Company: TDBCP
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001140361-25-006504
Chunk: 20

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-28
Form: 424B3
Chunk 20
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 If the Market Measure includes one or more Underlying Funds or Indices with Underlying Constituents traded in one or more non-U.S. markets (a “non-U.S. Market Measure”), the value of your notes may also be adversely affected by similar events in the markets of the relevant foreign countries. |

PS-17

| • | Interest Rates.We expect that changes in interest rates will affect the market value of the notes. In general, if U.S. interest                                                                                                                
 rates increase, we expect that the market value of the notes will decrease. In general, we expect that the longer the amount of time that remains until maturity, the more significant the impact of these changes will be on the value of the 
 notes. In the case of non-U.S. Market Measures, the level of interest rates in the relevant foreign countries may also affect their economies and in turn the value of the non-U.S. Market Measure, and, thus, the market value of the notes   
 may be adversely affected.                                                                                                                                                                                                                     |

| • | Dividend Yields.In general, if the cumulative dividend yields on the securities included in the Market Measure increase, we 
 anticipate that the market value of the notes will decrease.                                                                |

| • | Exchange Rate Movements and Volatility.If the Market Measure of your notes includes any non-U.S. Market Measures, changes in,                                                                                                               
 and the volatility of, the exchange rates between the U.S. dollar and the relevant non-U.S. currency or currencies could have an adverse impact on the value of your notes, and each Observation Level may depend in part on the relevant   
 exchange rates. In addition, the correlation between the relevant exchange rate and any applicable non-U.S. Market Measure reflects the extent to which a percentage change in that exchange rate corresponds to a percentage change in the 
 applicable non-U.S. Market Measure, and changes in these correlations may have an adverse impact on the value of your notes.                                                                                                                |

| • | Our Financial Condition and Creditworthiness.Our perceived creditworthiness, including any increases in our credit spreads and                                                                                                                 
 any actual or anticipated decreases in our credit ratings, may adversely affect the market value of the notes. In general, we expect the longer the amount of time that remains until maturity, the more significant the impact will be on the 
 value of the notes. However, a decrease in our credit spreads or an improvement in our credit ratings will not necessarily increase the market value of the notes.                                                                             |

| • | Time to Maturity or,