Arya Resources Ltd. — Capital/Financing Update 2026

Jan 22, 2026

S

BNS CANADIAN UTILITIES (AR) INDEX AUTOCALLABLE PLUS NOTES, SERIES 4 (CAD)

Principal at Risk Notes – Due February 7, 2033

January 22, 2026

The Bank of Nova Scotia short form base shelf prospectus dated March 4, 2024, a prospectus supplement thereto dated March 5, 2024 and pricing supplement No. 6182 (the "pricing supplement") thereto dated January 22, 2026 (collectively, the "Prospectus") have been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the Prospectus and any amendments or supplements thereto that have been filed are required to be delivered with this document. The Prospectus and any amendments or supplements thereto contain important information relating to the securities described in this document. This document does not provide full disclosure of all material facts relating to the securities offered and investors should read the Prospectus, and any amendments or supplements thereto, for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision. A copy of the short form base shelf prospectus, the prospectus supplement and the pricing supplement can also be obtained at www.sedarplus.ca. Unless the context otherwise requires, terms not otherwise defined herein will have the meaning ascribed thereto in the Prospectus.

| Linked to
Solactive Canada Utilities 200 AR Index | Annual Autocall
starting February 5, 2027 | Potential Variable Return | 30.00% Contingent Principal Protection at Maturity |
| --- | --- | --- | --- |

KEY TERMS

Issuer

The Bank of Nova Scotia (the "Bank").

Index*

Solactive Canada Utilities 200 AR Index (the "Index"). The Index was launched on December 2, 2025.

Autocall

The Notes will be automatically called (i.e., redeemed) by the Bank if the Closing Index Level on any Autocall Valuation Date is greater than or equal to the applicable Autocall Level (which is 100.00% of the Initial Index Level on the 2027, 2028 and 2029 Autocall Valuation Dates, and 95.00% of the Initial Index Level on the 2030, 2031 and 2032 Autocall Valuation Dates). If the Notes are called, holders will receive both the Principal Amount and a Variable Return for the applicable Autocall Valuation Date. The Notes are callable on an annual basis and cannot be automatically called prior to February 5, 2027. If the Closing Index Level on any Autocall Valuation Date is not greater than or equal to the applicable Autocall Level, the Notes will not be automatically called by the Bank and the Variable Return will not be paid to holders in respect of such Autocall Valuation Date.

Potential Variable Return

The Variable Return, if any, applicable to each respective Valuation Date will be calculated using the following formula:

$$
\text{Principal Amount} \times (\text{Fixed Return} + \text{Additional Return})
$$

The Additional Return, if any, is equal to 5.00% of the amount by which the Index Return on the applicable Valuation Date exceeds the applicable Fixed Return, calculated using the formula below:

$$
5.00\% \times (\text{Index Return} - \text{Fixed Return})
$$

If the Index Return on the applicable Valuation Date is equal to or less than the applicable Fixed Return, no Additional Return will be paid on the Notes.

The Fixed Return used in the calculation of the Variable Return, if any, and the calculation of the Additional Return, if any, for each Valuation Date will be as follows:

Valuation Date	Fixed Return	Additional Return (if Index Return exceeds Fixed Return)
2027 Autocall Valuation Date	8.00%	5.00% × (Index Return – 8.00%)
2028 Autocall Valuation Date	16.00%	5.00% × (Index Return – 16.00%)
2029 Autocall Valuation Date	24.00%	5.00% × (Index Return – 24.00%)
2030 Autocall Valuation Date	32.00%	5.00% × (Index Return – 32.00%)
2031 Autocall Valuation Date	40.00%	5.00% × (Index Return – 40.00%)
2032 Autocall Valuation Date	48.00%	5.00% × (Index Return – 48.00%)
Final Valuation Date	56.00%	5.00% × (Index Return – 56.00%)

The Fixed Return for the 2027 Autocall Valuation Date, the 2028 Autocall Valuation Date, the 2029 Autocall Valuation Date, the 2030 Autocall Valuation Date, the 2031 Autocall Valuation Date, the 2032 Autocall Valuation Date and the Final Valuation Date is equal to an annualized return of 8.00%, 7.70%, 7.43%, 7.19%, 6.96%, 6.75% and 6.56%, respectively.

Contingent Principal Protection

30.00% contingent principal protection. The Notes provide contingent principal protection at maturity if the Final Index Level on the Final Valuation Date is greater than or equal to the Barrier Level (which is 70.00% of the Initial Index Level). If the Final Index Level on the Final Valuation Date is less than the Barrier

Scotiabank

---

Level, a holder of the Notes will be fully exposed to any negative performance of the Index, meaning that substantially all of such holder's investment may be lost (subject to a minimum principal repayment of $1.00 per Note).

The Closing Index Level reflects the gross total return performance of the Target Index as reduced by the Adjusted Return Factor. The Closing Index Level on December 31, 2025 was 3,900.03. The Adjusted Return Factor as a percentage of the Closing Index Level on December 31, 2025 was approximately 5.13%. The foregoing percentage amount is not an estimate or forecast of what any such percentage amount may be over the term of the Notes. The annual dividend yield on the Target Index as of December 31, 2025 was 3.94%, representing an aggregate dividend yield of approximately 31.06% annually compounded over the term of the Notes on the assumption that the dividends paid on the securities comprising the Target Index remain constant.

Fundserv	Available Until	Issue Date	Term to Maturity
SSP7201	January 30, 2026	February 5, 2026	7 years
(if not called)

CONTACT INFORMATION

www.scotianotes.com

Sales and Marketing: 1-866-416-7891

Fundserv Customer Service for Advisors: 1-833-594-3143

The information above must be read in conjunction with the Prospectus.

Scotiabank

---

ADDITIONAL KEY TERMS

Principal Amount
$100.00 per Note.

Minimum Investment
$1,000 (10 Notes).

CUSIP
06419ZPJ7.

Fundserv Code
SSP7201.

Index

Whether there is a return on the Notes through the Variable Return and whether the Principal Amount is returned at maturity is based on the performance of the Solactive Canada Utilities 200 AR Index (the "Index"). The Index aims to track the gross total return performance of the Solactive Canada Utilities Index TR (the "Target Index"), subject to reduction for a synthetic dividend of 200 index points per annum calculated daily in arrears at the time the Index is calculated (the "Adjusted Return Factor"). The Target Index is a gross total return index that reflects the applicable price changes of its constituent securities and any dividends and distributions paid in respect of such securities. The performance of the Index will vary above or below the price return version of the Target Index, which version excludes dividends and distributions, depending on whether the amount and timing of reinvested dividends and/or distributions reflected in the Target Index outweighs the impact of the Adjusted Return Factor on the Index.

The Index was launched on December 2, 2025. Accordingly, there is very limited performance history to evaluate the prior performance of the Index. The level of the Index may be affected by the volatility of the prices of the equity securities of the issuers comprising the Target Index, meaning that such prices can fluctuate and change considerably in relatively short periods and the performance of such prices cannot be predicted for any future period and as a result an investment linked to Index levels may also be volatile. There is no assurance of the ability of issuers comprising the Target Index to declare and pay dividends or make distributions in respect of the constituent securities of the Target Index or to sustain or increase such dividends and distributions at or above historical levels. Prospective investors are urged to consult publicly available sources for the levels of the Index and the Target Index and the patterns of fluctuations and changes in the levels of the Index and the Target Index and the prices and trading patterns of the constituent securities of the Target Index before investing in the Notes. See "Risk Factors" in the pricing supplement.

The Notes do not represent a direct or indirect investment in the Index, the Target Index, or the constituent securities of the Target Index, and holders will have no right or entitlement to such securities, including voting rights or the right to receive any dividends, distributions or other income or amounts accruing or paid thereon. The Closing Index Level reflects the gross total return performance of the Target Index as reduced by the Adjusted Return Factor. The Closing Index Level on December 31, 2025 was 3,900.03. The Adjusted Return Factor as a percentage of the Closing Index Level on December 31, 2025 was approximately 5.13%. The foregoing percentage amount is not an estimate or forecast of what any such percentage amount may be over the term of the Notes. The annual dividend yield on the Target Index as of December 31, 2025 was 3.94%, representing an aggregate dividend yield of approximately 31.06% annually compounded over the approximately 7 year term of the Notes on the assumption that the dividends paid on the securities comprising the Target Index remain constant. The foregoing dividend yield information is for comparative purposes only and is not an indication of any future dividends that might be paid or payable on such securities. There is no requirement for the Bank to hold any interest in the Index, the Target Index or the constituent securities of the Target Index.

Initial Valuation Date

February 5, 2026 (the "Initial Valuation Date"), provided that if such day is not an Exchange Business Day then the Initial Valuation Date will be the first succeeding day that is an Exchange Business Day, subject to the occurrence of any special circumstances (see "Special Circumstances" in the pricing supplement).

Final Valuation Date

February 1, 2033 (the "Final Valuation Date"), provided that if such day is not an Exchange Business Day then the Final Valuation Date will be the immediately preceding Exchange Business Day, subject to the Notes being automatically called and the occurrence of any special circumstances (see "Special Circumstances" in the pricing supplement).

Valuation Dates, Payment Dates and Call Dates

The specific Valuation Dates, Payment Dates and Call Dates for the Notes will be as indicated in the table below, subject to the occurrence of any special circumstances (see "Special Circumstances" in the pricing supplement) and the Notes being automatically called by the Bank. The Notes are callable on an annual basis and cannot be automatically called by the Bank prior to February 5, 2027.

Valuation Date	Payment Date/Call Date
February 1, 2027 (the "2027 Autocall Valuation Date")	February 5, 2027
February 1, 2028 (the "2028 Autocall Valuation Date")	February 7, 2028
January 30, 2029 (the "2029 Autocall Valuation Date")	February 5, 2029
January 30, 2030 (the "2030 Autocall Valuation Date")	February 5, 2030
January 30, 2031 (the "2031 Autocall Valuation Date")	February 5, 2031
January 30, 2032 (the "2032 Autocall Valuation Date")	February 5, 2032
February 1, 2033 (Final Valuation Date)	February 7, 2033 (Maturity Date)

Each of the Valuation Dates (other than the Final Valuation Date) is an "Autocall Valuation Date". Unless the Notes are automatically called by the Bank prior to maturity, the Maturity Date is the last Payment Date. If the Notes are automatically called (i.e., redeemed) by the Bank on any Call Date prior to the Maturity Date, the Notes will be cancelled, all amounts due shall be paid to holders on the applicable Payment Date and holders will not be entitled to receive any subsequent payments in respect of the Notes.

Scotiabank

---

If an Autocall Valuation Date is not an Exchange Business Day then the Autocall Valuation Date will be the immediately preceding Exchange Business Day, subject to the occurrence of any special circumstances (see "Special Circumstances" in the pricing supplement). If a Payment Date, a Call Date or the Maturity Date is not a Business Day then the related payment the Bank is obligated to make on such day, if any, will be paid to the holder on the immediately following Business Day, subject to the occurrence of any special circumstances (see "Special Circumstances" in the pricing supplement), and no interest shall be paid in respect of such delay.

Maturity Redemption Amount

Holders of record will be entitled to an amount payable per Note if the Notes are automatically called by the Bank, or at maturity, as the case may be (in each case, the "Maturity Redemption Amount") as calculated by the Calculation Agent in accordance with the applicable formula below:

If the Closing Index Level on an Autocall Valuation Date or the Final Valuation Date is greater than or equal to the applicable Autocall Level, the Maturity Redemption Amount will equal:

Principal Amount + Variable Return

If the Final Index Level on the Final Valuation Date is less than the Final Autocall Level but greater than or equal to the Barrier Level, the Maturity Redemption Amount will equal:

Principal Amount

If the Final Index Level on the Final Valuation Date is less than the Barrier Level, the Maturity Redemption Amount will equal:

Principal Amount + (Principal Amount × Index Return)

The Maturity Redemption Amount will be substantially less than the Principal Amount invested by an investor if the Final Index Level on the Final Valuation Date is less than the Barrier Level. The Maturity Redemption Amount will be subject to a minimum principal repayment of $1.00 per Note. The return on the Notes will not reflect the total return that an investor would receive if such investor owned the securities included in the Target Index.

Autocall Levels

The specific Autocall Level applicable to each Autocall Valuation Date and, if the Notes are not automatically called by the Bank, for the Final Valuation Date, as the case may be, will be as follows:

Valuation Date	Autocall Level
2027 Autocall Valuation Date	100.00% of the Initial Index Level (the “2027 Autocall Level”)
2028 Autocall Valuation Date	100.00% of the Initial Index Level (the “2028 Autocall Level”)
2029 Autocall Valuation Date	100.00% of the Initial Index Level (the “2029 Autocall Level”)
2030 Autocall Valuation Date	95.00% of the Initial Index Level (the “2030 Autocall Level”)
2031 Autocall Valuation Date	95.00% of the Initial Index Level (the “2031 Autocall Level”)
2032 Autocall Valuation Date	95.00% of the Initial Index Level (the “2032 Autocall Level”)
Final Valuation Date	90.00% of the Initial Index Level (the “Final Autocall Level”)

Investors should note that the Autocall Level is equal to the Initial Index Level for the 2027, 2028 and 2029 Autocall Valuation Date and less than the Initial Index Level for all the other Autocall Valuation Dates and for the Final Valuation Date and varies between certain years during the term of the Notes.

Barrier Level

70.00% of the Initial Index Level.

Index Return

The Index Return is an amount expressed as a percentage (which can be zero, positive or negative) calculated by the Calculation Agent in accordance with the following formula:

$$
(\text{Final Index Level} - \text{Initial Index Level}) \div \text{Initial Index Level}
$$

Closing Index Level

The official closing level or value of the Index on a given day as calculated and announced by the Index Sponsor on an Exchange Business Day.

Initial Index Level

The Closing Index Level on the Initial Valuation Date.

Final Index Level

The Closing Index Level on an Autocall Valuation Date or the Final Valuation Date, as the case may be.

Currency

The Notes are denominated in Canadian dollars and any amounts owing under the Notes will be payable in Canadian dollars.

Scotiabank

---

Scotiabank 5

Listing and Secondary Market

The Notes will not be listed on any exchange or marketplace. Scotia Capital Inc. will use reasonable efforts under normal market conditions to provide a daily secondary market for the sale of the Notes but reserves the right to elect not to do so at any time in the future, in its sole and absolute discretion, without prior notice to holders.

Early Trading Charge

If Sold Within	Early Trading Charge (% of Principal Amount)
0-90 days of Issue Date	3.50%
91-180 days of Issue Date	1.50%
Thereafter	Nil

Eligibility for Investment

Eligible for RRSPs, RRIFs, RESPs, RDSPs, DPSPs, TFSAs and FHSAs.

Fees and Expenses

A selling concession fee of $2.50 per Note sold (or 2.50% of the Principal Amount) will be payable to the Investment Dealers for further payment to representatives, including representatives employed by the Investment Dealers whose clients purchase the Notes. A fee of up to $0.15 per Note sold (or up to 0.15% of the Principal Amount) will be payable directly by the Bank to Richardson Wealth Limited at closing for acting as the independent agent. The payment of these fees will not reduce the amount on which the Maturity Redemption Amount payable on the Notes is calculated.

---

HYPOTHETICAL EXAMPLES

The following hypothetical examples show how the Variable Return and Maturity Redemption Amount would be calculated and determined based on certain hypothetical values and assumptions that are set out below. These examples are for illustrative purposes only and should not be construed as an estimate or forecast of the performance of the Index or the return that an investor might realize on the Notes. The return on the Notes will be calculated based on the performance of the Index, which reflects the gross total return performance of the Target Index as reduced by the Adjusted Return Factor. Certain dollar amounts are rounded to the nearest whole cent and “$” refers to the relevant currency for the specific hypothetical dollar amounts and hypothetical prices that the context requires.

Hypothetical values for calculations:

Initial Index Level*: 100.00

Barrier Level: 70.00% of the Initial Index Level = 70.00% × 100.00 = 70.00

2027, 2028 and 2029 Autocall Levels: 100.00% of the Initial Index Level = 100.00% × 100.00 = 100.00

2030, 2031 and 2032 Autocall Levels: 95.00% of the Initial Index Level = 95.00% × 100.00 = 95.00

Final Autocall Level: 90.00% of the Initial Index Level = 90.00% × 100.00 = 90.00

*The Initial Index Level of 100.00 is a hypothetical Initial Index Level that has been chosen for illustrative purposes only and does not represent either the actual Initial Index Level or an estimate or forecast thereof. The actual Initial Index Level will be equal to the Closing Index Level on the Initial Valuation Date.

Example #1 - The Notes are not automatically called as the Closing Index Level on each Autocall Valuation Date is less than the applicable Autocall Level. The Final Index Level on the Final Valuation Date is less than the Barrier Level and no Variable Return is payable.

	2027 Autocall Valuation Date	2028 Autocall Valuation Date	2029 Autocall Valuation Date	2030 Autocall Valuation Date	2031 Autocall Valuation Date	2032 Autocall Valuation Date	Final Valuation Date
Closing Index Level:	94.95	85.99	85.00	89.00	83.00	79.00	50.33 (Final Index Level)
Index Return:	-5.05% (actual)	-14.01% (actual)	-15.00% (actual)	-11.00% (actual)	-17.00% (actual)	-21.00% (actual)	-49.67% (actual)
Maturity Redemption Amount:	N/A	N/A	N/A	N/A	N/A	N/A	$50.33 per Note

Since the Final Index Level on the Final Valuation Date is less than the Barrier Level, the Maturity Redemption Amount is calculated as follows:

Principal Amount + (Principal Amount × Index Return)

$100.00 + ($100.00 × -49.67%) = $50.33 per Note

In this example, since the Final Index Level on the Final Valuation Date is less than the Final Autocall Level, no Variable Return is payable.

An investor would receive a Maturity Redemption Amount of $50.33 per Note on the Maturity Date, which is equivalent to an annual compound rate of return of approximately -9.34% per Note.

Example #2 - The Notes are not automatically called as the Closing Index Level on each Autocall Valuation Date is less than the applicable Autocall Level. The Final Index Level on the Final Valuation Date is less than the Final Autocall Level, but greater than or equal to the Barrier Level and no Variable Return is payable.

	2027 Autocall Valuation Date	2028 Autocall Valuation Date	2029 Autocall Valuation Date	2030 Autocall Valuation Date	2031 Autocall Valuation Date	2032 Autocall Valuation Date	Final Valuation Date
Closing Index Level:	94.95	85.99	85.00	89.00	83.00	79.00	79.10 (Final Index Level)
Index Return:	-5.05% (actual)	-14.01% (actual)	-15.00% (actual)	-11.00% (actual)	-17.00% (actual)	-21.00% (actual)	-20.90% (actual)
Maturity Redemption Amount:	N/A	N/A	N/A	N/A	N/A	N/A	$100.00 per Note

Since the Final Index Level on the Final Valuation Date is less than the Final Autocall Level, but greater than the Barrier Level, the Maturity Redemption Amount is calculated as follows:

Principal Amount = $100.00 per Note

In this example, since the Final Index Level on the Final Valuation Date is less than the Final Autocall Level, no Variable Return is payable.

An investor would receive a Maturity Redemption Amount of $100.00 per Note on the Maturity Date, which is equivalent to an annual compound rate of return of 0.00% per Note.

Scotiabank

---

Example #3 - The Notes are not automatically called as the Closing Index Level on each Autocall Valuation Date is less than the applicable Autocall Level. The Final Index Level on the Final Valuation Date is greater than or equal to the Final Autocall Level and a Variable Return is payable consisting of a Fixed Return only. No Additional Return is payable as the Index Return is less than or equal to the Fixed Return.

	2027 Autocall Valuation Date	2028 Autocall Valuation Date	2029 Autocall Valuation Date	2030 Autocall Valuation Date	2031 Autocall Valuation Date	2032 Autocall Valuation Date	Final Valuation Date
Closing Index Level:	94.95	85.99	85.00	89.00	83.00	79.00	106.00 (Final Index Level)
Index Return:	-5.05% (actual)	-14.01% (actual)	-15.00% (actual)	-11.00% (actual)	-17.00% (actual)	-21.00% (actual)	6.00% (actual)
Maturity Redemption Amount:	N/A	N/A	N/A	N/A	N/A	N/A	$156.00 per Note

Since the Final Index Level on the Final Valuation Date is greater than the Final Autocall Level, the Maturity Redemption Amount is calculated as follows:

Principal Amount + Variable Return

Principal Amount + [Principal Amount × (Fixed Return + Additional Return)]

$$
\$ 100.00 + [\$ 100.00 \times (56.00\% + 0.00\%) ] = \$ 156.00 \text{ per Note}
$$

In this example, since the Index Return (6.00%) is less than the Fixed Return (56.00%), no Additional Return is payable.

An investor would receive a Maturity Redemption Amount of $156.00 per Note on the Maturity Date, which is equivalent to an annual compound rate of return of approximately 6.56% per Note.

Example #4 - The Notes are not automatically called on the 2027 or 2028 Autocall Valuation Dates as the Closing Index Level is less than the applicable Autocall Level. The Notes are automatically called on the 2029 Autocall Valuation Date as the Closing Index Level is greater than or equal to the 2029 Autocall Level and a Variable Return is payable consisting of a Fixed Return and an Additional Return as the Index Return is greater than the Fixed Return.

	2027 Autocall Valuation Date	2028 Autocall Valuation Date	2029 Autocall Valuation Date	2030 Autocall Valuation Date	2031 Autocall Valuation Date	2032 Autocall Valuation Date	Final Valuation Date
Closing Index Level:	94.95	85.99	129.34 (Autocall)	N/A	N/A	N/A	N/A
Index Return:	-5.05% (actual)	-14.01% (actual)	29.34% (actual)	N/A	N/A	N/A	N/A
Maturity Redemption Amount:	N/A	N/A	$124.27 per Note	N/A	N/A	N/A	N/A

Since the Closing Index Level on the 2029 Autocall Valuation Date is greater than the 2029 Autocall Level, the Maturity Redemption Amount is calculated as follows:

Principal Amount + Variable Return

Principal Amount + [Principal Amount × (Fixed Return + Additional Return)]

$$
\$ 100.00 + [\$ 100.00 \times (24.00\% + (5.00\% \times (29.34\% - 24.00\%)))] = \$ 124.27 \text{ per Note}
$$

In this example, since the Index Return (29.34%) is greater than the Fixed Return (24.00%), an Additional Return is payable.

An investor would receive a Maturity Redemption Amount of $124.27 per Note, which is equivalent to an annual compound rate of return of approximately 7.51% per Note.

Scotiabank

---

Example #5 - The Notes are automatically called on the 2027 Autocall Valuation Date as the Closing Index Level is greater than or equal to the 2027 Autocall Level and a Variable Return is payable consisting of a Fixed Return only. No Additional Return is payable as the Index Return is less than the Fixed Return.

	2027 Autocall Valuation Date	2028 Autocall Valuation Date	2029 Autocall Valuation Date	2030 Autocall Valuation Date	2031 Autocall Valuation Date	2032 Autocall Valuation Date	Final Valuation Date
Closing Index Level:	103.00 (Autocall)	N/A	N/A	N/A	N/A	N/A	N/A
Index Return:	3.00% (actual)	N/A	N/A	N/A	N/A	N/A	N/A
Maturity Redemption Amount:	$108.00 per Note	N/A	N/A	N/A	N/A	N/A	N/A

Since the Closing Index Level on the 2027 Autocall Valuation Date is greater than the 2027 Autocall Level, the Maturity Redemption Amount is calculated as follows:

Principal Amount + Variable Return

Principal Amount + [Principal Amount × (Fixed Return + Additional Return)]

$$
\$ 100.00 + [\$ 100.00 \times (8.00\% + 0.00\%) ] = \$ 108.00 \text{ per Note}
$$

In this example, since the Index Return (3.00%) is less than the Fixed Return (8.00%), no Additional Return is payable.

An investor would receive a Maturity Redemption Amount of $108.00 per Note, which is equivalent to an annual compound rate of return of 8.00% per Note.

Scotiabank

---

DISCLAIMER

No securities regulatory authority has in any way passed upon the merits of the securities referred to herein and any representation to the contrary is an offence. The Notes are not principal protected (subject to a minimum principal repayment of $1.00 per Note) and an investor may receive substantially less than the original principal amount at maturity. A person should reach a decision to invest in the Notes only after carefully considering, with their investment, legal, accounting, tax and other advisors, the suitability of the Notes in light of their investment objectives and the information set out in the Prospectus. The Bank, the Calculation Agent, Scotia Capital Inc. and Richardson Wealth Limited make no recommendation as to the suitability of the Notes for investment by any particular person. The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any State securities laws and, subject to certain exceptions, may not be offered for sale, sold or delivered, directly or indirectly, in the United States, its territories or possessions or to or for the account or benefit of U.S. persons within the meaning of Regulation S under the 1933 Act. In addition, the Notes may not be offered or sold to residents of any jurisdiction or country in Europe. "Scotiabank" and "Scotiabank Global Banking and Markets" are registered trademarks of The Bank of Nova Scotia. Scotia Capital Inc. is a wholly-owned subsidiary of The Bank of Nova Scotia.

Amounts paid to holders of the Notes will depend on the performance of the underlying interests. Unless otherwise specified in the Prospectus, the Bank does not guarantee that any of the principal amount of the Notes will be paid, or guarantee that any return will be paid on the Notes, at or prior to maturity (in each case, subject to a minimum principal repayment of $1.00 per Note). Purchasers could lose substantially all of their investment in the Notes. The Notes are not appropriate investments for persons who do not understand the risks associated with structured products or derivatives. A purchaser of the Notes will be exposed to fluctuations and changes in the levels of the Index to which the Notes are linked. The Index levels may be volatile and an investment linked to Index levels may also be volatile. Purchasers should read carefully the "Risk Factors" sections in the Prospectus.

The Notes will not constitute deposits under the Canada Deposit Insurance Corporation Act or under any other deposit insurance regime. The Notes have not been rated and will not be insured by the Canada Deposit Insurance Corporation or any other entity and therefore the payments to investors will be dependent upon the financial health and creditworthiness of the Bank.

Scotia Capital Inc. is a wholly owned subsidiary of the Bank. Consequently, the Bank is a related and connected issuer of Scotia Capital Inc. within the meaning of applicable securities legislation. See "Plan of Distribution" in the Prospectus.

The information contained herein, while obtained from sources believed to be reliable, is not guaranteed as to its accuracy or completeness.

INDEX SPONSOR

The Index Sponsor and the Bank have agreed to enter into a non-exclusive license agreement providing for the license to the Bank, in exchange for a fee, of the right to use the Index which is owned, calculated, administered and published by the Index Sponsor, in connection with the Notes. The Bank also has the right to reference the Target Index to the extent the Notes use the related adjusted return index that is licensed.

The license agreement between the Index Sponsor and the Bank provides that the following language must be set forth herein:

The Notes are not sponsored, promoted, sold or supported in any other manner by the Index Sponsor nor does the Index Sponsor offer any express or implicit guarantee or assurance, either with regard to the results of using the Index, the Target Index and/or the trademarks of the Index and Target Index or the applicable "Index Price" (as defined in the license agreement) in respect of the Index and Target Index at any time or in any other respect. The Index and Target Index are calculated and published by the Index Sponsor. The Index Sponsor uses its best efforts to ensure that the Index and Target Index are calculated correctly. Irrespective of its obligations towards the Bank, the Index Sponsor has no obligation to point out errors in the Index and Target Index to third parties including but not limited to investors and/or financial intermediaries of the Notes. Neither publication of the Index and Target Index by the Index Sponsor nor the licensing of the Index and Target Index or the trademarks of the Index and Target Index for the purpose of use in connection with the Notes constitutes a recommendation by the Index Sponsor to invest capital in the Notes nor does it in any way represent an assurance or opinion of the Index Sponsor with regard to any investment in the Notes.

TRADEMARK NOTICE

® Registered trademark of The Bank of Nova Scotia, used under license (where applicable). Scotiabank is a marketing name for the global corporate and investment banking and capital markets businesses of The Bank of Nova Scotia and certain of its affiliates in the countries where they operate including Scotia Capital Inc. (Member-Canadian Investor Protection Fund and regulated by the Canadian Investment Regulatory Organization). Important legal information may be accessed at https://www.gbm.scotiabank.com/en/legal.html. Products and services described are available only by Scotiabank licensed entities in jurisdictions where permitted by law. This information is not directed to or intended for use by any person resident or located in any country where its distribution is contrary to its laws. Not all products and services are offered in all jurisdictions.

Scotiabank