道明银行美股招股说明书(2025-05-07版)

Pricing Supplement dated, 2025to theProduct Supplement MLN-ES-ETF-1 dated February 26, 2025,andProspectus dated February 26, 2025 The Toronto-Dominion Bank Autocallable Buffer Notes Linked to the Least Performing of the shares of the VanEck®shares of the Energy Select Sector SPDR® The Toronto-Dominion Bank (“TD” or “we”) is offering the Autocallable Buffer Notes (the “Notes”) linked to the least performing of the shares of the VanEckSemiconductor ETF and the shares of the Energy Select Sector SPDR®Fund(each, a “Reference Asset” and together, the “Reference Assets”). We also refer to The Notes will be automatically called if, on the applicable Call Observation Date, the Closing Value of each Reference Asset is greater than or equal to its CallThreshold Value, which is equal to 100.00% of its Initial Value. If the Notes are automatically called, on the Call Payment Date, we will pay a cash payment perNote equal to the Call Price corresponding to the applicable Call Observation Date, which is equal to the Principal Amount plus a return equal to the Call Premiumcorresponding to the applicable Call Observation Date. Following an automatic call, no further amounts will be owed under the Notes. The applicable Call Premium If the Notes are not automatically called (meaning that the Closing Value of any Reference Asset is less than its Call Threshold Value on each Call ObservationDate), the amount we pay at maturity will depend on the Closing Value of each Reference Asset on its Final Valuation Date (each, its “Final Value”) relative to itsBuffer Value, which is equal to 75.00% of its Initial Value, calculated as follows: •If the Final Value ofanyReference Asset is equal to orless thanits Initial Value but the Final Value ofeachReference Asset isgreater than or equal toits Buffer Value, investors will receive their Principal Amount at maturity.•If the Final Value ofanyReference Asset isless thanits Buffer Value, investors will suffer a percentage loss on their initial investment that is equal to thepercentage decline of the Least Performing Reference Asset in excess of 25.00% (the “Buffer Amount”). If the Notes are not automatically called and the Final Value of any Reference Asset is less than its Buffer Value, investors will lose 1% of the PrincipalAmount oftheNotes for each 1% that the Final Value of the Least Performing Reference Asset is less than its Initial Value in excess of the BufferAmount, and may lose up to 75.00% of their Principal Amount.Any payments on the Notes are subject to our credit risk. The Notes do not pay periodic interest and do not guarantee the return of the Principal Amount. Investors are exposed to the market risk ofeach Reference Asset on each Call Observation Date and the Final Valuation Date and any decline in the value of one Reference Asset willnot be offset or mitigated by a lesser decline or potential increase in the value of any other Reference Asset. If the Notes are notautomatically called and the Final Value of any Reference Asset is less than its Buffer Value, investors may lose up to 75.00% of their The Notes are unsecured and are not savings accounts or insured deposits of a bank. The Notes are not insured or guaranteed by the Canada Deposit InsuranceCorporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency or instrumentality of Canada or the United States. The Notes willnot be listed or displayed on any securities exchange or electronic communications network. The Notes have complex features and investing in the Notes involves a number of risks. See “Additional Risk Factors” beginning on page P-7 of thispricing supplement, “Additional Risk Factors Specific to the Notes” beginning on page PS-7 of the product supplement MLN-ES-ETF-1 dated February26, 2025 (the “product supplement”)and “Risk Factors” on page 1 of the prospectus dated February 26, 2025 (the “prospectus”). determined that this pricing supplement, the product supplement or the prospectus is truthful or complete. Any representation to the contrary is acriminal offense. We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on the Issue Date against payment in immediatelyavailable funds. The estimated value of your Notes at the time the terms of your Notes are set on the Pricing Date is expected to be between $875.00 and $905.00per Note, asdiscussed further under “Additional Risk Factors — Risks Relating to Estimated Value and Liquidity” beginning on page P-11 and “Additional Information Regardingthe Estimated Value of the Notes” on page P-24 of this pricing supplement. The estimated value is expected to be less than the public offering price of the Notes. 2TD Securities (USA) LLC (“TDS”) will receive a commission of $40.00 (4.00%) per Note and may use all or a portion of that commission to allow selling concessions to otherdealers in connection with the distribution of the Notes. Such other dealers may resell the No