Company: TDBCP
Filing Date: 2025-10-23
Form Type: 424B2
Source: 0001140361-25-039046
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-23
Form: 424B2
Chunk 14
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 that security than would have been the case if expected volatility of the underlying indices been lower. However, while the contingent quarterly coupon is set on the pricing date based, in part, on the          
 correlations of the underlying indices and each underlying index’s volatility calculated using our internal models, an underlying index’s volatility, and the correlation of the underlying indices, can change significantly over the term of the 
 securities. The level of any underlying index could fall sharply, which could result in the loss of a significant portion or all of your investment in the securities.                                                                             |

| October 2025 | Page10 |

| $2,600,000 Callable Contingent Income Securities with Daily Coupon Observation and 6-Month Initial Non-Call 
 Period due October 26, 2028                                                                                 |
| Based on the Worst Performing of the Nikkei 225®Index, the Russell 2000®Index and the S&P 500®Index         
 Principal at Risk Securities                                                                                |

| ■ | TD may elect to redeem the securities at its discretion and the securities are subject to reinvestment risk.TD may elect to redeem the securities at its discretion prior to the maturity date. If TD                                             
 elects to redeem the securities at its discretion prior to maturity, you will no longer have the opportunity to receive any contingent quarterly coupons after the applicable redemption date. The first potential redemption date occurs after   
 approximately six months and therefore you may not have the opportunity to receive any contingent quarterly coupons after approximately six months. In the event that the TD elects to redeem the securities at its discretion prior to maturity, 
 there is no guarantee that you will be able to reinvest the proceeds from an investment in the securities at a comparable rate of return for a similar level of risk. Further, TD’s right to redeem the securities at its discretion may also     
 adversely impact your ability to sell your securities in the secondary market. It is more likely that TD will elect to redeem the securities prior to maturity when the expected contingent quarterly coupons payable on the securities are       
 greater than the interest that would be payable on other instruments issued by TD of comparable maturity, terms and credit rating trading in the market. The greater likelihood of TD electing to redeem the securities in that environment       
 increases the risk that you will not be able to reinvest the proceeds from the redeemed securities in an investment with a similar level of risk and yield. To the extent you are able to reinvest such proceeds in an investment comparable to   
 the securities, you may incur transaction costs such as dealer discounts and