[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","o2lxwiwgoz2yan5sun9lxa0yq","revision",3,"title","多伦多道明银行发行挂钩三大指数的高风险票据","originalTitle","TORONTO DOMINION BANK (0000947263) (Filer)","summary","多伦多道明银行发行了挂钩纳斯达克100、罗素2000和标普500指数的可赎回或有利息障碍票据，期限约57个月，到期日为2031年7月21日。若任一参考资产收盘价低于其75%的初始值，投资者将无法获得利息；若最终价值低于65%的初始值，投资者可能损失全部本金。该票据为无担保次级债务，未在交易所上市，发行规模150.7万美元，每份面值1000美元。","reason","多伦多道明银行发行了一种高风险的可赎回或有利息障碍票据，投资者可能面临本金损失风险，且收益受多重市场因素影响。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_77":91},"publishedAt","2026-10-19T15:01:58.000Z","discoveredAt","2026-10-19T15:25:24.946Z","timelineAt","category","tip","tags",[83,84,85,86,87,88],"stockSymbols",[82],"score",64,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fftP1wCXXzNw",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","e02fd219-197c-4a53-acc3-f37ed7050b71","多伦多道明银行发行高风险美股指数挂钩票据",{"_72":73,"_16":74},"

\n\n \n \n \n \n\n

根据第 424(b)(2) 条提交

注册声明编号 333-283969

\n\n \n \n \n\n

2026 年 10 月 16 日针对

产品补充文件 MLN-EI-1（日期：2025 年 2 月 26 日）、

基础资产补充文件（日期：2025 年 2 月 26 日）和

招股说明书（日期：2025 年 2 月 26 日）

\n\n \n \n \n\n

道明银行

$1,507,000

可赎回 contingent interest barrier notes，与纳斯达克-100 指数^®、罗素 2000^® 指数和 S&P 500^® 指数中表现最差的挂钩

到期日：2031 年 7 月 21 日

道明银行（“TD”或“我们”）已提供可赎回 contingent interest barrier notes（“notes”），与纳斯达克-100 指数^®、罗素 2000^® 指数和 S&P 500^® 指数中表现最差的挂钩（每一项均为“参考资产”，合称“参考资产”）。

notes 将在 contingent interest payment date（包括到期日）支付 contingent interest payment，年利率约为 10.15%（“contingent interest rate”），前提是相关的 contingent interest observation date，每个参考资产的收盘价值均大于或等于其 contingent interest barrier value，该值等于其初始价值的 75.00%。然而，如果在任何 contingent interest observation date，任何参考资产的收盘价值小于其 contingent interest barrier value，则不会在相关的 contingent interest payment date 累积或支付任何 contingent interest payment。

TD 可自行决定，在任何 call payment date（按月，从第十二个 contingent interest payment date 开始，且不包括到期日）上，通过至少三天的书面通知，选择全部赎回 notes（“发行人赎回”），但不得部分赎回，无论参考资产的收盘价值如何。如果 TD 选择在到期前赎回 notes，call payment date 将是相应的 contingent interest payment date，在该日，我们将向您支付每份 notes 的现金支付金额，等于本金金额加上任何应计的 contingent interest payment。在发行人赎回后，notes 下将不再欠付任何金额。

如果 TD 未选择在到期前赎回 notes，我们在到期日支付金额（除任何应计的 contingent interest payment 外，如有），将取决于每个参考资产在其 final valuation date（每一项均为其“final value”）的收盘价值相对于其 barrier value（等于其初始价值的 65.00%）的情况，计算如下：

\n\n \n \n \n \n \n\n

●

如果每个参考资产的 final value 均大于或等于其 barrier value：

1,000 美元的本金金额

\n\n \n \n \n \n \n\n

●

如果任何参考资产的 final value 小于其 barrier value：

(1) 1,000 美元加上 (2) (i) 1,000 美元乘以 (ii) least performing percentage change 的乘积之和

如果 TD 在到期前不选择赎回票据，并且任何参考资产的最终价值低于其障碍值，投资者将遭受其初始投资的百分比损失，该损失等于从初始价值到最终价值的参考资产中百分比变化最小的那个（“表现最差的参考资产”）的百分比下降。\n 具体而言，如果表现最差的参考资产的最终价值低于其初始价值1%，投资者将损失票据本金金额的1%，可能损失全部本金金额。票据的任何支付均\n 受我们信用风险的影响。

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该票据不保证支付任何或有利息支付或返还本金金额。投资者在每个或有利息观察日（包括最终估值日）将面临每个参考资产的市场风险，且任何一个参考资产价值的下跌不会被其他参考资产价值的较小下跌或潜在上涨所抵消或缓解。如果任何参考资产的最终价值低于其障碍值，投资者可能损失其在票据中的全部投资。票据的任何支付均受我们信用风险的影响。

该票据无担保，不是储蓄账户或银行的保险存款。该票据未由加拿大存款保险公司、美国联邦存款保险公司或加拿大或美国任何其他政府机构或附属机构进行保险或担保。该票据不会在任何证券交易所或电子通讯网络上上市或展示。

该票据具有复杂特征，投资该票据涉及多项风险。请参阅本定价补充文件第 P-7 页开始的“额外风险因素”、产品补充文件 MLN-EI-1（日期为 2025 年 2 月 26 日）第 PS-7 页开始的“与票据相关的额外风险因素”以及第 1 页开始的“风险因素”（“招股说明书”）。\n

美国证券交易委员会（“SEC”）或任何州证券委员会均未批准或否决这些票据，也未确定本\n 定价补充文件、产品补充文件、标的物补充文件或招股说明书是否真实或完整。与此相反的任何陈述均属刑事犯罪。\n

我们将在发行日通过美国存管信托公司（The Depository Trust Company）的设施以立即可用资金交付票据，仅以簿记形式交付。

在定价日设定您的票据条款时，您的票据的估计价值为每张 973.60 美元，如本定价补充文件第 P-10 页开始的“额外风险因素 — 与估计价值和流动性相关的风险”以及第 P-25 页的“关于票据估计价值的额外信息”中进一步讨论。估计价值低于票据的公开发行价格。\n

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n

	\n 公开发行价格¹ \n	\n 承销折扣^{1 2} \n	\n TD 的收益² \n
\n 每张 \n	\n $1,000.00 \n	\n $0.6304* \n	\n $999.3696* \n
\n 总计 \n	\n $1,507,000.00 \n	\n $950.00 \n	\n $1,506,050.00 \n

\n\n \n \n \n \n\n

四舍五入到百分之一美分的最近似值。

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某些经销商购买票据以出售给某些收费顾问账户时，可能同意放弃部分或全部销售让价、费用或佣金。投资者在这些账户中购买票据的公开发行价格可能低至每张票据990.50美元（99.05%）。\n

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TD Securities (USA) LLC（“TDS”）将就部分票据获得每张票据9.50美元（0.95%）的佣金，并将全部佣金用于允许其他经销商在票据分发过程中提供销售让价。此类其他经销商可能以面值减去不超过每张票据9.50美元的让价，将票据转售给其他证券经销商。上述规定的“承销折扣”\n 和“TD所得”反映了TD在定价日或之前建立任何对冲头寸时的总承销折扣，该折扣是变动的，并根据当时市场状况而波动。TD还将定期向一个或多个非关联经销商支付每张票据9.50美元的结构费和/或营销费，针对的票据面值总额为1,407,000.00美元。TD将报销TDS在票据发行和销售中的角色相关费用，并将向TDS支付与票据发行和销售中的角色相关的费用。详见“补充分销计划（利益冲突）” herein。\n

上述公开发行价格、承销折扣和TD所得适用于我们最初发行的票据。我们可能决定在本定价补充文件发布日后出售额外的票据，以不同的公开发行价格、承销折扣和TD所得。\n 您在票据上的投资回报（无论正负）部分取决于您支付的公开发行价格。\n

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TD SECURITIES (USA) LLC

P-1

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与最不表现的\n

纳斯达克-100指数^®、罗素2000^®指数和标准普尔500^®指数相关的可赎回或有利息障碍票据

Due July 21, 2031

\n\n \n \n \n\n

摘要

本“摘要”部分的信息受本定价补充文件、产品补充文件、标的资产补充文件和招股说明书中的更详细信息的约束。\n

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n

\n 发行人： \n	\n TD \n
\n 发行： \n	\n 高级债务证券，H系列 \n
\n 票据类型： \n	\n 可赎回或有利息障碍票据 \n
\n 期限： \n	\n 约57个月，受发行人赎回条款限制 \n
\n 参考资产： \n	\n 纳斯达克-100指数^®（彭博终端代码：NDX，“NDX”）、罗素2000^®指数（彭博终端代码：RTY，“RTY”）和标准普尔500^®指数（彭博终端代码：SPX，“SPX”） \n
\n CUSIP / ISIN： \n	\n 89115NJX3 / US89115NJX30 \n
\n 代理： \n	\n TDS \n
\n 货币： \n	\n 美元 \n
\n 最低投资： \n	\n 1000美元，超过1000美元的最小面额 \n
\n 面值： \n	\n 每张票据1000美元 \n
\n 定价日： \n	\n 2026年10月16日 \n
\n 发行日： \n	\n 2026年10月21日，这是定价日后的第三个DTC结算日。根据《1934年证券交易法》（以下简称“证券交易法”）第15c6-1条规则，证券交易一般要求在一天内结算（“T+1”）（即交易日后一天），除非交易双方明确同意其他方式。因此，希望在交付债券前至少一天的二级市场交易中买卖债券的购买者，由于每张债券最初将在三个DTC结算日（“T+3”）内结算，必须指定替代结算安排，以防止二级市场交易结算失败。 \n
\n 最终估值日： \n	\n 如下文“或有利息观察日”中所规定的最终或有利息观察日。 \n
\n 到期日： \n	\n 2031年7月21日，如伴随的产品补充文件中所述发生市场中断事件，该日期可能会被推迟。 \n
\n 发行人赎回条款： \n	\n 自第十二个或有利息支付日开始，TD可以自行决定在任何赎回支付日（除到期日外）全部赎回债券，但不能部分赎回，且须至少提前三个营业日书面通知，无论参考资产的收盘价如何。如果TD在到期前决定赎回债券，在相关的赎回支付日，我们将按每张债券支付现金，金额等于本金金额，加上原本应支付的任何或有利息。在发行人赎回后，债券项下不再有其他金额应付给您。 \n

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TD SECURITIES (USA) LLC

P-2

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\n 赎回支付日： \n	\n 如果TD决定在到期前赎回债券（自第十二个或有利息支付日（包括该日）起至到期日（不包括该日）止，每月一次），赎回支付日将是相应的或有利息支付日。 \n
\n 或有利息支付： \n	\n 如果任何参考资产在任何或有利息观察日的收盘价大于或等于其或有利息障碍值，则您将在相应的或有利息支付日获得一笔或有利息支付，金额为： \n 本金金额 × 或有利息率 × ¹/₁₂ \n 如果任何参考资产在任何或有利息观察日的收盘价低于其或有利息障碍值，则您在相应的或有利息支付日将不会获得任何或有利息支付。 \n 与或有利息支付有关或由此产生的任何计算所使用的金额将根据需要向上或向下四舍五入至最接近的十分之一美分。 \n 与凭证相关的或有利息支付不保证。如果相关或有利息观察日任何参考资产的收盘价低于其或有利息障碍值，则您在或有利息支付日将不会获得或有利息支付。 \n
\n 或有利息率： \n	\n 约每年10.15% \n
\n 或有利息障碍 \n 值： \n	\n 关于NDX：21,890.6625（其初始值的75.00%）。\n \n 关于RTY：2,041.0275（其初始值的75.00%）。\n \n 关于SPX：5,744.58（其初始值的75.00%）。 \n The Contingent Interest Barrier Value for each Reference Asset is determined by the Calculation Agent. \n
\n Contingent Interest \n Observation Dates: \n	\n Monthly, on the 16th calendar day of each month, commencing on November 16, 2026 and ending on July 16, 2031 (the “Final Valuation Date”), subject to postponement upon the occurrence of a\n market disruption event as described in the accompanying product supplement. \n
\n Contingent Interest Payment \n Dates: \n	\n With respect to each Contingent Interest Observation Date, the third Business Day following the relevant Contingent Interest Observation Date, with the exception of the final Contingent\n Interest Payment Date, which will be the Maturity Date, subject to postponement upon the occurrence of a market disruption event as described in the accompanying product supplement. \n
\n Payment at Maturity: \n	\n If TD does not elect to call the Notes prior to maturity, on the Maturity Date, in addition to any Contingent Interest Payment otherwise due, we will pay a cash payment, if anything, per\n Note equal to: \n If the Final Value of each Reference Asset is greater than or equal to its Barrier Value: \n Principal Amount of $1,000. \n If the Final Value of any Reference Asset is less than its Barrier Value: \n $1,000 + ($1,000 × Least Performing Percentage Change). \n If TD does not elect to call the Notes prior to maturity and the Final Value of any Reference Asset is less than its Barrier Value, investors will\n suffer a percentage loss on their initial investment that is equal to the Least Performing Percentage Change. Specifically, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Value of the Least Performing\n Reference Asset is less than its Initial Value, and may lose the entire Principal Amount. Any payments on the Notes are subject to our credit risk. \n All amounts used in or resulting from any calculation relating to the Payment at Maturity will be rounded upward or downward, as appropriate, to the nearest cent. \n

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TD SECURITIES (USA) LLC

P-3

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\n Percentage Change: \n	\n For each Reference Asset, the Percentage Change is the quotient, expressed as a percentage, of the following formula: \n Final Value – Initial Value \n Initial Value \n
\n Initial Value: \n	\n With respect to NDX: 29,187.55 \n With respect to RTY: 2,721.370 \n With respect to SPX: 7,659.44 \n The Initial Value of each Reference Asset equals its Closing Value on the Pricing Date, as determined by the Calculation Agent. \n
\n Closing Value: \n	\n For each Reference Asset (or any “successor index” thereto, as defined in the product supplement) on any Trading Day, the Closing Value will be its closing value published by its sponsor\n (its “Index Sponsor”) as displayed on the relevant Bloomberg Professional^® service (“Bloomberg”) page or any successor page or service. \n
\n Final Value: \n	\n For each Reference Asset, the Closing Value of such Reference Asset on its Final Valuation Date. \n
\n Barrier Value: \n	\n With respect to NDX: 18,971.9075 (65.00% of its Initial Value). \n With respect to RTY: 1,768.8905 (65.00% of its Initial Value). \n With respect to SPX: 4,978.636 (65.00% of its Initial Value). \n The Barrier Value for each Reference Asset is determined by the Calculation Agent. \n
\n Least Performing Reference \n Asset: \n	\n The Reference Asset with the lowest Percentage Change as compared to the Percentage Change of any other Reference Asset. \n
\n Least Performing Percentage \n Change: \n	\n The Percentage Change of the Least Performing Reference Asset. \n
\n Monitoring Period: \n	\n 最终估值日监控 \n
\n 交易日： \n	\n 纽约证券交易所和纳斯达克股票市场（或其继任者）计划开放交易的一天，由计算代理方确定。 \n
\n 营业日： \n	\n 任何星期一、星期二、星期三、星期四或星期五，且在纽约市既不是法定假日，也不是银行机构根据法律被授权或要求关闭的一天。 \n
\n 美国税务处理： \n	\n 通过购买凭证，您同意，在没有法定或监管变更或行政决定或司法裁决相反的情况下，将凭证视为针对参考资产的预付衍生合约。根据此方法，您收到的任何或有利息支付很可能在您收到该支付时或在该支付累计时（取决于您对美国联邦所得税的常规会计方法）计入普通收入。根据我们收到的某些事实陈述，我们的特别美国税务律师 Fried, Frank, Harris, Shriver & Jacobson LLP 认为，合理地将凭证按上述方式处理是合理的。然而，由于没有具体涉及凭证税务处理的权威，您的凭证可能在税务上被另外视为单一或有支付债务工具，或根据其他特征进行处理，从而使您从凭证中获得的收入的时间和性质与上述处理方式有重大差异并可能不利，如本文“重要美国联邦所得税后果”和产品补充文件中进一步所述。投资于凭证并不适合非美国持有人，我们不会尝试确定非美国持有人购买、持有或处置凭证的税务后果。 \n

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TD SECURITIES (USA) LLC

P-4

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\n 加拿大税务处理： \n	\n 请参见本文中“加拿大税务”部分的讨论，该部分适用于凭证。由于根据本文“加拿大税务”中定义的加拿大税务法第12.7条和第18.4条中规定的混合不匹配安排规则而需扣缴税款，我们不会支付任何额外金额，这些规则可能会不时修订。 \n
\n 记录日： \n	\n 相关或有利息支付日之前的营业日。 \n
\n 计算代理方： \n	\n TD \n
\n 上市： \n	\n 凭证不会在任何证券交易所或电子通讯网络上上市或展示。 \n
\n 加拿大减记： \n	\n 根据招股说明书定义，凭证不是可减记债务证券（根据加拿大存款保险公司法） \n
\n 法律变更事件： \n	\n 尽管产品补充文件中有任何相反规定，均不适用。 \n

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TD SECURITIES (USA) LLC

P-5

您凭证的额外条款

您应将本定价补充文件与招股说明书一起阅读，该招股说明书还由产品补充文件 MLN-EI-1（“产品补充文件”）和相关补充文件（“相关补充文件”）进行补充，这些文件涉及我们高级债务证券系列 H，这些票据是其中的一部分。本定价补充文件中使用但未定义的首字母缩写词将具有产品补充文件中赋予它们的含义。如发生任何冲突，以下层级将具有约束力：首先，本定价补充文件；其次，产品补充文件；第三，相关补充文件；最后，招股说明书。这些票据与产品补充文件中描述的条款在几个重要方面有所不同。您应仔细阅读本定价补充文件。

本定价补充文件以及下列文件列明了票据的条款，并取代所有先前或同时期的口头声明以及任何其他书面材料，包括初步或指示性定价条款、通信、交易想法、实施方案结构、示例结构、宣传册或其他教育材料。您应仔细考虑，除其他事项外，本文件中“额外风险因素”的内容，产品补充文件中的“与票据相关的额外风险因素”以及招股说明书中的“风险因素”，因为票据涉及与传统债务证券无关的风险。我们敦促您就投资票据咨询您的投资、法律、税务、会计和其他顾问。您可以通过访问美国证券交易委员会（SEC）网站 www.sec.gov 查阅这些文件（或如果该地址已更改，请查阅我们在 SEC 网站上针对相关日期的文件）：

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■

2025 年 2 月 26 日的招股说明书：

http://www.sec.gov/Archives/edgar/data/947263/000119312525036639/d931193d424b5.htm

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■

2025 年 2 月 26 日的相关补充文件：

http://www.sec.gov/Archives/edgar/data/947263/000114036125006121/ef20044458_424b3.htm

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■

2025 年 2 月 26 日的产品补充文件 MLN-EI-1：

http://www.sec.gov/Archives/edgar/data/947263/000114036125006123/ef20044459_424b3.htm

我们在美国证券交易委员会（SEC）网站上的中央索引键（CIK）为 0000947263。在本定价补充文件中，“银行”、“我们”、“我们”或“我们的”指的是多伦多道明银行及其子公司。

我们保留更改票据条款或在票据发行前拒绝任何购买要约的权利。如票据条款有任何更改，我们将通知您，并要求您在购买时接受这些更改。您也可以选择拒绝这些更改，这种情况下我们可能会拒绝您的购买要约。

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TD SECURITIES (USA) LLC

P-6

额外风险因素

这些票据涉及与投资传统债务证券无关的风险。本节描述了与票据条款最相关的重大风险。如需了解这些及其他风险的更多信息，请参阅产品补充文件中的“与票据相关的额外风险因素”和招股说明书中的“风险因素”。“

投资者应咨询其投资、法律、税务、会计和其他顾问，了解投资票据所涉及的风险以及票据在考虑其特定情况下的适宜性。

与回报特性相关的风险

您投资票据可能导致损失。

票据不保证本金金额的回报，投资者可能损失其在票据中的全部投资。具体而言，如果TD在到期前未选择赎回票据，并且任何参考资产的最终价值低于其障碍值，则投资者每损失1%的本金金额，将因最差表现参考资产的最终价值低于其初始价值1%，并且可能损失全部本金金额。

如果在任何或有利息观察日，任何参考资产的收盘价低于其或有利息障碍值，则您将不会收到与该或有利息观察日相关的或有利息支付。

如果在任何或有利息支付日，相关或有利息观察日任何参考资产的收盘价低于其或有利息障碍值，则您将不会收到或有利息支付。如果在票据期限内每个或有利息观察日任何参考资产的收盘价均低于其或有利息障碍值，则您将不会收到任何或有利息支付，因此您将不会从票据中获得正回报。通常，这种或有利息支付的未支付情况将与票据到期时本金损失的更大风险同时发生。

票据的潜在正回报仅限于票据支付的或有利息支付，无论任何参考资产是否升值。

票据的潜在正回报仅限于支付的任何或有利息支付，这意味着票据的任何正回报将仅由票据期限内支付的或有利息支付总和组成。因此，如果任何参考资产的升值超过票据实际支付的或有利息支付总和，则票据的回报将低于假设直接投资于该参考资产、与该参考资产正表现直接相关的证券或假设投资于构成该参考资产的股票和其他资产（其“参考资产构成”）的回报。

您的回报可能低于具有可比期限的传统债务证券的回报。

您将从票据中获得的回报（可能是负数）可能低于您从其他投资中可以获得的回报。票据不提供固定利息支付，您可能在票据期限内不会收到任何或有利息支付。即使您收到一项或多项或有利息支付且票据的回报为正，您的回报仍可能低于如果您购买了TD具有可比期限的传统、有息高级债务证券的回报。当考虑到影响货币时间价值的因素时，您的投资可能无法反映您所承受的全部机会成本。

TD可能在到期日前选择赎回票据，且票据存在再投资风险。

TD 可能会在其自行决定下，在任何付息日（每月一次，自第十二个或有利息支付日开始，且非到期日）提前书面通知的情况下，按照本文“摘要—发行人赎回条款”中规定的条款赎回票据。在发行人赎回之后，自适用的付息日之后，票据项下不再向您支付任何款项。因此，由于票据可能早在第一个潜在的付息日就被赎回，持有期限可能受到限制。如果 TD 在到期前决定赎回票据，无法保证您能够以类似风险水平的可比回报率重新投资票据的投资收益。此外，如果您确实能够将这些收益重新投资于具有类似回报率和类似风险水平的投资，您可能会产生交易成本，例如新票据价格中包含的交易商折扣和对冲成本。

TD 更可能在预期票据应付金额（包括或有利息支付和到期支付）大于 TD 发行的其他类似期限的可比工具在市场上的应付金额时，在到期前决定赎回票据。在该环境下，TD 赎回票据的可能性更大，这增加了您无法将被赎回票据的收益重新投资于具有类似或有利息率的等值投资的风险。当预期票据应付金额（包括或有利息支付和到期时的金额）小于 TD 发行的其他类似期限的可比工具在市场上的应付金额时，TD 在到期前赎回票据的可能性较低，这包括任何参考资产的价值低于其各自的或有利息障碍值和/或障碍值的时期。因此，当预期票据应付金额小于其他可比工具的应付金额时，票据更可能继续流通，且您在到期时无法获得或有利息支付和/或本金金额的风险相对较高。

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TD SECURITIES (USA) LLC

P-7

投资于具有或有利息支付和发行人赎回条款的票据可能比投资于不具有此类条款的票据更容易受到利率风险的影响。

由于票据具有或有利息和发行人赎回条款，与购买不具有此类条款的票据相比，您将面临更大的利率波动风险。特别是，如果市场利率开始上升，因此或有利息率低于您在同期其他类似风险水平的投资中可能获得的利息，您可能会受到负面影响。此外，如果您在那时试图出售您的票据，您的票据在任何二级市场交易中的价值也会受到不利影响。相反，如果市场利率相对于或有利息率较低，且 TD 决定赎回票据，则您可能无法以类似的风险水平获得可比的回报率。

票据应付金额在任何时间均不与表现最差的参考资产价值相关，除非是在或有利息观察日（包括最终估值日）。\n

任何票据的付款将仅基于或有利息观察日（包括最终估值日）时表现最差的参考资产的收盘价。即使表现最差的参考资产在或有利息观察日前的价值上涨，但随后在该日的收盘价低于其或有利息障碍值，您将不会获得与此或有利息观察日相关的任何或有利息付款。同样，到期时的付款可能显著低于如果票据与非最终估值日的收盘价相关时的金额，甚至可能为零。尽管票据存续期内其他时间参考资产的实际价值可能高于一个或多个或有利息观察日（包括最终估值日）的价值，但票据的或有利息付款和到期付款将仅基于相关或有利息观察日（包括最终估值日）时表现最差的参考资产的收盘价。\n

或有利息率在一定程度上会反映每个参考资产的波动性，可能不足以补偿您在到期时的损失风险。\n

一般来说，参考资产的波动性越高，其收盘价在或有利息观察日或最终估值日的障碍值以下的可能性就越大。波动性意味着参考资产价值变化的幅度和频率。这种更大的风险通常会反映在票据的或有利息率高于我们具有可比期限的传统债务证券的利率上。然而，尽管或有利息率是在定价日确定的，但参考资产的波动性可能在票据存续期内发生显著变化，甚至可能增加。在或有利息观察日，任何参考资产的价值都可能大幅下跌，导致很少或没有或有利息付款，或在最终估值日导致本金金额的重大或全部损失。\n

与参考资产特性相关的风险\n

每个参考资产都存在市场风险。\n

由于与该参考资产相关的特定因素、其参考资产构成部分及其发行人的因素（“参考资产构成部分发行人”），例如股票价格波动、收益、财务状况、公司、行业和监管发展、管理层变动和决策以及其他事件，以及一般市场因素，例如整体股市波动和水平、利率以及经济和政治状况，每种参考资产的价值可能会大幅上涨或下跌。作为票据的投资者，您应自行调查票据的参考资产、参考资产构成部分和参考资产构成部分发行人。有关更多信息，请参见本定价补充文件中的“关于参考资产的信息”。

投资者在每个或有利息观察日（包括最终估值日）将面临每种参考资产的市场风险。

您在票据中的收益与由参考资产组成的组合无关。相反，它将取决于每种参考资产的表现。与一种与指数、普通股或其他基础证券组合相关收益的工具不同，在这种工具中，风险在组合的所有组成部分之间得到缓解和分散，您在每个或有利息观察日（包括最终估值日）将同样面临与每种参考资产相关的风险。票据期限内任何参考资产的不佳表现都会对您的收益产生负面影响，且不会被其他参考资产的积极表现所抵消或缓解。例如，如果任何参考资产在最终估值日的最终价值低于其障碍值，您将获得等于最差表现百分比变化的负收益，即使其他参考资产的百分比变化为正或下降幅度较小。因此，您的投资将面临每种参考资产的市场风险。

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P-8

由于票据与最差表现的参考资产挂钩，与票据与单一参考资产或较少参考资产挂钩相比，您面临无法获得或有利息支付和在到期时损失大部分或全部初始投资的更大风险。

与投资于仅与一个参考资产或更少参考资产表现挂钩的类似证券相比，您投资于票据时无法获得任何或有利息支付并损失大部分或全部初始投资的风险更大。参考资产越多，在任何或有利息观察日（包括最终估值日）任何参考资产的收盘价低于其或有利息障碍值的可能性就越大，且在最终估值日任何参考资产的最终价值低于其障碍值的可能性也比票据与单一参考资产或更少参考资产挂钩时更大。

此外，参照资产的表现之间相关性越低，在任何或有利息观察日（包括最终估值日）中，其中一项参照资产的价值降至低于其或有利息障碍值或障碍值的收盘价或最终价值的可能性就越大。尽管参照资产的表现的相关性可能在票据期限内发生变化，但票据的经济条款（包括或有利息率、或有利息障碍值和障碍值）在一定程度上是根据我们在票据条款最终确定时使用内部模型计算的参照资产表现的相关性确定的。在其他条件相同的情况下，较高的或有利息率以及较低的或有利息障碍值和障碍值通常与参照资产较低的相关性有关。因此，如果一对参照资产的表现彼此不相关或负相关，即使或有利息障碍值和障碍值较低，你可能无法获得任何或有利息支付，或者任何参照资产的最终价值低于其障碍值的风险也会更大。因此，你很可能无法获得任何或有利息支付，并且在到期时可能会损失大部分或全部初始投资。

我们与任何指数赞助商均无关联，且不会对任何指数赞助商采取的任何行动负责。

如“关于参照资产的信息”中所指定的任何指数赞助商（“指数赞助商”）均不是我们的关联方，且任何此类实体都不会以任何方式参与票据的发行。因此，我们无法控制任何指数赞助商的任何行为，包括可能对相关参照资产的价值或票据应付金额产生不利影响的任何行为。任何指数赞助商对票据均没有任何形式的义务。因此，任何指数赞助商均无义务出于任何原因（包括可能影响票据价值的任何行为）考虑你的利益。我们从任何票据发行中获得的任何收益都不会交付给任何指数赞助商，除非我们根据相关参照资产向指数赞助商支付许可费的法定要求。

可能影响参照资产的变化可能会对票据的市场价值和回报产生不利影响。

每个指数赞助商关于计算适用参考资产、参考资产构成的增加、删除或替换以及这些参考资产构成的变化（如股票股息、重组或并购）如何反映在适用的参考资产中的政策，可能会对凭证的市场价格和回报产生不利影响。如果指数赞助商更改这些政策，例如改变其计算适用参考资产的方式，或者如果指数赞助商停止或暂停计算或发布适用的参考资产，凭证的市场价格和回报也可能受到影响。如果发生此类情况，计算代理可能根据产品补充文件中讨论的选择继任指数或其他行动，并且即使有这些调整，凭证的市场价格和回报仍可能受到不利影响。

纳斯达克-100指数^®、罗素2000^®指数和标普500^®指数反映的是价格回报，而非总回报。

凭证的回报基于纳斯达克-100指数^®、罗素2000^®指数和标普500^®指数的表现，该指数反映了其参考资产构成的市场价格变化。纳斯达克-100指数^®、罗素2000^®指数和标普500^®指数不是“总回报”指数或策略，后者除了反映这些价格回报外，还会反映其参考资产构成的股息。凭证的回报将不包括这种总回报特征或股息部分。

凭证受与小盘股公司相关的风险。

凭证受与小盘股公司相关的风险，因为罗素2000^®指数的参考资产构成被视为小盘股公司。这些公司通常具有更大的股价波动性、较低的交易量和较少的流动性，因此该指数可能比那些其构成中更大比例由大盘股公司发行的指数更具波动性。小盘股公司的股价也比大盘股公司更容易受到不利的商业和经济发展的冲击，小盘股公司的股票可能交易量较少。此外，小盘股公司通常在财务上不如大盘股公司稳定，可能依赖少数关键人员，因此更容易受到人员流失的影响。小盘股公司通常获得的分析师关注较少，可能处于公司生命周期中较早且不可预测的阶段。这类公司往往收入较少、产品线不那么多样化、其产品或服务市场的份额较小、财务资源较少，竞争力也较弱，因此更容易受到与其产品相关的不利发展的影响。

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P-9

与预估价值和流动性相关的风险

您凭证的预估价值低于您凭证的公开发行价格。

您的票据的估计价值低于您票据的公开发行价格。您票据的公开发行价格与估计价值之间的差额反映了与销售和结构化票据相关的成本和预期利润，以及我们对票据义务进行对冲的成本。由于对冲我们的票据义务涉及风险，并可能受到我们无法控制的市场因素的影响，因此这种对冲可能导致比预期更多或更少的利润，或产生损失。

您票据的估计价值是基于我们的内部资金利率。

您票据的估计价值是根据我们的内部资金利率确定的。用于确定票据估计价值的内部资金利率通常代表我们常规固定利率债务证券的信用利差以及我们为常规固定利率债务证券支付的借款利率的折扣。该折扣基于我们对票据的资金价值的看法，以及与我们常规固定利率债务相比，票据的发行、运营和持续负债管理成本较高，以及任何对冲头寸的预计融资成本，同时考虑监管和内部要求。如果使用我们常规固定利率债务证券的信用利差所暗示的利率，或者我们为常规固定利率债务证券支付的借款利率，我们预计票据的经济条款将对您更有利。此外，假设所有其他经济条款保持不变，使用内部资金利率将预计在任何时间点提高票据的估计价值。

票据的估计价值是基于我们的内部定价模型，这些模型可能不准确，且可能与其他金融机构的定价模型不同。

您票据的估计价值是在票据条款确定时基于我们的内部定价模型确定的，这些模型考虑了诸如定价日我们的内部资金利率等多个变量，并基于多项主观假设，这些假设未经独立评估或验证，可能实现也可能不实现。此外，我们的定价模型可能与其他金融机构的定价模型不同，我们用于估计票据价值的方法可能与其他可能在二级市场中购买或出售票据的金融机构的方法不一致。因此，您票据的二级市场价格可能大大低于根据我们的内部定价模型确定的票据估计价值。此外，未来市场状况和其他相关因素可能会发生变化，任何假设都可能被证明是错误的。

您票据的估计价值并不是您可能在二级市场（如有）出售票据时的价格预测，而且此类二级市场价格（如有）很可能低于您票据的公开发行价格，且可能低于您票据的估计价值。

贴现券的估值不是代理方、我们其他关联方或第三方可能在二级市场交易中愿意从您手中购买贴现券的价格的预测（如果他们愿意购买，而他们没有义务这么做）。在任何时间，您可能能够以二级市场价格出售的贴现券的价格，如果有的话，将受许多无法预测的因素影响，例如市场状况，以及类似规模交易的买卖价差，可能远低于贴现券的估值。此外，由于贴现券的二级市场价格考虑了我们债务证券在二级市场的交易水平，而没有考虑我们与出售和结构化贴现券相关的各种成本和预期利润，以及我们对贴现券义务的对冲，因此贴现券的二级市场价格很可能低于贴现券的公开发行价格。因此，代理方、我们其他关联方或第三方可能在二级市场交易中愿意从您手中购买贴现券的价格（如果有的话），很可能低于您购买贴现券的价格，任何在到期日之前出售的行为都可能导致您遭受重大损失。

代理方在二级市场最初可能购买贴现券的临时价格可能无法代表您贴现券的未来价格。

假设定价日后所有相关因素保持不变，代理方可能在二级市场最初买卖贴现券的价格（如果代理方在贴现券上做市，而它没有义务这么做）可能在贴现券发行日后的一段时间内超过定价日的贴现券估值以及贴现券的二级市场价格，如进一步讨论的“关于贴现券估值的额外信息”。代理方可能在二级市场最初买卖贴现券的价格可能无法代表您贴散券的未来价格。

承销折扣、发行费用和某些对冲成本可能会对二级市场价格产生不利影响。

假设市场状况或其他相关因素没有变化，您可能能够出售贴现券的价格（如果有的话）很可能低于公开发行价格。公开发行价格包括，而您可能收到的任何报价很可能不包括与初始分销相关的承销折扣、发行费用以及我们对贴现券义务的对冲成本。此外，任何此类价格也可能反映经销商折扣、加价和其他交易成本，例如用于考虑建立或解除任何相关对冲交易的成本的折扣。

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可能不存在活跃的贴现券交易市场——二级市场的销售可能导致重大损失。

对于这些票据可能几乎没有或没有二级市场。这些票据不会在任何证券交易所或电子通讯网络上上市或展示。代理机构或我们另一家附属公司可能会为这些票据做市；然而，它没有义务这样做，并且可能随时停止任何做市活动。即使这些票据的二级市场发展起来，它可能不会提供显著的流动性，或以对您有利的价格交易。我们预计任何二级市场中的交易成本都会很高。因此，任何二级市场中您的票据的买卖价差可能相当大。

此外，TD在到期前赎回票据的权利可能会对您在二级市场出售票据的能力产生不利影响。如果您能够在到期日前出售您的票据，您可能不得不以显著低于公开募集价格的折扣出售，无论当时表现最差的参考资产的价值如何，因此您可能会遭受重大损失。

如果任何参考资产的价值发生变化，您票据的市场价值可能不会以相同的方式变化。

您的票据可能与任何参考资产的表现有很大差异。任何参考资产价值的变化可能不会导致您票据的市场价值出现相应的变化。即使每个参考资产的收盘价在票据期限内保持大于或等于其障碍值和或有利息障碍值，或增加到大于其初始值，您票据的市场价值可能不会增加相同金额，甚至可能下跌。

与对冲活动和利益冲突相关的风险

您与计算代理之间可能存在利益冲突。

计算代理将确定票据的应付金额。我们将担任计算代理，并且可能在不通知您的情况下在发行日后任命不同的计算代理。此外，我们可能根据发行人赎回条款选择赎回票据。如果我们选择在到期前赎回票据，该决定可能基于在当时对您不利的因素。当执行其职能时，计算代理将行使自己的判断，如果需要做出某些决策，可能会存在利益冲突。例如，计算代理可能需要确定是否发生了影响参考资产的市场中断事件，并在某些事件发生时进行某些调整，而这又可能取决于计算代理对事件是否实质性干扰了我们或我们任何附属公司平仓头寸能力的判断。由于计算代理的这一决定可能会影响票据的应付金额，如果需要做出此类决定，计算代理可能会存在利益冲突。有关计算代理角色的更多信息，请参见产品补充文件中的“票据一般条款——计算代理的角色”。

或有利息观察日（包括最终估值日）和相关支付日可能受到市场中断事件和推迟的影响。

每个或有利息观察日（包括最终估值日）及其相关支付日（包括到期日）可能会因发生一个或多个市场中断事件而被推迟。有关市场中断事件的定义及其后果的说明，请参见产品补充文件中的“债券一般条款——市场中断事件”。针对特定参考资产的市场中断事件不会构成其他任何参考资产的市场中断事件。

TD及其关联公司进行的交易和商业活动可能对债券的市场价值以及应付金额产生不利影响。

我们、代理机构和/或我们其他关联公司可能通过购买与参考资产或一个或多个参考资产构成部分的价值变化相关或联系的证券、期货、期权或其他衍生工具来对冲我们在债券下的义务，并可能通过购买或出售上述任何资产等方式调整这些对冲措施。我们或我们某些关联公司可能从这些对冲活动中获得可观收益，而债券的市场价值却可能下降。我们或我们某些关联公司还可能发行或承销与参考资产或一个或多个参考资产构成部分的价值变化相关或联系的其他证券或金融或衍生工具。

这些交易活动可能在债券持有人的利益与我们及我们关联公司在其自营账户中的利益、在促成交易（包括期权和其他衍生品交易）中为我们的或其客户账户以及在我们或其管理下的账户中的利益之间产生冲突。这些交易活动可能有悖于债券持有人的利益。

我们、代理机构和/或我们其他关联公司目前或将来可能与一个或多个参考资产构成部分的发行人进行业务往来，包括向这些公司提供贷款或提供咨询服务。这些服务可能包括投资银行和并购咨询服务。这些业务活动可能在我们、代理机构和/或我们其他关联公司的义务与您作为债券持有人的利益之间产生冲突。此外，我们、代理机构和/或我们其他关联公司可能已经发布，并且将来预计会发布有关参考资产或一个或多个参考资产构成部分的研究报告。这些研究报告可能在未通知的情况下随时修改，并可能表达与购买或持有债券不一致的观点或提供相关建议。我们和/或我们其他关联公司进行的任何此类活动都可能影响参考资产的价值，因此可能影响债券的市场价值以及应付金额。此外，当任何参考资产的收盘价低于其或有利息障碍值时，TD不太可能赎回债券，因此任何对参考资产价值产生不利影响的对冲活动也可能降低TD赎回债券的可能性。

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与一般信用特征相关的风险

投资者将面临 TD 的信用风险，TD 的信用评级和信用利差可能对票据的市场价值产生不利影响。

尽管票据的收益将基于表现最差的参考资产的表现，但票据任何应付款项的支付仍受 TD 信用风险的影响。这些票据是\n TD 的高级无担保债务义务。投资者依赖于 TD 支付票据所有应付款项的能力，因此投资者将面临 TD 的信用风险以及市场对 TD 信用状况看法变化的风险。如果 TD 的信用评级下降或市场对其信用风险收取的信用利差增加，很可能对票据的市场价值产生不利影响。如果 TD 无法在其到期时履行其财务义务，投资者可能无法根据票据条款获得任何应付款项。

与加拿大和美国联邦所得税相关的风险

票据税务处理的重要方面存在不确定性。

美国对票据的税务处理尚不明确。请仔细阅读本文中标题为“重大美国联邦所得税后果”的部分以及产品补充文件中的相关内容。您应咨询您的税务顾问，了解投资票据的税务后果。

如需了解投资票据的加拿大联邦税务后果的讨论，请参见本文“加拿大税务”部分的讨论以及“摘要”部分的进一步讨论。如果您不是根据本文“加拿大税务”部分定义的“非居民持有人”（Non-resident Holder），或者如果您在二级市场购买了票据，请咨询您的税务顾问，了解购买、持有和处置票据以及可能根据票据条款获得付款的后果。

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假设性收益

以下列出的示例仅用于说明目的，仅为假设性示例；以下金额可能为了便于分析而四舍五入。用于说明在或有利息支付日是否应支付或有利息以及到期时支付的参考资产的假设初始值、收盘值、最终值和\n 百分比变化，并非任何参考资产的实际初始值、收盘值或最终值的估计值或预测值，也非任何参考资产在到期日前任何交易日的价值。所有示例均假设参考资产 A、参考资产 B 和参考资产 C 的初始值分别为 30,500.00、3,000.00 和 7,500.00，或有利息障碍值分别为 22,875.00、2,250.00 和 5,625.00（分别为其初始值的 75.00%），障碍值分别为 19,825.00、1,950.00 和 4,875.00（分别为其初始值的 65.00%），或有利息支付为每张票据 8.458 美元（反映约每年 10.15% 的或有利息率），按月支付，从第十二个或有利息支付日开始，且不包括到期日，假设持有人以 1,000 美元的本金金额购买了票据，并且在任何或有利息观察日（包括最终估值日）均未发生市场中断事件。票据的实际条款在本文的定价补充文件的其他部分中另有规定。

示例 1 — TD 选择在第一个潜在赎回支付日赎回票据。

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\n 日期 \n \n	\n 收盘价 \n \n	\n 支付金额（每张票据） \n \n
\n 第一至第十一潜在利息观察日 \n	\n 参考资产 A：各种（均大于或等于其潜在利息障碍值） \n 参考资产 B：各种（均大于或等于其潜在利息障碍值） \n 参考资产 C：各种（均大于或等于其潜在利息障碍值） \n	\n 93.038 美元（总潜在利息支付 – 不可赎回） \n
\n 第十二潜在利息观察日 \n	\n 参考资产 A：21,731.25（低于其潜在利息障碍值） \n 参考资产 B：2,700.00（大于或等于其潜在利息障碍值） \n 参考资产 C：6,375.00（大于或等于其潜在利息障碍值） \n	\n 1,000.00 美元（发行人赎回时的总支付） \n
	\n 总支付： \n	\n 1,093.038 美元（总回报率为 9.3038%） \n

由于 TD 选择在第一个潜在赎回支付日（同时也是第十二潜在利息支付日）赎回票据，并且至少有一个参考资产在相应的潜在利息观察日的收盘价低于其潜在利息障碍值，因此在赎回支付日，我们将向您支付每张票据 1,000.00 美元的现金支付，反映本金金额。加上之前潜在利息支付日支付的 93.038 美元潜在利息支付，TD 将向您支付每张票据总计 1,093.038 美元，相当于票据的总回报率为 9.3038%。票据下不再有其他应付金额。

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Example 2 — The Closing Value of at Least One Reference Asset Is Less Than Its Contingent Interest Barrier Value on Each Contingent Interest Observation Date Prior to the Final\n Valuation Date, TD Does NOT Elect to Call the Notes Prior to Maturity and the Final Value of Each Reference Asset Is Greater Than or Equal to Its Barrier Value and Contingent Interest Barrier Value.

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\n Date \n \n	\n Closing Values \n \n	\n Payment (per Note) \n \n
\n First through Eleventh Contingent Interest Observation Date \n	\n Reference Asset A: Various (all less than its Contingent Interest Barrier Value) \n Reference Asset B: Various (all greater than or equal to its Contingent Interest Barrier Value) \n Reference Asset C: Various (all greater than or equal to its Contingent Interest Barrier Value) \n	\n $0.00 \n
\n Twelfth through Fifty-Sixth Contingent Interest Observation Date \n	\n Reference Asset A: Various (all greater than or equal to its Contingent Interest Barrier Value) \n Reference Asset B: Various (all less than its Contingent Interest Barrier Value) \n Reference Asset C: Various (all greater than or equal to its Contingent Interest Barrier Value) \n	\n $0.00 \n
\n Final Valuation Date \n	\n Reference Asset A: 36,600.00 (greater than or equal to its Contingent Interest Barrier Value and Barrier Value) \n Reference Asset B: 3,150.00 (greater than or equal to its Contingent Interest Barrier Value and Barrier Value) \n Reference Asset C: 8,625.00 (greater than or equal to its Contingent Interest Barrier Value and Barrier Value) \n	\n $1,000.00 (Principal Amount) \n + $8.458 (Contingent Interest Payment) \n $1,008.458 (Total Payment on Maturity Date) \n
	\n Total Payment: \n	\n $1,008.458 (0.8458% total return) \n

Because TD does not elect to call the Notes prior to maturity and the Closing Value of at least one Reference Asset on each Contingent Interest Observation Date prior to the Final Valuation Date is\n less than its Contingent Interest Barrier Value, we will not pay the Contingent Interest Payment on any of the corresponding Contingent Interest Payment Dates and the Notes will not be subject to an Issuer Call. Because the Final Value of each\n Reference Asset is greater than or equal to its Barrier Value and Contingent Interest Barrier Value, on the Maturity Date we will pay you a cash payment equal to $1,008.458 per Note, reflecting your Principal Amount plus the applicable Contingent\n Interest Payment, for a total return of 0.8458% on the Notes.

Example 3 — The Closing Value of at Least One Reference Asset Is Less Than Its Contingent Interest Barrier Value on Each Contingent Interest Observation Date Prior to the Final\n Valuation Date, TD Does NOT Elect to Call the Notes Prior to Maturity,

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the Final Value of Each Reference Asset Is Greater Than or Equal to Its Barrier Value and the Final Value of Any Reference Asset Is Less Than Its Contingent Interest Barrier Value.

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\n Date \n \n	\n Closing Values \n \n	\n Payment (per Note) \n \n
\n First through Eleventh Contingent Interest Observation Date \n	\n Reference Asset A: Various (all greater than or equal to its Contingent Interest Barrier Value) \n Reference Asset B: Various (all less than its Contingent Interest Barrier Value) \n Reference Asset C: Various (all greater than or equal to its Contingent Interest Barrier Value) \n	\n $0.00 \n
\n Twelfth through Fifty-Sixth Contingent Interest Observation Date \n	\n Reference Asset A: Various (all less than its Contingent Interest Barrier Value) \n Reference Asset B: Various (all greater than or equal to its Contingent Interest Barrier Value) \n Reference Asset C: Various (all greater than or equal to its Contingent Interest Barrier Value) \n	\n $0.00 \n
\n Final Valuation Date \n	\n Reference Asset A: 19,825.00 (less than its Contingent Interest Barrier Value; greater than or equal to its Barrier Value) \n Reference Asset B: 2,850.00 (greater than or equal to its Contingent Interest Barrier Value and Barrier Value) \n Reference Asset C: 6,375.00 (greater than or equal to its Contingent Interest Barrier Value and Barrier Value) \n	\n $1,000.00 (Payment at Maturity) \n
	\n Total Payment: \n	\n $1,000.00 (0.00% total return) \n

Because TD does not elect to call the Notes prior to maturity and the Closing Value of at least one Reference Asset on each Contingent Interest Observation Date prior to the Final Valuation Date is\n less than its Contingent Interest Barrier Value, we will not pay the Contingent Interest Payment on any of the corresponding Contingent Interest Payment Dates and the Notes will not be subject to an Issuer Call. Because the Final Value of each\n Reference Asset is greater than or equal to its Barrier Value and the Final Value of at least one Reference Asset is less than its Contingent Interest Barrier Value, on the Maturity Date we will pay you a cash payment equal to $1,000.00, reflecting\n your Principal Amount, for a total return of 0.00% on the Notes.

Example 4 — The Closing Value of at Least One Reference Asset Is Less Than Its Contingent Interest Barrier Value on Each Contingent Interest Observation Date Prior to the Final\n Valuation Date, TD Does NOT Elect to Call the Notes Prior to Maturity and the Final Value of at Least One Reference Asset Is Less Than Its Contingent Interest Barrier Value and Barrier Value.

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\n Date \n \n	\n Closing Values \n \n	\n Payment (per Note) \n \n
\n First through Eleventh Contingent Interest Observation Date \n	\n Reference Asset A: Various (all less than its Contingent Interest Barrier Value) \n Reference Asset B: Various (all greater than or equal to its Contingent Interest Barrier Value) \n Reference Asset C: Various (all greater than or equal to its Contingent Interest Barrier Value) \n	\n $0.00 \n
\n Twelfth through Fifty-Sixth Contingent Interest Observation Date \n	\n Reference Asset A: Various (all greater than or equal to its Contingent Interest Barrier Value) \n Reference Asset B: Various (all less than its Contingent Interest Barrier Value) \n Reference Asset C: Various (all greater than or equal to its Contingent Interest Barrier Value) \n	\n $0.00 \n
\n Final Valuation Date \n	\n Reference Asset A: 12,200.00 (less than its Contingent Interest Barrier Value and Barrier Value) \n Reference Asset B: 3,750.00 (greater than or equal to its Contingent Interest Barrier Value and Barrier Value) \n Reference Asset C: 8,250.00 (greater than or equal to its Contingent Interest Barrier Value and Barrier Value) \n	\n $1,000 + ($1,000 × Least Performing Percentage Change) = \n $1,000 + ($1,000 × -60.00%) = \n $400.00 (Payment at Maturity) \n
	\n Total Payment: \n	\n $400.00 (60.00% loss) \n

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Because the Final Value of at least one Reference Asset is less than its Contingent Interest Barrier Value and Barrier Value, on the Maturity Date we will pay you a cash payment that is less than the\n Principal Amount, if anything, equal to the Principal Amount plus the product of the Principal Amount and the Least Performing Percentage Change, for a total of $400.00 per Note, a loss of 60.00% per Note.

In this scenario, investors will suffer a percentage loss on their initial investment that is equal to the Least Performing Percentage Change. Specifically, investors will lose\n 1% of the Principal Amount of the Notes for each 1% that the Final Value of the Least Performing Reference Asset is less than its Initial Value, and may lose the entire Principal Amount. Any payments on the Notes are subject to our credit risk.

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Information Regarding the Reference Assets

All disclosures contained in this document regarding the Reference Assets, including, without limitation, their make-up, methods of calculation, and changes in any Reference Asset Constituents, have\n been derived from publicly available sources. We have not undertaken an independent review or due diligence of any publicly available information with respect to any Reference Asset. The information reflects the policies of, and is subject to change\n by, the Index Sponsors. Each Index Sponsor, owns the copyright and all other rights to the relevant Reference Asset, has no obligation to continue to publish, and may discontinue publication of, the relevant Reference Asset. None of the websites\n referenced in the Reference Asset descriptions below, or any materials included in those websites, are incorporated by reference into this document or any document incorporated herein by reference.

The graphs below set forth the information relating to the historical performance of each Reference Asset. The graphs below show the daily historical Closing Values of each Reference Asset for the\n periods specified. We obtained the information regarding the historical performance of each Reference Asset in the graphs below from Bloomberg.

We have not independently verified the accuracy or completeness of the information obtained from Bloomberg. The historical performance of each Reference Asset should not be taken as an indication of\n its future performance, and no assurance can be given as to the Final Value of any Reference Asset. We cannot give you any assurance that the performance of the Reference Assets will result in a positive return on your initial investment.

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Nasdaq-100 Index^®

We have derived all information regarding the Nasdaq-100 Index^® (“NDX”) contained in this document, including, without limitation, its make-up, method of calculation and changes in its\n components, from publicly available information. Such information reflects the policies of, and is subject to change by Nasdaq, Inc. and its affiliates (collectively, “Nasdaq”) (its “Index Sponsor” or “Nasdaq”).

NDX is published by Nasdaq, but Nasdaq has no obligation to continue to publish NDX, and may discontinue publication of NDX at any time. NDX is determined, comprised and calculated by Nasdaq without\n regard to this instrument.

As discussed more fully in the underlier supplement under the heading “Indices – Nasdaq-100 Index^®”, NDX includes 100 of the largest domestic and international non-financial securities\n listed on the Nasdaq Stock Market^® based on market capitalization. NDX includes companies across major industry groups including computer hardware and software, telecommunications, retail and wholesale trade, and biotechnology, but does\n not contain securities of financial companies, including investment companies.

NDX is calculated under a modified capitalization-weighted methodology. The methodology is expected to retain in general the economic attributes of capitalization-weighting while providing enhanced\n diversification. To accomplish this, Nasdaq will review the composition of NDX on a quarterly basis and adjust the weightings of components using a proprietary algorithm, if certain pre-established weight distribution requirements are not met.

Historical Information

The graph below illustrates the performance of NDX from October 16, 2016 through October 16, 2026. The dotted lines represent its Contingent Interest Barrier Value of 21,890.6625, which is equal to\n 75.00% of its Initial Value, and its Barrier Value of 18,971.9075, which is equal to 65.00% of its Initial Value.

Nasdaq-100 Index^® (NDX)

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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Russell 2000^® Index

We have derived all information regarding the Russell 2000^® Index (“RTY”) contained in this document, including, without limitation, its make-up, method of calculation and changes in its\n components, from publicly available information. Such information reflects the policies of, and is subject to change by the Frank Russell Company (the “Index Sponsor” or “FTSE Russell”).

RTY is published by FTSE Russell, but FTSE Russell has no obligation to continue to publish RTY, and may discontinue publication of RTY at any time. RTY is determined, comprised and calculated by FTSE\n Russell without regard to this instrument.

As discussed more fully in the underlier supplement under the heading “Indices – The Russell 2000^® Index,” RTY measures the composite price performance of the smallest 2,000 companies\n included in the Russell 3000^® Index. The Russell 3000^® Index is composed of the 3,000 largest United States companies by market capitalization and represents approximately 98% of the market capitalization of the United States\n equity market. Select information regarding top constituents and industry and/or sector weightings may be made available by the Index Sponsor on its website. RTY’s value is calculated by adding the market values of the underlying constituents and\n then dividing the derived total market capitalization by the “adjusted” capitalization of RTY on the base date of December 31, 1986.

Historical Information

The graph below illustrates the performance of RTY from October 16, 2016 through October 16, 2026. The dotted lines represent its Contingent Interest Barrier Value of 2,041.0275, which is equal to\n 75.00% of its Initial Value, and its Barrier Value of 1,768.8905, which is equal to 65.00% of its Initial Value.

Russell 2000^® Index (RTY)

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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S&P 500^® Index

We have derived all information regarding the S&P 500^® Index (“SPX”) contained in this document, including, without limitation, its make-up, method of calculation\n and changes in its components, from publicly available information. Such information reflects the policies of, and is subject to change by S&P Dow Jones Indices LLC (its “Index Sponsor” or “S&P Dow Jones”).

SPX is published by S&P Dow Jones, but S&P Dow Jones has no obligation to continue to publish SPX, and may discontinue publication of SPX at any time. SPX is determined,\n comprised and calculated by S&P Dow Jones without regard to this instrument.

As discussed more fully in the underlier supplement under the heading “Indices — S&P 500^® Index”, SPX is intended to provide an indication of the pattern of common\n stock price movement. The calculation of the value of SPX is based on the relative value of the aggregate market value of the common stock of 500 companies as of a particular time compared to the aggregate average market value of the common stocks of\n 500 similar companies during the base period of the years 1941 through 1943. Select information regarding top constituents and industry and/or sector weightings may be made available by the Index Sponsor on its website.

Historical Information

The graph below illustrates the performance of SPX from October 16, 2016 through October 16, 2026. The dotted lines represent its Contingent Interest Barrier Value of 5,744.58, which is equal to 75.00%\n of its Initial Value, and its Barrier Value of 4,978.636, which is equal to 65.00% of its Initial Value.

S&P 500^® Index (SPX)

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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Material U.S. Federal Income Tax Consequences

The U.S. federal income tax consequences of your investment in the Notes are uncertain. No statutory, regulatory, judicial or administrative authority directly discusses the\n characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the Notes. Some of these tax consequences are summarized below, but we urge you to read the more detailed discussion under “Material\n U.S. Federal Income Tax Consequences” in the product supplement and to discuss the tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the “Code”),\n final, temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect.\n This discussion applies to you only if you are a U.S. holder, as defined in the product supplement. An investment in the Notes is not appropriate for non-U.S. holders and we will not attempt to ascertain the tax consequences to non-U.S. holders of\n the purchase, ownership or disposition of the Notes. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as to the U.S. federal income tax\n consequences of your investment in the Notes, and the following discussion is not binding on the IRS.

U.S. Tax Treatment. Pursuant to the terms of the Notes, TD and you agree, in the absence of a statutory or regulatory change or an administrative\n determination or judicial ruling to the contrary, to treat the Notes as prepaid derivative contracts with respect to the Reference Assets. If your Notes are so treated, any Contingent Interest Payments paid on the Notes (including any Contingent\n Interest Payments paid with respect to a Call Payment Date or on the Maturity Date) would be treated as ordinary income includable in income by you in accordance with your regular method of accounting for U.S. federal income tax purposes. Holders are\n urged to consult their tax advisors concerning the significance, and the potential impact, of the above considerations.

Upon the taxable disposition (including cash settlement) of a Note, you generally should recognize gain or loss equal to the difference between the amount realized on such taxable disposition\n (adjusted for amounts or proceeds attributable to any accrued and unpaid Contingent Interest Payments, which would be treated as ordinary income) and your tax basis in the Note. Your tax basis in a Note generally should equal your cost for the Note.\n Such gain or loss should generally be long-term capital gain or loss if you have held your Notes for more than one year (otherwise such gain or loss should be short-term capital gain or loss if held for one year or less). The deductibility of capital\n losses is subject to limitations. Although uncertain, it is possible that proceeds received from the sale or exchange of your Notes prior to a Contingent Interest Payment Date, but that could be attributed to an expected Contingent Interest Payment,\n could be treated as ordinary income. You should consult your tax advisor regarding this risk.

Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, is of the opinion that it would be\n reasonable to treat your Notes in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the Notes, it is possible that your Notes could alternatively be treated for tax purposes as a\n single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and character of your income from the Notes could differ materially and adversely from the treatment described above, as described further\n under “Material U.S. Federal Income Tax Consequences – Alternative Treatments” in the product supplement.

Except to the extent otherwise required by law, TD intends to treat your Notes for U.S. federal income tax purposes in accordance with the treatment described above and under “Material U.S. Federal\n Income Tax Consequences” in the product supplement, unless and until such time as the Treasury and the IRS determine that some other treatment is more appropriate.

Section 1297. We will not attempt to ascertain whether any Reference Asset Constituent Issuer would be treated as a passive foreign investment company\n (“PFIC”) within the meaning of Section 1297 of the Code. If any such entity were so treated, certain adverse U.S. federal income tax consequences might apply upon the taxable disposition of a Note. You should refer to information filed with the SEC\n or the equivalent governmental authority by such entities and consult your tax advisors regarding the possible consequences to you if any such entity is or becomes a PFIC.

Notice 2008-2. In 2007, the IRS released a notice that may affect the taxation of holders of the Notes. According to Notice 2008-2, the IRS and the Treasury\n are considering whether the holder of an instrument such as the Notes should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that\n under such guidance, holders of the Notes will ultimately be required to accrue current income, possibly in excess of any Contingent Interest Payments received, and this could be applied on a retroactive basis. According to the Notice, the IRS and\n the Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital and whether the special “constructive ownership rules” of Section 1260 of the Code\n should be applied to such instruments. You are urged to consult your tax advisor concerning the significance, and the potential impact, of the above considerations.

Medicare Tax on Net Investment Income. U.S. holders that are individuals, estates or certain trusts are subject to an additional 3.8% tax on all or a portion of their “net\n investment income” or “undistributed net investment income” in the case of an estate or trust, which may include any income or gain realized with respect to the Notes, to the extent of their net investment income or undistributed net investment\n income (as the case may be) that when added to their other modified adjusted gross income, exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse), $125,000 for a married individual\n filing a separate return or the dollar amount at which the highest tax bracket begins for an estate or trust. The 3.8% Medicare tax is determined in a different manner than the income tax. You should consult your tax advisor as to the consequences of\n the 3.8% Medicare tax.

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Specified Foreign Financial Assets. U.S. holders may be subject to reporting obligations with respect to their Notes if they do not hold their Notes in an\n account maintained by a financial institution and the aggregate value of their Notes and certain other “specified foreign financial assets” (applying certain attribution rules) exceeds an applicable threshold. Significant penalties can apply if a\n U.S. holder is required to disclose its Notes and fails to do so.

Backup Withholding and Information Reporting. The proceeds received from a taxable disposition of the Notes will be subject to information reporting unless\n you are an “exempt recipient” and may also be subject to backup withholding at the rate specified in the Code if you fail to provide certain identifying information (such as an accurate taxpayer number, if you are a U.S. holder) or meet certain other\n conditions.

Proposed Legislation. In 2007, legislation was introduced in Congress that, if it had been enacted, would have required holders of Notes purchased after the\n bill was enacted to accrue interest income over the term of the Notes despite the fact that there may be no interest payments over the term of the Notes.

Furthermore, in 2013, the House Ways and Means Committee released in draft form certain proposed legislation relating to financial instruments. If it had been enacted, the effect of this legislation\n generally would have been to require instruments such as the Notes to be marked to market on an annual basis with all gains and losses to be treated as ordinary, subject to certain exceptions.

It is impossible to predict whether any similar or identical bills will be enacted in the future, or whether any such bill would affect the tax treatment of your Notes. You are urged to consult your\n tax advisor regarding the possible changes in law and their possible impact on the tax treatment of your Notes.

You are urged to consult your tax advisor concerning the application of U.S. federal income tax laws to an investment in the Notes, as well as any tax consequences of the purchase, beneficial\n ownership and disposition of the Notes arising under the laws of any state, local, non-U.S. or other taxing jurisdiction (including that of TD and those of the Reference Asset Constituent Issuers).

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Canadian Taxation

The following is, as of the date hereof, a summary of the principal Canadian federal income tax considerations under the Income Tax Act (Canada) and the\n regulations promulgated thereunder (collectively, the “Canadian Tax Act”) generally applicable to a holder who is an individual and who acquires beneficial ownership of a Note upon the initial issuance of the Note by TD pursuant to this offering\n document or common shares of TD or any of its affiliates on a conversion of a Note on a bail-in conversion (if applicable), and who, for purposes of the Canadian Tax Act and any applicable income tax treaty, at all relevant times, is not resident and\n is not deemed to be resident in Canada, and who, for purposes of the Canadian Tax Act, at all relevant times, (i) deals at arm’s length with, and is not affiliated with, TD, any affiliate of TD, and any Canadian resident (or deemed Canadian resident)\n to whom the holder assigns or otherwise transfers the Note, (ii) is entitled to receive all payments (including any interest, principal and dividends, if applicable) made on the Note as beneficial owner, (iii) is not, and deals at arm’s length with\n each person who is, a “specified shareholder” (within the meaning of subsection 18(5) of the Canadian Tax Act) of TD and each affiliate of TD, (iv) is not an entity in respect of which TD or any affiliate of TD is a “specified entity” (as defined in\n subsection 18.4(1) of the Canadian Tax Act); (v) holds the Note or common shares of TD or any of its affiliates as capital property, (vi) does not use or hold and is not deemed to use or hold the Note or common shares of TD or any of its affiliates\n in or in the course of carrying on a business in Canada or as part of an adventure or concern in the nature of trade and (vii) is not an insurer carrying on an insurance business in Canada and elsewhere (a “Non-resident Holder”).

This summary assumes that no amount paid or payable to a Non-resident Holder will be the deduction component of a “hybrid mismatch arrangement” under which the payment arises within the meaning of\n paragraph 18.4(3)(b) of the Canadian Tax Act. This summary further assumes that no Note or property acquired on settlement of a Note will be “taxable Canadian property” to a Non-resident Holder for purposes of the Canadian Tax Act at the time of its\n disposition or deemed disposition.

This summary is based upon the current provisions of the Canadian Tax Act in force as of the date hereof. This summary takes into account all specific proposals to amend the Canadian Tax Act publicly\n announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the “Tax Proposals”) and the current administrative policies of the Canada Revenue Agency (“CRA”) published in writing by the CRA prior to the date hereof. This\n summary is not exhaustive of all possible Canadian federal income tax considerations relevant to an investment in Notes and, except for the Tax Proposals, does not take into account or anticipate any changes in law or CRA administrative policies,\n whether by way of legislative, governmental or judicial decision or action, nor does it take into account or consider any other federal tax considerations or any provincial, territorial or foreign tax considerations, which may differ materially from\n those discussed herein. While this summary assumes that the Tax Proposals will be enacted in the form proposed, no assurance can be given that this will be the case, and no assurance can be given that judicial, legislative or administrative changes\n will not modify or change the statements below.

The following is only a general summary of certain Canadian federal non-resident withholding and other tax provisions which may affect a Non-resident Holder of the Notes described in\n this offering document. This summary is not, and is not intended to be, and should not be construed to be, legal or tax advice to any particular Non-resident Holder and no representation with respect to the income tax consequences to any particular\n Non-resident Holder is made. Persons considering investing in Notes should consult their own tax advisors with respect to the tax consequences of acquiring, holding and disposing of Notes and any common shares of TD or any of its affiliates acquired\n on a bail-in conversion having regard to their own particular circumstances.

For the purposes of the Canadian Tax Act, all amounts not otherwise expressed in Canadian dollars must be converted into Canadian dollars based on the single day exchange rate as quoted by the Bank of\n Canada for the applicable day or such other rate of exchange that is acceptable to the Minister of National Revenue (Canada).

Notes

Interest (including amounts on account or in lieu of payment of, or in satisfaction of, interest) paid or credited, or deemed to be paid or credited, on a Note to a Non-resident Holder will not be\n subject to Canadian non-resident withholding tax unless all or any part of such interest is “participating debt interest”. “Participating debt interest” is defined in the Canadian Tax Act generally as interest (other than on a “prescribed obligation”\n described below) all or any portion of which is contingent or dependent on the use of or production from property in Canada or is computed by reference to revenue, profit, cash flow, commodity price or any other similar criterion or by reference to\n dividends paid or payable to shareholders of any class or series of shares of the capital stock of a corporation. A “prescribed obligation” for this purpose is an “indexed debt obligation”, as defined in the Canadian Tax Act, in respect of which no\n amount payable is: (a) contingent or dependent upon the use of, or production from, property in Canada, or (b) computed by reference to: (i) revenue, profit, cash flow, commodity price or any other similar criterion, other than a change in the\n purchasing power of money, or (ii) dividends paid or payable to shareholders of any class or series of shares of the capital stock of a corporation. An “indexed debt obligation” is a debt obligation the terms or conditions of which provide for an\n adjustment to an amount payable in respect of the obligation for a period during which the obligation was outstanding that is determined by reference to a change in the purchasing power of money.

In the event that a Note is redeemed, cancelled, purchased or repurchased by TD or any other person resident or deemed to be resident in Canada from a Non-resident Holder or is otherwise assigned or\n transferred by a Non-resident Holder to TD or another person resident or deemed to be resident in Canada for an amount which exceeds, generally, the issue price thereof, the excess may, in certain circumstances be deemed to be interest and may,\n together with any interest that has accrued or is deemed to have accrued on the Note to that time, be subject to Canadian non-resident withholding tax if all or any part of such interest or deemed interest is participating debt interest; unless, in\n certain circumstances, the Note is not an indexed debt obligation (described above) and was issued for an amount not

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less than 97% of its principal amount (as defined in the Canadian Tax Act), and the yield from the Note, expressed in terms of an annual rate (determined in accordance with the Canadian Tax Act) on the\n amount for which the Note was issued, does not exceed 4/3 of the interest stipulated to be payable on the Note, expressed in terms of an annual rate on the outstanding principal amount from time to time.

If applicable, the normal rate of Canadian non-resident withholding tax is 25% but such rate may be reduced under the terms of an applicable income tax treaty.

Generally, there are no other Canadian taxes on income (including taxable capital gains) payable by a Non-resident Holder under the Canadian Tax Act solely as a consequence of the acquisition,\n ownership or disposition of Notes by the Non-resident Holder.

Common Shares Acquired on a Bail-in Conversion

Dividends (including amounts on account or in lieu of payment of, or in satisfaction of, dividends) paid or credited or deemed to be paid or credited to a Non-resident Holder on any common shares of TD\n or common shares of an affiliate of TD that is a Canadian resident corporation will be subject to Canadian non-resident withholding tax of 25% but such rate may be reduced under the terms of an applicable income tax treaty.

A Non-resident Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of any common shares of TD or common shares of an\n affiliate of TD unless such shares constitute “taxable Canadian property” to the Non-resident Holder for purposes of the Canadian Tax Act at the time of their disposition, and such Non-resident Holder is not entitled to relief pursuant to the\n provisions of an applicable income tax treaty. Non-resident Holders should consult their own tax advisors with respect to their particular circumstances.

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Supplemental Plan of Distribution (Conflicts of Interest)

We have appointed TDS, an affiliate of TD, as the Agent for the sale of the Notes. Pursuant to the terms of a distribution agreement, TDS will purchase the Notes from TD at the\n public offering price less an underwriting discount of up to the underwriting discount specified on the cover page hereof with respect to a portion of the Notes and will use all of that commission to allow selling concessions to other registered\n broker-dealers in connection with the distribution of the Notes. The underwriting discount represents the selling concessions for other dealers in connection with the distribution of the Notes. The total “Underwriting Discount” and “Proceeds to TD”\n specified on the cover hereof reflect the aggregate of the underwriting discount at the time TD established any hedge positions on or prior to the Pricing Date, which was variable and fluctuated depending on market conditions at such times. The Notes\n were generally offered to the public at the public offering price, provided that certain fee based advisory accounts may have agreed to purchase the Notes for as low as the price specified on the cover hereof and such registered broker-dealers may\n have agreed to forgo, in their sole discretion, some or all of their selling concessions in connection with such sales. TD will also periodically pay one or more unaffiliated dealers a structuring fee and/or marketing fee of $9.50 per Note with\n respect to $1,407,000.00 aggregate Principal Amount of the Notes. We or one of our affiliates will also pay a fee to iCapital Markets LLC, who is acting as a dealer in connection with the distribution of the Notes. The costs included in the public\n offering price will also include fees paid by us or one of our affiliates to one or more other electronic platforms for providing certain other electronic platform services with respect to this offering, where selected dealers implement or utilize\n such providers. TD will reimburse TDS for certain expenses in connection with its role in the offer and sale of the Notes, and TD will pay TDS a fee in connection with its role in the offer and sale of the Notes.

Conflicts of Interest. TDS is an affiliate of TD and, as such, has a ‘‘conflict of interest’’ in this offering within the meaning of Financial Industry\n Regulatory Authority, Inc. (“FINRA”) Rule 5121. If any other affiliate of TD participates in this offering, that affiliate will also have a “conflict of interest” within the meaning of FINRA Rule 5121. In addition, TD will receive the net proceeds\n from the initial public offering of the Notes, thus creating an additional conflict of interest within the meaning of FINRA Rule 5121. This offering of the Notes will be conducted in compliance with the provisions of FINRA Rule 5121. In accordance\n with FINRA Rule 5121, neither TDS nor any other affiliate of ours is permitted to sell the Notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

We, TDS, another of our affiliates or third parties may use this pricing supplement in the initial sale of the Notes. In addition, we, TDS, another of our affiliates or third parties may use this\n pricing supplement in a market-making transaction in the Notes after their initial sale. If a purchaser buys the Notes from us, TDS, another of our affiliates or third parties, this pricing\n supplement is being used in a market-making transaction unless we, TDS, another of our affiliates or third parties informs such purchaser otherwise in the confirmation of sale.

Prohibition on Sales to EEA Retail Investors

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the\n “EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU)\n 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended. Consequently no key information\n document required by Regulation (EU) No 1286/2014 (the “EU PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or\n otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPs Regulation.

Prohibition on Sales to United Kingdom Retail Investors

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (“UK”). For these\n purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the\n “EUWA”); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify\n as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms\n part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise\n making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

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Additional Information Regarding the Estimated Value of the Notes

The final terms for the Notes were determined on the Pricing Date, based on prevailing market conditions, and are specified elsewhere in this pricing supplement.

The economic terms of the Notes are based on our internal funding rate (which is our internal borrowing rate based on variables such as market benchmarks and our appetite for borrowing), and several\n factors, including any sales commissions expected to be paid to TDS or another affiliate of ours, any selling concessions, discounts, commissions or fees expected to be allowed or paid to non-affiliated intermediaries, the estimated profit that we or\n any of our affiliates expect to earn in connection with structuring the Notes, estimated costs which we may incur in connection with the Notes and the estimated cost which we may incur in hedging our obligations under the Notes. Because our internal\n funding rate generally represents a discount from the levels at which our benchmark debt securities trade in the secondary market, the use of an internal funding rate for the Notes rather than the levels at which our benchmark debt securities trade\n in the secondary market is expected to have had an adverse effect on the economic terms of the Notes.

On the cover page of this pricing supplement, we have provided the estimated value for the Notes. The estimated value was determined by reference to our internal pricing models which take into\n account a number of variables and are based on a number of assumptions, which may or may not materialize, typically including volatility, interest rates (forecasted, current and historical rates), price-sensitivity analysis, time to maturity of the\n Notes and our internal funding rate. For more information about the estimated value, see “Additional Risk Factors — Risks Relating to Estimated Value and Liquidity” herein. Because our internal funding rate generally represents a discount from the\n levels at which our benchmark debt securities trade in the secondary market, the use of an internal funding rate for the Notes rather than the levels at which our benchmark debt securities trade in the secondary market is expected, assuming all other\n economic terms are held constant, to increase the estimated value of the Notes. For more information see the discussion under “Additional Risk Factors — Risks Relating to Estimated Value and Liquidity — The Estimated Value of Your Notes Is Based on\n Our Internal Funding Rate.”

Our estimated value of the Notes is not a prediction of the price at which the Notes may trade in the secondary market, nor will it be the price at which the Agent may buy or sell the Notes in the\n secondary market. Subject to normal market and funding conditions, the Agent or another affiliate of ours intends to offer to purchase the Notes in the secondary market but it is not obligated to do so.

Assuming that all relevant factors remain constant after the Pricing Date, the price at which the Agent may initially buy or sell the Notes in the secondary market, if any, may exceed our estimated\n value on the Pricing Date for a temporary period expected to be approximately 3 months after the Issue Date because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations\n under the Notes and other costs in connection with the Notes which we will no longer expect to incur over the term of the Notes. We made such discretionary election and determined this temporary reimbursement period on the basis of a number of\n factors, including the tenor of the Notes and any agreement we may have with the distributors of the Notes. The amount of our estimated costs which we effectively reimburse to investors in this way may not be allocated ratably throughout the\n reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the Issue Date of the Notes based on changes in market conditions and other factors that cannot be predicted.

We urge you to read the “Additional Risk Factors” herein.

\n\n \n \n \n \n\n

TD SECURITIES (USA) LLC

P-25

Validity of the Notes

In the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP, as special products counsel to TD, when the Notes offered by this pricing supplement have been executed and\n issued by TD and authenticated by the trustee pursuant to the indenture and delivered, paid for and sold as contemplated herein, the Notes will be valid and binding obligations of TD, enforceable against TD in accordance with their terms, subject to\n applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or other laws relating to or affecting creditors’ rights generally, and to general principles of equity (regardless of whether enforcement is sought in\n a proceeding at law or in equity). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by Canadian law, Fried, Frank, Harris, Shriver & Jacobson LLP\n has assumed, without independent inquiry or investigation, the validity of the matters opined on by McCarthy Tétrault LLP, Canadian legal counsel for TD, in its opinion expressed below. In addition, this opinion is subject to customary assumptions\n about the trustee’s authorization, execution and delivery of the indenture and, with respect to the Notes, authentication of the Notes and the genuineness of signatures and certain factual matters, all as stated in the opinion of Fried, Frank,\n Harris, Shriver & Jacobson LLP filed as Exhibit 5.3 to the registration statement on Form F-3 filed by TD on December 20, 2024.

In the opinion of McCarthy Tétrault LLP, the issue and sale of the Notes has been duly authorized by all necessary corporate action on the part of TD, and when this pricing supplement has been\n attached to, and duly notated on, the master note that represents the Notes, the Notes will have been validly executed and issued and, to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario, or the laws of\n Canada applicable therein, will be valid obligations of TD, subject to the following limitations: (i) the enforceability of the indenture is subject to bankruptcy, insolvency, reorganization, arrangement, winding up, moratorium and other similar laws\n of general application limiting the enforcement of creditors’ rights generally; (ii) the enforceability of the indenture is subject to general equitable principles, including the fact that the availability of equitable remedies, such as injunctive\n relief and specific performance, is in the discretion of a court; (iii) courts in Canada are precluded from giving a judgment in any currency other than the lawful money of Canada; and (iv) the enforceability of the indenture will be subject to the\n limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the indenture to be unenforceable as an attempt to vary or exclude a limitation period under that Act.\n This opinion is given as of the date hereof and is limited to the laws of the Province of Ontario and the federal laws of Canada applicable thereto. In addition, this opinion is subject to: (i) the assumption that the senior indenture has been duly\n authorized, executed and delivered by, and constitutes a valid and legally binding obligation of, the trustee, enforceable against the trustee in accordance with its terms; and (ii) customary assumptions about the genuineness of signatures and\n certain factual matters all as stated in the letter of such counsel dated December 20, 2024, which has been filed as Exhibit 5.2 to the registration statement on Form F-3 filed by TD on December 20, 2024.

\n\n \n \n \n \n\n

TD SECURITIES (USA) LLC

P-26

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