# EDGAR Filing Document

**Accession Number:** 0000009631
**File Stem:** 0001839882-25-073857
**Filing Date:** 2025-12
**Character Count:** 69827
**Document Hash:** 62283f4e2bbe85199a8cf59c4c2beaa5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-073857.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001839882-25-073857

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF NOVA SCOTIA
- **CENTRAL INDEX KEY:** 0000009631
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134941099
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-282565
- **FILM NUMBER:** 251616566

**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

**The** **information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying product supplement, underlier supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

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| PRELIMINARY PRICING SUPPLEMENT <br> Subject To Completion, dated December 31, 2025<br> Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-282565<br> (To Product Supplement No. WF-1 dated November 8, 2024,<br> Underlier Supplement dated November 8, 2024,<br> Prospectus Supplement dated November 8, 2024<br> and Prospectus dated November 8, 2024) | &nbsp;&nbsp; ![](image1.gif)  |
| **The Bank of Nova Scotia**<br> **Senior Note Program, Series A**<br> **ETF-Linked Securities** | **The Bank of Nova Scotia**<br> **Senior Note Program, Series A**<br> **ETF-Linked Securities** |
| **Market Linked Securities—Upside Participation to a Cap <br>and Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | **Market Linked Securities—Upside Participation to a Cap <br>and Principal Return at Maturity**<br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ Linked to the SPDR<sup>®</sup> Gold Trust (the "Fund")<br> ■ Unlike ordinary debt securities, the securities do not pay interest. Instead, the securities provide for a maturity payment amount that may be greater than or equal to the face amount of the securities, depending on the performance of the Fund from the starting price to the ending price. The maturity payment amount will reflect the following terms:<br> ■ If the price of the Fund increases, you will receive the face amount plus a positive return equal to 100% of the percentage increase in the price of the Fund from the starting price, subject to a maximum return at maturity of at least 31.50% (to be determined on the pricing date) of the face amount. As a result of the maximum return, the maximum maturity payment amount will be at least $1,315.00<br> ■ If the price of the Fund remains unchanged or decreases, you will receive the face amount<br> ■ Repayment of the face amount at maturity regardless of the performance of the Fund<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 distributions on the Fund<br> ■ No exchange listing; designed to be held to maturity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ Linked to the SPDR<sup>®</sup> Gold Trust (the "Fund")<br> ■ Unlike ordinary debt securities, the securities do not pay interest. Instead, the securities provide for a maturity payment amount that may be greater than or equal to the face amount of the securities, depending on the performance of the Fund from the starting price to the ending price. The maturity payment amount will reflect the following terms:<br> ■ If the price of the Fund increases, you will receive the face amount plus a positive return equal to 100% of the percentage increase in the price of the Fund from the starting price, subject to a maximum return at maturity of at least 31.50% (to be determined on the pricing date) of the face amount. As a result of the maximum return, the maximum maturity payment amount will be at least $1,315.00<br> ■ If the price of the Fund remains unchanged or decreases, you will receive the face amount<br> ■ Repayment of the face amount at maturity regardless of the performance of the Fund<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 distributions on the Fund<br> ■ No exchange listing; designed to be held to maturity |

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**If the securities priced today, the estimated value of the securities as determined by the Bank would be between $914.69 (91.469%) and $944.69 (94.469%) 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-8 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 8 of the accompanying prospectus.**

**Scotia Capital (USA) Inc., our affiliate, will purchase the securities from the Bank for distribution to other registered broker dealers including Wells Fargo Securities, LLC ("WFS") or will offer the securities directly to investors. 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, the final pricing supplement to which this pricing supplement relates 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.**

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|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Original Offering Price**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Agent Discount**<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds to The Bank of Nova Scotia**<sup>(2)</sup><br>|
| **Per** **Security**  | $1000.00 | &nbsp;&nbsp; $38.25 | &nbsp;&nbsp;&nbsp; $961.75 |
| **Total**  |  |  |  |

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<sup>(1)</sup> Scotia Capital (USA) Inc. or one of our affiliates will purchase the aggregate face amount of the securities and as part of the distribution, will sell the securities to WFS at a discount of up to $38.25 (3.825%) 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 up to $27.50 (2.75%) per security, and WFA may 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 may pay a fee of up to $2.00 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**

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| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**Terms** **of the Securities**<br>

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|:---|:---|
| &nbsp;&nbsp; **Issuer:** | &nbsp;&nbsp;&nbsp; The Bank of Nova Scotia (the "<u>Bank</u>"). |
| &nbsp;&nbsp; **Market Measure:** | &nbsp;&nbsp;&nbsp; SPDR<sup>®</sup> Gold Trust (the "<u>Fund</u>") |
| &nbsp;&nbsp; **Pricing Date\*:** | &nbsp;&nbsp;&nbsp; January 29, 2026. |
| &nbsp;&nbsp; **Issue Date\*:** | &nbsp;&nbsp;&nbsp; February 3, 2026.  |
| &nbsp;&nbsp; **Original Offering Price:**  | &nbsp;&nbsp;&nbsp; $1,000 per security.  |
| &nbsp;&nbsp; **Face Amount:** | &nbsp;&nbsp;&nbsp; $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. |
| &nbsp;&nbsp; **Maturity Payment Amount:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On the stated maturity date, you will be entitled to receive a cash payment per security in U.S. dollars equal to the maturity payment amount. The "<u>maturity payment amount</u>" per security will equal:<br> &nbsp;&nbsp;&nbsp;&nbsp;• if the ending price is greater than the starting price: $1,000 *plus* the *lesser of*:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 × fund return × upside participation rate; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum return; or<br> &nbsp;&nbsp;&nbsp;&nbsp; • if the ending price is less than or equal to the starting price: <br> $1,000<br> **All payments on the securities are subject to the credit risk of the Bank.** |
| &nbsp;&nbsp; **Stated Maturity**<br> **Date\*:** | &nbsp;&nbsp;&nbsp; February 1, 2030, subject to postponement. The securities are not subject to redemption by the Bank or repayment at the option of any holder of the securities prior to the stated maturity date. |
| &nbsp;&nbsp; **Starting Price** **:** | &nbsp;&nbsp;&nbsp; $, the fund closing price of the Fund on the pricing date. |
| &nbsp;&nbsp; **Fund Closing Price:** | &nbsp;&nbsp;&nbsp; Fund closing price has the meaning set forth under "General Terms of the Securities—Certain Terms for Securities Linked to a Fund—Certain Definitions" in the accompanying product supplement. |
| &nbsp;&nbsp; **Ending Price:** | &nbsp;&nbsp;&nbsp; The "<u>ending price</u>" will be the fund closing price of the Fund on the calculation day. |
| &nbsp;&nbsp; **Maximum Return:** | &nbsp;&nbsp;&nbsp; The "<u>maximum return</u>" will be determined on the pricing date and will be at least 31.50% of the face amount per security (at least $315.00 per security). As a result of the maximum return, the maximum maturity payment amount will be at least $1,315.00 per security.  |
| &nbsp;&nbsp; **Upside Participation Rate:** | &nbsp;&nbsp;&nbsp; 100%.  |
| &nbsp;&nbsp; **Fund Return:**  | &nbsp;&nbsp;&nbsp;&nbsp; The "<u>fund</u> <u>return</u>" is the percentage change from the starting price to the ending price, measured as follows: <br> <u>ending price</u> <u>–</u> <u>starting price</u><br> starting price |
| &nbsp;&nbsp; **Calculation Day\*:** | &nbsp;&nbsp;&nbsp; January 29, 2030, subject to postponement.  |
| &nbsp;&nbsp; **Market Disruption Events and Postponement Provisions:**  | &nbsp;&nbsp;&nbsp;&nbsp; The 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 calculation day is postponed and will be adjusted for non-business days. <br> For more information regarding adjustments to the calculation day 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. 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 a Fund—Market Disruption Events" in the accompanying product supplement. |
| &nbsp;&nbsp; **Calculation Agent:** | &nbsp;&nbsp;&nbsp; Scotia Capital Inc., an affiliate of the Bank  |
| &nbsp;&nbsp; **Material Tax Consequences:** | &nbsp;&nbsp;&nbsp; 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. |

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|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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| &nbsp;&nbsp; **Tax** **Redemption:** | &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp; **Agents:** | &nbsp;&nbsp;&nbsp; Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC. <br> Scotia Capital (USA) Inc. or one of our affiliates will purchase the aggregate face amount of the securities and as part of the distribution, will sell the securities to WFS at a discount of up to $38.25 (3.825%) per security. WFS will provide selected dealers, which may include WFA, with a selling concession of up to $27.50 (2.75%) per security, and WFA may 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 may pay a fee of up to $2.00 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. |
| &nbsp;&nbsp; **Status:** | &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp; **Listing:** | &nbsp;&nbsp;&nbsp; The securities will not be listed on any securities exchange or automated quotation system |
| &nbsp;&nbsp; **Use of Proceeds:** | &nbsp;&nbsp;&nbsp; General corporate purposes |
| &nbsp;&nbsp; **Clearance and Settlement:** | &nbsp;&nbsp;&nbsp; The Depository Trust Company |
| &nbsp;&nbsp; **Canadian Bail-in:** | &nbsp;&nbsp;&nbsp; The securities are not bail-inable debt securities under the CDIC Act |
| &nbsp;&nbsp; **Denominations:** | &nbsp;&nbsp;&nbsp; $1,000 and any integral multiple of $1,000. |
| &nbsp;&nbsp; **CUSIP / ISIN:** | &nbsp;&nbsp;&nbsp; 06419HLH5 / US06419HLH56 |

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\* To the extent that we make any change to the expected pricing date or expected issue date, the calculation day and stated maturity date may also be changed in our discretion to ensure that the term of the securities remains the same.

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|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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

You should read this pricing supplement together with product supplement No. WF-1 dated November 8, 2024, the underlier supplement dated November 8, 2024, the prospectus supplement dated November 8, 2024 and the prospectus dated November 8, 2024 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):

• Product Supplement No. WF-1 dated November 8, 2024:

[<u>http://www.sec.gov/Archives/edgar/data/9631/000183988224038307/bns_424b2-21316.htm</u>](http://www.sec.gov/Archives/edgar/data/9631/000183988224038307/bns_424b2-21316.htm)

• Underlier Supplement dated November 8, 2024:

[<u>http://www.sec.gov/Archives/edgar/data/9631/000183988224038308/bns_424b2-21314.htm</u>](http://www.sec.gov/Archives/edgar/data/9631/000183988224038308/bns_424b2-21314.htm)

• Prospectus Supplement dated November 8, 2024:

[<u>http://www.sec.gov/Archives/edgar/data/9631/000183988224038303/bns_424b3-21311.htm</u>](http://www.sec.gov/Archives/edgar/data/9631/000183988224038303/bns_424b3-21311.htm)

• Prospectus dated November 8, 2024:

[<u>http://www.sec.gov/Archives/edgar/data/9631/000119312524253771/d875135d424b3.htm</u>](http://www.sec.gov/Archives/edgar/data/9631/000119312524253771/d875135d424b3.htm)

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|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**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, distributions on the Fund, 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 is determined when the terms of the securities are 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 will be 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 Will Be Lower Than The Original Offering Price Of The Securities" in this pricing supplement.

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|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**Investor Considerations**<br>

**The securities are not appropriate for all investors. The securities may be an appropriate investment for investors who:** 

◼ seek unleveraged exposure to the upside performance of the Fund if the ending price is greater than the starting price, subject to the maximum return at maturity of at least 31.50% (to be determined on the pricing date) of the face amount;

◼ are willing to accept the risk that, if the ending price is less than or equal to the starting price, they will receive no positive return on the securities at maturity;

◼ are willing to forgo interest payments on the securities and any distributions on the Fund; 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;

◼ are unwilling to accept the risk that the ending price of the Fund may be less than or equal to the starting price, in which case they will receive no positive return on the securities at maturity;

◼ seek uncapped exposure to the upside performance of the Fund;

◼ seek full return of the face amount of the securities at stated maturity;

◼ are unwilling to purchase securities with an estimated value as of the pricing date that is lower than the original offering price and that may be as low as the lower estimated value set forth on the cover page;

◼ seek current income;

◼ are unwilling to accept the risk of exposure to the Fund;

◼ seek exposure to the Fund but are unwilling to accept the risk/return trade-offs inherent in the maturity payment amount for the securities;

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

◼ prefer the lower risk of conventional 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 Fund, please see the section titled "The Fund" below.**

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|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**Determining Payment at Stated Maturity**<br>

On the stated maturity date, you will receive a cash payment per security (the maturity payment amount) calculated as follows:

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|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**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.

**<u>Risks Relating To The Securities Generally</u>**

**You May Receive No Positive Return On Your Securities At Maturity.** 

Any positive return on the securities at maturity will depend on whether the ending price of the Fund is greater than the starting price and the other terms of the securities. Because the price of the Fund will be subject to market fluctuations, the ending price may be less than the starting price, in which case the maturity payment amount will be the face amount per security at maturity. This is the case even if the price of the Fund is greater than the starting price at certain times during the term of the securities.

Even if the ending price is greater than the starting price, the maturity payment amount may only be slightly greater than the face amount and your yield on the securities may be less than the yield you would earn if you bought a traditional interest-bearing debt security of the Bank or another issuer with a similar credit rating.

**No Periodic Interest Will Be Paid On The Securities.** 

No periodic payments of interest will be made on the securities. However, due to the tax treatment of the securities you will be required to recognize taxable income over the term of the securities. You should review the section herein entitled "U.S. Federal Income Tax Consequences".

**Your Return Will Be Limited To The Maximum Return And May Be Lower Than The Return On A Direct Investment In The Fund.** 

The opportunity to participate in the possible increases in the price of the Fund through an investment in the securities will be limited because any positive return on the securities will not exceed the maximum return. Therefore, your return on the securities may be lower than the return on a direct investment in the Fund.

**<u>Risks Relating To An Investment In the Bank's Debt Securities, Including The Securities</u>**

**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 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.

**<u>Risks Relating To The Estimated Value Of The Securities And Any Secondary Market</u>**

**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.

------

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| | |
|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

---

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 Will Be 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 will exceed 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 is determined by reference to the Bank's internal pricing models when the terms of the securities are 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, distributions on the Fund, 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 would have 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 Prices Of The Fund Or The Assets Held By The Fund Change, The Market Value Of Your Securities May Not Change In The Same Manner.** 

Your securities may trade quite differently from the performance of the Fund or the assets held by the Fund. Changes in the prices of the Fund or the assets held by the Fund 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 price of the Fund over the full term of the security, (ii) volatility of the price of the Fund and the market's perception of future volatility of the price of the Fund, (iii) changes in interest rates generally, (iv) any actual or anticipated changes in our credit ratings or credit spreads, (v) distributions on the Fund and (vi) time remaining to maturity. In particular, because the provisions of the securities relating to 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 price of the Fund 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.

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| | |
|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**<u>Risks Relating To The</u> <u>Fund</u>**

**The Maturity Payment Amount Will Depend Upon The Performance Of The Fund And Therefore The Securities Are Subject To The Following Risks, Each As Discussed In More Detail In The Accompanying Product Supplement.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Changes That Affect A Fund Or Its Fund Underlying Index May Adversely Affect The Value Of The Securities And Any Payments On The Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**We, The Agents And Our Respective Affiliates Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In A Fund Or Its Fund Underlying Index.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**We, The Agents And Our Respective Affiliates Have No Affiliation With Any Fund Sponsor Or Fund Underlying Index Sponsor And Have Not Independently Verified Their Public Disclosure Of Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●There Are Management And Liquidity Risks Associated With A Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Anti-dilution Adjustments Relating To The Shares Of A Fund Do Not Address Every Event That Could Affect Such Shares.

**The Fund Holds Only A Single Commodity And Its Performance May Be More Volatile Than That Of An ETF With More Diversified Holdings.**

The Fund represents shares of an ETF that is expected to only hold gold. The Fund's holdings lack diversification and do not have the benefit of other offsetting components that may increase when other components are decreasing. Because the Fund is expected to only hold gold, the performance of the Fund may be more volatile than that of an ETF that holds multiple commodities or that seeks to track a broad -based commodity index, and the price of gold may not correlate with, and may diverge significantly from, the prices of commodities generally.

**There Are Risks In Securities Relating To Commodities Trading On The London Bullion Market Association.**

The price of the Fund is closely related to the price of gold. Gold is traded on the London Bullion Market Association ("LBMA"). The LBMA is a self-regulated association of bullion market participants. Although all market-making members of the LBMA are supervised by the Bank of England and are required to satisfy a capital adequacy test, the LBMA itself is not a regulated entity. If the LBMA should cease operations, or if bullion trading should become subject to a value added tax or other tax or any other form of regulation currently not in place, the role of LBMA price fixings as a global benchmark for the value of gold may be adversely affected. The LBMA is a principals' market which operates in a manner more closely analogous to over-the-counter physical commodity markets than regulated futures markets, and certain features of U.S. futures contracts are not present in the context of LBMA trading. For example, there are no daily price limits on the LBMA, which would otherwise restrict fluctuations in the prices of commodities trading on the LBMA. In a declining market, it is possible that prices would continue to decline without limitation within a trading day or over a period of trading days.

**The Price Of The Fund Is Not Necessarily Representative Of The Gold Industry And May Not Track The Market Value Of Gold.**

The price of the Fund is not necessarily representative of the gold industry. The performance of the Fund may not fully replicate the performance of the price of gold due to the fees and expenses charged by the Fund and transaction costs incurred that are not included in the market price of gold, restrictions on access to gold or other circumstances. The Fund does not generate any income and, because the Fund regularly sells gold to pay for ongoing expenses, the amount of gold represented by the Fund has gradually declined over time. The Fund sells gold to pay expenses on an ongoing basis irrespective of whether the price of the Fund rises or falls in response to changes in the price of gold. The sale of the Fund's gold to pay expenses at a time of low gold prices could adversely affect the price of the Fund. Additionally, there is a risk that part or all of the Fund's gold could be lost, damaged or stolen due to war, terrorism, theft, natural disaster or otherwise.

**The Price Of The Fund Will Be Influenced By The Price Of Gold Held By The Fund.**

The Fund attempts to mirror, as closely as possible and before fees and expenses, the performance of the price of gold bullion. The price of gold may be influenced by a number of factors that interrelate in complex and unpredictable ways, including, without limitation, supply and demand for gold for use in jewelry, industrial applications or other settings, governmental regulation, geopolitical events and/or developments or expected developments regarding inflation, interest rates or other economic variables. Any of these factors may lead to negative movements in the price of gold, which may in turn have an adverse effect on the price of the Fund and the value of the securities.

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| | |
|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**<u>Risks Relating</u> <u>T</u><u>o Hedging Activities</u> <u>A</u><u>nd Conflicts</u> <u>O</u><u>f Interest</u>**

**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;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Other Investors In The Securities May Not Have The Same Interests As You.

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

**The Stated Maturity Date May Be Postponed If The Calculation Day Is Postponed.** 

The calculation day will be postponed if the originally scheduled calculation day is not a trading day or if the calculation agent determines that a market disruption event has occurred or is continuing on the calculation day. If such a postponement occurs, the stated maturity date will be the later of (i) the initial stated maturity date and (ii) three business days after the calculation day as postponed.

**<u>Risks Relating To Canadian And U.S. Federal Income Taxation</u>**

**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.

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| | |
|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**Hypothetical Examples and Returns** <br>

The payout profile, return table and examples below illustrate the maturity payment amount 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 price. The hypothetical starting price of $100.00 has been chosen for illustrative purposes only and does not represent the actual starting price. The actual starting price will be determined on the pricing date and will be set forth under "Terms of the Securities" above. For historical data regarding the actual closing prices of the Fund, 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. The actual maturity payment amount and resulting pre-tax total rate of return will depend on the actual terms of the securities.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Upside Participation Rate:**  | &nbsp;&nbsp; 100.00% |
| &nbsp;&nbsp; **Hypothetical Maximum Return:**  | &nbsp;&nbsp; 31.50% or $315.00 per security (based on the minimum possible maximum return specified herein) |
| &nbsp;&nbsp; **Hypothetical Starting Price:**  | &nbsp;&nbsp; $100.00 |

---

**Hypothetical Payout Profile**

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| | |
|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**Hypothetical Returns**

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| | | | |
|:---|:---|:---|:---|
| **Hypothetical <br>ending price** | &nbsp;&nbsp; **Hypothetical<br>fund return**<sup>(1)</sup> | &nbsp;&nbsp; **Hypothetical <br>maturity payment amount per security** | &nbsp;&nbsp; **Hypothetical<br>pre-tax total rate of return**<sup>(2)</sup> |
| &nbsp;&nbsp; $150.00 | 50.00% | $1315.00  | 31.50% |
| &nbsp;&nbsp; $140.00 | 40.00% | $1315.00  | 31.50% |
| &nbsp;&nbsp; $131.50 | 31.50% | $1315.00  | 31.50% |
| &nbsp;&nbsp; $130.00 | 30.00% | $1300.00  | 30.00% |
| &nbsp;&nbsp; $120.00 | 20.00% | $1200.00  | 20.00% |
| &nbsp;&nbsp; $110.00 | 10.00% | $1100.00  | 10.00% |
| &nbsp;&nbsp; $100.00 | 0.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp; $90.00 | -10.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp; $80.00 | -20.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp; $70.00 | -30.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp; $60.00 | -40.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp; $50.00 | -50.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp; $25.00 | -75.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp; $0.00 | -100.00% | $1000.00 | 0.00% |

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<sup>(1)</sup> The fund return is equal to the percentage change from the starting price to the ending price (i.e., the ending price *minus* starting price, *divided* by starting price).

<sup>(2)</sup> The hypothetical pre-tax total rate of return is the number, expressed as a percentage, that results from comparing the maturity payment amount per security to the face amount of $1,000.

**Hypothetical Examples** 

**Example 1. Maturity payment amount is greater than the face amount and reflects a return that is less than the maximum return:** 

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| | |
|:---|:---|
|  | **SPDR**<sup>®</sup> **Gold Trust** |
| &nbsp;&nbsp; **Hypothetical Starting Price:** | $100.00 |
| &nbsp;&nbsp; **Hypothetical Ending price:** | $110.00 |
| &nbsp;&nbsp; **Hypothetical Fund Return**  | 10.00% |

---

Because the hypothetical ending price is greater than the hypothetical starting price, the maturity payment amount per security would be equal to the face amount of $1,000 *plus* a positive return equal to the *lesser of*:

(i) $1,000 × fund return × upside participation rate

= $1,000 × 10.00% × 100.00%

= $100.00; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum return of $315.00

On the stated maturity date, you would receive $1,100.00 per security.

**Example 2. Maturity payment amount is greater than the face amount and reflects a return equal to the maximum return:** 

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| | |
|:---|:---|
|  | **SPDR**<sup>®</sup> **Gold Trust** |
| &nbsp;&nbsp; **Hypothetical Starting Price:** | $100.00 |
| &nbsp;&nbsp; **Hypothetical Ending Price:** | $160.00 |
| &nbsp;&nbsp; **Hypothetical Fund Return** | 60.00% |

---

Because the hypothetical ending price is greater than the hypothetical starting price, the maturity payment amount per security would be equal to the face amount of $1,000 *plus* a positive return equal to the *lesser of*:

(i) $1,000 × fund return × upside participation rate

= $1,000 × 60.00% × 100.00%

= $600.00; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum return of $315.00

On the stated maturity date, you would receive $1,315.00 per security, which is the maximum maturity payment amount.

**Example 3. Maturity payment amount is equal to the face amount:** 

**SPDR**<sup>®</sup> **Gold Trust**<br>

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| | |
|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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| | |
|:---|:---|
| &nbsp;&nbsp; **Hypothetical** **Starting Price:** | $100.00 |
| &nbsp;&nbsp; **Hypothetical Ending Price:** | $60.00 |
| &nbsp;&nbsp; **Hypothetical Fund Return** | -40.00% |

---

Because the hypothetical ending price is less than the hypothetical starting price, the maturity payment amount per security would equal the face amount of the securities.

On the stated maturity date, you would receive $1,000.00 per security.

This example illustrates that the securities provide for the repayment of the face amount at maturity even in scenarios in which the price of the Fund declines significantly from the starting price to the ending price. **All payments on the securities are subject to the credit risk of the Bank.**

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| | |
|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**The** **Fund**<br>

We have derived all information contained herein regarding the SPDR<sup>®</sup> Gold Trust (referred to in this section as the "GLD Trust"), 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 changes by, World Gold Trust Services, LLC, the sponsor, BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, the trustee, HSBC Bank plc, the custodian, and State Street Global Advisors Funds Distributors, LLC, the marketing agent for the GLD Trust.

The shares of the GLD Trust represent units of fractional undivided beneficial interest in and ownership of the GLD Trust. The investment objective of the GLD Trust is to reflect the performance of the price of gold bullion, less the GLD Trust's expenses. The GLD Trust holds gold bars and from time to time, issues one or more blocks of 100,000 shares of the Reference Asset in exchange for deposits of gold and distributes gold in connection with redemptions of such shares. The shares of the GLD Trust trade on the NYSE Arca under the ticker symbol "GLD". Please see "Exchange-Traded Funds — SPDR<sup>®</sup> Gold Shares" in the accompanying underlier supplement for additional information regarding the GLD Trust and the sponsor of the GLD Trust. Additional information regarding the GLD Trust, including its portfolio holdings, may be available on the SPDR<sup>®</sup> website.

**Historical Information** 

We obtained the closing prices of the GLD Trust in the graph below from Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification.

The following graph sets forth daily closing prices of the GLD Trust for the period from January 1, 2020 to December 30, 2025. The closing price on December 30, 2025 was $398.89. The historical performance of the GLD Trust should not be taken as an indication of the future performance of the GLD Trust during the term of the securities.

![](image_001.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 GLD Trust should not be taken as an indication of its future performance, and no assurance can be given as to the fund closing price of the GLD Trust on the calculation day. We cannot give you assurance that the performance of the GLD Trust will result in any positive return on your investment.

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| | |
|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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**Canadian** **Income Tax Consequences**<br>

See "Supplemental Discussion of Canadian Tax Considerations" in the accompanying product supplement. In addition to the assumptions, limitations and conditions described therein, such discussion assumes that no amount paid or payable to a Non-Resident Holder will be the deduction component of a "hybrid mismatch arrangement" under which the payment arises within the meaning of paragraph 18.4(3)(b) of the Act.

**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 ("IRS") 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 contingent payment debt instruments ("CPDI") subject to taxation under the "noncontingent bond method". If your securities are so treated, you should generally, for each accrual period, accrue original issue discount ("OID") equal to the product of (i) the "comparable yield" (adjusted for the length of the accrual period) and (ii) the "adjusted issue price" of the securities at the beginning of the accrual period. This amount is ratably allocated to each day in the accrual period and is includible as ordinary interest income by a U.S. holder for each day in the accrual period on which the U.S. holder holds the CPDI, whether or not the amount of any payment is fixed or determinable in the taxable year. Thus, the noncontingent bond method will result in recognition of income prior to the receipt of cash.

In general, the comparable yield of a CPDI is equal to the yield at which we would issue a fixed rate debt instrument with terms and conditions similar to those of the CPDI, including the level of subordination, term, timing of payments, and general market conditions. In general, because similar fixed rate debt instruments issued by us are traded at a price that reflects a spread above a benchmark rate, the comparable yield is the sum of the benchmark rate on the original issue date and the spread. However, a special rule provides that the comparable yield may not be less than the "applicable federal rate" published by the U.S. Department of the Treasury (the "Treasury").

As the securities have only a single contingent payment at maturity, the adjusted issue price of each security at the beginning of each accrual period is equal to the issue price of the security plus the amount of OID previously includible in the gross income of the U.S. holder in respect of prior accrual periods

In addition to the determination of a comparable yield, the noncontingent bond method requires the construction of a projected payment schedule. The projected payment schedule includes the projected amount for the contingent payment to be made under the CPDI, adjusted to produce the comparable yield. We have determined that the comparable yield for the securities is equal to [●]% per annum, compounded semi-annually, with a projected payment at maturity of $[●] based on an investment of $1,000. Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual contingent amount that we will pay on a security.

Based on this comparable yield, if you are an initial holder that holds a security until maturity and you calculate your taxes on a calendar year basis, we have determined that you would be required to report the following amounts as ordinary interest income from the security, not taking into account any positive or negative adjustments you may be required to take into account based on actual payments on such security:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Accrual Period** | &nbsp;&nbsp; **Interest Deemed to Accrue During Accrual Period (per $1,000 Security)** | &nbsp;&nbsp; **Total Interest Deemed to have Accrued from Original Issue Date (per $1,000 Security) as of End of Accrual Period** |
| &nbsp;&nbsp; Original Issue Date through August 3, 2026 | &nbsp;&nbsp; $[●] | &nbsp;&nbsp; $[●] |
| &nbsp;&nbsp; August 3, 2026 through February 3, 2027 | &nbsp;&nbsp; $[●] | &nbsp;&nbsp; $[●] |
| &nbsp;&nbsp; February 3, 2027 through August 3, 2027 | &nbsp;&nbsp; $[●] | &nbsp;&nbsp; $[●] |
| &nbsp;&nbsp; August 3, 2027 through February 3, 2028 | &nbsp;&nbsp; $[●] | &nbsp;&nbsp; $[●] |
| &nbsp;&nbsp; February 3, 2028 through August 3, 2028 | &nbsp;&nbsp; $[●] | &nbsp;&nbsp; $[●] |
| &nbsp;&nbsp; August 3, 2028 through February 3, 2029 | &nbsp;&nbsp; $[●] | &nbsp;&nbsp; $[●] |
| &nbsp;&nbsp; February 3, 2029 through August 3, 2029 | &nbsp;&nbsp; $[●] | &nbsp;&nbsp; $[●] |
| &nbsp;&nbsp; August 3, 2029 through Maturity Date | &nbsp;&nbsp; $[●] | &nbsp;&nbsp; $[●] |

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| | |
|:---|:---|
| **Market Linked Securities—Upside Participation to a Cap and Principal Return at Maturity** <br> **Principal at Risk Securities Linked to the SPDR**<sup>®</sup> **Gold Trust due February 1, 2030** | &nbsp;&nbsp; ![](image2.gif)  |

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A U.S. holder of the securities is required to use our projected payment schedule to determine its interest accruals and adjustments, unless such holder determines that our projected payment schedule is unreasonable, in which case such holder must disclose its own projected payment schedule in connection with its U.S. federal income tax return and the reason(s) why it is not using our projected payment schedule.

If the actual amount of the contingent payment at maturity is different from the amount reflected in the projected payment schedule, a U.S. holder is required to make adjustments in its OID accruals under the noncontingent bond method described above when that amount is paid. An adjustment arising from the contingent payment made at maturity that is greater than the assumed amount of such payment is referred to as a "positive adjustment"; an adjustment arising from the contingent payment at maturity that is less than the assumed amount of such payment is referred to as a "negative adjustment". Any positive adjustment for a taxable year is treated as additional OID income of the U.S. holder. Any net negative adjustment reduces any OID on a security for the taxable year that would otherwise accrue. Any excess is then treated as a current-year ordinary loss to the U.S. holder to the extent of OID accrued in prior years. The balance, if any, reduces the amount realized upon a taxable disposition of the security.

In general, a U.S. holder's basis in a CPDI is increased by any interest income previously accrued (determined without regard to adjustments due to differences between projected and actual payments) and decreased by the projected amounts of any payments previously made on the CPDI (without regard to actual amounts paid). Gain upon a sale, exchange, redemption, retirement or other disposition of the securities generally is treated as ordinary income. Loss, on the other hand, is treated as ordinary loss to the extent of the U.S. holder's prior net OID inclusions (i.e., reduced by the total net negative adjustments previously allowed to the U.S. holder as an ordinary loss) and capital loss to the extent in excess thereof. However, the deductibility of a capital loss realized on the taxable disposition of a security is subject to limitations. Under the rules governing CPDIs, special rules would apply to a person who purchases securities at a price other than the adjusted issue price as determined for tax purposes.

A U.S. holder that purchases a security for an amount other than the public offering price of the security will be required to adjust its OID inclusions to account for the difference. These adjustments will affect the U.S. holder's basis in the security. Reports to U.S. holders may not include these adjustments. U.S. holders that purchase securities at other than the issue price to public should consult their tax advisor regarding these adjustments.

Investors should consult their tax advisor with respect to the application of the CPDI provisions to the securities.

**Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, is of the opinion that it would be reasonable to treat your securities in the manner described above.** 

*Non-U.S. Holders*. Subject to FATCA, as discussed in the accompanying product supplement, a non-U.S. holder should generally not be subject to U.S. withholding tax with respect to payments on the securities or to generally applicable information reporting and backup withholding requirements with respect to payments on the securities if the non-U.S. holder complies with certain certification and identification requirements as to their non-U.S. status including providing us (and/or the applicable withholding agent) a properly executed and fully completed applicable IRS Form W-8. Gain realized from the taxable disposition of a security generally should not be subject to U.S. tax unless (i) such gain is effectively connected with a trade or business conducted by the non-U.S. holder in the U.S., (ii) the non-U.S. holder is a non-resident alien individual and is 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) the non-U.S. holder has certain other present or former connections with the U.S.