Company: TDBCP
Filing Date: 2025-09-24
Form Type: 424B3
Source: 0001140361-25-035988
Chunk: 12

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-24
Form: 424B3
Chunk 12
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 These factors may interact with each other in complex and unpredictable ways and the impact of any one factor may be offset or magnified by the effect of another factor. The following paragraphs describe a specific factor’s expected impact on the market value of the notes, assuming all other conditions remain constant.

| • | Value of the Underlying Stock.We anticipate that the market value of the notes prior to maturity generally will depend to a significant extent on the value of the                                                                             
 Underlying Stock.  In general, it is expected that the market value of the notes will decrease as the value of the Underlying Stock decreases.  However, as the value of the Underlying Stock increases, the market value of the notes may     
 decrease or may not increase at the same rate.  If you sell your notes when the value of the Underlying Stock is less than, or not sufficiently above, the Threshold Value, then you may receive less than the principal amount of your notes. |

In addition, we do not expect that the notes will trade in any secondary market at a price that is greater than the sum of the principal amount, the value of any remaining interest payments and the Step Payment.

| • | Volatility of the Underlying Stock.Volatility is the term used to describe the size and frequency of market fluctuations. The volatility of the Underlying Stock during                                                                         
 the term of the notes may vary. In addition, an unsettled international environment and related uncertainties may result in greater market volatility, which may continue over the term of the notes. Increases or decreases in the volatility  
 of the Underlying Stock may have an adverse impact on the market value of the notes.  Even if the value of the Underlying Stock increases after the applicable pricing date, if you are able to sell your notes before their maturity date, you 
 may receive substantially less than the amount that would be payable at maturity based on that value because of the anticipation that the value of the Underlying Stock will continue to fluctuate until the Ending Value is determined.        |

| • | Economic and Other Conditions Generally.The general economic conditions of the capital markets in the United States, as well as geopolitical conditions and other                                                                               
 financial, political, public health, regulatory, and judicial events, natural disasters, acts of terrorism or war, and related uncertainties that affect stock or commodity markets generally, may adversely affect the value of the Underlying 
 Stock and the market value of the notes. If the Underlying Stock is an ADR, the value of your notes may also be adversely affected by