Company: TDBCP
Filing Date: 2025-03-11
Form Type: 424B2
Source: 0001140361-25-008012
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-11
Form: 424B2
Chunk 4
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 any appreciation of the Reference Asset even though you will be exposed to the downside market risk of the Reference Asset. Accordingly, your return on the Notes may be less than the return on an investment in a note directly linked to the performance of the Reference Asset or in a hypothetical investment in the Reference Asset or the stocks comprising the Reference Asset (the “Reference Asset Constituents”). The Payment at Maturity is Not Linked to the Closing Level of the Reference Asset at Any Time Other than the Valuation Date. The Final Level will be based on the Closing Level of the Reference Asset on the Valuation Date. Therefore, if the Closing Level of the Reference Asset dropped precipitously on the Valuation Date, the Payment at Maturity for your Notes may be significantly less than it would have been had the Payment at Maturity been linked to the Closing Level of the Reference Asset prior to such drop. Although the actual Closing Level of the Reference Asset on the Maturity Date or at other times during the term of your Notes may be higher than its Closing Level on the Valuation Date, you will not benefit from the Closing Level of the Reference Asset at any time other than the Valuation Date. The return on the Notes May Change Significantly Despite Only A Small Difference in The Percentage Change Your return on the Notes may change significantly despite only a small change in the Percentage Change of the Reference Asset. For example, if the Final Level is equal to the Barrier Level, you would receive a positive return on the Notes that is equal to the Digital Return, whereas a decline in the level of the Reference Asset to a Final Level that is only slightly lower than the Barrier Level would instead result in a loss of 1% of the Principal Amount of the Notes for each 1% that the Final Level is less than the Initial Level. The return on an investment in the Notes in these two scenarios is significantly different despite only a small relative difference in the Percentage Change of the Reference Asset. 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 the Reference Asset, its Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in