Company: TDBCP
Filing Date: 2025-03-03
Form Type: 424B3
Source: 0001140361-25-006726
Chunk: 23

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-03
Form: 424B3
Chunk 23
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 adversely affected.                                        |

| • | Dividend Yields.In general, if the cumulative dividend yields on the securities included in the Market Measure increase, we anticipate that the market value of LIRNs will 
 decrease.                                                                                                                                                                  |

| • | Exchange Rate Movements and Volatility.If the Market Measure of your LIRNs includes any non-U.S. Market Measures, changes in, and the volatility of, the exchange rates                                                                          
 between the U.S. dollar and the relevant non-U.S. currency or currencies could have an adverse impact on the value of your LIRNs, and payment on LIRNs may depend, in part, on the relevant exchange rates. In addition, the correlation between 
 the relevant exchange rate and any applicable non-U.S. Market Measure reflects the extent to which a percentage change in that exchange rate corresponds to a percentage change in the applicable non-U.S. Market Measure, and changes in these  
 correlations may have an adverse impact on the value of your LIRNs.                                                                                                                                                                              |

| • | Our Financial Condition and Creditworthiness.Our perceived creditworthiness, including any increases in our credit spreads and any actual or anticipated decreases in our                                                                  
 credit ratings, may adversely affect the market value of LIRNs. In general, we expect the longer the amount of time that remains until maturity, the more significant the impact will be on the value of LIRNs. However, a decrease in our 
 credit spreads or an improvement in our credit ratings will not necessarily increase the market value of LIRNs.                                                                                                                            |

| • | Time to Maturity or, if Applicable, the Next Observation Date.There may be a disparity between the market value of LIRNs prior to maturity, or if applicable, prior to an                                                                      
 Observation Date, and their value at maturity or as of the next Observation Date, if applicable. This disparity is often called a time “value,” “premium” or “discount,” and reflects expectations concerning the value of the Market Measure  
 during the term of LIRNs. As the time to maturity or, if applicable, the next Observation Date, decreases, this disparity will likely decrease, such that the market value of LIRNs will approach the expected Redemption Amount to be paid at 
 maturity, or if applicable, the Call Amount to be paid at the next Call Settlement Date.                                                                                                                                                       |

PS-18 Conflict-Related Risks Trading and hedging activities by us, the agents, and our or their respective affiliates may affect the market value of, and any