Company: TDBCP
Filing Date: 2025-05-06
Form Type: 424B2
Source: 0001140361-25-017453
Chunk: 12

Company: TORONTO DOMINION BANK
Filing Date: 2025-05-06
Form: 424B2
Chunk 12
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 of any determination dates after the applicable redemption date, and your return on the securities could be less than if the securities  
 remained outstanding until maturity. If TD does not elect to redeem the securities prior to maturity, you may be subject to the depreciation in the level of the underlying index even though you cannot participate in any increase in the level 
 of the underlying index. As a result, the return on an investment in the securities could be less than the return on a direct investment in any or all of the index constituent stocks.                                                           |

Risks Relating to Characteristics of the Underlying Index

| ■ | The level of the underlying index will be affected by various factors that interact in complex and unpredictable ways.The return on the securities, which may be negative, is linked to the                                                        
 performance of the underlying index and indirectly linked to the value of the index constituent stocks. The level of the underlying index can rise or fall sharply due to factors specific to the underlying index or the index constituent stocks 
 and their issuers (the “index constituent stock 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, political and other conditions. You, as an investor in the securities, should make your own investigation into the underlying index and the index 
 constituent stocks.                                                                                                                                                                                                                                |

| ■ | There can be no assurance that the investment view implicit in the securities will be successful.It is impossible to predict whether and the extent to which the level of the underlying index will                                               
 rise or fall and there can be no assurance that the index closing value of the underlying index on any determination date will be greater than or equal to the coupon threshold level, or, if TD does not elect to redeem the securities prior to 
 maturity, that the final index value on the final valuation date will be greater than or equal to the downside threshold level. The level of the underlying index will be influenced by complex and interrelated political, economic, financial   
 and other factors that affect the index constituent stock issuers. You should be willing to accept the risks associated with the relevant markets tracked by the underlying index in general and the index constituent stocks in particular, and  
 the risk of losing a significant portion or all of your investment in the securities.                                                                                                                                                             |

| ■ | The underlying index reflects price return, not total return.The return on your securities is based on the performance of the underlying