Company: TDBCP
Filing Date: 2025-11-05
Form Type: 424B2
Source: 0001140361-25-040472
Chunk: 1

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-05
Form: 424B2
Chunk 1
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 lesser decline or potential increase in the value of any other Reference Asset. The Payment at      
 Maturity will be greater than the Principal Amount only if the Final Value of each Reference Asset is greater than its Initial Value. The Notes do not guarantee the return of the Principal Amount and investors may lose up to their entire 
 investment in the Notes if the Final Value of any Reference Asset is less than its Barrier Value. Any payment on the Notes is 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 Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency or instrumentality of Canada or the United States. 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-6 of this pricing supplement, “Additional Risk Factors Specific to the Notes” beginning on page PS-7 of the product supplement MLN-EI-1 dated February 26, 2025 (the “product supplement”) and “Risk Factors” on page 1 of the prospectus dated February 26, 2025 (the “prospectus”). Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these Notes or determined that this pricing supplement, the product supplement, the underlier supplement or the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on the Issue Date against payment in immediately available funds. The estimated value of your Notes at the time the terms of your Notes are set on the Pricing Date is expected to be between $870.00 and $905.00 per Note, as discussed further under “Additional Risk Factors — Risks Relating to Estimated Value and Liquidity” beginning on page P-7 and “Additional Information Regarding the Estimated Value of the Notes” on page P-20 of this pricing supplement. The estimated value is expected to be less than the public offering price of the Notes.

|          | Public Offering Price | Underwriting Discount1 | Proceeds to TD1  |
| Per Note |             $1,000.00 | Up to $41.25           | At least $958.75 |
| Total    |                    $• |