道明银行美股招股说明书(2025-06-26版)

The information in this preliminary pricing supplement is not complete and may be changed. We may not sell these PLUS until the pricing supplement, theaccompanying product supplement, underlier supplement and prospectus (collectively, the “Offering Documents”) are delivered in final form. The OfferingDocuments are not an offer to sell these PLUS and we are not soliciting offers to buy these PLUS in any state where the offer or sale is not permitted.Subject to Completion July 2025Preliminary Pricing SupplementDated June 25, 2025Registration Statement No. 333-283969Filed pursuant to Rule 424(b)(2)(To Prospectus dated February 26, 2025Underlier Supplement dated February 26, 2025and Product Supplement MLN-EI-1 dated February 26, 2025) STRUCTURED INVESTMENTS Opportunities in U.S. EquitiesPLUS Based on the Value of the Russell 2000®Index due November 4, 2026Performance Leveraged Upside Securities SMPrincipal at Risk SecuritiesThe PLUS will pay no interest and do not guarantee any return of principal at maturity. At maturity, if the final index value of the underlying index is greater than the initial index value, investors will receive the stated principal amount of their investmentplusthe leveraged upside performance of the underlying index, subject tothe maximum payment at maturity. However, if the final index value is less than the initial index value, investors will lose 1% for every 1% that the final index valuefalls below the initial index value. Under these circumstances, the payment at maturity will be less than the stated principal amount and could be zero.Accordingly, the PLUS do not guarantee any return of principal at maturity and you could lose some or all of your investment in the PLUS.The PLUSare for investors who seek an equity index-based return and who are willing to risk their principal and forgo current income and upside above the maximumpayment at maturity in exchange for the leverage feature which applies to a limited range of positive performance of the underlying index.The PLUS are seniorunsecured debt securities issued by The Toronto-Dominion Bank (“TD” or “we”). The PLUS are notes issued as part of TD’s Senior Debt Securities, Series H.All payments on the PLUS are subject to the credit risk of TD. If TD were to default on its payment obligations, you may not receive any amounts owed to you under the PLUS and you could lose your entire investment in the PLUS. These PLUS are not secured obligations and you will not have anysecurity interest in, or otherwise have any access to, any underlying reference asset or assets.SUMMARY TERMS October 30, 2026, subject to postponement in the event of a market disruption event as described in the accompanyingproduct supplement. The PLUS involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 7 . Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of thesePLUS or determined that this pricing supplement, the product supplement, the underlier supplement or the prospectus is truthful orcomplete. Any representation to the contrary is a criminal offense. The PLUS are unsecured and are not savings accounts or insured deposits of a bank. The PLUS are not insured or guaranteed by theCanadaDeposit Insurance Corporation,the U.S.Federal Deposit Insurance Corporation or any other governmental agency orinstrumentality of Canada or the United States. The PLUS will not be listed or displayed on any securities exchange or electroniccommunications network. We will deliver the PLUS in book-entry only form through the facilities of The Depository Trust Company on the original issue date againstpayment in immediately available funds.Product supplement dated February 26, 2025Underlier supplement dated February 26, 2025Prospectus dated February 26, 2025 Additional Information AboutTDand the PLUS You should read this pricing supplement together with the prospectus dated February 26, 2025, as supplemented by the productsupplementMLN-EI-1dated February 26, 2025 and the underlier supplement dated February 26, 2025, relating to our Senior DebtSecurities, Series H, of which these PLUS are a part. Capitalized terms used but not defined in this pricing supplement will have themeanings given to them in the product supplement. In the event of any conflict the following hierarchy will govern: first, this pricingsupplement; second, the product supplement; third, the underlier supplement; and last, the accompanying prospectus.The PLUSvary from the terms described in the product supplement in several important ways. You should read this pricingsupplement carefully. This pricing supplement, together with the documents listed below, contains the terms of the PLUS and supersedes all prior orcontemporaneousoral statements as well as any other written materials including preliminary or indicative pricing terms,correspondence, trade ideas, structures for