<SEC-DOCUMENT>0001839882-25-070211.txt : 20251209
<SEC-HEADER>0001839882-25-070211.hdr.sgml : 20251209
<ACCEPTANCE-DATETIME>20251209122545
ACCESSION NUMBER:		0001839882-25-070211
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251209
DATE AS OF CHANGE:		20251209

FILER:

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

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-282565
		FILM NUMBER:		251558240

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK OF NOVA SCOTIA /
		DATE OF NAME CHANGE:	19970702
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>bns_424b2-41132.htm
<DESCRIPTION>FORM 424B2
<TEXT>
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        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 621.72pt; padding: 10pt 31.68pt 0 19.8pt; min-height: 15.4pt; position: relative">
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            <DIV STYLE="font-size: 10pt; width: 621.72pt; padding: 10pt 31.68pt 10pt 19.8pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FF0000; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The</font></FONT><FONT style="font-size: 8.0pt; font-family: Times New Roman, Times, serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FF0000; font-size: 8.0pt; "><font style='white-space: pre-wrap;'> information in this Preliminary Pricing Supplement is not complete and may be changed. We may not sell these Notes until the Pricing Supplement is delivered in final form. We are not selling these Notes, nor are we soliciting offers to buy these Notes, in any state where such offer or sale is not permitted.</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #FF0000; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Subject to Completion. Dated December 9, 2025</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: right; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Filed Pursuant to Rule 424(b)(2)</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: right; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Registration No. 333-282565</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 11.0pt; ">                        <IMG width="185.29pt" height="26.87pt" src="image1.gif" style="width: 185.29pt; height: 26.87pt; ">
                        </FONT></P>
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The Bank of Nova Scotia</font></FONT></P>
                <P STYLE="font-size: 10pt; padding-left: 9.9pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>$      Capped Notes</font></FONT></P>
                <P STYLE="font-size: 10pt; padding-left: 9.9pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Linked to the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; vertical-align: super; font-size: 10pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'> Index due December 16, 2032</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; padding-left: 10.29pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>General</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; padding-left: 10.29pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Any capitalized terms used but not defined in the following bullets have the meaning set forth under &#8220;Summary&#8221; in this pricing supplement.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: justify; margin-left: 44.55pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes offered by this pricing supplement (the &#8220;Notes&#8221;) are unsubordinated and unsecured debt securities of The Bank of Nova Scotia (the &#8220;Bank&#8221;) and any payments on the Notes are subject to the credit risk of the Bank</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: justify; margin-left: 44.55pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Notes offer a return equal to any positive performance of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>(the &#8220;Reference Asset&#8221;), subject to the Maximum Return</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: justify; margin-left: 44.55pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If the Final Value is equal to or less than the Initial Value, investors will receive the Principal Amount of their Notes at maturity but will not earn a positive return</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: justify; margin-left: 44.55pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Notes do not bear interest or pay any coupons prior to maturity</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: justify; margin-left: 44.55pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Trade Date is expected to be December 12, 2025 and the Notes are expected to settle on December 17, 2025 and will have a term of approximately 7 years</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: justify; margin-left: 44.55pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Minimum investment of $1,000 and integral multiples of $1,000 in excess thereof </font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: justify; margin-left: 44.55pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>CUSIP / ISIN: 06419HJC9 / US06419HJC97</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 3.3pt; margin-bottom: 3.3pt; text-align: justify; margin-left: 44.55pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>See &#8220;Summary&#8221; beginning on page P-3 herein for additional information</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 4.4pt; padding-left: 10.29pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>All payments on the Notes will be made in cash and will only be paid at maturity. </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Any payment on your Notes is subject to the creditworthiness of the Bank.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 4.4pt; padding-left: 10.29pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Investment in the Notes involves certain risks. You should refer to &#8220;Additional Risks&#8221; beginning on page P-8 of this pricing supplement and &#8220;Additional Risk Factors Specific to the Notes&#8221; beginning on page PS-6 of the accompanying product supplement and &#8220;Risk Factors&#8221; beginning on page S-2 of the accompanying prospectus supplement and on page 8 of the accompanying prospectus.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 4.4pt; padding-left: 9.9pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The initial estimated value of your Notes at the time the terms of your Notes are set on the Trade Date is expected to be between $901.93 and $931.93 per $1,000 Principal Amount, which will be less than the Original Issue Price of your Notes listed below. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>See &#8220;Additional Information Regarding Estimated Value of the Notes&#8221; on the following page and &#8220;Additional Risks &#8211; Risks Relating to Estimated Value and Liquidity&#8221; beginning on page P-9 of this document for additional information. The actual value of your Notes at any time will reflect many factors and cannot be predicted with accuracy.</font></FONT></P>
                <TABLE STYLE="width: 74.38%; font-size: 10pt; margin-left: auto; width: 74.38%; table-layout: fixed; border-collapse: collapse; margin-right: auto">
                    <TR STYLE="font-size: 10pt">
                        <TD STYLE="width: 58.81%; font-size: 10pt; width: 58.81%; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 26.55%; font-size: 10pt; width: 26.55%; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 24.64%; font-size: 10pt; width: 24.64%; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt">
                            <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#160;</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: bottom">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Per Note</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: bottom">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Total</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: middle">
                            <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Original Issue Price</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>100.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: middle">
                            <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Underwriting commissions</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 7pt; vertical-align: super; "><font style='white-space: pre-wrap;'>(1)</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Up to 3.25%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: middle">
                            <P STYLE="font-size: 10pt; margin-bottom: 2.2pt; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Proceeds to The Bank of Nova Scotia</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>At least 96.75%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P STYLE="font-size: 10pt; margin-bottom: 3.3pt; text-align: justify; margin-top: 0; margin-left: 30.09pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; font-size: 8.0pt; ">(1)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Scotia Capital (USA) Inc. (&#8220;SCUSA&#8221;), our affiliate, will purchase the Notes from us at the Principal Amount and, as part of the distribution of the Notes, will sell the Notes to other registered broker-dealers at a discount of up to $32.50 (3.25%) per Principal Amount of the Notes, or will offer the Notes directly to investors. See &#8220;Supplemental Plan of Distribution (Conflicts of Interest)&#8221; herein.</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; padding-left: 10.29pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Neither the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this pricing supplement, the accompanying product supplement, underlier supplement, prospectus supplement or prospectus. Any representation to the contrary is a criminal offense. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; padding-left: 10.29pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Notes are not insured by the Canada Deposit Insurance Corporation (the &#8220;CDIC&#8221;) pursuant to the Canada Deposit Insurance Corporation Act (the &#8220;CDIC Act&#8221;) or the U.S. Federal Deposit Insurance Corporation (the &#8220;FDIC&#8221;) or any other government agency of Canada, the United States or any other jurisdiction.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; padding-left: 10.29pt; text-align: center; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Pricing Supplement dated   , 2025</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; padding-left: 10.29pt; text-align: center; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <TABLE STYLE="width: 616.77pt; font-size: 10pt; margin-left: -0.99pt; width: 616.77pt; table-layout: fixed; border-collapse: collapse">
                    <TR STYLE="font-size: 10pt">
                        <TD STYLE="width: 616.77pt; font-size: 10pt; width: 616.77pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 14.19pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 11.0pt; "><font style='white-space: pre-wrap;'>Scotia Capital (USA) Inc.</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 621.72pt; padding: 0 31.68pt 13.47pt 19.8pt; min-height: 0pt; position: relative">
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            <P STYLE="font-size: 10pt"></P>
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        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; margin-bottom: 6.6pt; text-align: justify"><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The Notes offered hereunder are unsubordinated and unsecured obligations of the Bank and are subject to investment risks including the credit risk of the Bank. As used in this pricing supplement, the &#8220;Bank,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221; refers to The Bank of Nova Scotia. The Notes will not be listed on any U.S. securities exchange or automated quotation system.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The Notes are derivative products based on the price return of the Reference Asset. All payments on the Notes will be made in cash. The Notes do not constitute a hypothetical direct investment in the Reference Asset or any of the constituent stocks of the Reference Asset (the &#8220;Reference Asset Constituent Stocks&#8221;). By acquiring the Notes, you will not have a direct economic or other interest in, claim or entitlement to, or any legal or beneficial ownership of, any Reference Asset Constituent Stock or any rights as a holder of a Reference Asset Constituent Stock, including without limitation, any voting rights or rights to receive any dividends or other distributions.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Our affiliate, SCUSA, may use the final pricing supplement to which this preliminary pricing supplement relates in market-making transactions in the Notes after their initial sale. Unless we, SCUSA or another of our affiliates selling such Notes to you informs you otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction. See &#8220;Supplemental Plan of Distribution (Conflicts of Interest)&#8221; in this pricing supplement and &#8220;Supplemental Plan of Distribution (Conflicts of Interest)&#8221; in the accompanying product supplement.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; margin-bottom: 13.2pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>Additional Information Regarding Estimated Value of the Notes</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>On the cover page of this pricing supplement, the Bank has provided the initial estimated value range for the Notes. This range of initial estimated values was determined by reference to the Bank&#8217;s internal pricing models, which take into consideration certain factors, such as the Bank&#8217;s internal funding rate on the Trade Date and the Bank&#8217;s assumptions about market parameters. For more information about the initial estimated value, see &#8220;Additional Risks &#8211; Risks Relating to Estimated Value and Liquidity&#8221; herein.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The economic terms of the Notes are based on the Bank&#8217;s internal funding rate, which is the rate the Bank would pay to borrow funds through the issuance of similar market-linked notes, the underwriting discount and the costs associated with selling and structuring the Notes, including the economic terms of certain related hedging arrangements. Due to these factors, the Original Issue Price you pay to purchase the Notes will be greater than the initial estimated value of the Notes. The Bank&#8217;s internal funding rate is typically lower than the rate the Bank would pay when it issues conventional fixed rate debt securities as discussed further under &#8220;Additional Risks &#8212; Risks Relating to Estimated Value and Liquidity &#8211; Neither the Bank&#8217;s nor SCUSA&#8217;s estimated value of the Notes at any time is determined by reference to credit spreads or the borrowing rate the Bank would pay for its conventional fixed-rate debt securities&#8221; herein. The Bank&#8217;s use of its internal funding rate reduces the economic terms of the Notes to you. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>The value of your Notes at any time will reflect many factors and cannot be predicted; however, assuming that all relevant factors remain constant after the Trade Date, the price at which SCUSA may initially buy or sell the Notes in the secondary market, if any, may exceed our estimated value on the Trade Date for a temporary period expected to be approximately 3 months after the Original Issue Date because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the Notes and other costs in connection with the Notes that we will no longer expect to incur over the term of the Notes. We made such discretionary election and determined this temporary reimbursement period on the basis of a number of factors, which may include the tenor of the Notes and/or any agreement we may have with SCUSA and/or other dealers participating in the offering of the Notes. The amount of our estimated costs that we effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the Original Issue Date based on changes in market conditions and other factors that cannot be predicted. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>For additional information regarding the price at which SCUSA would buy or sell your Notes (if SCUSA makes a market, which it is not obligated to do), each based on SCUSA&#8217;s pricing models; see &#8220;Additional Risks &#8212; Risks Relating to Estimated Value and Liquidity &#8212; The price at which SCUSA would buy or sell your Notes (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA&#8217;s estimated value of your Notes&#8221;. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>We urge you to read the &#8220;Additional Risks&#8221; beginning on page P-8 of this pricing supplement</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>.</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 7.5pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>2</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 38.94pt 31.68pt 0; min-height: 10pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; border-bottom: #FF0000 0.75pt solid; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>SUMMARY</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The information in this &#8220;Summary&#8221; section is qualified by the more detailed information set forth in this pricing supplement, the accompanying product supplement, the accompanying prospectus supplement and the accompanying prospectus, each filed with the SEC. See &#8220;Additional Terms of Your Notes&#8221; in this pricing supplement.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <TABLE STYLE="width: 609.84pt; font-size: 10pt; margin-left: -5.94pt; width: 609.84pt; table-layout: fixed; border-collapse: collapse">
                    <TR STYLE="font-size: 10pt">
                        <TD STYLE="width: 177.32pt; font-size: 10pt; width: 177.32pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 432.52pt; font-size: 10pt; width: 432.52pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Issuer:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Bank of Nova Scotia (the &#8220;Bank&#8221;)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Issue:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Senior Note Program, Series A</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>CUSIP / ISIN:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>06419HJC9 / US06419HJC97</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Type of Notes:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Capped Notes</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Reference Asset:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; vertical-align: super; font-size: 10pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>(Bloomberg Ticker: SPX)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 30.2pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: left; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Minimum Investment and Denominations:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 and integral multiples of $1,000 in excess thereof</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Principal Amount:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 per Note; $[&#8226;] in the aggregate </font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Original Issue Price:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>100% of the Principal Amount of each Note</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Trade Date:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>December 12, 2025</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Original Issue Date: </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>December 17, 2025</font></FONT></P>
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>We expect that delivery of the Notes will be made against payment therefor on or about the third DTC settlement day following the date of pricing of the Notes (this settlement cycle being referred to as &#8220;T+3&#8221;). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one DTC settlement day (&#8220;T+1&#8221;), unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to one DTC settlement day before delivery of the Notes will be required, by virtue of the fact that each Note initially will settle in three DTC settlement days (T+3), to specify alternative settlement arrangements to prevent a failed settlement.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Final Valuation Date:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>December 13, 2032</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 2.97pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Maturity Date:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>December 16, 2032</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 13.2pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Payment at Maturity:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 2.2pt; text-align: justify; margin-top: 0; margin-left: 18.65pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If the Final Value is greater than the Initial Value, you will receive a cash payment per Note calculated as follows:</font></FONT></FONT></P>
                            <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 0pt; padding-left: 18.64pt; text-align: center"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; Reference Asset Return), subject to the Maximum Return</font></FONT></P>
                            <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 0pt; padding-left: 18.64pt; text-align: justify"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>In this scenario, you will receive a return equal to the positive performance of the Reference Asset, subject to the Maximum Return. </font></FONT></P>
                            <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 0pt; text-align: justify; margin-left: 18.65pt; text-indent: -19.8pt"><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If the Final Value is equal to or less than the Initial Value, you will receive a cash payment of $1,000 per Note </font></FONT></FONT></P>
                            <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 0pt; padding-left: 18.64pt; text-align: justify"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>You will receive no positive return on the Notes unless the Final Value is greater than the Initial Value.</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>3</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 38.94pt 31.68pt 0; min-height: 10pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <TABLE STYLE="width: 609.84pt; font-size: 10pt; margin-left: -5.94pt; width: 609.84pt; table-layout: fixed; border-collapse: collapse">
                    <TR STYLE="font-size: 10pt">
                        <TD STYLE="width: 177.32pt; font-size: 10pt; width: 177.32pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 432.52pt; font-size: 10pt; width: 432.52pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 24.75pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Reference </font></FONT><FONT style="font-size: 8.0pt; font-family: Times New Roman, Times, serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Asset Return:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The performance of the Reference Asset from the Initial Value to the Final Value, calculated as follows:</font></FONT></P>
                            <P STYLE="font-size: 10pt; margin-bottom: 0pt; text-align: center; margin-top: 0"><FONT style="font-family: Arial, sans-serif; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>Final Value &#8211; Initial Value</font></U></FONT></P>
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: center; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Initial Value</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 24.75pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Maximum Return:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>At least 59.00% (the actual Maximum Return to be determined on the Trade Date)</font></FONT></P>
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Assuming that the Maximum Return is set at 59.00%, the maximum Payment at Maturity that you may receive will be $1,590.00 per $1,000 Principal Amount Note that you hold.</font></FONT></P>
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>You will not benefit from any increase in the level of the Reference Asset beyond a Reference Asset Return equal to the Maximum Return.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: left; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Closing Value:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>As used herein, the &#8220;Closing Value&#8221; of the Reference Asset on any date will be determined based upon the closing value published on the Bloomberg Professional</font></FONT><FONT style="font-family: Arial, sans-serif; vertical-align: super; font-size: 10pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> service (&#8220;Bloomberg&#8221;) page &#8220;SPX &lt;Index&gt;&#8221; or any successor page on Bloomberg or any successor service, as applicable, on such date</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 3.74pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Initial Value:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Closing Value of the Reference Asset on the Trade Date</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 24.75pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Final Value:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Closing Value of the Reference Asset on the Final Valuation Date</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 24.75pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 6.6pt; text-align: justify"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Market Disruption Events and other Postponements:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Final Valuation Date is subject to postponement, as described under &#8220;General Terms of the Notes &#8212; Market Disruption Events&#8221; in the accompanying product supplement.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 24.75pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Adjustments to the Reference Asset:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Reference Asset and the terms of the Notes, including without limitation the Initial Value and Final Value are subject to adjustment, as described under &#8220;General Terms of the Notes &#8212; Unavailability of the Closing Value of a Reference Asset; Adjustments to a Reference Asset &#8212; Unavailability of the Closing Value of a Reference Index; Alternative Calculation Methodology&#8221; in the accompanying product supplement</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 13.2pt; text-align: justify"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Status:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes will constitute direct, unsubordinated and unsecured obligations of the Bank ranking </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; "><font style='white-space: pre-wrap;'>pari passu</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> with all other direct, unsecured and unsubordinated indebtedness of the Bank from time to time outstanding (except as otherwise prescribed by law). The Notes are not insured by the CDIC pursuant to the CDIC Act, the FDIC or any other government agency of Canada, the United States or any other jurisdiction.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Tax Redemption:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>The Bank (or its successor) may redeem the Notes, in whole but not in part, at a redemption price determined by the Calculation Agent in a manner reasonably calculated to preserve your and our relative economic position, if it is determined that changes in tax laws or their interpretation will result in the Bank (or its successor) becoming obligated to pay additional amounts with respect to the Notes. See &#8220;Tax Redemption&#8221; in the accompanying product supplement</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Listing:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes will not be listed on any securities exchange or quotation system</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 13.2pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Terms Incorporated:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; vertical-align: bottom">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>All of the terms appearing above the item under the caption &#8220;General Terms of the Notes&#8221; in the accompanying product supplement, as modified by this pricing supplement</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 13.2pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Business Day:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>As specified in the product supplement under &#8220;General Terms of the Notes&#8212;Special Calculation Provisions&#8212;Business Day&#8221;</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 13.2pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Calculation Agent:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: left; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Scotia Capital Inc., an affiliate of the Bank</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Canadian Bail-in:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; vertical-align: bottom">
                            <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes are not bail-inable debt securities under the CDIC Act</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>The dates listed above are subject to change and will be set forth in the final pricing supplement.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Investing in the Notes involves significant risks. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of the Bank. If the Bank were to default on its payment obligations you may not receive any amounts owed to you under the Notes and you could lose your entire investment.</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>4</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 38.94pt 31.68pt 0; min-height: 10pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; border-bottom: #FF0000 0.75pt solid; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; text-transform: uppercase; "><font style='white-space: pre-wrap;'>Additional Terms Of Your notes</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>You should read this pricing supplement together with the prospectus dated November 8, 2024, as supplemented by the prospectus supplement dated November 8, 2024, the underlier supplement dated November 8, 2024 and&#160;the product supplement (Market-Linked Notes, Series A) dated November 8, 2024, relating to our Senior Note Program, Series A, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings given to them in the product supplement. In the event of any conflict between this pricing supplement and any of the foregoing, the following hierarchy will govern: first, this pricing supplement; second, the accompanying product supplement; third, the underlier supplement; fourth, the prospectus supplement; and last, the prospectus.&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>The Notes may vary from the terms described in the accompanying prospectus, prospectus supplement, underlier supplement and product supplement in several important ways. You should read this pricing supplement carefully, including the documents incorporated by reference herein.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in &#8220;Additional Risk Factors Specific to the Notes&#8221; in the accompanying product supplement, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors concerning an investment in the Notes. You may access these documents on the SEC website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant date on the SEC website).</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; margin-top: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>Product Supplement (Market-Linked Notes, Series A) dated November 8, 2024:</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; margin-top: 0"><A href="http://www.sec.gov/Archives/edgar/data/9631/000183988224038316/bns_424b2-21309.htm" style="word-break: break-all; "><FONT style="font-family: Arial, sans-serif; background-color: #FFFFFF; color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>http://www.sec.gov/Archives/edgar/data/9631/000183988224038316/bns_424b2-21309.htm</font></U></FONT></A></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; margin-top: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>Underlier Supplement dated November 8, 2024:</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; margin-top: 0"><A href="http://www.sec.gov/Archives/edgar/data/9631/000183988224038308/bns_424b2-21314.htm" style="word-break: break-all; "><FONT style="font-family: Arial, sans-serif; background-color: #FFFFFF; color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>http://www.sec.gov/Archives/edgar/data/9631/000183988224038308/bns_424b2-21314.htm</font></U></FONT></A><FONT style="font-family: Arial, sans-serif; color: #000000; "><font style='white-space: pre-wrap;'> </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; margin-top: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>Prospectus Supplement dated November 8, 2024:</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; margin-top: 0"><A href="http://www.sec.gov/Archives/edgar/data/9631/000183988224038303/bns_424b3-21311.htm" style="word-break: break-all; "><FONT style="font-family: Arial, sans-serif; background-color: #FFFFFF; color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>http://www.sec.gov/Archives/edgar/data/9631/000183988224038303/bns_424b3-21311.htm</font></U></FONT></A></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; margin-top: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>Prospectus dated November 8, 2024:</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; margin-top: 0"><A href="http://www.sec.gov/Archives/edgar/data/9631/000119312524253771/d875135d424b3.htm" style="word-break: break-all; "><FONT style="font-family: Arial, sans-serif; background-color: #FFFFFF; color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'>http://www.sec.gov/Archives/edgar/data/9631/000119312524253771/d875135d424b3.htm</font></U></FONT></A></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>5</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; border-bottom: #FF0000 0.5pt solid; margin-top: 13.2pt; margin-bottom: 6.6pt; text-align: justify"><FONT style="font-family: Arial, sans-serif; font-weight: bold; text-transform: uppercase; "><font style='white-space: pre-wrap;'>Investor Suitability </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes may be suitable for you if:</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You fully understand and accept the risks inherent in an investment in the Notes, including the risk that you may receive no positive return on your investment in the Notes</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You believe that the Final Value will be greater than the Initial Value</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You understand and accept that your return on the Notes will not exceed the Maximum Return and that you will not benefit from any increase in the level of the Reference Asset beyond a Reference Asset Return equal to the Maximum Return</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You are willing to accept the market risks associated with the Reference Asset</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You do not seek current income from your investment and are willing to forgo any dividends or other distributions on the Reference Asset Constituent Stocks</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You are willing to hold the Notes to maturity and accept that there may be little or no secondary market for the Notes</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You are willing to assume the credit risk of the Bank for all payments under the Notes, and understand that if the Bank defaults on its obligations you may not receive any amounts due to you including any repayment of principal</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes may not be suitable for you if:</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You do not fully understand or are unwilling to accept the risks inherent in an investment in the Notes, including the risk that you may receive no positive return on your investment in the Notes</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You believe that the Final Value will be equal to or less than the Initial Value </font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You seek an investment that provides uncapped participation in any positive performance of the Reference Asset</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You are unwilling to accept the market risks associated with the Reference Asset </font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You seek periodic interest or coupon payments from your investment and/or you prefer to receive dividends or distributions on the Reference Asset Constituent Stocks</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You are unable or unwilling to hold the Notes to maturity, or you seek an investment for which there will be a guaranteed secondary market</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-align: justify; margin-left: 39.6pt; text-indent: -39.6pt"><!--[if IE]<FONT style="display: inline-block; width: 39.60pt; text-indent: -39.60pt; "><![endif]--><FONT style="display: inline-block; width: 39.60pt; text-indent: 0; text-align: left; font-size: 10.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>You are unwilling to assume the credit risk of the Bank for all payments under the Notes</font></FONT></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>The investor suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you will depend on your individual circumstances and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the suitability of an investment in the Notes in light of your particular circumstances. You should also review &#8220;Additional Risks&#8221; in this pricing supplement and the &#8220;Additional Risk Factors Specific to the Notes&#8221; beginning on page PS-6 of the accompanying product supplement and &#8220;Risk Factors&#8221; beginning on page S-2 of the accompanying prospectus supplement and on page 8 of the accompanying prospectus for risks related to an investment in the Notes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>6</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; border-bottom: #FF0000 0.75pt solid; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; text-transform: uppercase; "><font style='white-space: pre-wrap;'>Hypothetical Payments AT MATURITY On the notes</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The table and examples set out below are purely hypothetical and included for illustration purposes only. The actual Initial Value will be determined on the Trade Date as set forth under &#8220;Summary&#8221; herein. The &#8220;Total Return on the Notes&#8221; and &#8220;total return&#8221;, as used in these examples, is the number, expressed as a percentage, that results from comparing the Payment at Maturity per Note to $1,000. The numbers appearing in the following examples may have been rounded for ease of analysis. The following examples do not take into account any tax consequences from investing in the Notes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of the Bank. If the Bank were to default on its payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment.</font></FONT></P>
                <TABLE STYLE="width: 73.02%; font-size: 10pt; margin-left: 0pt; width: 73.02%; table-layout: fixed; border-collapse: collapse">
                    <TR STYLE="font-size: 10pt">
                        <TD STYLE="width: 39.2%; font-size: 10pt; width: 39.2%; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 70.8%; font-size: 10pt; width: 70.8%; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0pt 0.5pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 3.3pt; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Key Terms and Assumptions</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 14.03pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 0.5pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 3.3pt; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Hypothetical Initial Value:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 0.5pt">
                            <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>100.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 14.03pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 0.5pt">
                            <P STYLE="font-size: 10pt; margin-bottom: 3.3pt; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Hypothetical Maximum Return:</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 0.5pt">
                            <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>59.00%</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P STYLE="font-size: 10pt; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <TABLE STYLE="width: 492.86pt; font-size: 10pt; margin-left: auto; width: 492.86pt; table-layout: fixed; border-collapse: collapse; margin-right: auto">
                    <TR STYLE="font-size: 10pt">
                        <TD STYLE="width: 103.90pt; font-size: 10pt; width: 103.9pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 145.48pt; font-size: 10pt; width: 145.48pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 129.36pt; font-size: 10pt; width: 129.36pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 114.12pt; font-size: 10pt; width: 114.12pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #BFBFBF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Final Value </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #BFBFBF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Reference Asset Return </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #BFBFBF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Payment at Maturity (per Note)</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #BFBFBF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Total Return on the Notes</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>180.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>80.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,590.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>59.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>170.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>70.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,590.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>59.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>160.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>60.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,590.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>59.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top; min-height: 3.85pt">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>159.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>59.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,590.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>59.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>145.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>45.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,450.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>45.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>130.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>30.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,300.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>30.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>115.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>15.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,150.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF; vertical-align: middle">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>15.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>100.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #D9D9D9">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>95.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>-5.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>90.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>-10.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>80.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>-20.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>70.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>-30.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>60.00 </font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>-40.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>50.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>-50.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>25.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>-75.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>-100.00%</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid; background-color: #FFFFFF">
                            <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Example 1: The value of the Reference Asset increases to a Final Value of 115.00. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Because the Final Value is greater than the Initial Value and the Reference Asset Return is less than the Maximum Return, you will receive a Payment at Maturity of $1,150.00 per Note, calculated as follows:</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: center; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; Reference Asset Return)</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: center; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 &#215; 15.00%) = $1,150.00</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The total return per Note is 15.00%.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Example 2: The value of the Reference Asset increases to a Final Value of 170.00. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Because the Final Value is greater than the Initial Value and the Reference Asset Return is greater than the Maximum Return, you will receive a Payment at Maturity of $1,590.00 per Note.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The total return per Note is 59.00%, the maximum possible return on the Notes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Example 3: The value of the Reference Asset decreases to a Final Value of 50.00.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Because the Final Value is equal to or less than the Initial Value, you will receive a Payment at Maturity of $1,000.00 per Note.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The total return per Note is 0.00%.</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>7</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; border-bottom: #FF0000 0.75pt solid; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; text-transform: uppercase; "><font style='white-space: pre-wrap;'>ADDITIONAL RISKS</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>An investment in the Notes involves significant risks. In addition to the following risks included in this pricing supplement, we urge you to read &#8220;Additional Risk Factors Specific to the Notes&#8221; beginning on page PS-6 of the accompanying product supplement and &#8220;Risk Factors&#8221; beginning on page S-2 of the accompanying prospectus supplement and page 8 of the accompanying prospectus.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>You should understand the risks of investing in the Notes and carefully consider, with your advisors, the suitability of the Notes in light of your particular financial circumstances and the information set forth in this pricing supplement and in the accompanying product supplement, underlier supplement, prospectus supplement and prospectus.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; margin-bottom: 3.3pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>Risks Relating to Return Characteristics</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>No interest</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes will not bear interest and, accordingly, you will not receive any payments on the Notes other than the Payment at Maturity.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Your potential return is limited by the Maximum Return</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If the Final Value is greater than the Initial Value, your return on the Notes will be limited by the Maximum Return. You will not benefit from any increase in the level of the Reference Asset beyond a Reference Asset Return equal to the Maximum Return, which may be significant.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Your investment may not result in a positive return</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>You will receive no positive return on your investment in the Notes if the Final Value is equal to or less than the Initial Value. If the Final Value is equal to or less than the Initial Value, the return at maturity of the Principal Amount of your Notes will not compensate you for any loss in value due to inflation or other factors relating to the value of money over time.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The Payment at Maturity is not linked to the value of the Reference Asset at any time other than on the Final Valuation Date</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Payment at Maturity will be based on the Final Value, which will be equal to the Closing Value of the Reference Asset on the Final Valuation Date. Even if the value of the Reference Asset increases at any other time but then declines to a Final Value that is equal to or less than the Initial Value, you will receive no positive return on the Notes. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The Notes differ from conventional debt instruments</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes are not conventional notes or debt instruments. The Notes do not provide you with interest payments as a conventional fixed-rate or floating-rate debt security with the same maturity would. The return that you will receive on the Notes may be less than the return you could earn on other investments. Even if your return is positive, your return may be less than the return you would earn if you bought a conventional interest-bearing senior debt security of the Bank.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; "><font style='white-space: pre-wrap;'>Holding the Notes is not the same as holding the Reference Asset Constituent Stocks</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; "><font style='white-space: pre-wrap;'>Holding the Notes is not the same as holding the Reference Asset Constituent Stocks. For example, as a holder of the Notes, you will not be entitled to the voting rights or rights to receive dividends or other distributions or other rights that holders of the Reference Asset Constituent Stocks would enjoy.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; margin-bottom: 3.3pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>Risks Relating to Characteristics of the Reference Asset</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; "><font style='white-space: pre-wrap;'>The Notes are subject to market risk associated with the Reference Asset</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The return on the Notes is directly linked to the performance of the Reference Asset and indirectly linked to the performance of the Reference Asset Constituent Stocks. The value of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset Constituent Stocks, as well as general market factors, such as general market volatility and levels, interest rates and economic, political and other conditions. </font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>8</FONT></FONT></P>
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            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; "><font style='white-space: pre-wrap;'>Investors should investigate the Reference Asset and the Reference Asset Constituent Stocks as if making a hypothetical direct investment in the Reference Asset Constituent Stocks</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; "><font style='white-space: pre-wrap;'>Investors should conduct their own diligence of the Reference Asset and Reference Asset Constituent Stocks as an investor would if it were making a hypothetical direct investment in the Reference Asset Constituent Stocks. Neither we nor any of our affiliates have participated in the preparation of any publicly available information or made any &#8220;due diligence&#8221; investigation or inquiry with respect to the Reference Asset or the Reference Asset Constituent Stocks. Furthermore, we cannot give any assurance that all events occurring prior to the Original Issue Date have been properly disclosed. Subsequent disclosure of any such events or the disclosure or failure to disclose material future events concerning the Reference Asset or the Reference Asset Constituent Stocks could affect any return on the Notes. Investors should not conclude that the sale by the Bank of the Notes is any form of investment recommendation by the Bank or any of its affiliates to invest in securities linked to the performance of the Reference Asset or the Reference Asset Constituent Stocks. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; "><font style='white-space: pre-wrap;'>The Reference Asset reflects price return only and not total return</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; "><font style='white-space: pre-wrap;'>The return on your Notes is based on the performance of the Reference Asset, which reflects the changes in the market prices of the Reference Asset Constituent Stocks. It is not, however, linked to a &#8220;total return&#8221; index or strategy, which, in addition to reflecting those price returns, would also reflect dividends paid on the Reference Asset Constituent Stocks. The return on your Notes will not include such a total return feature or dividend component.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; "><font style='white-space: pre-wrap;'>The Bank cannot control actions by the sponsor of the Reference Asset and such sponsor has no obligation to consider your interests</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; "><font style='white-space: pre-wrap;'>The Bank and its affiliates are not affiliated with the sponsor of the Reference Asset and have no ability to control or predict its actions,</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; "><font style='white-space: pre-wrap;'>including any errors in or discontinuation of public disclosure regarding methods or policies relating to the calculation of the</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; "><font style='white-space: pre-wrap;'>Reference Asset. The sponsor is not involved in the Notes offering in any way and has no obligation to consider your</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; "><font style='white-space: pre-wrap;'>interest as an owner of the Notes in taking any actions that might negatively affect the market value of, and return on, your Notes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Past performance of the Reference Asset should not be taken as an indication of the future performance of the Reference Asset </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The value of the Reference Asset has fluctuated in the past and may in the future experience significant fluctuations. The historical performance of the Reference Asset is not an indication of future performance. The performance of the Reference Asset over the term of the Notes may bear no relation or resemblance to its historical performance.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; margin-bottom: 3.3pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>Risks Relating to Estimated Value and Liquidity</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The Bank&#8217;s initial estimated value of the Notes at the time of pricing (when the terms of your Notes are set on the Trade Date) will be lower than the Original Issue Price of the Notes</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Bank&#8217;s initial estimated value of the Notes is only an estimate. The Original Issue Price of the Notes will exceed the Bank&#8217;s initial estimated value. The difference between the Original Issue Price of the Notes and the Bank&#8217;s initial estimated value reflects costs associated with selling and structuring the Notes, as well as hedging its obligations under the Notes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Neither the Bank&#8217;s nor SCUSA&#8217;s estimated value of the Notes at any time is determined by reference to credit spreads or the borrowing rate the Bank would pay for its conventional fixed-rate debt securities</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Bank&#8217;s initial estimated value of the Notes and SCUSA&#8217;s estimated value of the Notes at any time are determined by reference to the Bank&#8217;s internal funding rate. The internal funding rate used in the determination of the estimated value of the Notes generally represents a discount from the credit spreads for the Bank&#8217;s conventional fixed-rate debt securities and the borrowing rate the Bank would pay for its conventional fixed-rate debt securities. This discount is based on, among other things, the Bank&#8217;s view of the funding value of the Notes as well as the higher issuance, operational and ongoing liability management costs of the Notes in comparison to those costs for the Bank&#8217;s conventional fixed-rate debt. If the interest rate implied by the credit spreads for the Bank&#8217;s conventional fixed-rate debt securities, or the borrowing rate the Bank would pay for its conventional fixed-rate debt securities were to be used, the Bank would expect the economic terms of the Notes to be more favorable to you. Consequently, the use of an internal funding rate for the Notes increases the estimated value of the Notes at any time and has an adverse effect on the economic terms of the Notes. </font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>9</FONT></FONT></P>
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            <P STYLE="font-size: 10pt"></P>
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        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The Bank&#8217;s initial estimated value of the Notes does not represent future values of the Notes and may differ from others&#8217; (including SCUSA&#8217;s) estimates</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Bank&#8217;s initial estimated value of the Notes is determined by reference to its internal pricing models when the terms of the Notes are set. These pricing models consider certain factors, such as the Bank&#8217;s internal funding rate on the Trade Date, the expected term of the Notes, market conditions and other relevant factors existing at that time, and the Bank&#8217;s assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. Different pricing models and assumptions (including the pricing models and assumptions used by SCUSA) could provide valuations for the Notes that are different, and perhaps materially lower, from the Bank&#8217;s initial estimated value. Therefore, the price at which SCUSA would buy or sell your Notes (if SCUSA makes a market, which it is not obligated to do) may be materially lower than the Bank&#8217;s initial estimated value. In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The price at which SCUSA would buy or sell your Notes (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA&#8217;s estimated value of your Notes</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>SCUSA&#8217;s estimated value of the Notes is determined by reference to its pricing models and takes into account the Bank&#8217;s internal funding rate. Assuming that all relevant factors remain constant after the Trade Date, the price at which SCUSA would initially buy or sell your Notes in the secondary market (if SCUSA makes a market, which it is not obligated to do) may exceed SCUSA&#8217;s estimated value of your Notes as of the Trade Date. As agreed by SCUSA, this excess is expected to decline to zero over the period specified under &#8220;Additional Information Regarding Estimated Value of the Notes&#8221; herein. Thereafter, if SCUSA buys or sells your Notes, it will do so at prices that reflect the estimated value determined by reference to SCUSA&#8217;s pricing models at that time. The price at which SCUSA will buy or sell your Notes at any time also will reflect its then current bid and ask spread for similar sized trades of structured notes. If SCUSA calculated its estimated value of your Notes by reference to the Bank&#8217;s credit spreads or the borrowing rate the Bank would pay for its conventional fixed-rate debt securities (as opposed to the Bank&#8217;s internal funding rate), the price at which SCUSA would buy or sell your Notes (if SCUSA makes a market, which it is not obligated to do) could be significantly lower.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>SCUSA&#8217;s pricing models consider certain variables, including principally the Bank&#8217;s internal funding rate, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the Notes. These pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold your Notes in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your Notes determined by reference to SCUSA&#8217;s models, taking into account the Bank&#8217;s internal funding rate, due to, among other things, any differences in pricing models or assumptions used by others. See &#8220;&#8212; The price at which the Notes may be sold prior to maturity will depend on a number of factors and may be substantially less than the amount for which they were originally purchased&#8221; herein.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>In addition to the factors discussed above, the value and quoted price of your Notes at any time will reflect many factors and cannot be predicted. If SCUSA makes a market in the Notes, the price quoted by SCUSA would reflect any changes in market conditions and other relevant factors, including any deterioration in the Bank&#8217;s creditworthiness or perceived creditworthiness. These changes may adversely affect the value of your Notes, including the price you may receive for your Notes in any market making transaction. To the extent that SCUSA makes a market in the Notes, the quoted price will reflect the estimated value determined by reference to SCUSA&#8217;s pricing models at that time, plus or minus SCUSA&#8217;s then current bid and ask spread for similar sized trades of structured notes (and subject to the declining excess amount described above). </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Furthermore, if you sell your Notes, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount. This commission or discount will further reduce the proceeds you would receive for your Notes in a secondary market sale.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>There is no assurance that SCUSA or any other party will be willing to purchase your Notes at any price and, in this regard, SCUSA is not obligated to make a market in the Notes. See &#8220;&#8212; The Notes lack liquidity&#8221; herein.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The price at which the Notes may be sold prior to maturity will depend on a number of factors and may be substantially less than the amount for which they were originally purchased</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The price at which the Notes may be sold prior to maturity will depend on a number of factors.</font></FONT><FONT style="font-family: Times New Roman, Times, serif; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Some of these factors include, but are not limited to: (i) actual or anticipated changes in the value of the Reference Asset over the full term of the Notes, (ii) volatility of the Reference Asset and the market&#8217;s perception of future volatility of the Reference Asset, (iii) changes in interest rates generally, (iv) any actual or anticipated changes in our credit ratings or credit spreads and (v) the time remaining to maturity. In particular, because the provisions of the Notes relating to the Payment at Maturity behave like options, the value of the Notes will vary in ways which are non-linear and may not be intuitive.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Depending on the actual or anticipated value of the Reference Asset and other relevant factors, the market value of the Notes may decrease and you may receive substantially less than 100% of the issue price if you sell your Notes prior to maturity.</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>10</FONT></FONT></P>
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            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
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                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>See &#8220;Additional Risk Factors Specific to the Notes &#8212; Risks Relating to Liquidity &#8212; The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors&#8221; in the accompanying product supplement.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The Notes lack liquidity</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes will not be listed on any securities exchange or automated quotation system. Therefore, there may be little or no secondary market for the Notes. SCUSA and any other affiliates of the Bank may, but are not obligated to, make a market in the Notes. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because we do not expect that other broker-dealers will participate significantly in the secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which SCUSA is willing to purchase the Notes from you. If at any time SCUSA does not make a market in the Notes, it is likely that there would be no secondary market for the Notes. Accordingly, you should be willing to hold your Notes to maturity.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; margin-bottom: 3.3pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>Risks Relating to Hedging Activities and Conflicts of Interest</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>There are potential conflicts of interest between you and the Calculation Agent</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Scotia Capital Inc., the Calculation Agent, is one of our affiliates. In performing its duties, the economic interests of the Calculation Agent are potentially adverse to your interests as an investor in the Notes. The Calculation Agent is under no obligation to consider your interests as a holder of the Notes in taking any actions that might affect the value of the Reference Asset or the value of, and return on, the Notes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Hedging activities by the Bank and SCUSA may negatively impact investors in the Notes and cause our respective interests and those of our clients and counterparties to be contrary to those of investors in the Notes</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Bank, SCUSA or one or more of our other affiliates has hedged or expects to hedge the obligations under the Notes by purchasing futures and/or other instruments linked to the Reference Asset or one or more Reference Asset Constituent Stocks. The Bank, SCUSA or one or more of our other affiliates also expects to adjust the hedge by, among other things, purchasing or selling any of the foregoing, and perhaps other instruments linked to the Reference Asset or one or more Reference Asset Constituent Stocks, at any time and from time to time, and to unwind the hedge by selling any of the foregoing on or before the Final Valuation Date.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Bank, SCUSA or one or more of our other affiliates may also enter into, adjust and unwind hedging transactions relating to other basket- or index-linked notes whose returns are linked to changes in the value or price of the Reference Asset or the Reference Asset Constituent Stocks. Any of these hedging activities may adversely affect the value of the Reference Asset and, therefore, the market value of, and return on, the Notes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The Bank, SCUSA and/or our other affiliates regularly provide services to, or otherwise have business relationships with, a broad client base, which may include the issuers of the Reference Asset Constituent Stocks and the market activities by the Bank, SCUSA</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>and/or our other affiliates for our own account or for our clients could negatively impact investors in the Notes</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>We, SCUSA and/or our other affiliates regularly provide a wide range of financial services, including financial advisory, investment advisory and transactional services to a substantial and diversified client base. As such, we each may act as an investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker or lender. In those and other capacities, we, SCUSA and/or our other affiliates purchase, sell or hold a broad array of investments, actively trade securities (including the Notes or other securities that we have issued), the Reference Asset Constituent Stocks, derivatives, loans, credit default swaps, indices, baskets and other financial instruments and products for our own accounts or for the accounts of our customers, and we will have other direct or indirect interests, in those securities and in other markets that may not be consistent with your interests and may adversely affect the value of the Reference Asset and/or the value of the Notes. You should assume that we or they will, at present or in the future, provide such services or otherwise engage in transactions with, among others, us, and the issuers of the Reference Asset Constituent Stocks, or transact in securities or instruments or with parties that are directly or indirectly related to these entities. These services could include making loans to or equity investments in those companies, providing financial advisory or other investment banking services, or issuing research reports. Any of these financial market activities may, individually or in the aggregate, have an adverse effect on the value of the Reference Asset and the market for your Notes, and you should expect that our interests and those of SCUSA and/or our other affiliates, clients or counterparties, will at times be adverse to those of investors in the Notes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>You should expect that we, SCUSA and our other affiliates, in providing these services, engaging in such transactions, or acting for our or their own respective accounts, may take actions that have direct or indirect effects on the Notes or other securities that we may issue, the Reference Asset Constituent Stocks or other securities or instruments similar to or linked to the foregoing, and that such actions could be adverse to the interests of investors in the Notes. In addition, in connection with these activities, certain personnel within the Bank, SCUSA and/or our other affiliates may have access to confidential material non-public information about these parties that would not be disclosed to investors in the Notes.</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>11</FONT></FONT></P>
            </DIV>
        </DIV>
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            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>We, SCUSA and/or our other affiliates regularly offer a wide array of securities, financial instruments and other products into the marketplace, including existing or new products that are similar to the Notes or other securities that we may issue, the Reference Asset Constituent Stocks or other securities or instruments similar to or linked to the foregoing. Investors in the Notes should expect that the Bank, SCUSA and/or our other affiliates offer securities, financial instruments, and other products that may compete with the Notes for liquidity or otherwise.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; margin-bottom: 3.3pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>Risks Relating to General Credit Characteristics</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Your investment is subject to the credit risk of the Bank</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes are senior unsecured debt obligations of the Bank, and are not, either directly or indirectly, an obligation of any third party. As further described in the accompanying prospectus, prospectus supplement and product supplement, the Notes will rank on par with all of the other unsecured and unsubordinated debt obligations of the Bank, except such obligations as may be preferred by operation of law. Any payment to be made on the Notes depends on the ability of the Bank to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of the Bank may affect the market value of the Notes and, in the event the Bank were to default on its obligations, you may not receive the amounts owed to you under the terms of the Notes. If you sell the Notes prior to maturity, you may receive substantially less than the Principal Amount of your Notes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; margin-bottom: 3.3pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>Risks Relating to Canadian and U.S. Federal Income Taxation</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>Uncertain tax treatment</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor about your tax situation. See &#8220;Material Canadian Income Tax Consequences&#8221; and &#8220;Material U.S. Federal Income Tax Consequences&#8221; in this pricing supplement</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>12</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; border-bottom: #FF0000 0.5pt solid; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; text-transform: uppercase; "><font style='white-space: pre-wrap;'>Information Regarding The Reference Asset </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>All disclosures contained in this pricing supplement regarding the Reference Asset are derived from publicly available information. Such information reflects the policies of, and is subject to change by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P&#8221;), and/or its affiliates.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Reference Asset includes a representative sample of 500 companies in leading industries of the U.S. economy and is intended to provide a performance benchmark for the large-cap U.S. equity markets. Please see &#8220;Indices&#8212;The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; vertical-align: super; font-size: 10pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index&#8221; in the accompanying underlier supplement for additional information regarding the Reference Asset, S&amp;P and our license agreement with respect to the Reference Asset. Additional information regarding the Reference Asset, including its sectors, sector weightings and top constituents, may be available on S&amp;P&#8217;s website.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; margin-bottom: 6.6pt; text-align: justify"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Historical Information</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; color: #000000; background-color: #FFFFFF; "><font style='white-space: pre-wrap;'>We obtained the information regarding the historical performance of the Reference Asset in the graph below from Bloomberg, without independent review or verification. The graph below illustrates the performance of the Reference Asset from January 1, 2020 through December 8, 2025</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The historical performance of the Reference Asset should not be taken as an indication of its future performance, and no assurance can be given as to the performance of the Reference Asset over the term of the Notes. We cannot give you assurance that the performance of the Reference Asset will result in any positive return on your investment in the Notes. </font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-style: italic; "><font style='white-space: pre-wrap;'>Past performance of the Reference Asset is not indicative of the future performance of the Reference Asset.</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; ">                        <IMG width="466.29pt" height="237.11pt" src="image2.gif" style="width: 466.29pt; height: 237.11pt; ">
                        </FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 5.5pt; margin-bottom: 0"><FONT style="font-size: 10.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>13</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; border-bottom: #FF0000 0.5pt solid; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; text-transform: uppercase; "><font style='white-space: pre-wrap;'>Material Canadian Income Tax Consequences</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>See &#8220;Supplemental Discussion of Canadian Tax Consequences&#8221; in the accompanying product supplement. In addition to the assumptions, limitations and conditions described therein, such discussion assumes that no amount paid or payable to a Non-Resident Holder will be the deduction component of a &#8220;hybrid mismatch arrangement&#8221; under which the payment arises within the meaning of paragraph 18.4(3)(b) of the Act.</font></FONT></P>
                <P STYLE="font-size: 10pt; border-bottom: #FF0000 0.5pt solid; text-align: justify; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>The U.S. federal income tax consequences of your investment in the Notes are uncertain. There are no statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the Notes. No ruling from the U.S. Internal Revenue Service (the &#8220;IRS&#8221;) has been sought as to the U.S. federal income tax consequences of your investment in the Notes, and the following discussion is not binding on the IRS. Some of these tax consequences are summarized below, but we urge you to read the more detailed discussion under &#8220;Material U.S. Federal Income Tax Consequences&#8221; in the accompanying product supplement and to discuss the tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), final, temporary and proposed U.S. Department of the Treasury (the &#8220;Treasury&#8221;) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. </font></FONT></P>


<P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT STYLE="font-family: Arial, sans-serif"><FONT STYLE="white-space: pre-wrap"></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><I>U.S. Tax Treatment. </I>Pursuant to the terms
of the Notes, the Bank and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial
ruling to the contrary, to characterize your Notes as contingent payment debt instruments (&ldquo;CPDI&rdquo;) subject to taxation under
the &ldquo;noncontingent bond method&rdquo;. If your Notes are so treated, you should generally, for each accrual period, accrue original
issue discount (&ldquo;OID&rdquo;) equal to the product of (i) the &ldquo;comparable yield&rdquo; (adjusted for the length of the accrual
period), and (ii) the &ldquo;adjusted issue price&rdquo; of the Notes at the beginning of the accrual period. This amount is ratably
allocated to each day in the accrual period and is includible as ordinary interest income by a U.S. holder for each day in the accrual
period on which the U.S. holder holds the CPDI, whether or not the amount of any payment is fixed or determinable in the taxable year.
Thus, the noncontingent bond method will result in recognition of income prior to the receipt of cash.&nbsp;</P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>In general, the comparable yield of a CPDI is equal to the yield at which we would issue a fixed rate debt instrument with terms and conditions similar to those of the CPDI, including the level of subordination, term, timing of payments, and general market conditions. In general, because similar fixed rate debt instruments issued by us are traded at a price that reflects a spread above a benchmark rate, the comparable yield is the sum of the benchmark rate on the original issue date and the spread. However, a special rule provides that the comparable yield may not be less than the &#8220;applicable federal rate&#8221; published by the Treasury.</FONT></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT STYLE="font-family: Arial, sans-serif"><FONT STYLE="white-space: pre-wrap"></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">As the Notes have only a single contingent payment
at maturity, the adjusted issue price of each Note at the beginning of each accrual period is equal to the issue price of the Note plus
the amount of OID previously includible in the gross income of the U.S. holder in respect of prior accrual periods.&nbsp;</P>

                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>In addition to the determination of a comparable yield, the noncontingent bond method requires the construction of a projected payment schedule. The projected payment schedule includes the projected amount for the contingent payment to be made under the CPDI, adjusted to produce the comparable yield. We have determined that the comparable yield for the Notes is equal to [&#9679;]% per annum, compounded semi-annually, with a projected payment at maturity of $[&#9679;] based on an investment of $1,000. Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual contingent amount that we will pay on a Note.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 6.6pt; text-align: justify"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Based on this comparable yield, if you are an initial holder that holds a Note until maturity and you calculate your taxes on a calendar year basis, we have determined that you would be required to report the following amounts as ordinary interest income from the Note, not taking into account any positive or negative adjustments you may be required to take into account based on actual payments on such Note: </font></FONT></P>
                <TABLE STYLE="width: 519.48pt; font-size: 10pt; margin-left: auto; width: 519.48pt; table-layout: fixed; border-collapse: collapse; margin-right: auto">
                    <TR STYLE="font-size: 10pt">
                        <TD STYLE="width: 192.78pt; font-size: 10pt; width: 192.78pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 163.35pt; font-size: 10pt; width: 163.35pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 163.35pt; font-size: 10pt; width: 163.35pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Accrual Period</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Interest Deemed to Accrue During Accrual Period (per $1,000 Note)</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Total Interest Deemed to Have Accrued From Original Issue Date (per $1,000 Note) as of End of Accrual Period</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Original Issue Date through June 17, 2026</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>14</FONT></FONT></P>
            </DIV>
        </DIV>
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            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <TABLE STYLE="width: 519.48pt; font-size: 10pt; margin-left: auto; width: 519.48pt; table-layout: fixed; border-collapse: collapse; margin-right: auto">
                    <TR STYLE="font-size: 10pt">
                        <TD STYLE="width: 192.78pt; font-size: 10pt; width: 192.78pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 163.35pt; font-size: 10pt; width: 163.35pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                        <TD STYLE="width: 163.35pt; font-size: 10pt; width: 163.35pt; border-width: 0; margin: 0; padding: 0; height: 0">
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>June </font></FONT><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>17, 2026 through December 17, 2026</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>December 17, 2026 through June 17, 2027</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>June 17, 2027 through December 17, 2027</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>December 17, 2027 through June 17, 2028</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>June 17, 2028 through December 17, 2028</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>December 17, 2028 through June 17, 2029</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>June 17, 2029 through December 17, 2029</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>December 17, 2029 through June 17, 2030</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>June 17, 2030 through December 17, 2030</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>December 17, 2030 through June 17, 2031</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>June 17, 2031 through December 17, 2031</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>December 17, 2031 through June 17, 2032</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                    <TR STYLE="font-size: 10pt; vertical-align: top">
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>June 17, 2032 through Maturity Date</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                        <TD STYLE="font-size: 10pt; padding: 0pt 5.94pt; border: black 0.5pt solid">
                            <P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6.6pt; text-indent: 0pt; text-align: center"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$[&#9679;]</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>A U.S. holder of the Notes is required to use our projected payment schedule to determine its interest accruals and adjustments, unless such holder determines that our projected payment schedule is unreasonable, in which case such holder must disclose its own projected payment schedule in connection with its U.S. federal income tax return and the reason(s) why it is not using our projected payment schedule.</FONT></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT STYLE="font-family: Arial, sans-serif"><FONT STYLE="white-space: pre-wrap"></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">If the actual amount of the contingent payment
at maturity is different from the amount reflected in the projected payment schedule, a U.S. holder is required to make adjustments in
its OID accruals under the noncontingent bond method described above when that amount is paid. An adjustment arising from the contingent
payment made at maturity that is greater than the assumed amount of such payment is referred to as a &ldquo;positive adjustment&rdquo;;
an adjustment arising from the contingent payment at maturity that is less than the assumed amount of such payment is referred to as a
&ldquo;negative adjustment&rdquo;. Any positive adjustment for a taxable year is treated as additional OID income of the U.S. holder.
Any net negative adjustment reduces any OID on a Note for the taxable year that would otherwise accrue. Any excess is then treated as
a current-year ordinary loss to the U.S. holder to the extent of OID accrued on the Note in prior years. The balance, if any, reduces
the amount realized upon a taxable disposition of the Note.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">In general, a U.S. holder&rsquo;s basis in a
CPDI is increased by any interest income previously accrued (determined without regard to adjustments due to differences between projected
and actual payments) and decreased by the projected amounts of any payments previously made on the CPDI (without regard to actual amounts
paid). Gain upon a sale, exchange, redemption, retirement or other disposition of the Notes generally is treated as ordinary income. Loss,
on the other hand, is treated as ordinary loss to the extent of the U.S. holder&rsquo;s prior net OID inclusions (i.e., reduced by the
total net negative adjustments previously allowed to the U.S. holder as an ordinary loss) and capital loss to the extent in excess thereof.
However, the deductibility of a capital loss realized on the taxable disposition of a Note is subject to limitations. Under the rules
governing CPDIs, special rules would apply to a person who purchases Notes at a price other than the adjusted issue price as determined
for tax purposes.</P>




                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>A U.S. holder that purchases a Note for an amount other than the public offering price of the Note will be required to adjust its OID inclusions to account for the difference. These adjustments will affect the U.S. holder&#8217;s basis in the Note. Reports to U.S. holders may not include these adjustments. U.S. holders that purchase Notes at other than the issue price to public should consult their tax advisor regarding these adjustments.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Investors should consult their tax advisor with respect to the application of the CPDI provisions to the Notes.</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>15</FONT></FONT></P>
            </DIV>
        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver &amp; Jacobson LLP, is of the opinion that your Notes should be treated in the manner described above. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-style: italic; "><font style='white-space: pre-wrap;'>Medicare Tax on Net Investment Income.</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> U.S. holders that are individuals, estates or certain trusts are subject to an additional 3.8% tax on all or a portion of their &#8220;net investment income,&#8221; or &#8220;undistributed net investment income&#8221; in the case of an estate or trust, which may include any income or gain realized with respect to the Notes, to the extent of their net investment income or undistributed net investment income (as the case may be) that, when added to their other modified adjusted gross income, exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse), $125,000 for a married individual filing a separate return or the dollar amount at which the highest tax bracket begins for an estate or trust. The 3.8% Medicare tax is determined in a different manner than the regular income tax. U.S. holders should consult their tax advisors as to the consequences of the 3.8% Medicare tax.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-style: italic; "><font style='white-space: pre-wrap;'>Specified Foreign Financial Assets</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>. U.S. holders may be subject to reporting obligations with respect to their Notes if they do not hold their Notes in an account maintained by a financial institution and the aggregate value of their Notes and certain other &#8220;specified foreign financial assets&#8221; (applying certain attribution rules) exceeds an applicable threshold. Significant penalties can apply if a U.S. holder is required to disclose its Notes and fails to do so.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-style: italic; "><font style='white-space: pre-wrap;'>Non-U.S. Holders</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>. Subject to &#8220;FATCA&#8221;, discussed below, if you are a non-U.S. holder you should generally not be subject to U.S. withholding tax with respect to payments on your Notes or to generally applicable information reporting and backup withholding requirements with respect to payments on your Notes if you comply with certain certification and identification requirements as to your non-U.S. status (by providing us (and/or the applicable withholding agent) with a fully completed and duly executed applicable IRS Form W-8). Gain realized from the taxable disposition of a security generally should not be subject to U.S. tax unless (i) such gain is effectively connected with a trade or business conducted by you in the U.S., (ii) you are a non-resident alien individual and are present in the U.S. for 183 days or more during the taxable year of such taxable disposition and certain other conditions are satisfied or (iii) you have certain other present or former connections with the U.S.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>As discussed above, alternative characterizations of the Notes for U.S. federal income tax purposes are possible. Should an alternative characterization of the Notes cause payments with respect to the Notes to become subject to withholding tax, we (or the applicable withholding agent) will withhold tax at the applicable statutory rate and we will not make payments of any additional amounts.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-style: italic; "><font style='white-space: pre-wrap;'>FATCA</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>. The Foreign Account Tax Compliance Act (&#8220;FATCA&#8221;) was enacted on March 18, 2010, and imposes a 30% U.S. withholding tax on &#8220;withholdable payments&#8221; (i.e., certain U.S.-source payments, including interest (and original issue discount), dividends, other fixed or determinable annual or periodical gain, profits and income, and the gross proceeds from a disposition of property of a type which can produce U.S.-source interest or dividends) and &#8220;passthru payments&#8221; (i.e., certain payments attributable to withholdable payments) made to certain foreign financial institutions (and certain of their affiliates) unless the payee foreign financial institution agrees (or is required), among other things, to disclose the identity of any U.S. individual with an account at the institution (or the relevant affiliate) and to annually report certain information about such account. FATCA also requires withholding agents making withholdable payments to certain foreign entities that do not disclose the name, address, and taxpayer identification number of any substantial U.S. owners (or do not certify that they do not have any substantial U.S. owners) to withhold tax at a rate of 30%. Under certain circumstances, a holder may be eligible for refunds or credits of such taxes.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Pursuant to final and temporary Treasury regulations and other IRS guidance, the withholding and reporting requirements under FATCA will generally apply to certain &#8220;withholdable payments&#8221;, will not apply to gross proceeds on a sale or disposition, and will apply to certain foreign passthru payments only to the extent that such payments are made after the date that is two years after final regulations defining the term &#8220;foreign passthru payment&#8221; are published. If withholding is required, we (or the applicable paying agent) will not be required to pay additional amounts with respect to the amounts so withheld. Foreign financial institutions and non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Investors should consult their tax advisors about the application of FATCA, in particular if they may be classified as financial institutions (or if they hold their Notes through a foreign entity) under the FATCA rules.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-style: italic; "><font style='white-space: pre-wrap;'>Backup Withholding and Information Reporting.</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> The proceeds received from a taxable disposition of the Notes will be subject to information reporting unless you are an &#8220;exempt recipient&#8221; and may also be subject to backup withholding at the rate specified in the Code if you fail to provide certain identifying information (such as an accurate taxpayer number, if you are a U.S. holder) or meet certain other conditions.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against your U.S. federal income tax liability, provided the required information is furnished to the IRS.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-style: italic; "><font style='white-space: pre-wrap;'>U.S. Federal Estate Tax Treatment of Non-U.S. Holders.</font></FONT><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> A Note may be subject to U.S. federal estate tax if an individual non-U.S. holder holds the Note at the time of his or her death. The gross estate of a non-U.S. holder domiciled outside the U.S. </font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>16</FONT></FONT></P>
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        </DIV>
        <DIV STYLE="font-size: 10pt; page-break-after: always; border-bottom: black 1pt solid">
            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
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                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>includes only property situated in the U.S. Individual non-U.S. holders should consult their tax advisors regarding the U.S. federal estate tax consequences of holding the Notes at death.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the application of U.S. federal income tax laws to their particular situations, as well as any tax consequences of the purchase, beneficial ownership and disposition of the Notes arising under the laws of any state, local, non-U.S. or other taxing jurisdiction (including that of the Bank).</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; margin-bottom: 6.6pt; text-align: justify"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>17</FONT></FONT></P>
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            <P STYLE="font-size: 10pt"></P>
        </DIV>
        <DIV STYLE="font-size: 10pt; margin: auto; padding: 36pt 0; width: 673.2pt">
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 39.6pt 31.68pt 0; min-height: 14.85pt; position: relative">
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; border-bottom: #FF0000 0.5pt solid; margin-bottom: 6.6pt; text-align: justify; margin-top: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; text-transform: uppercase; "><font style='white-space: pre-wrap;'>Supplemental Plan of Distribution (Conflicts of Interest)</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Pursuant to the terms of a distribution agreement, SCUSA, an affiliate of the Bank, will purchase the Notes from the Bank at the Principal Amount and, as part of the distribution of the Notes, will sell the Notes to other registered broker-dealers at a discount equal to the discount per Principal Amount of the Notes indicated on the cover hereof, or will offer the Notes directly to investors. The Notes will be offered to the public at the price to public specified on the cover hereof. We or one of our affiliates will also pay a fee to iCapital Markets LLC, an unaffiliated broker-dealer, for services it is providing in connection with this offering.  </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>SCUSA and our other affiliates may use the accompanying product supplement to which this pricing supplement relates in market-making transactions after the initial sale of the Notes. While SCUSA may make markets in the Notes, it is under no obligation to do so and may discontinue any market-making activities at any time without notice. See the section titled &#8220;Supplemental Plan of Distribution (Conflicts of Interest)&#8221; in the accompanying product supplement.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The price at which you purchase the Notes includes costs that the Bank, SCUSA or one or more of our other affiliates expect to incur and profits that the Bank, SCUSA or one or more of our other affiliates expect to realize in connection with hedging activities related to the Notes, as set forth above. These costs and profits will likely reduce the secondary market price, if any secondary market develops, for the Notes. As a result, subject to the temporary period discussed above under &#8220;Additional Information Regarding Estimated Value of the Notes&#8221;, you may experience an immediate and substantial decline in the market value of your Notes on the Original Issue Date. </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Conflicts of Interest </font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>SCUSA is an affiliate of the Bank and, as such, has a &#8220;conflict of interest&#8221; in this offering within the meaning of FINRA Rule 5121. In addition, the Bank will receive the gross proceeds from the initial public offering of the Notes, thus creating an additional conflict of interest within the meaning of Rule 5121. Consequently, the offering is being conducted in compliance with the provisions of Rule 5121. SCUSA is not permitted to sell Notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>SCUSA and our other affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. SCUSA and our other affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for the Bank, for which they received or will receive customary fees and expenses. In the ordinary course of their various business activities, SCUSA and our other affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of the Bank. SCUSA and our other affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.&#160;</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Prohibition of Sales to EEA Retail Investors</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (&#8220;EEA&#8221;). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended (&#8220;MiFID II&#8221;); (ii) a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended. Consequently no key information document required by Regulation (EU) No 1286/2014, as amended (the &#8220;PRIIPs Regulation&#8221;), for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.</font></FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 0 31.68pt 10pt; min-height: 39.6pt; position: relative">
                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>18</FONT></FONT></P>
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                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV STYLE="font-size: 10pt; width: 609.84pt; padding: 10pt 31.68pt; position: relative; margin-bottom: 20pt">
                <P STYLE="font-size: 10pt; margin-top: 13.2pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-weight: bold; "><font style='white-space: pre-wrap;'>Prohibition of Sales to United Kingdom Retail Investors</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 6.6pt; text-align: justify; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The only categories of person in the United Kingdom to whom this document may be distributed are those persons who (i) have professional experience in matters relating to investments falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the &#8220;Financial Promotion Order&#8221;)), (ii) are persons falling within Article 49(2)(a) to (d) (&#8220;high net worth companies, unincorporated associations etc.&#8221;) of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (&#8220;FSMA&#8221;)) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i)-(iii) above together being referred to as &#8220;Relevant Persons&#8221;). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This document may only be provided to persons in the United Kingdom in circumstances where section 21(1) of FSMA does not apply to the Bank. The Notes are not being offered to &#8220;retail investors&#8221; within the meaning of the Packaged Retail and Insurance-based Investment Products Regulations 2017 and accordingly no Key Information Document has been produced under these regulations.</font></FONT></P>
                <P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Times New Roman, Times, serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                <P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>P-</font><FONT>19</FONT></FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
