Company: TDBCP
Filing Date: 2025-12-04
Form Type: 424B2
Source: 0001140361-25-044280
Chunk: 2

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-04
Form: 424B2
Chunk 2
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 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.

The initial estimated value of the notes at the time the terms of your notes are set on the pricing date is expected to be between $931.50 and $981.50 per $1,000 principal amount, which is less than the public offering price listed below. See “Additional Information Regarding the Estimated Value of the Notes” on the following page and “Additional Risk Factors” beginning on page P-7 of this
    document for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.**

|          | Public Offering Price | Underwriting Discount1 | Proceeds to TD1 |
| Per Note |             $1,000.00 |                  $8.20 |         $991.80 |
| Total    |                    $• |                     $• |              $• |

| 1 | See “Supplemental Plan of Distribution (Conflicts of Interest)” herein for additional information. |

| TD Securities (USA) LLC | Goldman Sachs & Co. LLC |

Agent

<div align='center'>Pricing Supplement dated , 2025</div>

P-1

**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 underwriting discounts and proceeds to TD that differ from the amounts set forth above. The return (whether positive or negative) on your investment in the notes will depend in part on the
    public offering price you pay for such notes.

We or Goldman Sachs & Co. LLC (“GS&Co.”), or any of our or their respective affiliates, may use this pricing supplement in the initial sale of the notes. In addition, we or
    GS&Co. or any of our or their respective affiliates may use this pricing supplement in a market-making transaction in a note after its initial sale. Unless we or GS&Co., or any of our or their respective affiliates, informs the purchaser otherwise in the confirmation of sale, this pricing supplement will be used in a market-making transaction.

Additional Information Regarding the Estimated Value of the Notes

The final terms for the Notes will be determined on the date the Notes are initially priced for sale to the public,