Company: TDBCP
Filing Date: 2025-07-24
Form Type: 424B2
Source: 0001140361-25-027052
Chunk: 19

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-24
Form: 424B2
Chunk 19
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isks Relating to Hedging Activities and Conflicts of Interest

| ◾ | There are potential conflicts of interest between you and the calculation agent.The calculation agent will, among                                                                                                                                
 other things, determine the amounts payable on the securities. We will serve as the calculation agent and may appoint a different calculation agent after the original issue date without notice to you. The calculation agent will exercise its 
 judgment when performing its functions and may have a conflict of interest if it needs to make certain decisions. For example, the calculation agent may have to determine whether a market disruption event affecting an underlying index has   
 occurred, and make certain adjustments if certain events occur, which may, in turn, depend on the calculation agent’s judgment as to whether the event has materially interfered with our ability or the ability of one of our affiliates to     
 unwind our hedge positions. Because this determination by the calculation agent may affect the amounts payable on the securities, the calculation agent may have a conflict of interest if it needs to make a determination of this kind. For    
 additional information on the calculation agent’s role, see “General Terms of the Notes — Role of Calculation Agent” in the product supplement.                                                                                                  |

| ◾ | The determination dates and related payment dates are subject to market disruption events and postponements.Each                                                                                                                                
 determination date (including the final determination date) and related payment date (including the maturity date) is subject to postponement due to the occurrence of one of more market disruption events. For a description of what          
 constitutes a market disruption event as well as the consequences of that market disruption event, see “General Terms of the Notes — Market Disruption Events” in the product supplement. A market disruption event for a particular underlying 
 index will not constitute a market disruption event for any other underlying index.                                                                                                                                                             |

| ◾ | Trading and business activities by TD or its affiliates may adversely affect the market value of, and any amounts payable                                                                                                                    
 on, the securities.We, the agent and/or our other affiliates may hedge our obligations under the securities by purchasing securities, futures, options or other derivative instruments with returns linked or related to changes in          
 the value of an underlying index or one or more index constituent stocks, and we may adjust these hedges by, among other things, purchasing or selling at any time any of the foregoing assets. It is possible that we or one or more of our 
 affiliates could receive substantial returns from these hedging activities while the market value of the securities declines. We or one or more of our affiliates may