Company: TDBCP
Filing Date: 2025-10-23
Form Type: 424B2
Source: 0001140361-25-039059
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-23
Form: 424B2
Chunk 5
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 (USA) LLC | P-3 |

The Contingent Interest Payment Will Reflect, In Part, the Volatility of the Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher the Reference Asset’s volatility, the more likely it is that the Closing Level or Final Level, as applicable, of the Reference Asset could be less than the Initial Level or the Barrier Level on a Review Date or the Final Review Date, as applicable. Volatility means the magnitude and frequency of changes in the level of the Reference Asset. This greater risk will generally be reflected in a higher Contingent Interest Payment for the Notes than the amount payable on our conventional debt securities of a comparable term. However, while the Contingent Interest Payment is set on the Strike Date, the Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The Closing Level or Final Level, as applicable, of the Reference Asset could fall sharply on the Review Dates, including the Final Review Date, resulting in few or no Contingent Interest Payments and in a significant or entire loss of principal. Your Return May Be Less than the Return on a Conventional Debt Security of Comparable Maturity. The return that you will receive on your Notes, which could be negative, may be less than the return you could earn on other investments. The Notes do not provide for fixed interest payments and you may not receive any Contingent Interest Payments over the term of the Notes. Even if you do receive one or more Contingent Interest Payments and your return on the Notes is positive, your return may be less than the return you would earn if you bought a conventional, interest-bearing senior debt security of TD of comparable maturity. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money. The Notes May Be Automatically Called Prior to the Maturity Date And Are Subject to Reinvestment Risk. If your Notes are automatically called, no further payments will be owed to you under the Notes after the applicable Call Payment Date. Therefore, because the Notes could be called as early as the first potential Call Payment Date, the holding period could be limited. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return for a similar level of risk in the event the Notes are automatically called prior to the Maturity Date. Furthermore, to the extent you are able to reinvest such proceeds in