Company: TDBCP
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0001140361-25-044158
Chunk: 22

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-03
Form: 424B2
Chunk 22
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 in connection with the initial distribution, offering expenses as well as the cost of hedging our obligations under the securities. In addition, any such price is also likely to reflect dealer discounts, mark-ups and other transaction 
 costs, such as a discount to account for costs associated with establishing or unwinding any related hedge transaction.                                                                                                                         |

| ◾ | There may not be an active trading market for the securities — sales in the secondary market may result in significant losses.There may be little or no secondary market for the securities. The                                               
 securities will not be listed or displayed on any securities exchange or electronic communications network. The agent or another one of our affiliates may make a market for the securities; however, it is not required to do so and may stop 
 any market-making activities at any time. Even if a secondary market for the securities develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary market    
 would be high. As a result, the difference between bid and ask prices for your securities in any secondary market could be substantial. If you sell your securities before the maturity date, you may have to do so at a substantial discount  
 from the public offering price irrespective of the value of the underlying indices, and as a result, you may suffer substantial losses.                                                                                                        |

| ◾ | If the value of an underlying index changes, the market value of your securities may not change in the same manner.Your securities may trade quite differently from the performance of each                                                
 underlying index. Changes in the value of an underlying index may not result in a comparable change in the market value of your securities. Even if the closing value of an underlying index remains greater than or equal to the downside 
 threshold level, the market value of your securities may not increase by the same amount and could decline.                                                                                                                                |

| December 2025 | Page14 |

| $9,685,000 Callable Contingent Income Securities due December 6, 2027                                 |
| Based on the Worst Performing of the S&P MidCap 400®Index, the Nasdaq-100 Index®and the S&P 500®Index 
 Principal at Risk Securities                                                                          |

Risks Relating to General Credit Characteristics

| ◾ | Investors are subject to TD’s credit risk, and TD’s credit ratings and credit spreads may adversely affect the market value of the securities.Although the return on the securities will be based                                             
 on the performance of the underlying indices, the payment of any amount due