Company: TDBCP
Filing Date: 2025-11-24
Form Type: 424B2
Source: 0001140361-25-043107
Chunk: 2

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-24
Form: 424B2
Chunk 2
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 “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 $960.00 and $990.00 per Note, as discussed further under “Additional Risk Factors — Risks Relating to Estimated Value and Liquidity” beginning on page P-10 and “Additional Information Regarding the Estimated Value of the Notes” on page P-23 of this pricing supplement. The estimated value is expected to be less than the public offering price of the Notes.

|          | Public Offering Price1 | Underwriting Discount1 2 | Proceeds to TD2  |
| Per Note |              $1,000.00 | Up to $1.00              | At least $999.00 |
| Total    |                     $• | $•                       | $•               |

1Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the Notes in these accounts may be as low as $999.00 (99.90%) per Note. 2TD Securities (USA) LLC (“TDS”) will receive a commission of up to $1.00 (0.10%) per Note and may use all or a portion of that commission to allow selling concessions to other dealers in connection with the distribution of the Notes. Such other dealers may resell the Notes to other securities dealers at the Principal Amount less a concession not in excess of $1.00 per Note. The total “Underwriting Discount” and “Proceeds to TD” to be specified above will reflect the aggregate of the underwriting discount at the time TD established any hedge positions on or prior to the Pricing Date, which may