Company: TDBCP
Filing Date: 2025-08-13
Form Type: 424B2
Source: 0001140361-25-030763
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-13
Form: 424B2
Chunk 0
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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 August 13, 2025.

| Pricing Supplement dated , 2025 to the               
 Product Supplement MLN-EI-1 dated February 26, 2025, 
 Underlier Supplement dated February 26, 2025 and     
 Prospectus Dated February 26, 2025                   | Filed Pursuant to Rule 424(b)(2)      
 Registration Statement No. 333-283969 |

General

| • | The Notes are designed for investors who (i) seek unleveraged exposure to a limited range of the percentage increase of the S&P 500®Index (the“Reference                                                                                        
 Asset”) from the Initial Level (as defined below) to the arithmetic average of the Closing Level of the Reference Asset on each Averaging Date (the “Final Level”), (ii) seek unleveraged inverse exposure to a limited range of the percentage 
 decline in the level of the Reference Asset, but only if the Final Level is greater than or equal to the Barrier Level, (iii) are willing to accept the risk of losing a significant portion or all of their Principal Amount and (iv) are      
 willing to forgo interest and dividend payments.                                                                                                                                                                                                |

| • | If the Final Level is less than the Barrier Level, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Level is less than the Initial Level, and may lose a significant portion or 
 all of the Principal Amount.                                                                                                                                                                                          |

| • | Any payments on the Notes, including any repayment of principal, are subject to our credit risk. |

Key Terms

| Issuer:                     | The Toronto-Dominion Bank (“TD”)                                                                                                                                                           |
| Reference Asset:            | The S&P 500®Index (Bloomberg ticker: “SPX”)                                                                                                                                                |
| Principal Amount:           | $1,000 per Note, subject to a minimum investment of $10,000 and integral multiples of $1,000 in excess thereof.                                                                            |
| Term:                       | Approximately 18 months.                                                                                                                                                                   |
| Strike Date:                | August 12, 2025                                                                                                                                                                            |
| Pricing Date:               | August 13, 2025                                                                                                                                                                            |
| Issue Date:                 | August