道明银行美股招股说明书(2026-03-23版)

The information in this pricing supplement is not complete and may be changed. This pricing supplement is not an offer to sell nor does itseek an offer to buy these securities in any state where the offer or sale is not permitted. PRELIMINARY PRICING SUPPLEMENTSubject to Completion, dated March 23, 2026Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-283969(To Product Supplement MLN-WF-1 dated February 26, 2025and Prospectus dated February 26, 2025) The Toronto-Dominion Bank Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the common stock of FedEx Corporation andthe common stock of United Parcel Service, Inc. due April 2, 2029■Linked to thelowest performingof the common stock of FedEx Corporation and the common stock of United Parcel Service, Inc. (each referred to as an “Underlying Stock”)■Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at stated maturity and are subject topotential automatic call prior to stated maturity upon the terms described below. Whether the securities pay a contingent coupon payment, whether the securities areautomatically called prior to stated maturity and, if they are not automatically called, whether you receive the face amount of your securities at stated maturity willdepend, in each case, on the stock closing price of the lowest performing Underlying Stock on the relevant calculation day. The lowest performing Underlying Stock onany calculation day is the Underlying Stock that has the lowest stock closing price on that calculation day as a percentage of its starting price■Contingent Coupon.The securities will pay a contingent coupon payment on a quarterly basis until the earlier of stated maturity or automatic call if,and only if, the stock closing price of the lowest performing Underlying Stock on the calculation day for that quarter is greater than or equal to its coupon threshold price. However, ifthe stock closing price of the lowest performing Underlying Stock on a calculation day is less than its coupon threshold price, you will not receive any contingent couponpayment for the relevant quarter. If the stock closing price of the lowest performing Underlying Stock is less than its coupon threshold price on every calculation day,you will not receive any contingent coupon payments throughout the entire term of the securities. The coupon threshold price for each Underlying Stock is equal to 70%of its starting price. The contingent coupon rate will be determined on the pricing date and will be at least 20.15% per annum■Automatic Call.If the stock closing price of the lowest performing Underlying Stock on any of the quarterly calculation days from June 2026 to December 2028, inclusive, is greater than or equal to its starting price, the securities will be automatically called for the face amount plus a final contingent coupon payment■Potential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive the face amount at stated maturity if,and only if, the stock closing price of the lowest performing Underlying Stock on the final calculation day is greater than or equal to its downside threshold price. If the stock closingprice of the lowest performing Underlying Stock on the final calculation day is less than its downside threshold price, you will lose more than 35%, and possibly all, ofthe face amount of your securities. The downside threshold pricefor each Underlying Stock is equal to 65% of its starting price■If the securities are not automatically called prior to stated maturity, you will have full downside exposure to the lowest performing Underlying Stock from its starting price if its stock closing price on the final calculation day is less than its downside threshold price, but you will not participate in any appreciation of any UnderlyingStock and will not receive any dividends on any Underlying Stock■Your return on the securities will dependsolelyon the performance of the Underlying Stock that is the lowest performing Underlying Stock on each calculation day. You will not benefit in any way from the performance of a better performing Underlying Stock. Therefore, you will be adversely affected ifany Underlying Stockperformspoorly, even if another Underlying Stock performs favorably■All payments on the securities are subject to the credit risk of The Toronto-Dominion Bank (the “Bank”) The estimated value of the securities at the time the terms of your securities are set on the pricing date is expected to be between $905.00 and $940.00 persecurity, as discussed further under “Selected Risk Considerations— Risks Relating To The Estimated Value Of The Securities And Any Secondary Market”beginning on page P-12 and “Estimated Value of the Securities” herein. The estimated value is expected to be less than the orig