Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001140361-25-035084
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 14
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, the difference between 
 bid and ask prices for your PLUS in any secondary market could be substantial. If you sell your PLUS before the maturity date, you may have to do so at a substantial discount from the public offering price irrespective of the price of the       
 underlying index, and as a result, you may suffer substantial losses.                                                                                                                                                                                |

| ◾ | If the value of the underlying index changes, the market value of your PLUS may not change in the same manner.Your PLUS may trade quite differently from the performance of the underlying index. 
 Changes in the value of the underlying index may not result in a comparable change in the market value of your PLUS. Even if                                                                      |

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the closing value of the underlying index increases to greater than the initial index value during the term of the PLUS, the market value of your PLUS may not increase by the same
    amount and could decline.

#### Risks Relating to General Credit Characteristics
| ◾ | Investors are subject to TD’s credit risk, and TD’s credit ratings and credit spreads may adversely affect the market value of the PLUS.Although the return on the PLUS will be based on the                                                        
 performance of the underlying index, the payment of any amount due on the PLUS is subject to TD’s credit risk. The PLUS are TD’s senior unsecured debt obligations. Investors are dependent on TD’s ability to pay all amounts due on the PLUS and, 
 therefore, investors are subject to the credit risk of TD and to changes in the market’s view of TD’s creditworthiness. Any decrease in TD’s credit ratings or increase in the credit spreads charged by the market for taking TD’s credit risk is  
 likely to adversely affect the market value of the PLUS. If TD becomes unable to meet its financial obligations as they become due, investors may not receive any amounts due under the terms of the PLUS.                                          |

<div align='center'>**Risks Relating to Hedging Activities and Conflicts of Interest**</div>

| ◾ | There are potential conflicts of interest between you and the calculation agent.The calculation agent will, among other things, determine the amount payable on the PLUS. We will serve as the                                                       
 calculation agent and may appoint a different calculation agent after the original issue date without notice to you. The calculation agent will exercise its judgment when performing its functions and may have a conflict of interest if it needs  
 to make certain decisions. For example, the calculation agent may have to determine whether a market disruption event affecting the