Company: TDBCP
Filing Date: 2025-05-07
Form Type: 424B2
Source: 0001140361-25-017737
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-05-07
Form: 424B2
Chunk 0
---
| Filed Pursuant to Rule 424(b)(2)      
 Registration Statement No. 333-283969 |

The information in this pricing supplement is not complete and may be changed. This pricing supplement is not an offer to sell 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 May 7, 2025.

Pricing Supplement dated, 2025to the Product Supplement MLN-ES-ETF-1 dated February 26, 2025,and Prospectus dated February 26, 2025

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 VanEck ®Semiconductor ETF and the shares of the Energy Select Sector SPDR ®Fund(each, a “Reference Asset” and together, the “Reference Assets”). We also refer to an exchange-traded fund as an “ETF”. 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 Call Threshold 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 per Note 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 Premium corresponding to the applicable Call Observation Date. Following an automatic call, no further amounts will be owed under the Notes. The applicable Call Premium (and therefore the applicable Call Price) increases the longer the Notes are outstanding and is based on a per annum rate of 15.95% (the “Call Rate”). 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 Observation Date), 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 its Buffer Value, which is equal to 75.00% of its Initial Value, calculated as follows:

| • | If the Final Value of each Reference Asset is greater than its Initial Value, the Notes provide unleveraged participation in the positive return of the Reference Asset with the lowest 
 Percentage Change from its Initial Value to its Final Value (the “Least Performing Reference Asset”).                                                                                   |

| • | If the