated with the financial sector because the Financial Select Sector SPDR ®Fund is comprised of the stocks of companies in the financial sector. The Financial Select Sector SPDR ®Fund may be subject to increased price volatility as its holdings are concentrated in a single industry and may be more susceptible to economic, market, political or regulatory occurrences affecting that industry. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value

| TD SECURITIES (USA) LLC | P-11 |

when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include real estate investment trusts). Declining real estate values could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate. The Notes are Subject to Risks Associated with Mortgage REITs. The Reference Asset Constituents of the Financial Select Sector SPDR ®Fund include companies that are mortgage real estate investment trusts (“REITs”), which invest