道明银行美股招股说明书(2025-07-09版)

The information in this pricing supplement is not complete and may be changed. This pricing supplement is not an offer tosell nor does it seek an offer to buy these Notes in any state where the offer or sale is not permitted.Subject to Completion. Dated July 9, 2025. Pricing Supplement dated, 2025to theProduct Supplement MLN-EI-1 dated February 26, 2025,Underlier Supplement dated February 26, 2025 andProspectus dated February 26, 2025 The Toronto-Dominion Bank Callable Contingent Interest Barrier Notes Linked to the Least Performing of the Dow Jones IndustrialAverage®, theRussell 2000®Index and the S&P 500®IndexDue on or about July 16, 2030 The Toronto-Dominion Bank (“TD” or “we”) is offering the Callable Contingent Interest Barrier Notes (the “Notes”) linked to the least performing of theDow Jones Industrial Average®, the Russell 2000®Index and the S&P 500®Index (each, a “Reference Asset” and together, the “Reference Assets”). The Notes will pay a Contingent Interest Payment on a Contingent Interest Payment Date (including the Maturity Date) at a per annum rate of 8.85%(the “Contingent Interest Rate”) only if, on the related Contingent Interest Observation Date, the Closing Value of each Reference Asset is greater thanor equal to its Contingent Interest Barrier Value, which is equal to 70.00% of its Initial Value. If, however, the Closing Value of any Reference Asset isless than its Contingent Interest Barrier Value on a Contingent Interest Observation Date, no Contingent Interest Payment will accrue or be payable onthe related Contingent Interest Payment Date. TD may, in its discretion, elect to call the Notes (an “Issuer Call”) in whole, but not in part, on any Call Payment Date (quarterly, commencing on thesecond Contingent Interest Payment Date and other than the Maturity Date) upon at least three Business Days’ prior written notice, regardless of theClosing Values of the Reference Assets. If TD elects to call the Notes prior to maturity, the Call Payment Date will be the corresponding ContingentInterest Payment Date and, on such date, we will pay you a cash payment per Note equal to the Principal Amount, plus any Contingent InterestPayment otherwise due. No further amounts will be owed under the Notes following an Issuer Call. If TD does not elect to call the Notes prior to maturity, the amount we pay at maturity, in addition to any Contingent Interest Payment otherwise due, ifanything, will depend on the Closing Value of each Reference Asset on its Final Valuation Date (each, its “Final Value”) relative to its Barrier Value,which is equal to 60.00% of its Initial Value, calculated as follows: •If the Final Value of each Reference Asset is greater than or equal to its Barrier Value:the Principal Amount of $1,000•If the Final Value of any Reference Asset is less than its Barrier Value:the sum of (1) $1,000 plus (2) the product of (i) $1,000 times (ii) the Least Performing Percentage Change 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 willsuffer a percentage loss on their initial investment that is equal to the percentage decline of the Reference Asset with the lowest PercentageChange from its Initial Value to its Final Value (the “Least Performing Reference Asset”). Specifically, investors will lose 1% of the PrincipalAmount 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 theentire Principal Amount.Any payments on the Notes are subject to our credit risk. The Notes do not guarantee the payment of any Contingent Interest Payments or the return of the Principal Amount. Investors areexposed to the market risk of each Reference Asset on each Contingent Interest Observation Date (including the Final Valuation Date)and any decline in the value of one Reference Asset will not be offset or mitigated by a lesser decline or potential increase in the value ofany other Reference Asset. If the Final Value of any Reference Asset is less than its Barrier Value, investors may lose up to their entireinvestment in the Notes. Any payments on the Notes are subject to our credit risk. 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 DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency or instrumentality of Canada or the UnitedStates. The Notes will not 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 this pricing supplement, “Additional Risk Factors Specific to the Notes” beginning on page PS-7 of the product supplement MLN-EI-1dated February 26, 2025 (the “product supplement”)and “Risk Factors” on page 1 of the p