Company: TDBCP
Filing Date: 2025-04-04
Form Type: 424B2
Source: 0001140361-25-012281
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-04-04
Form: 424B2
Chunk 4
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 notes. The Amount Payable on the Notes Is Not Linked to the Level of the Reference Asset at Any Time Other Than on the Call Observation Date and the Final Valuation Date. Any payment on the Notes will be based on the Closing Level of the Reference Asset only on the Call Observation Date and the Final Valuation Date. Even if the level of the Reference Asset appreciates prior to the Call Observation Date but then drops on such date to a Closing Level that is less than the Call Threshold Level, you will not receive the Call Price on the Call Payment Date. Similarly, the Payment at Maturity, if any, may be significantly less than it would have been had the Notes been linked to the Closing Level of the Reference Asset on a date other than the Final Valuation Date, and may be zero. Although the actual level of the Reference Asset at other times during the term of the Notes may be higher than the level on the Call Observation Date or the Final Valuation Date, any payment of the Call Return and any Payment at Maturity will be based solely on the Closing Level of the Reference Asset on the Call Observation Date and the Final Valuation Date, respectively. The Call Return Reflects, 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 of the Reference Asset could be less than the Call Threshold Level on the Call Observation Date or the Barrier Level on the Final Valuation Date. 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 Call Return for the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the Call Return is set on the Pricing Date, a Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The level of the Reference Asset could fall sharply on the Call Observation Date, which may result in no automatic call of the Notes, or on the Final Valuation Date, which may result in a loss of a significant portion or all of the Principal Amount.

| TD SECURITIES (USA) LLC | P-6 |

Risks Relating to Characteristics of the Reference Asset There Are Market Risks Associated With The Reference Asset. The level of the Reference Asset can rise or fall sharply due to factors specific to it, the Reference Asset Constituents and their issuers (