道明银行美股招股说明书(2026-04-07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 April 7, 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 Fixed Coupon and ContingentDownside Principal at Risk Securities Linked to the common stock of Micron Technology, Inc. due April 17, 2029■Linked to the common stock of Micron Technology, Inc. (the “Underlying Stock”) ■Unlike ordinary debt securities, the securities do not repay a fixed amount of principal at stated maturity and are subject to potential automatic callprior to stated maturity upon the terms described below. Whether the securities are automatically called prior to stated maturity and, if they are notautomatically called, whether you receive the face amount of your securities at stated maturity will depend, in each case, on the stock closing priceof the Underlying Stock on the relevant call date or the final calculation day, as applicable.■MonthlyFixed Coupon.The securities will pay a fixed coupon on a monthly basis until the earlier of stated maturity or automatic call.The coupon rate will be determined on the pricing date and will be at least 13.70% per annum■Automatic Call.If the stock closing price of the Underlying Stock on any of the monthly call dates from July 2026 to March 2029, inclusive, isgreater than or equal to the starting price, the securities will be automatically called for the face amount plus a final fixed 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 maturityif,and only if, the stock closing price of the Underlying Stock on the final calculation day is greater than or equal to the downside threshold price.If the stock closing price of the Underlying Stock on the final calculation day is less than the downside threshold price, we will deliver to you atmaturity a number of shares of the Underlying Stock equal to the face amountdivided bythe starting price (the “share delivery amount”), which isexpected to be worth less than your face amount and may have no value at all.■The downside threshold pricefor the Underlying Stock is equal to 50% of the starting price■If the securities are not automatically called prior to stated maturity, you will have full downside exposure to the Underlying Stock from the startingprice if the stock closing price on the final calculation day is less than the downside threshold price, but you will not participate in any appreciationof the Underlying Stock and will not receive any dividends on the Underlying Stock■All payments on the securities are subject to the credit risk of The Toronto-Dominion Bank (the “Bank”)■No exchange listing; designed to be held to maturity 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 $935.00 and $970.00 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-11 and “Estimated Value of the Securities” herein. The estimated value is expected to be less than the original offering price of the securities. The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See“Selected Risk Considerations” beginning on page P-10 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement and on page1 of the accompanying prospectus. The securities are senior unsecured debt obligations of the Bank, and, accordingly, all payments are subject to credit risk. The securities are not insured by theCanada Deposit Insurance Corporation pursuant to the Canada Deposit Insurance Corporation Act (the “CDIC Act”) or the U.S. Federal Deposit InsuranceCorporation or any other governmental agency of Canada, the United States or any other jurisdiction. Neither the U.S. Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement and prospectus. Any representation tothe contrary is a criminal offense.Original Offering PriceAgent Discount(1)Proceeds to The Toronto-Dominion Bank (1)The Agents may receive a commission of up to $23.25 (2.325%) per security and may use a portion of that commission to allow selling concessions to otherdealers in connection with the distribution of the securities, or will offer the sec