Company: TDBCP
Filing Date: 2025-04-03
Form Type: 424B2
Source: 0001140361-25-012068
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-04-03
Form: 424B2
Chunk 8
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 or perceived changes in our creditworthiness are expected to affect the value of the notes. If we become unable to meet our financial obligations as they become due, you 
 may lose some or all of your investment.                                                                                                                                                                                                   |

Tax-Related Risks

| ■ | The U.S. federal income tax consequences of the notes are uncertain and, because of this uncertainty, there is a risk that the U.S. federal income tax consequences of the notes could differ materially and adversely from the treatment 
 described below in “Supplemental Discussion of U.S. Federal Income Tax Consequences”, as described further in product supplement STOCK ARN-1 under “Material U.S. Federal Income Tax Consequences — Alternative Treatments”. You should   
 consult your tax advisors as to the tax consequences of an investment in the notes and the potential alternative treatments.                                                                                                              |

| ■ | For a discussion of the Canadian federal income tax consequences of investing in the notes, please see the discussion”. herein under “Supplemental Discussion of Canadian Tax Consequences”. If you are not a Non-resident Holder (as that    
 term is defined below under “Supplemental Discussion of Canadian Tax Consequences”) for Canadian federal income tax purposes or if you acquire the notes in the secondary market, you should consult your tax advisors as to the consequences 
 of acquiring, holding and disposing of the notes and receiving the payments that might be due under the notes.                                                                                                                                |

Additional Risk Factors Additional Market Measure-Related Risks The Basket Stocks are concentrated in one sector. All of the Basket Stocks are issued by companies in the financial sector. Although an investment in the notes will not give holders any ownership or other direct interests in the Basket Stocks, the return on an investment in the notes will be subject to certain risks associated with a direct equity investment in companies in the financial services sector. Accordingly, by investing in the notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in multiple sectors. Adverse conditions in the financial sector may reduce your return on the notes. All of the Basket Stocks are issued by companies whose primary lines of business are directly associated with the financial services sector. The profitability of these companies is largely dependent on the availability and cost of capital funds, and can fluctuate significantly, particularly when market interest rates change. Credit losses resulting from financial difficulties of these companies’ customers can negatively impact the sector. In addition, adverse international economic, business, or political developments, including with respect to the insurance sector, or to real