Company: TDBCP
Filing Date: 2025-07-11
Form Type: 424B2
Source: 0001140361-25-025616
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-11
Form: 424B2
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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 July 11, 2025.

| Pricing Supplement dated , 2025 to theProduct Supplement MLN-EI-1 dated February 26, 2025,Underlier Supplement dated February 26, 2025 andProspectus 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) wish to receive a return equal to the applicable Call Premium (as defined below) if (a) on any Review Date prior to the Final Review Date, the Closing Level of the                                  
 S&P 500®Index (the“Reference Asset”) is greater than or equal to the Initial Level (as defined below) or (b) on the Final Review Date, the Final Level (as defined below) of the                                                                  
 Reference Asset is greater than or equal to the Step-Down Call Level (as defined below), (ii) are willing to accept the risk of losing some or all of their Principal Amount and of not receiving any Call Premium over the term of the Notes and 
 (iii) are willing to forgo any interest and dividend payments.                                                                                                                                                                                    |

| • | The Notes will be automatically called if (i) the Closing Level of the Reference Asset on any Review Date prior to the Final Review Date is greater than or equal to the Initial Level or (ii) the Final Level of the                          
 Reference Asset on the Final Review Date is greater than or equal to the Step-Down Call Level. If the Notes are not automatically called then the Final Level is less than the Initial Level by more than 25.00%, in which case investors will 
 lose approximately 1.3333% of the Principal Amount of the Notes for each 1% that the Final Level is less than the Initial Level in excess of 25.00%, and may lose some 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:    | TheS&P 500®Index(B