
The TorontoDominion Bank
Callable Contingent Interest Barrier Notes
Linked to the Least Performing of the MSCI^{®} Emerging Markets Index^{SM}, the Russell 2000^{®} Index and the S&P 500^{®}
Index
Due on or about January 3, 2024

Issuer:

The TorontoDominion Bank (“TD”)

Reference Assets:

The MSCI^{®} Emerging Markets Index^{SM }(Bloomberg ticker: MXEF, “MXEF”), the Russell 2000^{®} Index
(Bloomberg ticker: RTY, “RTY”) and the S&P 500^{®} Index (Bloomberg ticker: SPX, “SPX”)

Term:

Approximately 2 years, subject to an Issuer Call

Principal Amount:

$1,000 per Note

Pricing date:

Expected to be December 28, 2021

Issue Date:

Expected to be December 31, 2021

Final Valuation Date:

Expected to be December 28, 2023*

Maturity date:

Expected to be January 3, 2024*

Contingent Interest
Rate:

8.35% per annum

Contingent Interest
Observation Dates:

Quarterly, on the 28^{th} calendar day of each March, June, September and December commencing on March 28, 2022 and ending
on the Final Valuation Date*

Contingent Interest
Payment Dates:

With respect to each Contingent Interest Observation Date, the third Business Day following the relevant Contingent Interest
Observation Date, with the exception of the final Contingent Interest Payment Date, which will be the Maturity Date*

Call Payment Date:

If TD elects to call the Notes on any Contingent Interest Payment Date prior to the Maturity Date, the Call Payment Date will be
the corresponding Contingent Interest Payment Date.*

Initial Value:

With respect to MXEF, [●] (to be determined on the Pricing Date).
With respect to RTY, [●] (to be determined on the Pricing Date).
With respect to SPX, [●] (to be determined on the Pricing Date).

Contingent Interest
Barrier Value:

With respect to MXEF, [●] (70.00% of its Initial Value, to be
determined on the Pricing Date).
With respect to RTY, [●] (70.00% of its Initial Value, to be
determined on the Pricing Date).
With respect to SPX, [●] (70.00% of its Initial Value, to be determined on the Pricing
Date).

Barrier Value:

With respect to MXEF, [●] (70.00% of its Initial Value, to be
determined on the Pricing Date).
With respect to RTY, [●] (70.00% of its Initial Value, to be
determined on the Pricing Date).
With respect to SPX, [●] (70.00% of its Initial Value, to be determined on the Pricing
Date).

Final Value:

For each Reference Asset, the Closing Value of such Reference Asset on its Final Valuation Date

Percentage Change:

For each Reference Asset, the Percentage Change is the quotient, expressed as a percentage, of the following
formula:
Final Value – Initial Value
Initial Value

Least Performing
Reference Asset:

The Reference Asset with the lowest Percentage Change as compared to the Percentage Change of any other Reference Asset.

Least Performing
Percentage Change:

The Percentage Change of the Least Performing Reference Asset.

Underwriting Discount:

$15.00 (1.50%) per Note**

CUSIP / ISIN:

89114TXA5 / US89114TXA59

Pricing Supplement:

*

Subject to postponement for market disruption events and nontrading days, as applicable, as described in the accompanying preliminary pricing
supplement.

**

See “Supplemental Plan of Distribution (Conflicts of Interest)” in the accompanying preliminary pricing supplement.

• 
If the Final Value of each Reference Asset is greater than or equal to its Barrier Value:

• 
If the Final Value of any Reference Asset is less than its Barrier Value:

TD SECURITIES (USA) LLC

The TorontoDominion Bank

Selected Risk Considerations

• 
Your Investment in the Notes May Result in a Loss. The Notes do not guarantee the return of the Principal Amount and investors may lose up to their entire investment in the Notes.
Specifically, if TD does not elect to call the Notes prior to maturity and the Final Value of any Reference Asset is less than its Barrier Value, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final
Value of the Least Performing Reference Asset is less than its Initial Value, and may lose the entire Principal Amount.

• 
You Will Not Receive Any Contingent Interest Payment for Any Contingent Interest Payment Date If the Closing Value of Any Reference Asset on the Corresponding Contingent Interest
Observation Date Is Less Than its Contingent Interest Barrier Value.

• 
The Potential Positive Return on the Notes Is Limited to the Contingent Interest Payments Paid on the Notes, If Any, Regardless of Any Appreciation of Any Reference Asset.

• 
Your Return May Be Less than the Return on a Conventional Debt Security of Comparable Maturity.

• 
TD May Elect to Call the Notes Prior to the Maturity Date And the Notes Are Subject to Reinvestment Risk.

• 
Investors Are Exposed to the Market Risk of Each Reference Asset on Each Contingent Interest Observation Date (Including the Final Valuation Date).

• 
The Amounts Payable on the Notes Are Not Linked to the Value of the Least Performing Reference Asset at Any Time Other Than on the Contingent Interest Observation Dates (Including the
Final Valuation Date).

• 
An investment in Notes with Contingent Interest Payments and an Issuer Call Feature May Be More Sensitive to Interest Rate Risk Than an Investment in Notes Without Such Features.

• 
The Contingent Interest Rate Will Reflect, In Part, the Volatility of each Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity.

• 
Because the Notes are Linked to the Least Performing Reference Asset, You Are Exposed to a Greater Risk of no Contingent Interest Payments and Losing a Significant Portion or All of Your
Initial Investment at Maturity than if the Notes Were Linked to a Single Reference Asset or Fewer Reference Assets.

• 
There Are Market Risks Associated with each Reference Asset.

• 
The Notes are Subject to Currency Exchange Risk.

• 
The Notes are Subject to Emerging Markets Risks.

• 
The Notes are Subject to Risks Associated with SmallCapitalization Stocks.

• 
The Reference Assets Reflect Price Return, not Total Return.

• 
We Have No Affiliation with Any Index Sponsor and Will Not Be Responsible for Any Actions Taken by any Index Sponsor.

• 
The Estimated Value of Your Notes Is Expected To Be Less Than the Public Offering Price of Your Notes.

• 
The Estimated Value of Your Notes Is Based on Our Internal Funding Rate.

• 
The Estimated Value of the Notes Is Based on Our Internal Pricing Models, Which May Prove to Be Inaccurate and May Be Different from the Pricing Models of Other Financial Institutions.

• 
The Estimated Value of Your Notes Is Not a Prediction of the Prices at Which You May Sell Your Notes in the Secondary Market, If Any, and Such Secondary Market Prices, If Any, Will Likely
be Less Than the Public Offering Price of Your Notes and May Be Less Than the Estimated Value of Your Notes.

• 
The Temporary Price at Which the Agent May Initially Buy the Notes in the Secondary Market May Not Be Indicative of Future Prices of Your Notes.

• 
There May Not Be an Active Trading Market for the Notes — Sales in the Secondary Market May Result in Significant Losses.

• 
The Agent Discount, Offering Expenses and Certain Hedging Costs Are Likely to Adversely Affect Secondary Market Prices.

• 
If the Value of any Reference Asset Changes, the Market Value of Your Notes May Not Change in the Same Manner.

• 
There Are Potential Conflicts of Interest Between You and the Calculation Agent.

• 
Any Contingent Interest Observation Date (including the Final Valuation Date) and the Related Payment Dates are Subject to Market Disruption Events and Postponements.

• 
Trading and Business Activities by TD or its Affiliates May Adversely Affect the Market Value of, and Any Amounts Payable on, the Notes.

• 
Investors Are Subject to TD’s Credit Risk, and TD’s Credit Ratings and Credit Spreads May Adversely Affect the Market Value of the Notes.

• 
Significant Aspects of the Tax Treatment of the Notes Are Uncertain.

Additional Information
