Company: TDBCP
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001140361-25-042478
Chunk: 15

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-17
Form: 424B2
Chunk 15
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 denominated in non-U.S. dollar currencies will be adjusted to reflect their U.S. dollar value by converting the price of such assets from the non-U.S. dollar currency to U.S. dollars. Consequently, if the value of the U.S. dollar strengthens against the non-U.S. dollar currency in which an asset is denominated, the price of the Reference Asset may not increase even if the non-dollar value of the asset held by the Reference Asset increases. Foreign currency exchange rates vary over time, and may vary considerably during the term of your Notes. Changes in a particular exchange rate result from the interaction of many factors directly or indirectly affecting economic and political conditions. Of particular importance are:

| • | existing and expected rates of inflation; |

| • | existing and expected interest rate levels; |

| • | the balance of payments among countries; |

| • | the extent of government surpluses or deficits in the relevant foreign country and the United States; and |

P-11

| • | other financial, economic, military, public health and political factors. |

All of these factors are, in turn, sensitive to the monetary, fiscal and trade policies pursued by the governments of the relevant foreign countries and the United States and other countries important to international trade and finance. The market value of the Notes and price of the Reference Asset could also be adversely affected by delays in, or refusals to grant, any required governmental approval for conversions of a local currency and remittances abroad or other de facto restrictions on the repatriation of U.S. dollars. Regulators in various countries are in the process of investigating the potential manipulation of published currency exchange rates. If such manipulation has occurred or is continuing, certain published exchange rates may have been, or may be in the future, artificially lower (or higher) than they would otherwise have been. Any such manipulation could have an adverse impact on the market value of, and return on, your Notes and the trading market for your Notes. In addition, we cannot predict whether any changes or reforms affecting the determination or publication of exchange rates or the supervision of currency trading will be implemented in connection with these investigations. Any such changes or reforms could also adversely impact your Notes. Time Zone Differences Between The Cities Where The Reference Asset And Its Reference Asset Constituents Trade May Create Discrepancies In Trading Prices As a result of the time zone difference between the cities where the shares of the Reference Asset and its Reference Asset Constituents trade, there may be discrepancies between the values of the