<SEC-DOCUMENT>0001140361-25-038814.txt : 20251021
<SEC-HEADER>0001140361-25-038814.hdr.sgml : 20251021
<ACCEPTANCE-DATETIME>20251021160802
ACCESSION NUMBER:		0001140361-25-038814
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251021
DATE AS OF CHANGE:		20251021

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TORONTO DOMINION BANK
		CENTRAL INDEX KEY:			0000947263
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		EIN:				135640479
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-283969
		FILM NUMBER:		251407131

	BUSINESS ADDRESS:	
		STREET 1:		66 WELLINGTON STREET WEST
		STREET 2:		12TH FLOOR, TD TOWER
		CITY:			TORONTO, ONTARIO
		STATE:			A6
		ZIP:			M5K 1A2
		BUSINESS PHONE:		416-944-6367

	MAIL ADDRESS:	
		STREET 1:		66 WELLINGTON STREET WEST
		STREET 2:		12TH FLOOR, TD TOWER
		CITY:			TORONTO, ONTARIO
		STATE:			A6
		ZIP:			M5K 1A2

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TORONTO DOMINION BANK
		CENTRAL INDEX KEY:			0000947263
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		EIN:				135640479
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		66 WELLINGTON STREET WEST
		STREET 2:		12TH FLOOR, TD TOWER
		CITY:			TORONTO, ONTARIO
		STATE:			A6
		ZIP:			M5K 1A2
		BUSINESS PHONE:		416-944-6367

	MAIL ADDRESS:	
		STREET 1:		66 WELLINGTON STREET WEST
		STREET 2:		12TH FLOOR, TD TOWER
		CITY:			TORONTO, ONTARIO
		STATE:			A6
		ZIP:			M5K 1A2
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ef20057480_fwp.htm
<DESCRIPTION>ISSUER FREE WRITING PROSPECTUS
<TEXT>
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              <div><img width="57" height="48" src="image0.jpg"></div>
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            <td style="width: 73.12%; vertical-align: top;">
              <div style="text-align: right; font-size: 7pt;">ISSUER FREE WRITING PROSPECTUS</div>
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              <div style="text-align: right; font-size: 7pt;">Filed Pursuant to Rule 433</div>
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            <td style="width: 73.12%; vertical-align: top;">
              <div style="text-align: right; font-size: 7pt;">Registration Statement No. 333-283969</div>
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            <td style="width: 73.12%; vertical-align: top;">
              <div style="text-align: right; font-size: 7pt;">Dated October 21, 2025</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; color: rgb(41, 109, 193); font-size: 8pt;">Contingent Income Auto-Callable Securities due October 29, 2026</div>
      <div style="color: rgb(41, 109, 193); font-size: 7pt;">Based on the Worst Performing of the Common Stock of NVIDIA Corporation and the American Depositary Receipts of Taiwan Semiconductor Manufacturing Company Limited</div>
      <div style="text-align: justify; color: rgb(41, 109, 193); font-size: 7pt;">Principal at Risk Securities</div>
      <div style="text-align: justify; color: rgb(128, 128, 128); font-size: 7pt; font-weight: bold;">Principal at Risk Securities</div>
      <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 6pt; font-style: italic; font-weight: bold;">This document provides a summary of the terms of the Contingent Income Auto-Callable Securities (the &#8220;securities&#8221;). Investors should
        carefully review the accompanying preliminary pricing supplement for the securities, the accompanying product supplement and the prospectus, as well as the &#8220;Risk Considerations&#8221; section below, before making an investment decision.</div>
      <div style="text-align: justify; font-size: 6pt; font-weight: bold;">The securities do not guarantee any return of principal at maturity. Investors will not participate in any appreciation of any underlying stock and must be willing to accept the
        risk of not receiving any contingent quarterly coupons over the term of the securities. The securities are senior debt securities issued by The Toronto-Dominion Bank (&#8220;TD&#8221;), and all payments on the securities are subject to the credit risk of TD.
        As used in this document, &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221; refers to The Toronto-Dominion Bank and its subsidiaries.</div>
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                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(41, 109, 193); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(41, 109, 193); border-top: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; margin-right: 1.45pt; color: rgb(255, 255, 255); font-size: 7pt; font-weight: bold;">SUMMARY TERMS</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(41, 109, 193); border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); font-size: 5pt;"><br>
                </td>
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              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Issuer:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 5.5pt;">The Toronto-Dominion Bank</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Issue:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 5.5pt;">Senior Debt Securities, Series H</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Underlying stocks:</div>
                </td>
                <td colspan="2" style="vertical-align: middle; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; margin-top: 1pt; margin-bottom: 1pt; font-size: 5.5pt;">Common Stock of NVIDIA Corporation (Bloomberg Ticker: &#8220;NVDA UW&#8221;)</div>
                  <div style="text-align: justify; font-size: 5.5pt;">American Depositary Receipts of Taiwan Semiconductor Manufacturing Company Limited (Bloomberg Ticker: &#8220;TSM UN&#8221;)</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td nowrap="nowrap" style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Stated principal amount:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 5.5pt;">$1,000.00 per security</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Minimum Investment:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 5.5pt;">$1,000.00 (1 security)</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Pricing date:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 5.5pt;">October 24, 2025</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Original issue date:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 5.5pt;">October 29, 2025 (3 business days after the pricing date; see preliminary pricing supplement).</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td nowrap="nowrap" style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Final determination date:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 5.5pt;">October 26, 2026, subject to postponement for certain market disruption events and as described in the accompanying product supplement.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Maturity date:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 5.5pt;">October 29, 2026, subject to postponement for certain market disruption events and as described in the accompanying product supplement.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Early redemption:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; margin-top: 1pt; margin-bottom: 1pt; font-size: 5.5pt;">If the closing prices of <font style="font-weight: bold;">all</font> of the underlying stocks on any determination date other than the final
                    determination date are <font style="font-weight: bold;">greater than or equal to</font> their respective call threshold prices, the securities will be automatically redeemed for an amount per security equal to the early redemption
                    payment on the first contingent coupon payment date immediately following the related determination date. No further payments will be made on the securities once they have been redeemed.</div>
                  <div style="text-align: justify; font-size: 5.5pt; font-weight: bold;">The securities will not be redeemed early on any contingent coupon payment date if the closing price of any underlying stock is below the call threshold price for such
                    underlying stock on the related determination date.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Early redemption</div>
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">payment:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) the contingent quarterly coupon with respect to the applicable determination date.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Contingent quarterly </div>
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">coupon:</div>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="color: #296DC1; font-size: 4pt;">&#9632;</div>
                </td>
                <td style="width: 77.6%; vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 5pt;">If the closing prices of <font style="font-weight: bold;">all</font> of the underlying stocks on any determination date are <font style="font-weight: bold;">greater than or equal to</font>
                    their respective coupon threshold prices, we will pay a contingent quarterly coupon of $40.45 (equivalent to 16.18% per annum of the stated principal amount) per security on the related contingent coupon payment date.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;"><br>
                </td>
                <td style="width: 1%; vertical-align: top;">
                  <div style="color: #296DC1; font-size: 4pt;">&#9632;</div>
                </td>
                <td style="width: 77.6%; vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; margin-top: 1pt; margin-bottom: 1pt; font-size: 6pt;">If the closing price of <font style="font-weight: bold;">any</font> underlying stock on any determination date is <font style="font-weight: bold;">less


                      than</font> its coupon threshold price, we will not pay a contingent quarterly coupon with respect to that determination date.</div>
                  <div style="text-align: justify; font-size: 6pt; font-weight: bold;">It is possible that any underlying stock will remain below its downside threshold price for extended periods of time or even throughout the entire term of the securities
                    so that you will receive few or no contingent quarterly coupons.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Determination dates:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-trading days and certain market disruption events as described in the
                    accompanying product supplement.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Contingent coupon </div>
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">payment dates:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-business days and certain market disruption events as described in the
                    accompanying product supplement.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Payment at maturity:</div>
                </td>
                <td style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: #296DC1; font-size: 4pt;">&#9632;</div>
                </td>
                <td style="width: 77.6%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">If the final share prices of <font style="font-weight: bold;">all</font> of the underlying stocks are<font style="font-weight: bold;"> greater than or equal to</font> their respective
                    downside threshold prices:</div>
                  <div style="margin-left: 12pt; font-size: 6pt;">(i) the stated principal amount <font style="font-style: italic;">plus</font> (ii) the contingent quarterly coupon otherwise payable with respect to the final determination date</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);"><br>
                </td>
                <td style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: #296DC1; font-size: 4pt;">&#9632;</div>
                </td>
                <td style="width: 77.6%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">If the final share price of <font style="font-weight: bold;">any</font> underlying stock is <font style="font-weight: bold;">less than</font> its downside threshold price:</div>
                  <div style="margin-left: 12pt; font-size: 6pt;">(i) the stated principal amount <font style="font-style: italic;">plus</font> (ii) the stated principal amount times the underlying return of the worst performing underlying stock.</div>
                  <div style="text-align: justify; font-size: 6pt; font-weight: bold;">If the final share price of any underlying stock is less than its downside threshold price, the payment at maturity will be less than 60.00% of the stated principal
                    amount and could be as low as zero.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Underlying return:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">(final share price &#8211; initial share price) / initial share price.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Worst performing </div>
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">underlying stock:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">The underlying stock with the lowest underlying return</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Call threshold price*:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">With respect to each underlying stock, 100.00% of its initial share price. The actual call threshold prices will be determined on the pricing date.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td nowrap="nowrap" style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Coupon threshold price*:</div>
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;"> </div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">With respect to each underlying stock, 60.00% of its initial share price. The actual coupon threshold prices will be determined on the pricing date.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Downside threshold price*:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">With respect to each underlying stock, 60.00% of its initial share price. The actual downside threshold prices will be determined on the pricing date.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Initial share price *:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">With respect to each underlying stock, the closing price of such underlying stock on the pricing date.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Final share price*:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">With respect to each underlying stock, the closing price on the final determination date.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">CUSIP / ISIN:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">89115HZ75 / US89115HZ754</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Listing:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">The securities will not be listed or displayed on any securities exchange or any electronic communications network.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Commission:</div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(219, 229, 241); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">$17.50 per stated principal amount</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top;">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Estimated value on the </div>
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">pricing date:</div>
                </td>
                <td colspan="2" style="vertical-align: top; border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">Expected to be between $930.00 and $965.00 per security. See &#8220;Risk Factors&#8221; in the preliminary pricing supplement.</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(219, 229, 241); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); font-size: 5pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; background-color: rgb(219, 229, 241); border-bottom: 1px solid rgb(0, 0, 0);">
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">Preliminary pricing </div>
                  <div style="color: rgb(41, 109, 193); font-size: 6pt; font-weight: bold;">supplement</div>
                </td>
                <td colspan="2" style="vertical-align: middle; background-color: rgb(219, 229, 241); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: justify; font-size: 6pt;">
                    <div><a href="https://www.sec.gov/Archives/edgar/data/947263/000114036125038790/ef20057481_424b2.htm">http://www.sec.gov/Archives/edgar/data/947263/000114036125038790/ef20057481_424b2.htm</a></div>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" colspan="4" style="vertical-align: top; width: 1%;">
                  <div style="clear: both;">
                    <div style="text-align: justify; margin-top: 1pt; margin-bottom: 1pt; font-size: 5.5pt;">*Each as determined by the calculation agent and as may be adjusted in the case of certain adjustment events as described in the accompanying
                      product supplement.</div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div class="BRPFTCR" style="float: right; width: 48%;">
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z71ab127fd6fb4e32961e07eb6f8d5978">

              <tr>
                <td style="width: 100%; vertical-align: top; background-color: rgb(41, 109, 193); border-color: rgb(0, 0, 0); border-style: solid; border-width: 1px;">
                  <div style="text-align: justify; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">HYPOTHETICAL PAYOUT</div>
                </td>
              </tr>

          </table>
          <div style="font-size: 7.5pt; text-align: justify;">The below figures are based on a hypothetical downside threshold price of 60.00% of the hypothetical initial share price of the worst performing underlying stock and are purely hypothetical (the
            actual terms of your security will be determined on the pricing date and will be specified in the final pricing supplement).</div>
          <div style="margin-top: 1pt; margin-bottom: 1pt; color: rgb(41, 109, 193); font-size: 8pt; font-weight: bold;">Hypothetical Payment at Maturity if No Early Redemption Occurs</div>
          <div style="margin-top: 1pt; margin-bottom: 1pt; color: rgb(41, 109, 193); font-size: 8pt; font-weight: bold;">
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze7a86e52ac5341cca5fded3ed463dc2b">

                <tr>
                  <td style="width: 50%; vertical-align: middle; background-color: rgb(219, 229, 241); border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0); font-weight: bold;">
                    <div style="text-align: center; font-size: 7.5pt;">Change in Worst Performing Underlying Stock</div>
                  </td>
                  <td style="width: 50%; vertical-align: middle; background-color: rgb(219, 229, 241); border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0); font-weight: bold;">
                    <div style="text-align: center; font-size: 7.5pt;">Payment at Maturity (excluding any contingent quarterly coupon payable at maturity)</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">+40.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$1,000.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">+30.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$1,000.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">+20.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$1,000.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">+10.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$1,000.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">0.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$1,000.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">-10.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$1,000.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">-20.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$1,000.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">-30.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$1,000.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; background-color: rgb(219, 229, 241); border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: bold;">-40.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; background-color: rgb(219, 229, 241); border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: bold;">$1,000.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">-50.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$500.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">-60.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$400.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">-70.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$300.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">-80.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$200.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">-90.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$100.00</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">-100.00%</div>
                  </td>
                  <td style="width: 50%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 7.5pt; font-weight: normal;">$0.00</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="clear: both;">
        <div style="text-align: justify; margin-top: 1pt; margin-bottom: 1pt; font-size: 5.5pt;"><br>
        </div>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">A-1</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; margin-top: 1pt; font-size: 6.5pt;">You will find a link to the accompanying preliminary pricing supplement for the securities above and links to the accompanying product supplement and prospectus for the securities
        under &#8220;Additional Information About TD and the Securities&#8221; in the preliminary pricing supplement, which you should read and understand prior to investing in the securities.</div>
      <div style="text-align: justify; margin-top: 1pt; font-size: 6.5pt;">The issuer has filed a registration statement (including a prospectus as supplemented by a product supplement and the preliminary pricing supplement) with the Securities and
        Exchange Commission (the &#8220;SEC&#8221;) for the offering to which this communication relates. Before you invest, you should read the accompanying prospectus in that registration statement and the other documents the issuer has filed with the SEC, including
        the accompanying preliminary pricing supplement and product supplement, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the
        issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free at 1-855-303-3234. Our Central Index Key, or CIK, on the SEC website is 0000947263.</div>
      <div style="text-align: justify; color: rgb(41, 109, 193); font-size: 10pt; font-weight: bold;">Risk Considerations</div>
      <div style="text-align: justify; margin-top: 1pt; font-size: 7.5pt;">The risks set forth below are discussed in more detail in the &#8220;Risk Factors&#8221; section in the preliminary pricing supplement. Please review those risk factors carefully prior to
        making an investment decision.</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-top: 1pt; font-size: 7.5pt; font-style: italic; font-weight: bold;">Risks Relating to Return Characteristics</div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z7d42be0c284247c88f1883e101659958">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">Risk of significant loss at maturity</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z5ee69e38e5d840ba882e90b64d3a61ce">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">Contingent repayment of stated principal amount only at maturity.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="ze00952a65f694cb687ef8f7cfe31cffc">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">You may not receive any contingent quarterly coupons.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z857bd6569c95481ca69ef95f1bc6189c">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">Greater expected volatility with respect to, and lower expected correlation of, the underlying stocks generally reflects a higher contingent quarterly coupon and a higher expectation as of the pricing date that
                the final share price of any of the underlying stocks could be less than its downside threshold price on the final determination date.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z9d40dc8419cf4ed8a115f88b11d0ab6e">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">The securities are subject to reinvestment risk in the event of an early redemption.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z564a79481e7546c3bd386ec06f4c082b">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">The contingent quarterly coupon, if any, is based solely on the closing price of each underlying stock on only the related determination date.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z9bb4f5955a424b4d8823e7fed2d2abbb">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">Your potential return on the securities is limited, you will not participate in any appreciation of the underlying stocks and you will not realize a return beyond the returns represented by the contingent
                quarterly coupons received, if any, during the term of the securities.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="ze697b790a12a4b95b750529d9c77adb4">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">You are exposed to the market risk of each of the underlying stocks.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z3b937b104e7b46858b3eb28240ea7a35">

          <tr>
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              <div style="font-size: 7.5pt;">Because the securities are linked to the performance of more than one underlying stock, there is an increased probability that you will not receive a contingent quarterly coupon on any determination date and
                that you will lose a significant portion or all of your investment in the securities</div>
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              <div style="font-size: 7.5pt;">The price of each underlying stock will be affected by various factors that interact in complex and unpredictable ways.</div>
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              <div style="font-size: 7.5pt;">There can be no assurance that the investment view implicit in the securities will be successful.</div>
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            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">There are risks associated with emerging market companies.</div>
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            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">The securities are subject to exchange rate risk.</div>
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            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">There are important differences between the American depositary receipts and the ordinary shares of a non-U.S. company.</div>
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            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">The securities are subject to sector concentration risk.</div>
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          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">There is no affiliation between TD and the underlying stock issuers.</div>
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      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-top: 1pt; font-size: 7.5pt; font-style: italic; font-weight: bold;">Risks Relating to Estimated Value and Liquidity</div>
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          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">The estimated value of your securities is expected to be less than the public offering price of your securities.</div>
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      </table>
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          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">The estimated value of your securities is based on our internal funding rate.</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="zac01dde73ad14e09b9e5aa85bd23918e">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">The estimated value of the securities is based on our internal pricing models, which may prove to be inaccurate and may be different from the pricing models of other financial institutions.</div>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z81fc7926e65f4cbba6e3b37ac1ae69a3">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">The estimated value of your securities is not a prediction of the prices at which you may sell your securities in the secondary market, if any, and such secondary market prices, if any, will likely be less than
                the public offering price of your securities and may be less than the estimated value of your securities.</div>
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      </table>
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          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">The temporary price at which the agent may initially buy the securities in the secondary market may not be indicative of future prices of your securities.</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="zef783b663b0d4e2b9248afa4cb9be4ba">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">The underwriting discount, offering expenses and certain hedging costs are likely to adversely affect secondary market prices.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="zea63c58453884e418f5698f1153f04fb">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">There may not be an active trading market for the securities &#8212; sales in the secondary market may result in significant losses.</div>
            </td>
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      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="ze70ae7e75ba04e8e9bf17adc334385cc">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">If the price of an underlying stock changes, the market value of your securities may not change in the same manner.</div>
            </td>
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      </table>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-top: 1pt; font-size: 7.5pt; font-style: italic; font-weight: bold;">Risks Relating to General Credit Characteristics</div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 1pt; margin-top: 2pt;" class="DSPFListTable" id="z062267aaa2bd481fa89c2ddb87d4387c">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-size: 7.5pt;">Investors are subject to TD&#8217;s credit risk, and TD&#8217;s credit ratings and credit spreads may adversely affect the market value of the securities.</div>
            </td>
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      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-top: 1pt; font-size: 7.5pt; font-style: italic; font-weight: bold;">Risks Relating to Hedging Activities and Conflicts of Interest</div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z7bb7284bb3b84a488fcf9fe3e0027d96">

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            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">There are potential conflicts of interest between you and the calculation agent.</div>
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          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-top: 1pt;" class="DSPFListTable" id="z4d3cd0e58b7d40f0a818bfd40ea42031">

          <tr>
            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">The determination dates and related payment dates are subject to market disruption events and postponements</div>
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            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">The calculation agent can make antidilution and other adjustments that may adversely affect the market value of, and any amounts payable on, the securities.</div>
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            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">There are legal and regulatory risks relating to an underlying stock issuer and the return on the securities may be based on a substitute security.</div>
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            <td style="width: 9pt; vertical-align: top; color: rgb(41, 109, 193); font-size: 10pt;">&#9642;</td>
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              <div style="font-size: 7.5pt;">Trading and business activities by TD or its affiliates may adversely affect the market value of, and any amounts payable on, the securities</div>
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      </table>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-top: 1pt; font-size: 7.5pt; font-style: italic; font-weight: bold;">Risks Relating to Canadian and U.S. Federal Income Taxation</div>
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              <div style="font-size: 7.5pt;">Significant aspects of the tax treatment of the securities are uncertain.</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
