Company: TDBCP
Filing Date: 2025-12-09
Form Type: 424B2
Source: 0001140361-25-044973
Chunk: 2

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-09
Form: 424B2
Chunk 2
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 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 on the Pricing Date is expected to be between $940.00 and $975.00 per Note, as discussed further under “Additional Risk Factors — Risks Relating to Estimated Value and Liquidity” beginning on page P-9 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 Price1 | Underwriting Discount1 2 | Proceeds to TD2  |
| Per Note |              $1,000.00 | Up to $22.50             | At least $977.50 |
| Total    |                     $• | $•                       | $•               |

| 1 | Certain 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 $977.50 (97.75%) per Note.                                              |

| 2 | TD Securities (USA) LLC (“TDS”) will receive a commission of up to $22.50 (2.25%) 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 $22.50 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 be variable and fluctuate depending on 
 market conditions at such times.  TD will reimburse TDS for certain expenses in connection with its role in the offer and sale of the Notes, and TD will pay TDS a fee in connection with its role in the offer and sale of the Notes. See    
 “Supplemental Plan of Distribution (Conflicts of Interest)” herein.                                                                                                                                                                           |

The public offering price, underwriting discount and proceeds to TD listed above relate to the Notes we issue initially. We may decide to sell additional Notes after the date of the final pricing supplement, at public offering prices and with under