Pricing Supplement No. 6647 to the Short Form Base Shelf Prospectus dated March 12, 2026.

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

This pricing supplement together with the short form base shelf prospectus dated March 12, 2026, as amended or supplemented, and each document incorporated by reference into such prospectus, constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.

The securities to be issued hereunder have not been, and will not be, registered under the United States Securities Act of 1933, as amended and, subject to certain exceptions, may not be offered, sold or delivered, directly or indirectly, in the United States of America or for the account or benefit of U.S. persons.

April 14, 2026

Scotiabank®

The Bank of Nova Scotia

Senior Notes (Principal at Risk Notes)

BNS U.S. Large Cap (AR) Index Callable Contingent US$8.31 Coupon Notes, Series 126F (USD)

Maximum US$30,000,000 (300,000 Notes)

Due May 2, 2033

The Bank of Nova Scotia (the "Bank") is offering up to US$30,000,000 BNS U.S. Large Cap (AR) Index Callable Contingent US$8.31 Coupon Notes, Series 126F (USD) (the "Notes"). The Notes are principal at risk notes that offer a return linked to the Bank's proprietary index, Scotiabank US Top 50 Large Cap Dividend 75 AR Index (the "Index"), which aims to track the gross total return performance of the Scotiabank US Top 50 Large Cap Dividend Index TR (the "Target Index"), subject to reduction for a synthetic dividend of 75 index points per annum calculated daily in arrears at the time the Index is calculated (the "Adjusted Return Factor"). Whether there is a return on the Notes through Coupon Payments and whether the Principal Amount is returned at maturity is based on the performance of the Index. The Maturity Redemption Amount will never exceed the Principal Amount. 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. The Notes provide holders with monthly interest payments ("Coupon Payments") of US$0.6925 per Note if the Closing Index Level is greater than or equal to the Barrier Level (which is 65.00% of the Initial Index Level) on the applicable Coupon Valuation Date (maximum aggregate Coupon Payments of US$58.17 per Note over the term of the Notes). 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 Autocall Level (which is 105.00% of the Initial Index Level). If the Notes are called, holders will receive both the Principal Amount and the Coupon Payment for the applicable Autocall Valuation Date. The Notes are callable on a quarterly basis and cannot be automatically called prior to October 30, 2026. See "Valuation Dates, Payment Dates and Call Dates" in this pricing supplement. If the Notes are not automatically called by the Bank, 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. If the Final Index Level on the Final Valuation Date is less than the Barrier 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 US$1.00 per Note). See Appendix B and "Suitability for Investment" in this pricing supplement.

The Notes described in this pricing supplement will be delivered together with the Bank's short form base shelf prospectus dated March 12, 2026 establishing the Bank's senior medium term (principal at risk) note program (the "base shelf prospectus").

The Notes will not constitute deposits insured under the Canada Deposit Insurance Corporation Act or under any other deposit insurance regime.

An investment in the Notes involves risks. The Notes are not designed to be alternatives to fixed income or money market instruments. The Notes are only appropriate investments for persons who understand the risks associated with structured products and derivatives. The Notes are considered to be "specified derivatives" under applicable Canadian securities laws. None of the Bank, the Dealers or any of their respective affiliates, or any other person guarantees that investors in the Notes will receive an amount equal to their original investment (subject to a minimum principal repayment of US$1.00 per Note), or guarantees that any return will be paid on the Notes, at or prior to maturity. The Maturity Redemption Amount will depend on the performance of the Index. An investor could lose substantially all of their investment in the Notes (subject to a minimum principal repayment of US$1.00 per Note). See "Risk Factors".

Price: US$100.00 per Note

Minimum Subscription: US$1,000 (10 Notes)

	Price to Public	Dealer Fees(2)	Net Proceeds to the Bank
Per Note	US$100.00	US$0.00	US$100.00
Total(1)	US$30,000,000	US$0.00	US$30,000,000

(1) Reflects the maximum offering size for the Notes. There is no minimum amount of funds that must be raised under this offering. This means that the Bank could complete this offering after raising only a small proportion of the offering amount set out above.

(2) There is no selling concession fee payable to the Dealers in respect of the Notes. A fee of up to US$0.15 per Note sold (or up to 0.15% of the Principal Amount) will be payable directly by the Bank to Wellington-Altus Private Wealth Inc. at closing for acting as the independent agent.

The expected estimated value of the Notes as of the date of this pricing supplement is US$98.71 per US$100.00 in Principal Amount, which is less than the price at which the Notes are being offered. The actual value of the Notes at any given time will reflect a variety of factors, cannot be

predicted with accuracy and may be less than the estimated value. The estimated value was determined by the Bank on the pricing date of the Notes and is not an indication of actual profit to the Bank or any of its affiliates. See "Determination of Estimated Value" and "Risk Factors" in this pricing supplement and "Estimated Value of the Notes" in the base shelf prospectus.

Prospectus for Notes and Capitalized Terms

The Notes described in this pricing supplement will be issued under the Bank's senior (principal at risk) note program and will be direct senior unsecured and unsubordinated debt securities. The Notes are described in two separate documents: (1) the base shelf prospectus and (2) this pricing supplement which contains the specific terms (including pricing information) about the Notes being offered, both of which, collectively, constitute the "prospectus" in respect of such Notes. Both of these documents should be read and considered carefully before a purchaser makes an investment decision in respect of the Notes. See "About this Prospectus for Notes" in the base shelf prospectus. A copy of the prospectus for the Notes will be posted at www.scotianotes.com.

Any capitalized terms used in this pricing supplement and not defined herein have the meaning ascribed to them in the base shelf prospectus.

See Appendix C for additional information relating to this Pricing Supplement.

Marketing Materials

The marketing materials in respect of the Notes dated the date hereof and filed with the securities regulatory authorities in each province and territory of Canada are specifically incorporated by reference into this pricing supplement. Any additional marketing materials (as defined in National Instrument 41-101 - General Prospectus Requirements) filed with the securities commission or similar authority in each of the provinces and territories of Canada in connection with this offering on or after the date hereof but prior to the termination of the distribution of the Notes under this pricing supplement (including any amendments to, or an amended version of, the marketing materials) are deemed to be incorporated by reference herein. Any marketing materials are not part of this pricing supplement to the extent that the contents of the marketing materials have been modified or superseded by a statement contained in an amendment to this pricing supplement.

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.

PS6647-2

PS6647-3

The Bank of Nova Scotia
Senior Notes (Principal at Risk Notes)

BNS U.S. Large Cap (AR) Index Callable Contingent US$8.31 Coupon Notes, Series 126F (USD)
Maximum US$30,000,000 (300,000 Notes)
Due May 2, 2033

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

Dealers
Scotia Capital Inc. and Wellington-Altus Private Wealth Inc.

Wellington-Altus Private Wealth Inc., a dealer to which the Bank is neither related nor connected, participated in the due diligence activities performed by the Dealers in respect of the offering, but did not participate in the structuring and pricing of the offering or the calculation of, or review the calculation of, the initial estimated value of the Notes. See "Plan of Distribution" in the base shelf prospectus.

Issue Size
Maximum US$30,000,000 (300,000 Notes). The Bank reserves the right to change the maximum Issue Size in its sole and absolute discretion.

Principal Amount
US$100.00 per Note (the "Principal Amount").

Issue Date
The Notes will be issued on or about April 30, 2026, or such other date as may be agreed between the Bank and the Dealers.

CUSIP
06420ZN80.

Fundserv Code
SSP7729.

Notes may be purchased through dealers and other firms that facilitate purchase and related settlement through a clearing and settlement service operated by Fundserv. See "Listing and Secondary Market".

Issue Price
100.00% of the Principal Amount.

Maturity Date
May 2, 2033 (approximately a 7 year term) (the "Maturity Date"), subject to the Notes being automatically called (i.e., redeemed) by the Bank. See "Description of the Notes – Maturity Date" and "Description of the Notes – Amounts Payable on Notes" in the base shelf prospectus.

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 Autocall Level. The Notes are callable on a quarterly basis and cannot be automatically called prior to October 30, 2026. See "Valuation Dates, Payment Dates and Call Dates". If the Closing Index Level on any Autocall Valuation Date is not greater than or equal to the Autocall Level, the Notes will not be automatically called by the Bank.

Autocall Level
105.00% of the Initial Index Level.

Minimum Investment
US$1,000 (10 Notes).

Status/Rank
The Notes will be direct senior unsecured and unsubordinated obligations of the Bank and will rank equally with all other present and future direct senior unsecured and unsubordinated indebtedness of the Bank, subject to certain priorities under applicable law.

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Credit Rating

As of the date of this pricing supplement, the Bank's direct senior unsecured and unsubordinated obligations with a term to maturity of one year or more were rated AA by DBRS Limited, A+ by Standard & Poor's, AA by Fitch Ratings and Aa2 by Moody's Investors Service, Inc. However, the Notes have not been and will not be rated by any credit rating organization. If the Notes were specifically rated by these rating agencies, there can be no assurance that they would have the same rating as the Bank's unsecured and unsubordinated obligations with a term to maturity of one year or more. A rating is not a recommendation to buy, sell or hold investments, and may be subject to revision or withdrawal at any time by the relevant rating agency.

Index

Whether there is a return on the Notes through the Coupon Payments and whether the Principal Amount is returned at maturity is based on the performance of the Bank's proprietary index, Scotiabank US Top 50 Large Cap Dividend 75 AR Index (the "Index"). The Index aims to track the gross total return performance of the Scotiabank US Top 50 Large Cap Dividend Index TR (the "Target Index"), subject to reduction for a synthetic dividend of 75 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 Bank developed, and is the owner, provider and sponsor of the Index and the Target Index (the "Index Sponsor"). Solactive AG is the index administrator, acting as the calculation agent of the Index and Target Index (the "Index Administrator"). See Appendix B to this pricing supplement for summary information regarding the Index and the Target Index.

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 March 31, 2026 was 1,627.86. The Adjusted Return Factor as a percentage of the Closing Index Level on March 31, 2026 was approximately 4.61%. 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 March 31, 2026 was 3.68%, representing an aggregate dividend yield of approximately 28.78% 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

April 30, 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 this pricing supplement).

Final Valuation Date

April 26, 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 this pricing supplement).

Valuation Dates, Payment Dates and Call Dates

The specific Coupon Valuation Dates, Autocall 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 this pricing supplement) and the Notes being automatically called by the Bank. The Notes are callable on a quarterly basis and cannot be automatically called by the Bank prior to October 30, 2026.

Period	Coupon Valuation Date/Autocall Valuation Date	Payment Date/Call Date
1	May 26, 2026	June 1, 2026 (not callable)
2	June 24, 2026	June 30, 2026 (not callable)
3	July 24, 2026	July 30, 2026 (not callable)
4	August 25, 2026	August 31, 2026 (not callable)
5	September 24, 2026	October 1, 2026 (not callable)
6	October 26, 2026	October 30, 2026
7	November 23, 2026	November 30, 2026 (not callable)
8	December 22, 2026	December 30, 2026 (not callable)
9	January 26, 2027	February 1, 2027
10	February 23, 2027	March 1, 2027 (not callable)

Period	Coupon Valuation Date/Autocall Valuation Date	Payment Date/Call Date
11	March 23, 2027	March 30, 2027 (not callable)
12	April 26, 2027	April 30, 2027
13	May 25, 2027	June 1, 2027 (not callable)
14	June 24, 2027	June 30, 2027 (not callable)
15	July 26, 2027	July 30, 2027
16	August 24, 2027	August 30, 2027 (not callable)
17	September 24, 2027	October 1, 2027 (not callable)
18	October 26, 2027	November 1, 2027
19	November 23, 2027	November 30, 2027 (not callable)
20	December 22, 2027	December 30, 2027 (not callable)
21	January 25, 2028	January 31, 2028
22	February 23, 2028	February 29, 2028 (not callable)
23	March 24, 2028	March 30, 2028 (not callable)
24	April 25, 2028	May 1, 2028
25	May 23, 2028	May 30, 2028 (not callable)
26	June 26, 2028	June 30, 2028 (not callable)
27	July 25, 2028	July 31, 2028
28	August 24, 2028	August 30, 2028 (not callable)
29	September 26, 2028	October 3, 2028 (not callable)
30	October 24, 2028	October 30, 2028
31	November 24, 2028	November 30, 2028 (not callable)
32	December 22, 2028	January 2, 2029 (not callable)
33	January 24, 2029	January 30, 2029
34	February 22, 2029	February 28, 2029 (not callable)
35	March 26, 2029	April 2, 2029 (not callable)
36	April 24, 2029	April 30, 2029
37	May 23, 2029	May 30, 2029 (not callable)
38	June 26, 2029	July 5, 2029 (not callable)
39	July 24, 2029	July 30, 2029
40	August 24, 2029	August 30, 2029 (not callable)
41	September 25, 2029	October 2, 2029 (not callable)
42	October 24, 2029	October 30, 2029
43	November 26, 2029	November 30, 2029 (not callable)
44	December 21, 2029	December 31, 2029 (not callable)
45	January 24, 2030	January 30, 2030
46	February 22, 2030	February 28, 2030 (not callable)
47	March 26, 2030	April 1, 2030 (not callable)
48	April 24, 2030	April 30, 2030
49	May 23, 2030	May 30, 2030 (not callable)

PS6647-5

Period	Coupon Valuation Date/ Autocall Valuation Date	Payment Date/ Call Date
50	June 25, 2030	July 2, 2030 (not callable)
51	July 24, 2030	July 30, 2030
52	August 26, 2030	August 30, 2030 (not callable)
53	September 24, 2030	October 1, 2030 (not callable)
54	October 24, 2030	October 30, 2030
55	November 25, 2030	December 2, 2030 (not callable)
56	December 20, 2030	December 30, 2030 (not callable)
57	January 24, 2031	January 30, 2031
58	February 24, 2031	February 28, 2031 (not callable)
59	March 25, 2031	March 31, 2031 (not callable)
60	April 24, 2031	April 30, 2031
61	May 23, 2031	May 30, 2031 (not callable)
62	June 24, 2031	June 30, 2031 (not callable)
63	July 24, 2031	July 30, 2031
64	August 26, 2031	September 2, 2031 (not callable)
65	September 24, 2031	October 1, 2031 (not callable)
66	October 24, 2031	October 30, 2031
67	November 24, 2031	December 1, 2031 (not callable)
68	December 22, 2031	December 30, 2031 (not callable)
69	January 26, 2032	January 30, 2032
70	February 24, 2032	March 1, 2032 (not callable)
71	March 23, 2032	March 30, 2032 (not callable)
72	April 26, 2032	April 30, 2032
73	May 25, 2032	June 1, 2032 (not callable)
74	June 24, 2032	June 30, 2032 (not callable)
75	July 26, 2032	July 30, 2032
76	August 24, 2032	August 30, 2032 (not callable)
77	September 24, 2032	October 1, 2032 (not callable)
78	October 26, 2032	November 1, 2032
79	November 23, 2032	November 30, 2032 (not callable)
80	December 22, 2032	December 30, 2032 (not callable)
81	January 25, 2033	January 31, 2033
82	February 22, 2033	February 28, 2033 (not callable)
83	March 24, 2033	March 30, 2033 (not callable)
84	April 26, 2033 (Final Valuation Date)	May 2, 2033 (Maturity Date)

The Final Valuation Date is not 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.

If a Coupon Valuation Date or an Autocall Valuation Date is not an Exchange Business Day then the Coupon Valuation Date or Autocall Valuation Date, as the case may be, will be the immediately preceding Exchange Business Day, subject to the occurrence of any special circumstances (see

PS6647-6

"Special Circumstances" in this 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 this pricing supplement), and no interest shall be paid in respect of such delay.

Coupon Payments

On each Payment Date, holders of record may be entitled to receive a monthly interest payment (a "Coupon Payment"), determined as follows:

(i) If the Closing Index Level on the relevant Coupon Valuation Date is greater than or equal to the Barrier Level, the Coupon Payment will be US$0.6925 per Note; and
(ii) If the Closing Index Level on the relevant Coupon Valuation Date is less than the Barrier Level, no Coupon Payment will be made.

Certain Payment Dates will occur in the same month during the term of the Notes. The aggregate Coupon Payments over the term of the Notes will not exceed US$58.17 per Note. If the Notes are automatically called by the Bank, holders will receive both the Principal Amount and the Coupon Payment for the applicable Autocall Valuation Date.

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 is greater than or equal to the Autocall Level, the Maturity Redemption Amount will equal:
Principal Amount
If the Final Index Level on the Final Valuation Date is 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 US$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.

Certain dollar amounts will be rounded to the nearest whole cent. See Appendix A to this pricing supplement for hypothetical examples showing how the Maturity Redemption Amount and Coupon Payments would be determined and calculated based on certain hypothetical values and assumptions.

Barrier Level

65.00% 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:

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

Closing Index Level

The official closing level or value of the Index on a given day as calculated and announced by the Index Administrator 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 U.S. dollars and any amounts owing under the Notes will be payable in U.S. dollars. No currency conversion will be applied when calculating amounts owing under the Notes. Unless otherwise indicated, all dollar amounts appearing in this pricing supplement are stated in Canadian dollars.

PS6647-7

PS6647-8

Fees and Expenses

There is no selling concession fee payable to the Dealers in respect of the Notes. A fee of up to US$0.15 per Note sold (or up to 0.15% of the Principal Amount) will be payable directly by the Bank to Wellington-Altus Private Wealth Inc. 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.

Determination of Estimated Value

The Notes are debt securities, the return on which is linked to the performance of the Index. In order to satisfy its payment obligations under the Notes, the Bank may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) on or before the Initial Valuation Date with Scotia Capital Inc. or one of the Bank's other subsidiaries, or with a third party, but is under no obligation to do so. The terms of any such hedging arrangements would, if entered into, take into account a number of factors, including the creditworthiness of the Bank, interest rate movements, the volatility of the Index, and the tenor of the Notes.

The Issue Price of the Notes also reflects the Bank's expected profit (which may or may not be realized) based on an estimate of costs the Bank may incur in creating, issuing, maintaining and potentially hedging its obligations under the Notes. These factors result in the estimated value for the Notes on the date of this pricing supplement being less than the Issue Price of the Notes. See "Risk Factors" in this pricing supplement and "Estimated Value of the Notes" in the base shelf prospectus.

The Bank has adopted written policies and procedures for determining the estimated initial value of the Notes which include: (i) the methodologies used for valuing each type of component embedded in the Notes, (ii) the methods by which the Bank will review and test valuation to assess the quality of the prices obtained as well as the general functioning of the valuation process, and (iii) conflicts of interest.

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. Under no circumstances will Scotia Capital Inc. provide a secondary market for the Notes on or following an Autocall Valuation Date if the Notes are called, or the Final Valuation Date, as the case may be, or at or prior to maturity if the Notes will be redeemed by the Bank as a result of the occurrence of an Extraordinary Event. See "Risk Factors Relating to the Secondary Market" and "Secondary Market for Notes" in the base shelf prospectus.

The sale of a Note in a secondary market (if any such secondary market exists at such time) prior to the Maturity Date will be effected at a price equal to (i) the bid price on the sale date, less (ii) any transaction charges that may be levied by the relevant selling agent. The Notes may in certain circumstances be transferable through CDS and not the Fundserv network. There is no guarantee that the bid price at any time will be the highest possible price available in any secondary market for the Notes, and the actual price received by a holder and the selling terms for such secondary market sales may be varied by the relevant selling agent.

Special Circumstances

See the "Special Circumstances" section in the base shelf prospectus for a description of certain special circumstances, including a Material Index Change, a Market Disruption Event and an Extraordinary Event, which may result in an adjustment to the terms of the Notes or the calculation or timing of payments due on the Notes, or the early redemption of the Notes.

Calculation Agent

Scotia Capital Inc.

Eligibility for Investment

Eligible for RRSPs, RRIFs, RESPs, RDSPs, DPSPs, TFSAs and FHSAs. See "Certain Canadian Federal Income Tax Considerations – Eligibility for Investment" in the base shelf prospectus.

Tax Information

See "Certain Canadian Federal Income Tax Considerations" in the base shelf prospectus for a summary of certain Canadian federal income tax considerations generally applicable to the acquisition, holding and disposition of the Notes.

U.S. Tax Considerations

Initial holders of the Notes should not be subject to withholding tax under Section 871(m) of the U.S. Internal Revenue Code of 1986, as amended, solely as a result of investing in the Notes. Section 871(m) imposes a 30% withholding tax (which may be reduced by an applicable income tax treaty) on certain "dividend equivalents" paid or deemed paid to a non-U.S. holder with respect to certain "specified equity-linked instruments" that reference one or more dividend-paying U.S. equity securities or indices containing U.S. equity securities. It is possible, however, that withholding tax under Section 871(m) could apply to the Notes if a non-U.S. holder enters, or has entered, into certain other transactions in respect of the securities comprising the Target Index. A non-U.S. holder that enters, or has entered, into any such transactions should consult their tax advisor regarding the application of Section 871(m) to their Notes in the context of their other transactions.

Performance Disclosure

Ongoing information about the performance of the Notes will be available on the Bank's structured products website (www.scotianotes.com).

Suitability for Investment

Investors should independently determine, with their own advisors, whether an investment in the Notes is suitable for them having regard to their own investment objectives and expectations and the risk factors described under "Risk Factors" in this pricing supplement and the base shelf prospectus. The Notes may be suitable for investors:

who have an investment strategy consistent with the features of the Notes, including that the Maturity Redemption Amount will never exceed the Principal Amount (i.e., the investor will not participate in any appreciation of the Index);
seeking the opportunity for what may be an enhanced return over other traditional equity or fixed rate investments and who are prepared to assume the risks associated with an investment linked to equity markets;
who are comfortable that the return on the Notes is calculated using the performance of the Index which aims to track the gross total return performance of the Target Index as reduced by the Adjusted Return Factor. An investment in the Notes is not the same as making a direct or indirect investment in the Index, the Target Index or the constituent securities of the Target Index, including the fact that an investor will not have the right to receive any dividends, distributions or other income or amounts accruing or paid on such securities;
who are comfortable with the return on the Notes being linked to the performance of the Index measured (i) on the Initial Valuation Date and on the Final Valuation Date or an Autocall Valuation Date only with respect to the Maturity Redemption Amount and (ii) on the Initial Valuation Date and each Coupon Valuation Date only with respect to Coupon Payments, and are willing to forego all dividends, distributions and other income and amounts accruing or paid in respect of the Index, the Target Index or the constituent securities of the Target Index;
who understand and accept that certain Payment Dates will occur in the same month during the term of the Notes;
with an investment horizon equivalent to the approximately 7 year term of the Notes who are prepared to hold the Notes to maturity, but who are willing to assume the risk that the Notes will be automatically called (i.e., redeemed) by the Bank prior to the Maturity Date if the Closing Index Level is greater than or equal to the Autocall Level on an Autocall Valuation Date;
willing to assume the risk of losing substantially all of their investment (subject to a minimum principal repayment of US$1.00 per Note) if the Final Index Level on the Final Valuation Date is less than the Barrier Level;
who are seeking a U.S. dollar denominated investment and are prepared to assume the risks (including losses) associated with investments exposed to fluctuations in currency exchange rates (see "Certain Canadian Federal Income Tax Considerations" in the base shelf prospectus for a description of the conversion of U.S. dollar amounts relating to the acquisition, holding or disposition of a Note into Canadian dollars);
who have carefully considered the risks associated with an investment in the Notes; and
willing to assume the credit risk of the Bank.

Risk Factors

Risk factors relating to the Notes include but are not limited to the following and those described in the base shelf prospectus under "Risk Factors":

the Notes are subject to a quarterly automatic call feature and will be redeemed by the Bank prior to the Maturity Date if the Closing Index Level on an Autocall Valuation Date is greater than or equal to the Autocall Level. If the Notes are automatically called, investors will not be entitled to receive any subsequent payments in respect of the Notes;
any Coupon Payments are contingent on the Closing Index Level on the Coupon Valuation Dates. If the Closing Index Level is less than the Barrier Level on any Coupon Valuation Date then no such payment will be made on that Payment Date;
the Notes offer contingent principal protection based on the Final Index Level on the Final Valuation Date only. If the Final Index Level on the Final Valuation Date is less than the Barrier Level, an investor will be fully exposed to any negative performance of the Index, meaning that substantially all of such investor's investment may be lost (subject to a minimum principal repayment of US$1.00 per Note);
the total return on the Notes will only be positive and the sum returned to investors will only be greater than the Principal Amount if (i) the Closing Index Level is greater than or equal to the Autocall Level on any Autocall Valuation Date, or greater than or equal to the Barrier Level on the Final Valuation Date, and (ii) the Closing Index Level is greater than or equal to the Barrier Level on at least one Coupon Valuation Date, since the Maturity Redemption Amount will never exceed the Principal Amount, or, notwithstanding the foregoing, if (a) the Final Index Level on the Final Valuation Date is less than the Barrier Level and (b) the aggregate amount of Coupon Payments that may be paid to holders over the term of the Notes is greater than the difference between the Principal Amount and the Maturity Redemption Amount;
the return on the Notes could be adversely affected by a variety of factors that influence the equities market generally and could impact the value of the constituent securities of the Target Index and in turn, the performance of the Index and the Closing Index Level, and which are beyond the control of the Bank and the Dealers, including political, geopolitical, economic, financial, social and other factors, as well as, the level of inflation, changes in interest rates and currency exchange rates, changes in trade or investment policies, treaties, tariffs, import duties and quotas, economic downturns, volatility in domestic and global financial markets, epidemics, pandemics or other public health emergencies, international or regional conflicts or wars, and various other circumstances that could influence the value of the securities in a specific market segment, industry or sector, or of a particular issuer including, corporate developments and earnings, and regulatory changes;
the return on the Notes may be affected by specific risk factors associated with a direct investment in the issuers of the equity securities comprising the Target Index to the extent such risk factors could adversely affect the performance of the Index and the Target Index. An

PS6647-9

investor should consult documents made publicly available by the issuers comprising the Target Index under their respective profiles at www.sec.gov for a description of the risks applicable to the issuers comprising the Target Index;

the Adjusted Return Factor is a fixed number of index points that is deducted daily from the performance of the Target Index, which does not vary with the level of the Target Index, while any dividends and/or distributions reflected in the Target Index may vary in terms of timing and amount paid. If dividends and/or distributions reinvested are less than the impact of the deduction of the Adjusted Return Factor over the relevant period, the performance of the Index will be lower than the performance of the price return version of the Target Index at the end of such period. If the Target Index decreases over time, the Adjusted Return Factor will represent a larger percentage of the Target Index, resulting in a greater relative impact on the Index, which may increase the magnitude of the Index's underperformance, including the potential that no return may be paid on the Notes and the risk of loss on the Notes;
the performance of the Index will be less than that which could be achieved through a direct investment in the Target Index or the constituent securities of the Target Index, and based on the application of the Adjusted Return Factor to daily changes in the closing level of the Target Index, and the difference between the performance of the Index and the Target Index may be subject to the effects of compounding returns, which may result in the difference between the performance of the Index and the Target Index being greater or less than the Adjusted Return Factor pro-rated over the same period, which effects may also be amplified by the rebalancing of the Target Index;
the Bank is the Index Sponsor and Solactive AG is the Index Administrator. Even though the Index and the Target Index will be calculated in accordance with certain principles or rules, such calculations may require certain judgments and decisions to be made, which may include changes to the formula or methodology of the Index and/or Target Index in certain circumstances. Since the Bank is the Index Sponsor, the Bank will be directly or indirectly responsible for these judgments and decisions. Determinations made by the Index Sponsor could affect the level of the Index and the Target Index and any amounts payable on the Notes. The Bank has no obligation to consider the interests of holders in taking any actions in respect of the Index and Target Index, that might affect the value of the Notes. Further, the Bank or its affiliates may hedge the market risks to the Bank associated with its obligation to pay amounts due on the Notes. The Bank or its affiliates expect to make a profit in connection with these arrangements. The Bank or its affiliates have not independently verified, nor do they make any representation regarding, the accuracy or completeness of the public information relating to the constituents of the Target Index. See "Risk Factors" in the base shelf prospectus;
the Index Administrator is responsible for calculating and maintaining the Index and Target Index. The Index Administrator may change the method applied to calculate the Index and the Target Index that it deems to be necessary and desirable in order to prevent obvious and demonstrable error or to remedy, correct or supplement incorrect terms and conditions, which could change the levels of the Index and Target Index, and which could adversely affect the amounts payable on the Notes;
the Index and Target Index were launched on November 26, 2024, and August 19, 2024, respectively. Accordingly, there is very limited performance history for the Index and the Target Index to evaluate the performance of the Index and Target Index, and as such, the Notes may perform in unexpected ways and may involve greater risk than notes linked to one or more indices with a more established record of performance which may make it more difficult for an investor to make an informed decision with respect to the Notes;
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;
none of the Dealers or any of their respective affiliates or associates have performed and will not perform any due diligence investigation or review of the Index or the Target Index, the constituent securities of the Target Index or the issuers of such securities. Information in this pricing supplement relating to the Index and the Target Index is derived from publicly available sources. None of the Dealers or any of their respective affiliates or associates have independently verified, nor do they make any representation regarding, the accuracy or completeness of the public information relating to the Index and the Target Index. Prospective investors should undertake their own independent investigation of the Index, the Target Index and the constituent securities of the Target Index in order to make an informed decision as to the merits of an investment in the Notes;
an investment in the Notes should be made with an understanding that the Maturity Redemption Amount and any Coupon Payments will be denominated and payable in U.S. dollars. To the extent other assets or income of a holder of Notes are denominated in another currency, such as the Canadian dollar, an investment in the Notes will entail foreign exchange-related risks due to, among other factors, possible significant changes in the value of such currency relative to the U.S. dollar because of economic, political and other factors. Appreciation of the Canadian dollar against the U.S. dollar could result in a loss to a holder of Notes on a Canadian dollar basis. In addition, for the purposes of the Act, all U.S. dollar amounts must generally be converted into and reported in Canadian dollars by a holder based on the rate of exchange prevailing at the relevant time. See "Certain Canadian Federal Income Tax Considerations" in the base shelf prospectus; and
the estimated initial value of the Notes indicated on the cover page of this pricing supplement was determined on the pricing date of the Notes using the Bank's internal pricing models which take into account a number of variables and assumptions about future events that may prove to be incorrect, including expectations as to dividends, distributions, interest rates and volatility, the Bank's internal funding rates (which may differ from the market rates for the Bank's conventional debt securities), and the expected term of the Notes. As a result, the actual value an investor would receive if they sold the Notes in any secondary market (if any exists) at any time, should be expected to differ materially from the estimated value of the Notes determined on the pricing date of the Notes. The Notes are not designed to be short-term trading instruments. Accordingly, an investor should be able and willing to hold the Notes to the Maturity Date. See "Determination of Estimated Value" in this pricing supplement and "Estimated Value of the Notes" in the base shelf prospectus.

Investors should carefully consider with their advisors all of the information set out in the prospectus before making any potential investment in the Notes. In particular, investors should evaluate the key risks highlighted above as well as the risks described under "Risk Factors" in the base shelf prospectus.

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Appendix A

Hypothetical Examples

The following hypothetical examples show how the Coupon Payments 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: 65.00% of the Initial Index Level = 65.00% × 100.00 = 65.00

Autocall Level: 105.00% of the Initial Index Level = 105.00% × 100.00 = 105.00

Coupon Payment: US$0.6925

*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 is 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 Autocall Level. The Final Index Level on the Final Valuation Date is less than the Barrier Level.

Since the Final Index Level (45.00) 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)

US$100.00 + (US$100.00 × -55.00%) = US$45.00 per Note

In this example, since the Closing Index Level is less than the Barrier Level on all Coupon Valuation Dates, an investor would not receive any Coupon Payments.

An investor would receive a Maturity Redemption Amount of US$45.00 per Note on the Maturity Date, which is equivalent to an annual compound rate of return of approximately -10.78% per Note.

Example #2 – The Notes are not automatically called as the Closing Index Level on each Autocall Valuation Date is less than the Autocall Level. The Final Index Level on the Final Valuation Date is greater than or equal to the Barrier Level.

Since the Final Index Level (90.00) on the Final Valuation Date is greater than the Barrier Level, the Maturity Redemption Amount is calculated as follows:

Principal Amount
US$100.00 per Note

In this example, an investor would receive a Coupon Payment for each of the first to the third and the twelfth to the eighty-fourth Coupon Valuation Dates, but would not receive any Coupon Payments for the fourth to the eleventh Coupon Valuation Dates, since the Closing Index Level on each such Coupon Valuation Date is less than the Barrier Level.

An investor would receive aggregate Coupon Payments of US$52.63 per Note, and a Maturity Redemption Amount of US$100.00 per Note, on the Maturity Date, which is equivalent to an annual compound rate of return of approximately 6.23% per Note.

PS6647 A-2

Example #3 – The Notes are automatically called on the first Autocall Valuation Date as the Closing Index Level on the first Autocall Valuation Date is greater than or equal to the Autocall Level.

Since the Closing Index Level (121.00) on the first Autocall Valuation Date is greater than the Autocall Level, the Maturity Redemption Amount is calculated as follows:

Principal Amount
US$100.00 per Note

In this example, since the Closing Index Level is greater than the Barrier Level on each applicable Coupon Valuation Date, an investor would receive a Coupon Payment on each of the first six Payment Dates.

An investor would receive aggregate Coupon Payments of US$4.155 per Note, and a Maturity Redemption Amount of US$100.00 per Note, which is equivalent to an annual compound rate of return of approximately 8.48% per Note.

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PS6647 B-1

Appendix B

Summary Information Regarding the Index and the Target Index

The following is a summary description of the Scotiabank US Top 50 Large Cap Dividend 75 AR Index (the "Index") and the Scotiabank US Top 50 Large Cap Dividend Index TR (the "Target Index") based on information obtained from the website of the index administrator, Solactive AG (the "Index Administrator"), at www.solactive.com, except as otherwise noted herein. This website is not incorporated by reference in, and does not form part of, this pricing supplement. The Index Administrator may change the terms and conditions of the Index and the Target Index and the method applied to calculate the Index and the Target Index that it deems to be necessary and desirable in order to prevent obvious and demonstrable error or to remedy, correct or supplement incorrect terms and conditions. The Index Administrator is not obliged to provide information on any such modifications or changes, other than to the Index Sponsor. Accordingly, all information regarding the Index and Target Index contained in this pricing supplement is subject to change, including any such information reported herein as of a certain date. This pricing supplement relates only to the Notes and does not relate to the Index, the Target Index or the constituent securities of the Target Index. All dollar amounts in the following summary are quoted in U.S. dollars unless otherwise specified.

General Description of the Index and the Target Index

The Bank developed, and is the owner, provider and sponsor (the "Index Sponsor") of the Index, which aims to track the gross total return performance of the Target Index, subject to reduction for a synthetic dividend of 75 index points per annum calculated daily in arrears at the time the Index is calculated (the "Adjusted Return Factor"). The only component of the Index is the Target Index. The Index was launched on November 26, 2024. The Index is calculated and published in U.S. dollars.

The Target Index is a gross total return index that seeks to replicate the overall return from holding a portfolio consisting of the constituent securities of the Target Index, including any dividends and distributions paid in respect of such securities, without deduction of any withholding tax or other amounts to which an investor holding the constituent securities of the Target Index would typically be exposed. For the calculation of the level of the Target Index, any dividends or other distributions paid on the constituent securities of the Target Index are reinvested across all the constituent securities of the Target Index. The composition of the Target Index is ordinarily rebalanced on a quarterly basis in February, May, August and November. The Target Index was launched on August 19, 2024. The Target Index is calculated and published in U.S. dollars.

The Target Index represents a diversified portfolio of dividend paying stocks. The Target Index is comprised of the securities of 50 issuers that meet the criteria to be part of the GBS Index Universe of the Solactive GBS United States 500 Index, as defined in the index guideline of the Solactive Global Benchmark Series (the "Index Universe Requirements"). The Index Administrator will determine the index universe based on the Index Universe Requirements, which will constitute a starting pool from which the components of the Target Index will be selected (the "Index Universe"). The initial composition of the Target Index as well as any selection for an ordinary rebalance is determined by a factor calculation and final selection process. Using the components of the Index Universe, the following twelve factors are considered for final selection: total yield, forward dividend yield, one-year expected dividend growth, five-year trailing dividend growth, dividend payout ratio, long term dividend yield ratio, revisions to 12 month forward earnings per share consensus, price volatility, beta, excess return on invested capital, leverage and working capital ratio. In the final selection, all twelve factors are converted into percentile scores ranging from 0 (worst) to 100 (best) over the Index Universe. If fewer than 300 of the 500 companies have valid data (not missing data) for a metric, that metric is excluded from the calculation. Securities not ranked on enough metrics are excluded. If a company is ranked on fewer than the maximum number of metrics minus one (for example fewer than eleven metrics if twelve are used), it is removed from the final ranking process. For securities missing one or more metrics but are still included in the final ranking, a percentile value of 50 is assigned for each missing data point. For each remaining security, a weighted average of the percentile scores for all metrics is computed. Then, this weighted average score is converted into a final percentile score, representing the company's overall ranking. Securities with both an indicated dividend yield and forward dividend yield of zero are excluded. Securities showing negative growth in both the one-year expected dividend growth and the five-year trailing dividend growth are excluded.

The securities are ranked in descending order based on their final score and the top 50 securities are selected that have a final score above the $75^{\text{th}}$ percentile, with the number of securities selected from each sector subject to a maximum sector cap. The top 50 securities based on the final score are selected subject to the following order: for initial selection, a security in the current Target Index is directly included in the top 50, as long as its final score is above $75^{\text{th}}$ percentile and the number of securities selected from each sector is subject to a cap. After the initial selection, a secondary check is performed for sectors with no initial inclusion in the Top 50 as follows: (i) the securities with the lowest final score within sectors that have reached their final sector maximum have been identified; (ii) the securities with the highest final score in sectors with no representation in the top 50 have been identified; (iii) then a swap is made if the highest final score security from a sector with no representation is higher than the lowest final score security from a sector that have reached their final sector maximum; and (iv) this swapping continues until no additional highest final score security from underrepresented sectors is higher than the lowest final score security in the top 50. The selection of the Target Index components is fully rule-based and the Index Administrator cannot make any discretionary decision.

Once the Target Index components are selected, the final weight of each Target Index component is determined through an optimization approach that aims to find a minimum adjusted factor for the Target Index weight subject to certain constraints. The following constraints are employed: the final weight is floored at the smallest starting weight; the final weight is capped at the minimum between four times the starting weight and $20\%$; the total weight of Target Index components with a final weight above $4.5\%$ must not exceed $45\%$; and the sum of sector weights must not exceed the adjusted maximum sector weight.

The Bank may request amendments to the methodology of the Index and Target Index. An index committee composed of staff from the Index Administrator and its subsidiaries is responsible for decisions regarding any amendments to the rules of the Index and Target Index. Any such amendment, which may result in an amendment of the guideline of the Index and Target Index, must be submitted to the index committee for prior approval and will be made in compliance with the Index Administrator's methodology policy. If an amendment is made to the methodology of the Index or Target Index, the Index Administrator will announce the change on its website. The Index Administrator will review the methodology of the Index and Target Index at least annually.

Under certain circumstances, the Index Administrator may make adjustments to the Index or Target Index between regular rebalances for corporate actions in accordance with its equity index methodology. In the event the level of the Index is calculated as zero or below zero (negative), the Index will be terminated. The Index and Target Index may be terminated for other reasons in accordance with the Index Administrator's policies.

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Historical Performance of the Index

The Index was launched on November 26, 2024. Accordingly, there is very limited performance history for the Index. During the period between March 31, 2025 up to and including March 31, 2026, the lowest Closing Index Level was 1,361.13 on April 8, 2025 and the highest Closing Index Level was 1,677.66 on February 27, 2026. The Closing Index Level was 1,627.86 on March 31, 2026. 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, 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.

The Index Administrator

The Bank is the Index Sponsor. The Bank is not related to the Index Administrator, and as such: (a) the Notes are not issued, endorsed, sponsored or promoted by and are not financial or legal obligations of such Index Administrator; (b) the trade names, service marks, trademarks or registered trademarks of the Index and Target Index are the property of the Bank; (c) the Index Administrator makes no warranties and bears no liabilities with respect to the Notes or the administration or operation of the Notes; (d) the Notes have not been reviewed by the Index Administrator as to their legality or their suitability for investment; and (e) none of the Bank, the Dealers or any of their respective affiliates or associates can give any assurance that events which have occurred prior to the date of this pricing supplement have been adequately disclosed by the constituents of the Target Index and how such an event would affect the levels of the Index or Target Index or the value of the underlying interests (and therefore the level of the Index or Target Index at the time the Notes are priced). Subsequent disclosure of any such events or the disclosure of or failure to disclose material events concerning the Index, the Target Index or the Index Administrator or the underlying interests could affect the amounts that may be payable on the Notes and therefore the market value of the Notes in a secondary market, if any.

Information regarding the Index, the Target Index and Index Administrator may be obtained from various public sources including, the Index Administrator's website and other sources publicly disseminated by the Index Administrator or the constituents of the Target Index. The Bank and the Dealers or any of their respective affiliates or associates are not responsible for public disclosure of information by any unrelated party, including the Index Administrator and the constituents of the Target Index, whether contained in that parties' regulatory filings, disclosure documents or otherwise.

The Bank and any Dealer appointed in respect of the offering of the Notes makes no representation as to the performance of the Index, the Target Index or the underlying interests. A prospective investor should undertake such independent investigation of an Index or Target Index and their underlying interests as the investor considers necessary in order to make an informed decision as to the merits of an investment in the Notes.

Index Calculation Agreement between the Index Administrator and the Bank

The Index Administrator and the Bank have entered into an index calculation agreement (the "Index Calculation Agreement") in which the Bank, as the owner and provider and sponsor of the Index and the Target Index, has retained the Index Administrator to calculate, administer and publish the Index and Target Index.

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

PS6647 B-3

PS6647 C-1

Appendix C

Additional Information

Documents Incorporated by Reference

This pricing supplement is deemed to be incorporated by reference into the base shelf prospectus solely for the purpose of the Notes issued hereunder. Other documents are also incorporated or deemed to be incorporated by reference into the base shelf prospectus or in this pricing supplement will be deemed to be modified or superseded for purposes of this pricing supplement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference in the base shelf prospectus or in this pricing supplement modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement will not be deemed an admission for any purpose that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this pricing supplement.

Forward-looking Statements

From time to time, the Bank's public communications include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission (the "SEC"), or in other communications. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in this document, the Management's Discussion and Analysis in the Bank's 2025 Annual Report under the headings "Outlook" and in other statements regarding the Bank's objectives, strategies to achieve those objectives, the regulatory environment in which the Bank operates, anticipated financial results, and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such statements are typically identified by words or phrases such as "believe," "expect," "aim," "achieve," "foresee," "forecast," "anticipate," "intend," "estimate," "outlook," "seek," "schedule," "plan," "goal," "strive," "target," "project," "commit," "objective," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would," "might," "can" and "could" and positive and negative variations thereof.

By their very nature, forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that the Bank's predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the Bank's assumptions may not be correct and that the Bank's financial performance objectives, vision and strategic goals will not be achieved.

The Bank cautions readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond the Bank's control and effects of which can be difficult to predict, could cause the Bank's actual results to differ materially from the expectations, targets, estimates or intentions expressed in such forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which the Bank operates and globally; changes in currency and interest rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank and its affiliates, including relating to the care and control of information, and other risks arising from the Bank's use of third parties; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; geopolitical risk (including policies and other changes related to, or affecting, economic or trade matters, including tariffs, countermeasures, tariff mitigation policies and tax-related risks); changes to the Bank's credit ratings; the possible effects on the Bank's business and the global economy of war, conflicts or terrorist actions and unforeseen consequences arising from such actions; technological changes, including open banking and the use of data and artificial intelligence in the Bank's business, and technology resiliency; operational and infrastructure risks; reputational risks; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services, and the extent to which products or services previously sold by the Bank require the Bank to incur liabilities or absorb losses not contemplated at their origination; the Bank's ability to execute its strategic plans, including the successful completion of acquisitions and dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; global capital markets activity; the Bank's ability to attract, develop and retain key executives; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; anti-money laundering; disruptions or attacks (including cyberattacks) on the Bank's information technology, internet connectivity, network accessibility, or other voice or data communications systems or services, which may result in data breaches, unauthorized access to sensitive information, denial of service and potential incidents of identity theft; increased competition in the geographic and business areas in which the Bank operates, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; environmental, social and governance risks, including climate-related risk, the Bank's ability to implement various sustainability-related initiatives (both internally and with the Bank's clients and other stakeholders) under expected time frames, and the Bank's ability to scale the Bank's sustainable-finance products and services; the occurrence of natural and unnatural catastrophic events and claims resulting from such events, including disruptions to public infrastructure, such as transportation, communications, power or water supply; inflationary pressures; global supply-chain disruptions; Canadian housing and household indebtedness; the emergence or continuation of widespread health emergencies or pandemics, including their impact on the local, national or global economies, financial market conditions and the Bank's business, results of operations, financial condition and prospects; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also

adversely affect the Bank's results, for more information, please see the "Risk Management" section of the Bank's 2025 Annual Report, as may be updated by quarterly reports.

Material economic assumptions underlying the forward-looking statements are set out in the 2025 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" and "2026 Priorities" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events.

Any forward-looking statements contained in the 2025 Annual Report represent the views of management only as of the date thereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf.

Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the SEC's website at www.sec.gov.

PS6647 C-2