# EDGAR Filing Document

**Accession Number:** 0000009631
**File Stem:** 0001140361-23-003727
**Filing Date:** 2023-2
**Character Count:** 70064
**Document Hash:** 2fec82450e4bf669891bfccb9b68f9f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-003727.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001140361-23-003727

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF NOVA SCOTIA
- **CENTRAL INDEX KEY:** 0000009631
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 134941099
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-261476
- **FILM NUMBER:** 23575998

**BUSINESS ADDRESS:**
- **STREET 1:** 40 TEMPERANCE STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 0B4
- **BUSINESS PHONE:** (416) 866-3672

**MAIL ADDRESS:**
- **STREET 1:** 40 TEMPERANCE STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 0B4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANK OF NOVA SCOTIA /
- **DATE OF NAME CHANGE:** 19970702

------

---

| | |
|:---|:---|
| Pricing Supplement dated January 31, 2023<br> Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-261476<br> (To Product Supplement No. WF-1 dated August 29, 2022<br> Underlier Supplement dated December 29, 2021,<br> Prospectus Supplement dated December 29, 2021<br> and Prospectus dated December 29, 2021) | ![](image00001.jpg) |

---

---

| |
|:---|
| **The Bank of Nova Scotia**<br> **Senior Note Program, Series A**<br> **Equity Index Linked Securities**<br>|
| **Market Linked Securities—Auto-Callable with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** |

---

▪ Linked to the S&P 500<sup>®</sup> Index (the "Index")<br> ▪ Unlike ordinary debt securities, the securities do not pay interest, do not repay a fixed amount of principal at maturity and are subject to potential automatic call upon the terms described below. Whether the securities are automatically called for a fixed call premium or, if not automatically called, the maturity payment amount, will depend, in each case, on the closing level of the Index on the relevant call date<br> ▪ **Automatic Call.** If the closing level of the Index on any call date is greater than or equal to 90% of the starting level, the securities will be automatically called for the face amount plus the call premium applicable to that call date. The call premium applicable to each call date is a percentage of the face amount that increases for each call date based on a simple (non-compounding) return of approximately 7.15% per annum<br>

---

| | |
|:---|:---|
| Call Date | **Call Premium** |
| February 5, 2024 | 7.15% of the face amount |
| February 3, 2025 | 14.30% of the face amount |
| February 3, 2026 | 21.45% of the face amount |
| January 27, 2027 (the "<u>final calculation day</u>") | 28.60% of the face amount |

---

▪ **Maturity Payment Amount.** If the securities are not automatically called, you will receive a maturity payment amount that is less than the face amount and have 1-to-1 downside exposure to the decrease in the level of the Index in excess of the buffer amount<br> ▪ Investors may lose up to 90% of the face amount<br> ▪ Any positive return on the securities will be limited to the applicable call premium, even if the closing level of the Index on the applicable call date exceeds the starting level by significantly more than the percentage represented by such call premium. You will not participate in any appreciation of the Index beyond the applicable fixed call premium<br> ▪ All payments on the securities are subject to the credit risk of The Bank of Nova Scotia (the "Bank")<br> ▪ No periodic interest payments or dividends on securities included in the Index<br> ▪ No exchange listing; designed to be held to maturity<br>

**The estimated value of the securities as determined by the Bank as of the pricing date is $961.49 (96.149%) per security. See "The Bank's Estimated Value of the Securities" in this pricing supplement for additional information.**

**The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See "Selected Risk Considerations" beginning on page P-9 herein and "Risk Factors" beginning on page PS-3 of the accompanying product supplement, beginning on page S-2 of the accompanying prospectus supplement and on page 7 of the accompanying prospectus.**

**Scotia Capital (USA) Inc., our affiliate, has agreed to purchase the securities from the Bank for distribution to other registered broker dealers including Wells Fargo Securities, LLC ("WFS"). Scotia Capital (USA) Inc. or any of its affiliates or agents may use this pricing supplement in market-making transactions in securities after their initial sale. If you are buying securities from Scotia Capital (USA) Inc. or another of its affiliates or agents, this pricing supplement may be used in a market-making transaction. See "Supplemental Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.**

**The securities are senior unsecured debt obligations of the Bank, and, accordingly, all payments are subject to credit risk. The securities are not insured by the Canada Deposit Insurance Corporation pursuant to the Canada Deposit Insurance Corporation Act (the "CDIC Act") or the U.S. Federal Deposit Insurance Corporation or any other governmental agency of Canada, the United States or any other jurisdiction.**

**Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, underlier supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Original Offering Price** | **Agent Discount<sup>(1)</sup>** | **Proceeds to The Bank of Nova Scotia<sup>(2)</sup>** |
| **Per Security** <br>| $1000.00 | $24.75 | $975.25 |
| **Total** <br>| $924000.00 | $22869.00 | $901131.00 |

---

<sup>(1)</sup> Scotia Capital (USA) Inc. or one of our affiliates has agreed to purchase the aggregate face amount of the securities and as part of the distribution, has agreed to sell the securities to WFS at a discount of $24.75 (2.475%) per security. WFS will provide selected dealers, which may include Wells Fargo Advisors ("WFA", the trade name of the retail brokerage business of Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), with a selling concession of $17.50 (1.750%) per security, and WFA will receive a distribution expense fee of $0.75 (0.075%) per security for securities sold by WFA. In respect of certain securities sold in this offering, we will pay a fee of up to $4.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. See "Terms of the Securities—Agents" herein and "Supplemental Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement for additional information.

<sup>(2)</sup> Excludes any profits from hedging. For additional considerations relating to hedging activities see "Selected Risk Considerations — Risks Relating To The Estimated Value Of The Securities And Any Secondary Market — The Inclusion of Dealer Spread and Projected Profit from Hedging in the Original Offering Price is Likely to Adversely Affect Secondary Market Prices" in this pricing supplement.

---

| | |
|:---|:---|
| **Scotia Capital (USA) Inc.** | **Wells Fargo Securities** |

---

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Terms of the Securities**<br>

---

| | |
|:---|:---|
| **Issuer:** | The Bank of Nova Scotia (the "<u>Bank</u>"). |
| **Market Measure:** | S&P 500<sup>®</sup> Index (the "<u>Index</u>"). |
| **Pricing Date:** | January 31, 2023. |
| **Issue Date:** | February 3, 2023. |
| **Original Offering** <br> **Price:** | $1,000 per security. |
| **Face Amount:** | $1,000 per security. References in this pricing supplement to a "<u>security</u>" are to a security with a face amount of $1,000. |
| **Automatic Call**: | If the closing level of the Index on any call date is greater than or equal to the call threshold level, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus the call premium applicable to the relevant call date. The last call date is the final calculation day, and payment upon an automatic call on the final calculation day, if applicable, will be made on the stated maturity date.<br>**Any positive return on the securities will be limited to the applicable call premium, even if the closing level of the Index on the applicable call date exceeds the starting level by significantly more than the percentage represented by such call premium. You will not participate in any appreciation of the Index beyond the applicable call premium.**<br>If the securities are automatically called, they will cease to be outstanding on the related call settlement date and you will have no further rights under the securities after such call settlement date. You will not receive any notice from us if the securities are automatically called. |

---

 The call premium applicable to each call date is a percentage of the face amount that increases for each call date based on a simple (non-compounding) return of approximately 7.15% per annum.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Call Date</u> | <u>Call Premium</u> | &nbsp;&nbsp; <u>Payment per Security upon an Automatic Call</u> |
| **Call Dates and** <br> **Call Premiums:** | &nbsp;&nbsp; February 5, 2024 | 7.15% of the face amount | $1071.50 |
| **Call Dates and** <br> **Call Premiums:** | &nbsp;&nbsp; February 3, 2025 | 14.30% of the face amount | $1143.00 |
| **Call Dates and** <br> **Call Premiums:** | &nbsp;&nbsp; February 3, 2026 | 21.45% of the face amount | $1214.50 |
|  | &nbsp;&nbsp; January 27, 2027 | 28.60% of the face amount | $1286.00 |

---

---

| | |
|:---|:---|
| | We refer to January 27, 2027 as the "<u>final calculation day</u>." The call dates are subject to postponement. See "—Market Disruption Events and Postponement Provisions" below. |
| **Call Settlement** <br> **Date:** | Five business days after the applicable call date (as each such call date may be postponed pursuant to "—Market Disruption Events and Postponement Provisions" below, if applicable); *provided* that the call settlement date for the last call date is the stated maturity date. |
| **Stated Maturity** <br> **Date:** | February 3, 2027, subject to postponement. The securities are not subject to repayment at the option of any holder of the securities prior to the stated maturity date. |
|  | If the securities are not automatically called, which means that the ending level is less than the downside threshold level, then on the stated maturity date, you will be entitled to receive a cash payment per security in U.S. dollars equal to:<br> $1,000 *minus*: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Maturity Payment** <br> **Amount:** | $1000 | × | <u>downside threshold level – ending level</u> |
| **Maturity Payment** <br> **Amount:** | $1000 | × | starting level |

---

**If the securities are not automatically called, you will have 1-to-1 downside exposure to the decrease in the level of the Index in excess of the buffer amount and will lose some, and possibly up to 90%, of the face amount of your securities at maturity.**<br>

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

---

| | |
|:---|:---|
| **Starting Level:** | 4,076.60, the closing level of the Index on the pricing date. |
| **Closing Level:** | Closing level has the meaning set forth under "General Terms of the Securities—Certain Terms for Securities Linked to an Index—Certain Definitions" in the accompanying product supplement. |
| **Ending Level:** | The "<u>ending level</u>" will be the closing level of the Index on the final calculation day. |
| **Call Threshold Level:** | 3,668.94, which is equal to 90% of the starting level. |
| **Downside Threshold Level:** | 3,668.94, which is equal to 90% of the starting level. |
| **Buffer Amount:** | 10%. |
| **Market Disruption Events and Postponement Provisions:**<br>| Each call date (including the final calculation day) is subject to postponement due to non-trading days and the occurrence of a market disruption event. In addition, the stated maturity date will be postponed if the final calculation day is postponed and will be adjusted for non-business days. For more information regarding adjustments to the call dates and the stated maturity date, see "General Terms of the Securities—Consequences of a Market Disruption Event; Postponement of a Calculation Day—Securities Linked to a Single Market Measure" and "—Payment Dates" in the accompanying product supplement. For purposes of the accompanying product supplement, each call date and the final calculation day is a "calculation day," and each call settlement date and the stated maturity date is a "payment date." In addition, for information regarding the circumstances that may result in a Market Disruption Event, see "General Terms of the Securities—Certain Terms for Securities Linked to an Index—Market Disruption Events" in the accompanying product supplement. |
| **Calculation Agent:** | Scotia Capital Inc., an affiliate of the Bank. |
| **Material Tax Consequences:** | For a discussion of Canadian income tax considerations to a holder of owning the securities, see "Canadian Income Tax Consequences" herein. For a discussion of United States federal income tax considerations to a holder's ownership and disposition of the securities, see "U.S. Federal Income Tax Consequences" herein. |
| **Tax Redemption:** | The Bank (or its successor) may redeem the securities, in whole but not in part, at a redemption price determined by the Calculation Agent in a manner reasonably calculated to preserve your and our relative economic position, if it is determined that changes in tax laws of Canada (or the jurisdiction of organization of the successor to the Bank) or of any political subdivision or taxing authority thereof or therein affecting taxation or their interpretation will result in the Bank (or its successor) becoming obligated to pay additional amounts with respect to the securities. See "Tax Redemption" in the accompanying product supplement. |
| **Agents:**<br>| Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC.<br> Scotia Capital (USA) Inc. or one of our affiliates has agreed to purchase the aggregate face amount of the securities and as part of the distribution, has agreed to sell the securities to WFS at a discount of $24.75 (2.475%) per security. WFS will provide selected dealers, which may include WFA, with a selling concession of $17.50 (1.750%) per security, and WFA will receive a distribution expense fee of $0.75 (0.075%) per security for securities sold by WFA.<br> In addition, in respect of certain securities sold in this offering, we will pay a fee of up to $4.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.<br> See also "Supplemental Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.<br> The price at which you purchase the securities includes costs that the Bank, the Agents or their respective affiliates expect to incur and profits that the Bank, the Agents or their respective affiliates expect to realize in connection with hedging activities related to the securities, as set forth above. These costs and profits will likely reduce the secondary market price, if any secondary market develops, for the securities. As a result, you may experience an immediate and substantial decline in the market value of your securities on the pricing date. See "Selected Risk Considerations — Risks Relating To The Estimated Value Of The Securities And Any Secondary Market — The Inclusion of Dealer Spread and Projected Profit from Hedging in the Original Offering Price is Likely to Adversely Affect Secondary Market Prices" in this pricing supplement. |

---

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

---

| | |
|:---|:---|
| **Status:** | The securities will constitute direct, senior, unsubordinated and unsecured obligations of the Bank ranking *pari passu* with all other direct, senior, unsecured and unsubordinated indebtedness of the Bank from time to time outstanding (except as otherwise prescribed by law). Holders will not have the benefit of any insurance under the provisions of the CDIC Act, the U.S. Federal Deposit Insurance Act or under any other deposit insurance regime. |
| **Listing:** | The securities will not be listed on any securities exchange or automated quotation system. |
| **Use of Proceeds:** | General corporate purposes. |
| **Clearance and Settlement:** | The Depository Trust Company. |
| **Canadian**<br> **Bail-in:** | The securities are not bail-inable debt securities under the CDIC Act. |
| **Denominations:** | $1,000 and any integral multiple of $1,000. |
| **CUSIP / ISIN:** | 06417YDD8 / US06417YDD85 |

---

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Additional Information about the Issuer and the Securities**<br>

You should read this pricing supplement together with product supplement No. WF-1 dated August 29, 2022, the underlier supplement dated December 29, 2021, the prospectus supplement dated December 29, 2021 and the prospectus dated December 29, 2021 for additional information about the securities. Information included in this pricing supplement supersedes information in the product supplement, underlier supplement, prospectus supplement and prospectus to the extent it is different from that information. Certain defined terms used but not defined herein have the meanings set forth in the product supplement, prospectus supplement or prospectus. In the event of any conflict, this pricing supplement will control. ***The securities may vary from the terms described in the accompanying product supplement, prospectus supplement and prospectus in several important ways. You should read this pricing supplement, including the documents incorporated herein, carefully.***

You may access the product supplement, underlier supplement, prospectus supplement and prospectus on the SEC website www.sec.gov as follows (or if such address has changed, by reviewing our filing for the relevant date on the SEC website):

&nbsp;&nbsp;&nbsp;&nbsp;• Product Supplement No. WF-1 dated August 29, 2022:

[http://www.sec.gov/Archives/edgar/data/0000009631/000114036122031241/brhc10041338_424b2.htm](https://www.sec.gov/Archives/edgar/data/0000009631/000114036122031241/brhc10041338_424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• Underlier Supplement dated December 29, 2021:

[http://www.sec.gov/Archives/edgar/data/0000009631/000091412121007901/bn56408660-424b2.htm](https://www.sec.gov/Archives/edgar/data/0000009631/000091412121007901/bn56408660-424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• Prospectus Supplement dated December 29, 2021:

[http://www.sec.gov/Archives/edgar/data/0000009631/000091412121007897/bn56815298-424b3.htm](https://www.sec.gov/Archives/edgar/data/0000009631/000091412121007897/bn56815298-424b3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• Prospectus dated December 29, 2021:

[http://www.sec.gov/Archives/edgar/data/9631/000119312521368646/d240752d424b3.htm](https://www.sec.gov/Archives/edgar/data/9631/000119312521368646/d240752d424b3.htm)

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Estimated Value of the Securities**<br>

The Bank's estimated value of the securities set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component with the same maturity as the securities, valued using our internal funding rate for structured debt described below, and (2) the derivative or derivatives underlying the economic terms of the securities. The Bank's estimated value does not represent a minimum price at which the Bank would be willing to buy your securities in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the Bank's estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value of the securities as well as the higher issuance, operational and ongoing liability management costs of the securities in comparison to those costs for our conventional fixed-rate debt. For additional information, see "Selected Risk Considerations — Risks Relating To The Estimated Value Of The Securities And Any Secondary Market — The Bank's Estimated Value Is Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt." The value of the derivative or derivatives underlying the economic terms of the securities is derived from the Bank's internal pricing model. This model is dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the Bank's estimated value of the securities was determined when the terms of the securities were set based on market conditions and other relevant factors and assumptions existing at that time. See "Selected Risk Considerations — Risks Relating To The Estimated Value Of The Securities And Any Secondary Market — The Bank's Estimated Value Does Not Represent Future Values of the Securities and May Differ from Others' Estimates."

The Bank's estimated value of the securities is lower than the original offering price of the securities because costs associated with selling, structuring and hedging the securities are included in the original offering price of the securities . These costs include the selling commissions paid to the Agents and other affiliated or unaffiliated dealers, the projected profits that we or our hedge provider expect to realize for assuming risks inherent in hedging our obligations under the securities and the estimated cost of hedging our obligations under the securities. The profits also include an estimate of the difference between the amounts we or our hedge provider pay and receive in a hedging transaction with our affiliate and/or an affiliate of WFS in connection with your securities. We pay to such hedge provider amounts based on, but at a discount to, what we would pay to holders of a non-structured note with a similar maturity. In return for such payment, such hedge provider pays to us the amount we owe under the securities. Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the securities. See "Selected Risk Considerations — Risks Relating To The Estimated Value Of The Securities And Any Secondary Market — The Bank's Estimated Value of the Securities Is Lower Than the Original Offering Price of the Securities" in this pricing supplement.

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Investor Considerations**<br>

#### The securities are not appropriate for all investors. The securities may be an appropriate investment for investors who:
◾ believe that the closing level of the Index will be greater than or equal to the call threshold level on one of the call dates;

◾ seek the potential for a fixed return if the Index has appreciated at all or has not declined below the call threshold level as of any of the call dates in lieu of full participation in any potential appreciation of the Index;

---

| | |
|:---|:---|
| ◾ | are willing to accept the risk that, if the closing level of the Index is less than the call threshold level on each call date, which means that the ending level will be less than the downside threshold level, they will not receive any positive return on their investment in the securities and, instead, will lose some, and possibly up to 90%, of the face amount at maturity; |

---

◾ understand that the term of the securities may be as short as approximately one year and that they will not receive a higher call premium payable with respect to a later call date if the securities are called on an earlier call date;

◾ are willing to forgo interest payments on the securities and dividends on securities included in the Index; and

◾ are willing to hold the securities until maturity.

#### The securities may not be an appropriate investment for investors who:
◾ seek a liquid investment or are unable or unwilling to hold the securities to maturity;

---

| | |
|:---|:---|
| ◾ | require full payment of the face amount of the securities at stated maturity; |

---

◾ believe that the closing level of the Index will be less than the call threshold level on each call date;

◾ seek a security with a fixed term;

---

| | |
|:---|:---|
| ◾ | are unwilling to accept the risk that, if the closing level of the Index is less than the call threshold level on each call date, which means that the ending level will be less than the downside threshold level, they will not receive any positive return on their investment in the securities and, instead, will lose some, and possibly up to 90%, of the face amount at maturity; |

---

---

| | |
|:---|:---|
| ◾ | are unwilling to accept the risk that the ending level of the Index may decrease from the starting level by more than the buffer amount; |

---

◾ are unwilling to purchase securities with an estimated value as of the pricing date that is lower than the original offering price;

◾ seek current income;

◾ are unwilling to accept the risk of exposure to the Index;

◾ seek exposure to the upside performance of the Index beyond the applicable call premiums;

◾ are unwilling to accept the credit risk of the Bank; or

◾ prefer the lower risk of fixed income investments with comparable maturities issued by companies with comparable credit ratings.

**The considerations identified above are not exhaustive. Whether or not the securities are an appropriate investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the appropriateness of an investment in the securities in light of your particular circumstances. You should also review carefully the "Selected Risk Considerations" herein and the "Risk Factors" in the accompanying product supplement for risks related to an investment in the securities. For more information about the Index, please see the section titled "The Index" below.**

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Determining Timing and Amount of Payment on the Securities**<br>

Whether the securities are automatically called on any call date for the applicable call premium will each be determined based on the closing level of the Index on the applicable call date as follows:

![](image00002.jpg)

If the securities have not been automatically called, then on the stated maturity date, you will receive a cash payment per security (the maturity payment amount) equal to:

![](image00003.jpg)

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Selected Risk Considerations**<br>

The securities have complex features and investing in the securities will involve risks not associated with an investment in conventional debt securities. Some of the risks that apply to an investment in the securities are summarized below, but we urge you to read the more detailed explanation of the risks relating to the securities generally in the "Risk Factors" section of the accompanying product supplement. You should reach an investment decision only after you have carefully considered with your advisors the appropriateness of an investment in the securities in light of your particular circumstances.

#### Risks Relating To The Securities Generally
**If The Securities Are Not Automatically Called, You Will Lose Some, And Possibly Up To 90%, Of The Face Amount Of Your Securities At Stated Maturity.**

We will not repay you a fixed amount on the securities at stated maturity. If the closing level of the Index is less than the call threshold level on each call date, the securities will not be automatically called. In addition, because the downside threshold level is equal to the call threshold level, if the securities are not called, the maturity payment amount will be less than the face amount and you will have 1-to-1 downside exposure to the decrease in the level of the Index in excess of the buffer amount, resulting in a loss of 1% of the face amount for every 1% decline in the Index in excess of the buffer amount. As a result, if the securities are not automatically called which means the ending level is less than the downside threshold level, you will lose some, and possibly up to 90%, of the face amount at maturity. This is the case even if the level of the Index is greater than or equal to the starting level or the threshold level at certain times during the term of the securities.

If the securities are not automatically called, your return on the securities will be negative, and therefore will be less than the return you would earn if you bought a traditional interest-bearing debt security of the Bank or another issuer with a similar credit rating with the same stated maturity date.

#### No Periodic Interest Will Be Paid On The Securities.
No periodic payments of interest will be made on the securities. However, if the agreed-upon tax treatment is successfully challenged by the Internal Revenue Service (the "<u>IRS</u>"), you may be required to recognize taxable income over the term of the securities. You should review the section of this pricing supplement entitled "U.S. Federal Income Tax Consequences."

#### The Potential Return On The Securities Is Limited To The Call Premium.
The potential return on the securities is limited to the applicable call premium, regardless of the performance of the Index. The Index may appreciate by significantly more than the percentage represented by the applicable call premium from the pricing date through the applicable call date, in which case an investment in the securities will underperform a hypothetical alternative investment providing a 1-to-1 return based on the performance of the Index. Furthermore, if the securities are called on an earlier call date, you will receive a lower call premium than if the securities were called on a later call date, and accordingly, if the securities are called on one of the earlier call dates, you will not receive the highest potential call premium.

#### You Will Be Subject To Reinvestment Risk.
If your securities are automatically called early, the term of the securities may be reduced to as short as approximately one year. There is no guarantee that you would be able to reinvest the proceeds from an investment in the securities at a comparable return for a similar level of risk in the event the securities are automatically called prior to maturity.

#### A Call Settlement Date And The Stated Maturity Date May Be Postponed If A Call Date Is Postponed.
A call date (including the final calculation day) will be postponed if the applicable originally scheduled call date is not a trading day or if the calculation agent determines that a market disruption event has occurred or is continuing on that call date. If such a postponement occurs with respect to a call date other than the final calculation day, then the related call settlement date will be postponed. If such a postponement occurs with respect to the final calculation day, the stated maturity date will be the later of (i) the initial stated maturity date and (ii) three business days after the final calculation day as postponed.

#### Risks Relating To An Investment In the Bank's Debt Securities, Including The Securities

#### Your Investment Is Subject To The Credit Risk Of The Bank.
The securities are senior unsecured debt obligations of the Bank, and are not, either directly or indirectly, an obligation of any third party. As further described in the accompanying prospectus, product supplement and prospectus supplement, the securities will rank on a parity with all of the other unsecured and unsubordinated debt obligations of the Bank, except such obligations as may be preferred by operation of law. Any payment to be made on the securities, including any payment upon an automatic call and the maturity payment amount, depends on the ability of the Bank to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of the Bank may affect the market value of the securities and, in the event the Bank were to default on its obligations, you may not receive the amounts owed to you under the terms of the securities. If you sell the securities prior to maturity, you may receive substantially less than the face amount of your securities.

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

#### Risks Relating To The Estimated Value Of The Securities And Any Secondary Market

#### The Inclusion Of Dealer Spread And Projected Profit From Hedging In The Original Offering Price Is Likely To Adversely Affect Secondary Market Prices.
Assuming no change in market conditions or any other relevant factors, the price, if any, at which Scotia Capital (USA) Inc. or any other party is willing to purchase the securities at any time in secondary market transactions will likely be significantly lower than the original offering price, since secondary market prices are likely to exclude discounts and underwriting commissions paid with respect to the securities and the cost of hedging our obligations under the securities that are included in the original offering price. The cost of hedging includes the projected profit that we or our hedge provider may realize in consideration for assuming the risks inherent in managing the hedging transactions. These secondary market prices are also likely to be reduced by the costs of unwinding the related hedging transactions. The profits also include an estimate of the difference between the amounts we or our hedge provider pay and receive in a hedging transaction with our affiliate and/or an affiliate of WFS in connection with your securities. In addition, any secondary market prices may differ from values determined by pricing models used by Scotia Capital (USA) Inc. or WFS as a result of dealer discounts, mark-ups or other transaction costs.

WFS has advised us that if it or any of its affiliates makes a secondary market in the securities at any time up to the issue date or during the 4-month period following the issue date, the secondary market price offered by WFS or any of its affiliates will be increased by an amount reflecting a portion of the costs associated with selling, structuring and hedging the securities that are included in the original offering price. Because this portion of the costs is not fully deducted upon issuance, WFS has advised us that any secondary market price it or any of its affiliates offers during this period will be higher than it otherwise would be outside of this period, as any secondary market price offered outside of this period will reflect the full deduction of the costs as described above. WFS has advised us that the amount of this increase in the secondary market price will decline steadily to zero over this 4-month period. If you hold the securities through an account at WFS or any of its affiliates, WFS has advised us that it expects that this increase will also be reflected in the value indicated for the securities on your brokerage account statement.

#### The Bank's Estimated Value Of The Securities Is Lower Than The Original Offering Price Of The Securities.
The Bank's estimated value is only an estimate using several factors. The original offering price of the securities exceeds the Bank's estimated value because costs associated with selling and structuring the securities, as well as hedging the securities, are included in the original offering price of the securities. These costs include the selling commissions and the estimated cost of using a third party hedge provider to hedge our obligations under the securities. See "The Bank's Estimated Value of the Securities" in this pricing supplement.

#### The Bank's Estimated Value Does Not Represent Future Values Of The Securities And May Differ From Others' Estimates.
The Bank's estimated value of the securities was determined by reference to the Bank's internal pricing models when the terms of the securities were set. This estimated value is based on market conditions and other relevant factors existing at that time and the Bank's assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors as well as an estimate of the difference between the amounts we or our hedge provider pay and receive in a hedging transaction with our affiliate and/or an affiliate of WFS in connection with your securities. Different pricing models and assumptions could provide valuations for securities that are greater than or less than the Bank's estimated value. In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On future dates, the value of the securities could change significantly based on, among other things, changes in market conditions, our creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at which the Bank would be willing to buy securities from you in secondary market transactions. See "The Bank's Estimated Value of the Securities" in this pricing supplement.

#### The Bank's Estimated Value Is Not Determined By Reference To Credit Spreads For Our Conventional Fixed-Rate Debt.
The internal funding rate used in the determination of the Bank's estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. If the Bank were to use the interest rate implied by our conventional fixed-rate credit spreads, we would expect the economic terms of the securities to be more favorable to you. Consequently, our use of an internal funding rate has an adverse effect on the terms of the securities and any secondary market prices of the securities. See "The Bank's Estimated Value of the Securities" in this pricing supplement.

#### If The Level Of The Index Changes, The Market Value Of Your Securities May Not Change In The Same Manner .
Your securities may trade quite differently from the performance of the Index or its constituent stocks (the "index constituent stocks"). Changes in the level of the Index may not result in a comparable change in the market value of your securities. We discuss some of the reasons for this disparity under "— The Price at Which the Securities May Be Sold Prior to Maturity will Depend on a Number of Factors and May Be Substantially Less Than the Amount for Which They Were Originally Purchased" herein.

**The Price At Which The Securities May Be Sold Prior To Maturity Will Depend On A Number Of Factors And May Be Substantially Less Than The Amount For Which They Were Originally Purchased.**

The price at which the securities may be sold prior to maturity will depend on a number of factors. Some of these factors include, but are not limited to: (i) actual or anticipated changes in the level of the Index over the full term of the security, (ii) volatility of the level of the Index and the market's perception of future volatility of the level of the Index, (iii) changes in interest rates generally, (iv) any actual or anticipated changes in our credit ratings or credit spreads, (v) dividend yields on either the Index or the index constituent stocks and

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

(vi) time remaining to maturity. In particular, because the provisions of the securities relating to the automatic call feature and the maturity payment amount behave like options, the value of the security will vary in ways which are non-linear and may not be intuitive.

Depending on the actual or anticipated level of the Index and other relevant factors, the market value of the securities may decrease and you may receive substantially less than 100.00% of the original offering price if you sell your securities prior to maturity.

#### The Securities Lack Liquidity .
The securities will not be listed on any securities exchange or automated quotation system. Therefore, there may be little or no secondary market for the securities. Scotia Capital (USA) Inc. may, but is not obligated to, make a market in the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Because we do not expect that other broker-dealers will participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which Scotia Capital (USA) Inc. is willing to purchase the securities from you. If at any time Scotia Capital (USA) Inc. was not to make a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.

#### Risks Relating To The Index

#### The Index Reflects Price Return Only And Not Total Return.
The return on your securities is based on the performance of the Index, which reflects the changes in the market prices of the securities included in the Index. It is not, however, linked to a "total return" index or strategy, which, in addition to reflecting those price returns, would also reflect dividends paid on the securities included in the Index. The return on your securities will not include such a total return feature or dividend component.

**Any Payments On The Securities And Whether The Securities Are Automatically Called Will Depend Upon The Performance Of The Index And Therefore The Securities Are Subject To The Following Risks, Each As Discussed In More Detail In The Accompanying Product Supplement.**

• **Investing In The Securities Is Not The Same As Investing In The Index.** Investing in the securities is not equivalent to investing in the Index. As an investor in the securities, your return will not reflect the return you would realize if you actually owned and held the securities included in the Index for a period similar to the term of the securities because you will not receive any dividend payments, distributions or any other payments paid on those securities. As a holder of the securities, you will not have any voting rights or any other rights that holders of the securities included in the Index would have.

• **Historical Values Of A Market Measure Should Not Be Taken As An Indication Of The Future Performance Of Such Market Measure During The Term Of The Securities.**

• **Changes That Affect An Index May Adversely Affect The Value Of The Securities And Any Payments On The Securities.**

• **We Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In Any Index.**

• **We And Our Affiliates And The Agents And Their Affiliates Have No Affiliation With Any Index Sponsor And Have Not Independently Verified Their Public Disclosure Of Information.**

#### Risks Relating To Hedging Activities And Conflicts Of Interest
**A Participating Dealer Or Its Affiliates May Realize Hedging Profits Projected By Its Proprietary Pricing Models In Addition To Any Selling Concession And/Or Any Distribution Expense Fee, Creating A Further Incentive For The Participating Dealer To Sell The Securities To You.**

If any dealer participating in the distribution of the securities (referred to as a "<u>participating dealer</u>") or any of its affiliates conducts hedging activities for us in connection with the securities, that participating dealer or its affiliate will expect to realize a projected profit from such hedging activities. If a participating dealer receives a concession and/or any distribution expense fee for the sale of the securities to you, this projected profit will be in addition to the concession and/or distribution expense fee, creating a further incentive for the participating dealer to sell the securities to you.

&nbsp;&nbsp;&nbsp;&nbsp;• **Hedging Activities By The Bank And/Or The Agents May Negatively Impact Investors In The Securities And Cause Our Respective Interests And Those Of Our Clients And Counterparties To Be Contrary To Those Of Investors In The Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Activities By The Bank Or The Agents For Their Own Respective Accounts Or For Their Respective Clients Could Negatively Impact Investors In The Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Bank, The Agents And Their Respective Affiliates Regularly Provide Services To, Or Otherwise Have Business Relationships With, A Broad Client Base, Which Has Included And May Include Issuers Of An Underlying Stock, The Sponsor Or Investment Advisor For A Fund And/Or The Issuers Of Securities Included In An Index Or Held By A Fund.** 

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• **Other Investors In The Securities May Not Have The Same Interests as You.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **There Are Potential Conflicts Of Interest Between You And The Calculation Agent.** 

#### Risks Relating To Canadian And U.S. Federal Income Taxation

#### The Tax Consequences Of An Investment In The Securities Are Unclear.
Significant aspects of the tax treatment of the securities are uncertain. You should consult your tax advisor about your tax situation. See "Canadian Income Tax Consequences" and "U.S. Federal Income Tax Consequences" in this pricing supplement.

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Hypothetical Examples and Returns**<br>

The payout profile, return tables and examples below illustrate hypothetical payments upon an automatic call or at stated maturity for a $1,000 face amount security on a hypothetical offering of securities under various scenarios, with the assumptions set forth in the table below. The terms used for purposes of these hypothetical examples do not represent the actual starting level, call threshold level or downside threshold level. The hypothetical starting level of 100.00 has been chosen for illustrative purposes only and does not represent the actual starting level. The actual starting level, call threshold level and downside threshold level were determined on the pricing date and are set forth under "Terms of the Securities" above. For historical data regarding the actual closing levels of the Index, see the historical information set forth herein. The payout profile, return table and examples below assume that an investor purchases the securities for $1,000 per security. These examples are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis.

---

| | |
|:---|:---|
| **Call Premiums:** | 7.15% for the first call date, 14.30% for the second call date, 21.45% for the third call date and 28.60% for the fourth call date |
| **Hypothetical Starting Level:** | 100.00 |
| **Hypothetical Call Threshold Level:** | 90.00 (90% of the hypothetical starting level) |
| **Hypothetical Downside Threshold Level:** | 90.00 (90% of the hypothetical starting level) |
| **Buffer Amount:** | 10% |

---

#### Hypothetical Payout Profile

![](image00004.jpg)

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

#### Hypothetical Returns

#### If the securities are automatically called:

---

| | | |
|:---|:---|:---|
| **Hypothetical call date on which** <br> **securities are automatically called** | **Payment per security on** <br> **related call settlement date** | **Pre-tax total rate of return<sup>(1)</sup>** |
|  1st call date | $1071.50 | 7.15% |
|  2nd call date | $1143.00 | 14.30% |
|  3rd call date | $1214.50 | 21.45% |
|  4th call date | $1286.00 | 28.60% |

---

#### If the securities are not automatically called:

---

| | | | |
|:---|:---|:---|:---|
| **Hypothetical**<br> **ending level** | **Hypothetical percentage change from the** <br> **hypothetical starting level to the** <br> **hypothetical ending level** | **Hypothetical maturity** <br> **payment amount per** <br> **security** | **Hypothetical pre-tax** <br> **total rate of return<sup>(1)</sup>** |
| 89.00 | -11.00% | $990.00 | -1.00% |
| 85.00 | -15.00% | $950.00 | -5.00% |
| 80.00 | -20.00% | $900.00 | -10.00% |
| 70.00 | -30.00% | $800.00 | -20.00% |
| 60.00 | -40.00% | $700.00 | -30.00% |
| 50.00 | -50.00% | $600.00 | -40.00% |
| 25.00 | -75.00% | $350.00 | -65.00% |
| 0.00 | -100.00% | $100.00 | -90.00% |

---

<sup>(1)</sup> The hypothetical pre-tax total rate of return is the number, expressed as a percentage, that results from comparing the payment per security upon automatic call or at stated maturity to the face amount of $1,000.

#### Hypothetical Examples Of Payment Upon An Automatic Call Or At Stated Maturity
**Example 1. The closing level of the Index on the first call date is greater than the call threshold level, and the securities are automatically called on the first call date:**

---

| | |
|:---|:---|
| | **Index** |
| **Hypothetical starting level:** | 100.00 |
| **Hypothetical call threshold level:** | 90.00, which is 90% of the hypothetical starting level |
| **Hypothetical closing level on first call date:** | 125.00 |

---

Because the hypothetical closing level of the Index on the first call date is greater than the hypothetical call threshold level, the securities are automatically called on the first call date and you will receive on the related call settlement date the face amount of your securities plus a call premium of 7.15% of the face amount. Even though the Index appreciated by 25.00% from its starting level to its closing level on the first call date in this example, your return is limited to the call premium of 7.15% that is applicable to such call date.

On the call settlement date, you would receive $1,071.50 per security.

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Example 2. The securities are not automatically called prior to the last call date (the final calculation day). The closing level of the Index on the final calculation day is greater than the call threshold level, and the securities are automatically called on the final calculation day:**

---

| | |
|:---|:---|
| | **Index** |
| **Hypothetical starting level:** | 100.00 |
| **Hypothetical call threshold level:** | 90.00, which is 90% of the hypothetical starting level |
| **Hypothetical closing level on call dates prior to the final calculation day**: | Various (all below call threshold level) |
| **Hypothetical closing level on final calculation day (i.e., the ending level):** | 120.00 |

---

Because the hypothetical closing level of the Index on each call date prior to the last call date (which is the final calculation day) is less than the hypothetical call threshold level, the securities are not called prior to the final calculation day. Because the closing level of the Index on the final calculation day is greater than the call threshold level, the securities are automatically called on the final calculation day and you will receive on the related call settlement date (which is the stated maturity date) the face amount of your securities plus a call premium of 28.60% of the face amount.

On the call settlement date (which is the stated maturity date), you would receive $1,286.00 per security.

**Example 3. The securities are not automatically called. The ending level is less than the downside threshold level and the maturity payment amount is less than the face amount:**

---

| | |
|:---|:---|
| | **Index** |
| **Hypothetical starting level:** | 100.00 |
| **Hypothetical call threshold level:** | 90.00, which is 90% of the hypothetical starting level |
| **Hypothetical closing level on each call date**: | Various (all below call threshold level) |
| **Hypothetical ending level:** | 50.00 |
| **Hypothetical downside threshold level:** | 90.00, which is 90% of the hypothetical starting level |

---

Because the hypothetical closing level of the Index on each call date (including the final calculation day) is less than the hypothetical call threshold level, the securities are not automatically called and you would lose a portion of the face amount of your securities and receive the maturity payment amount equal to:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; $1000 – | $1000 | × | 90.00 – 50.00 | = $600.00 |
| &nbsp;&nbsp;&nbsp; $1000 – | $1000 | × | 100.00 | = $600.00 |

---

On the stated maturity date, you would receive $600.00 per security.

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**The Index**<br>

We have derived all information contained herein regarding the Index, including without limitation, its make-up, method of calculation and changes in its components from publicly available information. Such information reflects the policies of, and is subject to change by, S&P Dow Jones Indices LLC ("S&P"), and/or its affiliates.

The Index includes a representative sample of 500 companies in leading industries of the U.S. economy and is intended to provide a performance benchmark for the large-cap U.S. equity markets. Please see "Indices—The S&P 500<sup>®</sup> Index" in the accompanying underlier supplement for additional information regarding the Index, S&P and our license agreement with respect to the Index. Additional information regarding the Index, including its sectors, sector weightings and top constituents, may be available on S&P's website.

#### Historical Information
We obtained the closing levels of the Index in the graph below from Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification.

The following graph sets forth daily closing levels of the Index for the period from January 1, 2018 to January 31, 2023. The closing level on January 31, 2023 was 4,076.60. The historical performance of the Index should not be taken as an indication of the future performance of the Index during the term of the securities.

![](image00005.jpg)

We have not independently verified the accuracy or completeness of the information obtained from Bloomberg and have not undertaken an independent review or due diligence. The historical performance of the Index should not be taken as an indication of its future performance, and no assurance can be given as to the closing level of the Index on any calculation day or its ending level. We cannot give you assurance that the performance of the Index will result in any positive return on your investment.

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Canadian Income Tax Consequences**<br>

An investor should read carefully the description of principal Canadian federal income tax considerations under "Canadian Taxation" in the accompanying prospectus relevant to a holder (as defined on page 20 of the accompanying prospectus) owning debt securities, and the description of principal Canadian federal income tax considerations under "Supplemental Discussion of Canadian Tax Consequences" in the accompanying product supplement.

**U.S. Federal Income Tax Consequences**<br>

You should carefully review the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement. The following discussion, when read in combination with that section, constitutes the full opinion of our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson, LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities.

Due to the absence of statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the securities, no assurance can be given that the Internal Revenue Service ("<u>IRS</u>") or a court will agree with the tax treatment described herein. Pursuant to the terms of the securities, the Bank and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize the securities as prepaid derivative contracts with respect to the Index. The U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. In addition, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative tax treatments of the securities and potential changes in applicable law.

*Non-U.S. Holders*. If you are a non-U.S. holder, subject to Section 871(m) of the Code and Section 897 of the Code (each as discussed below) and FATCA (as discussed in the accompanying product supplement), you should generally not be subject to U.S. federal withholding tax with respect to payments on your securities or to generally applicable information reporting and backup withholding requirements with respect to payments on your securities if you comply with certain certification and identification requirements as to your non-U.S. status including providing us (and/or the applicable withholding agent) a properly executed and fully completed applicable IRS Form W-8. Subject to Section 897 of the Code and Section 871(m) of the Code, as discussed below, gain realized from the taxable disposition of the securities generally will not be subject to U.S. federal income tax unless (i) such gain is effectively connected with a trade or business conducted by you in the U.S., (ii) you are a non-resident alien individual and are present in the U.S. for 183 days or more during the taxable year of such taxable disposition and certain other conditions are satisfied or (iii) you have certain other present or former connections with the U.S.

*Section 897.* We will not attempt to ascertain whether the issuer of any security included in the Index would be treated as a "United States real property holding corporation" ("USRPHC") within the meaning of Section 897 of the Code. We also have not attempted to determine whether the securities should be treated as "United States real property interests" ("USRPI") as defined in Section 897 of the Code. If any such issuer of a security included in the Index and/or the securities were so treated, certain adverse U.S. federal income tax consequences could possibly apply, including subjecting any gain to a non-U.S. holder in respect of a security upon a taxable disposition of the security to U.S. federal income tax on a net basis, and the proceeds from such a taxable disposition to a 15% withholding tax. Non-U.S. holders should consult their tax advisors regarding the potential treatment of any such entity as a USRPHC and the securities as USRPI.

*Section 871(m)*. A 30% withholding tax (which may be reduced by an applicable income tax treaty) is imposed under Section 871(m) of the Code on certain "dividend equivalents" paid or deemed paid to a non-U.S. holder with respect to a "specified equity-linked instrument" that references one or more dividend-paying U.S. equity securities or indices containing U.S. equity securities. The withholding tax can apply even if the instrument does not provide for payments that reference dividends. Treasury regulations provide that the withholding tax applies to all dividend equivalents paid or deemed paid on specified equity-linked instruments that, as modified by Notice 2022-37, have a delta of one ("delta-one specified equity-linked instruments") issued after 2017 and to all dividend equivalents paid or deemed paid on all other specified equity-linked instruments issued before January 1, 2025.

Based on our determination that the securities are not "delta-one" with respect to the Index or any security included in the Index, our special U.S. tax counsel is of the opinion that the securities should not be delta-one specified equity-linked instruments and thus should not be subject to withholding on dividend equivalents. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Furthermore, the application of Section 871(m) of the Code will depend on our determinations on the date the terms of the securities are set. If withholding is required, we will not make payments of any additional amounts.

**Because of the uncertainty regarding the application of the 30% withholding tax on dividend equivalents to the securities, you are urged to consult your tax advisor regarding the potential application of Section 871(m) of the Code and the 30% withholding tax to an investment in the securities.**

#### <br>

------

---

| | |
|:---|:---|
| **Market Linked Securities—Auto-Callable<br> with Fixed Percentage Buffered Downside**<br> **Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due February 3, 2027** | ![](image00001.jpg) |

---

**Validity of the Securities**<br>

In the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP, as special counsel to the Bank, when the securities offered by this pricing supplement have been executed and issued by the Bank and authenticated by the trustee pursuant to the indenture and delivered, paid for and sold as contemplated herein, the securities will be valid and binding obligations of the Bank, enforceable against the Bank in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or other laws relating to or affecting creditors' rights generally, and to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by Canadian law, Fried, Frank, Harris, Shriver & Jacobson LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by Osler, Hoskin & Harcourt LLP, Canadian legal counsel for the Bank, in its opinion expressed below. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and, with respect to the securities, authentication of the securities and the genuineness of signatures and certain factual matters, all as stated in the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP dated February 28, 2022 filed with the SEC as an exhibit to the Current Report on Form 6-K on March 1, 2022.

In the opinion of Osler, Hoskin & Harcourt LLP, the issue and sale of the securities has been duly authorized by all necessary corporate action of the Bank in conformity with the Indenture, and when the securities have been duly executed, authenticated and issued in accordance with the Indenture, and delivered against payment therefor, the securities will be validly issued and, to the extent validity of the securities is a matter governed by the laws of the Province of Ontario or the federal laws of Canada applicable therein, will be valid obligations of the Bank, subject to the following limitations (i) the enforceability of the Indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, preference, moratorium, arrangement or winding-up laws or other similar laws affecting the enforcement of creditors' rights generally; (ii) the enforceability of the Indenture may be limited by equitable principles, including the principle that equitable remedies such as specific performance and injunction may only be granted in the discretion of a court of competent jurisdiction; (iii) pursuant to the Currency Act (Canada) a judgment by a Canadian court must be awarded in Canadian currency and that such judgment may be based on a rate of exchange in existence on a day other than the day of payment; and (iv) the enforceability of the Indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the Indenture to be unenforceable as an attempt to vary or exclude a limitation period under that Act. This opinion is given as of the date hereof and is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is subject to customary assumptions about the Trustees' authorization, execution and delivery of the Indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated December 27, 2021, which has been filed as Exhibit 5.2 to the Bank's Form F-3/A filed with the SEC on December 27, 2021.

------

## Ex-Filing

------

#### Exhibit 107.1

The pricing supplement to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price for such offering is $924,000.

------