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2026年10月9日价格补充文件

(致2023年12月20日发布的第 WF1 号产品补充文件、招股说明书补充文件及招股说明书)

注册声明\n No. 333-275898

根据\n 规则 424(b)(2) 提交

$\"\"$

\n \n \n \n \n \n \n \n \n

加拿大皇家银行

高级全球中期票据，J 系列

$820,000 市场挂钩证券——自动赎回\n附带记忆功能的或有息票和或有下行风险

与亚马逊公司、Alphabet Inc. 的 A 类普通股和微软公司\n普通股中表现最差者挂钩的本金有风险证券\n到期日为 2029 年 10 月 12 日

n 挂钩\n亚马逊公司、Alphabet Inc. 的 A 类普通股和微软公司\n普通股中表现最差者（每种均称为“基础股票”）

n 与普通债务证券不同，该证券不提供固定利息支付，不在规定\n到期日偿还固定本金，并受下述条款规定的潜在自动赎回影响。该证券\n是否支付或有息票，是否在规定到期日前被自动赎回，以及如果未被自动\n赎回，您是否在规定到期日收到证券的面值，均取决于相关计算日表现最差的基础股票的收盘价。任何计算日表现最差的基础股票\n是当日的表现因子最低的基础股票，计算方式为该基础股票当日的收盘价\n除以其起始价。

n 挂钩\n票息。若相关月份计算日的最低表现标的股票收盘价大于或等于其票息阈值，则证券将按月支付挂钩票息，直至到期日或自动赎回日（以较早者为准）。若某计算日的最低表现标的股票收盘价小于其票息阈值，则您当月不会收到任何挂钩票息。然而，若某计算日或多个计算日的最低表现标的股票收盘价小于其票息阈值，且在随后的某计算日，该后续计算日的最低表现标的股票收盘价大于或等于其票息阈值，则证券将支付该后续计算日应支付的挂钩票息加上所有此前未支付的挂钩票息（此前未支付金额不计息）。若某计算日的最低表现标的股票收盘价小于其票息阈值，且随后的每个计算日（包括最后一个计算日）的最低表现标的股票收盘价均小于其票息阈值，则您将不会收到针对这些计算日此前未支付的挂钩票息。因此，若在每个计算日最低表现标的股票收盘价均小于其票息阈值，则在整个证券期限内您将不会收到任何挂钩票息。每只标的股票的票息阈值等于其起始值的 60%。挂钩票息年化利率为 11.20%。

n 自动\n赎回。若 2027 年 4 月至 2029 年 9 月（含）期间安排的任一月度计算日的最低表现标的股票收盘价大于或等于其起始值，则证券将按面值加上最终挂钩票息及任何此前未支付的挂钩票息自动赎回。

n 本金\n潜在损失。若证券在到期日之前未被自动赎回，且最后一个计算日的最低表现标的股票收盘价大于或等于其下行阈值，则您将在到期日收到面值。若最后一个计算日的最低表现标的股票收盘价小于其下行阈值，则您将损失超过 50%，甚至可能是全部的面值。每只标的股票的下行阈值 等于其起始值的 50%。

n 若证券在到期日之前未被自动赎回，且最后一个计算日最低表现标的股票的收盘价小于其下行阈值，则您将面临从起始值起对该最低表现标的股票的全部下行风险；但如果其最后一个计算日的收盘价小于其下行阈值，您将不会参与任何标的股票的升值，也不会收到任何标的股票的股息。

n 投资者可能会损失面值的大部分，甚至是全部。

n 您的证券收益将仅取决于底层股票的表现，即每个计算日表现最差的底层股票。您无法从表现更好的底层股票的业绩中获得任何收益。因此，如果任何底层股票表现不佳，即使其他底层股票表现良好，您也将受到不利影响。

n 证券的所有支付均受信用风险影响，您将无法追索任何底层股票的发行人要求付款；如果作为发行人的加拿大皇家银行未能履行其义务，您可能会损失部分或全部投资。

n 无交易所上市；旨在持有至到期或自动赎回

我们确定的证券初始估计价值，即定价日的初始估计价值，为每份证券 965.87 美元，低于证券的原始发行价。证券在任何时间的市场价值将反映许多因素，无法准确预测，且可能低于此金额。我们将在下文中更详细地描述初始估计价值的确定过程。

证券具有复杂特征，投资证券涉及与传统债务证券投资无关的风险。请参阅本文件第 PS-9 页开始的“选定的风险考虑事项”以及随附产品补充文件第 PS-5 页开始的“风险因素”。

证券是加拿大皇家银行的无担保债务，因此，证券的所有支付均受加拿大皇家银行的信用风险影响。如果作为发行人的加拿大皇家银行未能履行其义务，您可能会损失部分或全部投资。

美国证券交易委员会（“SEC”）、任何州证券委员会或任何其他监管机构均未批准或否决证券，也未对本定价补充文件内容的充分性或准确性进行审查。任何相反的表示均属犯罪行为。证券不会构成加拿大存款保险公司、美国联邦存款保险公司或任何其他加拿大或美国政府机构或工具的保险存款。证券不是可 bail-in 的票据，也不受《加拿大存款保险公司法》第 39.2(2.3) 款规定的可转换为我们的普通股的约束。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	原始发行价	承销商折扣⁽¹⁾⁽²⁾	汇给加拿大皇家银行
每证券	$1,000.00	$23.25	$976.75
总计	$820,000	$19,065	$800,935

⁽¹⁾

Wells\n Fargo Securities, LLC 是证券分销的代理机构，并作为\n 主办方行事。有关更多信息，请参阅本定价补充文件中的“证券条款—承销商”和“证券估计价值”。

⁽²⁾

此外，针对本次发行中出售的某些证券，我们的关联公司\n RBC Capital Markets, LLC (“RBCCM”) 可能会向选定的证券经销商支付每证券最高 3.00 美元的费用，以换取在向其他证券经销商分销证券时进行营销和其他服务。

Wells Fargo Securities

市场挂钩证券——附带记忆功能与或有下行风险的自动赎回附息票据

挂钩亚马逊公司、Alphabet 公司和微软公司普通股中表现最差者的本金风险证券，到期日为 2029 年 10 月 12 日

\n \n \n

证券条款

\n \n \n \n \n \n \n

发行人：	加拿大皇家银行
	亚马逊公司（“AMZN 股票”）、Alphabet 公司 A 类普通股（“GOOGL 股票”）和微软公司普通股（“MSFT 股票”）（统称为“标的股票”，合称为“标的股票”）

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市场指标：	市场指标	Bloomberg 股票代码	起始值^(a)	附息阈值^(b)	下行阈值^(c)
AMZN 股票	AMZN UW	$262.43	$157.458	$131.215
GOOGL 股票	GOOGL UW	$351.66	$210.996	$175.83
MSFT 股票	MSFT UW	$535.07	$321.042	$267.535

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	^(a) 针对每只标的股票，该标的股票在定价日的收盘价
^(b) 针对每只标的股票，为其起始值的 60%
^(c) 针对每只标的股票，为其起始值的 50%
定价日：	2026 年 10 月 9 日
发行日：	2026 年 10 月 15 日
*最终计算日：**	2029 年 10 月 9 日
*名义到期日：**	2029 年 10 月 12 日
面额：	每证券 1,000 美元。本定价补充文件中提及的“证券”是指面额为 1,000 美元的证券。
或有附息支付（附带记忆功能）：	\n 在每个或有附息支付日，如果相关计算日表现最差的标的股票的收盘价大于或等于其附息阈值，您将按年利率等于或有附息率的水平获得或有附息支付。此外，如果表现最差的标的股票在一个或多个计算日的收盘价低于其附息阈值，且在随后的一个计算日，表现最差的标的股票在该后续计算日的收盘价大于或等于其附息阈值，则证券将支付该后续计算日应支付的或有附息支付加上所有此前未支付的或有附息支付（此前未支付金额不计息）。 \n 每笔“或有附息支付”（如有）将按证券计算如下：（$1,000 × 或有附息率）/ 12。任何或有附息支付将四舍五入到最接近的分，不足半分向上取整。 \n 如果在任何计算日，表现最差的标的股票的收盘价低于其票息阈值，则您将不会在相关的或有票息支付日收到任何或有票息支付。此外，如果在任何计算日，表现最差的标的股票的收盘价低于其票息阈值，且从该计算日起直至包括最终计算日的每个后续计算日，表现最差的标的股票的收盘价均低于其票息阈值，则您将不会收到针对这些计算日的任何未付或有票息。如果在所有计算日，表现最差的标的股票的收盘价均低于其票息阈值，则您将不会在整个证券期限内收到任何或有票息。
*或有票息支付日期：**	每月，在每个计算日后的第三个工作日，前提是针对最终计算日的或有票息支付日期将是规定的到期日
或有票息利率：	“或有票息利率”为每年 11.20%。
自动赎回：	\n 如果在从 2027 年 4 月至 2029 年 9 月（含）安排的任何月度计算日，表现最差的标的股票的收盘价大于或等于其起始价，则证券将被自动赎回，且在相关的赎回结算日，您有权收到每份证券的美元现金支付，金额等于面值加上最终或有票息支付以及任何先前未付的或有票息支付。证券在发行日期大约六个月后的第六个计算日之前，将不受自动赎回的限制。 \n 如果证券被自动赎回，它们将在相关的赎回结算日停止流通，且在该赎回结算日后，您将不再拥有证券项下的任何权利。如果证券被自动赎回，我们将不会向您发出任何通知。
*计算日期：**	每月，在每月的 9 日，自 2026 年 11 月起至 2029 年 10 月止，前提是 2029 年 10 月的计算日期将是最终计算日
*赎回结算日期：**	紧接适用计算日之后的或有票息支付日期

PS-2

市场关联证券——具有记忆功能和或有下行风险的自动赎回或有票息证券

到期日为 2029 年 10 月 12 日、与亚马逊公司、Alphabet Inc. 的 A 类普通股及微软公司的普通股中表现最差者挂钩的本金风险证券

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

到期支付金额：	\n 如果证券在规定的到期日之前未被自动赎回，您将有权在规定的到期日收到每份证券的美元现金支付，金额等于到期支付金额（另加最终或有票息支付，如有，以及任何先前未付的或有票息支付，如可支付）。“到期支付金额”每份证券将等于： \n §\t if\n最终计算日表现最差的标的股票的期末值大于或等于其下行阈值\n值：$1,000；或 \n §\t if\n最低表现底层股票在最终计算日的期末值小于其下行阈值值： \n $1,000 × 最终计算日最低表现\n底层股票的表现因子 \n 如果证券在到期日之前未被自动赎回，且最低表现底层股票在最终计算日的期末值小于\n其下行阈值值，您将对该底层股票从起始价值到期末价值的下跌承担全部下行风险，您将损失超过 50%，甚至全部，证券的面值。 \n 任何证券的回报将限于您附息票据付款的总和，如有。您不会参与任何底层股票的升值，但如果期末值小于\n其下行阈值值，您将对最终计算日最低表现底层股票的下跌承担全部下行风险。
最低表现底层股票：	对于任何计算日，“最低表现底层股票”将是该计算日表现因子最低的底层股票。
表现因子：	就任何计算日上的底层股票而言，其当日收盘价除以其起始价值（以百分比表示）
收盘价：	就每只底层股票而言，“收盘价”具有随附产品补充文件中“证券一般条款——与底层股票挂钩的证券——某些定义”项下赋予“股票收盘价”的含义。每只底层股票的收盘价将根据随附产品补充文件中所述的调整因子进行调整。
期末值：	底层股票的“期末值”将是其在最终计算日的收盘价。
计算代理人：	RBC 资本市场有限责任公司（“RBCCM”）
重要税务后果：	关于持有和处置证券的重要美国联邦所得税及某些遗产税后果的讨论，请参见下文“美国联邦所得税考虑事项”以及产品补充文件中题为“美国联邦税考虑事项”的部分。关于与证券相关的重要加拿大联邦所得税后果的讨论，请参见产品补充文件中题为“加拿大联邦所得税后果”的部分。
代理人：	\n Wells Fargo Securities, LLC（“WFS”）。\n代理人将收到本定价补充文件封面上列示的代理人折扣。代理人可以按证券原始发行价减去每证券不超过 $17.50 的折让，将证券转售给其他证券经销商。\n此类证券经销商可能包括 Wells Fargo Advisors（“WFA”）（WFS 关联公司 Wells Fargo Clearing Services, LLC 和 Wells Fargo Advisors Financial Network, LLC 的零售经纪业务商号）。除了给予 WFA 的折让外，WFS 可能会向 WFA 支付每证券 $0.75 的代理人折扣，作为 WFA 每次售出证券的分配费用。 \n 此外，除上述内容外，就本次发行中出售的某些证券，我们的关联方 RBCCM 可能会向选定的证券经销商支付每证券最高 3.00 美元的费用，以换取在向其他证券经销商分销证券过程中进行的营销和其他服务。我们或我们的一个关联方还将向与我们无关联的经纪自营商支付预计费用，以提供与本次发行相关的某些电子平台服务。 \n WFS 和/或 RBCCM，和/或其各自的关联方之一，预计将实现其专有定价模型所预测的对冲收益，前提是他们承担证券项下我们的义务所固有的风险。如果 WFS 或参与证券分销的任何其他经销商或其任何关联方为我们与证券相关的对冲活动进行对冲，该经销商或其关联方预计将实现其专有定价模型从这些对冲活动中预测的收益。任何此类预测收益将加上向您出售证券时收到的任何折扣、让利或费用。
面额：	$1,000 及 $1,000 的任何整数倍
CUSIP：	78018DD53

* 每个计算日（包括最后一个计算日）都可能因非交易日和市场中断事件的发生而推迟。此外，如果最后一个计算日被推迟，则规定的到期日也将被推迟，并会针对非交易日进行调整。有关计算日、结算日、或有利息支付日和规定到期日调整的更多信息，请参阅随附产品补充文件中的“证券一般条款——市场中断事件的后果；计算日推迟——与多种市场指标挂钩的证券”和“——支付日期”。此外，有关可能导致市场中断事件的情况的信息，请参阅随附产品补充文件中的“证券一般条款——与标的股票挂钩的证券的某些条款——市场中断事件”。

PS-3

市场挂钩证券——附带记忆功能和或有下行风险的自动赎回证券

与亚马逊公司、Alphabet 公司的 A 类普通股和微软公司普通股中表现最差者挂钩的风险本金证券，到期日为 2029 年 10 月 12 日

\n \n \n

关于发行人和证券的额外信息

您应将此定价补充文件与 2023 年 12 月 20 日日期的招股说明书，以及与我们的高级全球中期票据系列 J 相关的、由 2023 年 12 月 20 日日期的招股说明书补充文件补充的招股说明书，以及 2023 年 12 月 20 日日期的产品补充文件 WF1 一起阅读，这些证券是其中的一部分。本定价补充文件连同这些文件包含证券的条款，并取代所有其他先前或同时的口头陈述以及我们的任何其他书面材料，包括初步或指示性定价条款、往来信函、交易构想、实施结构、样本结构、事实表、宣传册或其他教育材料。

我们未授权任何人提供任何信息或做出除本定价补充文件及下文列明的文件所包含或通过引用纳入的声明以外的任何声明。对于他人可能向您提供的任何其他信息，我们不承担责任，也无法对其可靠性做出任何保证。这些文件仅要约出售本文件提供的证券，但仅限于在法律允许的司法管辖区和条件下进行。每份此类文件中包含的信息仅截至其发布日期为准。

如果本定价补充文件中的信息与下文列明的文件中的信息不一致，您应依赖本定价补充文件中的信息。

在综合考虑其他事项的同时，您应仔细考虑本定价补充文件中“Selected Risk Considerations”（选定的风险考虑事项）以及下文列明的文件中的“Risk Factors”（风险因素）所列事项，因为这些证券涉及与传统债务证券无关的风险。在投资这些证券之前，我们敦促您咨询您的投资、法律、税务、会计及其他顾问。

您可以通过以下方式在 SEC 网站上访问这些文件（或如果该地址已更改，请通过查看 SEC 网站上相关日期的提交文件）：

2023年12月20日的招股说明书：
\nhttps://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm

2023年12月20日的招股说明书补充文件：
\nhttps://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm

2023年12月20日的产品补充文件第 WF1 号：
\nhttps://www.sec.gov/Archives/edgar/data/1000275/000114036123058587/ef20016916_424b5.htm

我们在 SEC 网站上的中央索引键，或 CIK，为 1000275。在本定价补充文件中，“Royal Bank of Canada”（加拿大皇家银行）、“the Bank”（该银行）、“we”（我们）、“our”（我们的）和“us”（我们）仅指加拿大皇家银行。

PS-4

市场挂钩证券——附带记忆功能与或有下行风险的自动赎回挂钩或有息票证券

到期日为 2029 年 10 月 12 日，与亚马逊公司、Alphabet 公司的 A 类普通股及微软公司的普通股中表现最差者挂钩的或有本金风险证券

\n \n \n

证券的估计\n 价值

证券的初始估计价值基于我们对证券付款义务的价值，加上嵌入证券条款中的衍生工具的中间市场价格。我们的估计基于多种假设，包括我们的内部融资利率（代表对我们信用利差的折价）、对股息、利率和波动率的预期，以及证券的预期期限。

这些证券是我们的债务证券。正如我们的所有债务证券（包括我们的结构化票据）一样，证券的经济条款反映了我们实际或 perceived 的信用状况。此外，由于结构化票据会增加我们的运营、融资和负债管理成本，我们通常以低于我们可能为具有可比期限的传统固定或浮动利率债务证券支付的利率，在结构化票据项下借入资金。较低的内部融资利率、代理折价以及与证券相关的对冲相关成本，降低了证券对你的经济条款，并导致证券的初始估计价值低于其原始发行价。与初始估计价值不同，为二级市场交易目的确定的任何证券价值可能基于二级市场利率，这可能导致证券的价值低于如果使用我们初始内部融资利率的情况。

为了履行证券项下的付款义务，我们可能会选择与代理、RBCCM 和/或其各自的关联方订立某些对冲安排（可能包括看涨期权、看跌期权或其他衍生品）。这些对冲安排的条款可能会考虑多种因素，包括我们的信用状况、利率变动、波动性和证券期限。证券的经济条款和初始估计价值部分取决于这些对冲安排的条款。我们的对冲成本将包括我们或我们的交易对手预期在对冲证券项下义务所承担的风险的考虑下实现的预期利润。由于对冲我们的义务涉及风险，并可能受到我们或我们的交易对手控制范围之外的市场力量影响，此类对冲可能导致利润多于或少于预期，或可能导致损失。

查看下方“选定风险考虑因素—与证券估值及任何二级市场相关的风险—证券的初始估值低于原始发行价格”部分。

代理或 RBCCM 随时可能提供的任何价格，即在它们愿意购买证券的原始发行日后，通常将反映代理或 RBCCM 对其价值的估算（如适用），减去类似交易的常规买卖价差以及解除任何相关对冲交易的成本。该估算价值将基于多种因素，包括当时的市场状况以及我们的信用状况。然而，在原始发行日后三个月内，代理或 RBCCM 可能购买证券的价格预计将高于基于代理或 RBCCM 在当时各自的估值减去买卖价差和对冲解除成本所确定的价格。这是因为，在此期间开始时，该价格将不包括原始发行价中包含的某些成本，特别是代理折扣和佣金（不包括销售让利）的一部分，以及我们或我们的对冲对手方预计将从对冲交易中获得的预期利润。随着该期间的延续，这些成本预计将逐渐包含在代理或 RBCCM 愿意支付的价格中，并且该价格与基于代理或 RBCCM 对证券的估值（如适用）减去买卖价差和对冲解除成本所确定的价格之间的差额，将随着时间的推移而减少，直到该期结束。在此期间之后，如果代理或 RBCCM 继续为证券做市，它们为证券支付的价格预计将反映代理或 RBCCM 的估算价值（如适用），减去上述买卖价差和对冲解除成本。此外，您的账户对账单上显示的证券价值通常将反映代理或 RBCCM（如适用）当时愿意购买证券的价格。

PS-5

市场挂钩证券——附带记忆功能和 contingent 下行风险的自动赎回附条件息票

与亚马逊公司、Alphabet 公司的普通股和微软公司普通股中表现最差者挂钩的到期日为 2029 年 10 月 12 日的本金有风险证券

\n \n \n

投资者\n 考量

这些证券并不适合所有投资者。这些证券可能是适合以下投资者的投资：

寻求一种附条件息票支付的投资，其年利率在附条件息票支付时由本封面指定，直至较早的到期日或自动赎回日，如果适用计算日最低表现底层股票的收盘价值大于或等于其息票阈值价值；

理解如果证券在到期日之前未被自动赎回，且最终计算日最低表现底层股票的结束价值小于其下行阈值价值，它们将对该底层股票价值从起始价值下降的风险承担全部下行风险，并且它们将在到期时损失超过 50%，甚至可能损失全部面额；

愿意接受在证券期限内可能收到少量或零附条件息票支付的风险；

了解证券可能被提前自动赎回，且证券期限可能有限；

了解证券的收益将完全取决于表现最差的标的股票（即每个计算日表现最差的标的股票），且他们不会从表现较好的标的股票的业绩中受益；

了解证券的风险高于仅与单一标的股票挂钩或与由每种标的股票组成的篮子挂钩的替代投资；

了解并愿意接受每种标的股票的全部下行风险；

愿意放弃参与任何标的股票的任何升值以及标的股票的股息；并

愿意持有证券直至到期或自动赎回。

证券可能不适合以下投资者：

寻求流动性投资，或无法或不愿持有证券至到期或任何提前自动赎回；

要求在到期时全额支付证券的面值；

寻求期限固定的证券；

不愿购买在定价日估计价值低于原始发行价且可能低至封底页列出的较低估计价值的证券；

不愿接受最终计算日表现最差的标的股票的期末价值可能低于其下行阈值风险；

在证券期限内寻求当前收入的确定性；

寻求接触任何或每种标的股票的上行表现；

寻求接触由每种标的股票组成的篮子或类似投资，该投资的总体回报基于标的股票表现的混合，而非仅基于表现最差的标的股票；

不愿接受接触标的股票的风险；

不愿接受为接触标的股票而承担加拿大皇家银行的信用风险；或

偏好信用评级可比的公司发行的具有可比期限的固定收益投资的较低风险。

上述考虑因素并非详尽无遗。证券是否适合您投资将取决于您的个人情况，您应在您和您的投资、法律、税务、会计及其他顾问仔细考虑在您特定情况下投资证券的适当性后，再做出投资决定。您还应仔细审查本文件中的“选定的风险考虑因素”以及随附产品补充文件中的“风险因素”，以了解与投资证券相关的风险。有关标的股票的更多信息，请参阅下文标题为“Amazon.com, Inc. 普通股”、“Alphabet Inc. A类普通股”和“Microsoft Corporation 普通股”的章节。

PS-6

市场挂钩证券——附带记忆功能和 contingent 下跌的自动可赎回证券

与 Amazon.com, Inc. 普通股、Alphabet Inc. A类普通股和 Microsoft Corporation 普通股中表现最差的股票挂钩的到期日为 2029 年 10 月 12 日的本金风险证券

\n \n \n

确定 contingent 下跌支付日和到期日的付款

如果证券此前未被自动赎回，在每个或有息支付日，您将收到或有息支付（加上任何此前未支付的或有息支付），或者收不到或有息支付，具体取决于相关计算日表现最差的标的股票的收盘价。

步骤 1：确定相关计算日表现最差的标的股票。任何计算日表现最差的标的股票是指该计算日表现因子最低的标的股票，计算方法为该标的股票在该计算日的收盘价除以其起始价。

步骤 2：根据相关计算日表现最差的标的股票的收盘价，确定适用或有息支付日是否应付或有息支付（加上任何此前未支付的或有息支付），如下所示：

$\"\"$

如果证券在规定的到期日之前未被自动赎回，那么在到期时，您将收到（除任何最终或有息支付和任何此前未支付的或有息支付外）每份证券的现金支付（到期支付金额），计算如下：

步骤 1：确定最终计算日表现最差的标的股票。最终计算日表现最差的标的股票是指该最终计算日表现因子最低的标的股票，计算方法为该标的股票在该最终计算日的收盘价除以其起始价。

步骤 2：根据最终计算日表现最差的标的股票的收盘价，计算到期支付金额，如下所示：

$\"\"$

PS-7

市场关联证券——具有记忆功能和或有下行风险的自动赎回或有息证券

到期日为2029年10月12日的与亚马逊公司、Alphabet Inc.的A类普通股及微软公司普通股中表现最差的股票挂钩的风险本金证券

\n \n \n

假设\n 支付概况

下表说明了证券在到期时的潜在到期支付金额（不包括任何最终或有息支付和任何此前未支付的或有息支付），该金额取决于最终计算日表现最差的标的股票从其起始价到其收盘价的假设表现范围，并假设证券在规定的到期日之前未被自动赎回。如该表所示，在任何情况下，您仅基于到期时收到的到期支付金额都不会获得正回报；任何正回报将仅基于证券存续期间收到的或有息支付。本图表仅供说明之用。您的实际回报将取决于证券是否被自动赎回、最终计算日表现最差的标的股票的实际收盘价以及您是否持有证券至规定的到期日。表现较好的标的股票的表现与您在证券上的回报无关。

$\"\"$

PS-8

挂钩市场证券—自动赎回附条件息票含记忆功能及附条件下行风险

与亚马逊公司、Alphabet 公司的 A 类普通股及微软公司普通股中表现最差者挂钩的本金有风险证券，到期日为 2029 年 10 月 12 日

\n \n \n

主要风险考量

投资这些证券涉及重大风险。我们敦促您在投资这些证券之前咨询您的投资、法律、税务、会计及其他顾问。以下总结了适用于投资这些证券的某些风险，但我们仍敦促您阅读随附招股说明书、招股说明书补充文件及产品补充文件中的“风险因素”部分。除非您了解并能够承担投资这些证券的风险，否则您不应购买这些证券。

与证券条款和结构相关的风险

如果证券在预定到期日之前未被自动赎回，您可能在预定到期日损失部分或全部证券面值。

我们不会在证券的预定到期日向您偿还固定金额。如果证券在预定到期日之前未被自动赎回，您将收到到期支付金额，该金额将等于或低于面值，具体取决于最终计算日表现最差的底层股票的最终价值。

如果证券在预定到期日之前未被自动赎回，且最终计算日表现最差的底层股票的最终价值低于其下行阈值价值，则到期支付金额将低于面值，您将对该底层股票从起始价值到最终价值的下跌承担全部下行风险。每只底层股票的下行情景阈值价值为其起始价值的 50%。例如，如果证券未被自动赎回，且最终计算日表现最差的底层股票从起始价值下跌 50.1% 至其最终价值，您将不会获得附条件下行保护功能的任何收益，您将损失 50.1% 的面值。因此，如果最终计算日表现最差的底层股票的价值低于其下行阈值价值，您将不会获得任何附条件下行保护，且在到期时您将损失超过 50%，甚至可能是全部面值。即使最终计算日表现最差的底层股票的价值在证券期限内某些时候大于或等于其起始价值或其下行阈值价值，也会出现这种情况。

即使最终计算日表现最差的底层股票的最终价值高于其下行阈值价值，到期支付金额也不会超过面值，考虑到您可能在证券期限内收到的任何附条件息票支付，您在这些证券上的收益率可能低于如果您购买加拿大皇家银行或具有类似信用评级的其他发行人的传统计息债务证券所获得的收益率，且该传统债务证券具有相同的预定到期日。

证券不提供固定利息支付，您可能在某一或某些或甚至整个证券期限内无法获得或有票息支付。

在每个或有票息支付日，如果相关计算日最低表现的底层股票的收盘价高于或等于其票息阈值，则您将获得或有票息支付。如果任何计算日最低表现的底层股票的收盘价低于其票息阈值，则您将不会在相关或有票息支付日获得任何或有票息支付。\n然而，如果相关计算日最低表现的底层股票的收盘价高于或等于其票息阈值，您将在随后的或有票息支付日获得之前未支付的或有票息支付。\n如果某计算日最低表现的底层股票的收盘价低于其票息阈值，并且在随后的每个计算日（包括最终计算日）最低表现的底层股票的收盘价均低于其票息阈值，则您将不会获得针对这些计算日的之前未支付的或有票息支付。因此，如果在证券期限内的每个计算日最低表现的底层股票的收盘价均低于其票息阈值，您在整个证券期限内将不会获得任何或有票息支付。

证券会受到每个底层股票的全部下行风险影响，如果任何底层股票表现不佳，即使其他任何底层股票表现良好，您也将受到负面影响。

您将承担每个底层股票的全部下行风险。如果任何底层股票表现不佳，您将受到负面影响，即使其他任何底层股票表现良好。证券并未与由底层股票组成的组合挂钩，其中某一底层股票的良好表现可能抵消其他任何底层股票的不佳表现。相反，您将承担在每个计算日表现最差的底层股票的全部下行风险。因此，与仅与其中一个底层股票挂钩或与每个底层股票组成的组合挂钩的替代投资相比，证券的风险更高。除非您了解并愿意接受每个底层股票的全部下行风险，否则不应投资于证券。

您在证券上的回报将完全取决于底层股票的表现，即每个计算日表现最差的底层股票，您将不会以任何方式从表现更好的底层股票的表现中获益。

您在证券上的回报将完全取决于每个计算日表现最差的底层股票的表现。尽管每个底层股票必须在计算日收盘价达到或高于其票息阈值

PS-9

市场联动证券—自动赎回附带条件票息且具有记忆功能和条件性下行风险

本金风险：与亚马逊公司（Amazon.com, Inc.）普通股、Alphabet公司（Alphabet Inc.）A类普通股和微软公司（Microsoft Corporation）普通股表现最差的证券，到期日为2029年10月12日

在相关计算日，您才能获得附条件票息支付，并且在最终计算日其价值达到或高于其下行阈值，您才能在到期时获得证券的面值。如果您未能满足上述条件，您将不会从表现更好的标的股票的表现中获益。由于在这种情况下，表现更好的标的股票的表现将与表现最差的标的股票的表现混合，因此证券可能表现不如与标的股票组合相关的其他投资。

您将面临标的股票之间关系带来的风险。

从您的角度来看，标的股票之间具有相关性更为有利，这样它们的价值会在相似的时间和幅度上上涨或下跌。通过投资这些证券，您承担了标的股票不会表现出这种关系的风险。标的股票之间相关性越低，在证券期限内某一标的股票表现不佳的可能性就越大。只要有一个标的股票表现不佳，证券就可能表现不佳；表现更好的标的股票的表现与您在证券上的回报无关。无法预测证券期限内标的股票之间的关系。如果标的股票运营在不同的行业，这些行业在证券期限内可能不会表现相似。

您可能在最终计算日完全暴露于标的股票中表现最差股票的市值下跌风险，但不会参与任何标的股票的正向表现。

尽管如果在最终计算日表现最差的标的股票的最终价值低于其下行阈值，您将完全暴露于其价值下跌的风险，但您不会参与证券期限内任何标的股票价值的上涨。您在证券上的最大可能回报仅限于您可能收到的附条件票息支付的总和。因此，您在证券上的回报可能显著低于您通过能够参与任何或每个标的股票价值上涨的其他投资所能获得的回报。

更高的附条件票息率伴随着更大的风险。

证券发行的附条件票息支付在支付时的利率高于我们对相同期限的传统债务证券所支付的固定利率。这些更高的潜在附条件票息支付与在定价日相比传统债务证券的预期风险水平更高相关，包括您可能在一项或多项、或任何附条件票息支付日无法收到附条件票息支付的风险，以及您可能在到期时损失大部分甚至全部面值的风险。底层股票的波动率以及底层股票之间的相关性是影响这种风险的重要因素。波动率是对底层股票价值每日波动的大小和频率的衡量，通常是在特定时间段内观察到的。波动率可以通过多种方式衡量，包括基于历史数据或基于市场期权价格所暗示的预期数据。相关性是对底层股票价值同时、同方向和相似幅度波动的程度的衡量。在定价日，底层股票的预期波动率更高或底层股票之间的预期相关性更低可能导致更高的附条件票息率，但这也意味着在定价日，预期有更大可能性在一项或多项计算日，至少一只底层股票的收盘价将低于其票息阈值，从而使您在证券期限内无法收到一项或多项或任何附条件票息支付，并且在最终计算日至少一只底层股票的收盘价将低于其下行阈值，从而使您在到期时损失大部分甚至全部的面值。一般来说，附条件票息率相对于我们对传统债务证券支付的固定利率越高，您在证券期限内无法收到一项或多项或任何附条件票息支付以及在到期时损失大部分甚至全部面值的预期风险就越大。

您将面临再投资风险。

如果您的证券被自动赎回，证券的期限可能缩短至大约六个月。如果证券在到期前被自动赎回，无法保证您能够以类似的风险水平获得可比的回报来再投资证券投资所得的收益.

如果计算日被推迟，附条件票息支付日、赎回结算日或规定到期日可能会被推迟。

计算日（包括最终计算日）在以下情况下将推迟：如果适用的原定计算日不是任何相关股票的交易日，或者计算代理方确定在该计算日针对该相关股票发生了或持续发生市场中断事件。如果计算日（除最终计算日外）发生此类推迟，则相关或有票息支付日或赎回结算日（视情况而定）也将被推迟。如果最终计算日发生此类推迟，则约定到期日将是（i）初始约定到期日和（ii）最终计算日推迟后三个营业日中的较晚者。

证券的付款受我们信用风险的影响，且市场对我们信用状况的看法可能对证券的市场价值产生不利影响。

这些证券是我们高级无担保债务证券，您收到证券项下任何应付款项取决于我们按时支付义务的能力。如果我们未能履行付款义务，您可能无法收到任何应付金额

PS-10

与自动赎回、附带或有票息、具有记忆功能及或有下行风险的市场挂钩证券

本金风险证券，与亚马逊公司（Amazon.com, Inc.）普通股、Alphabet Inc. A类普通股和微软公司（Microsoft Corporation）普通股中表现最差的证券相关，到期日为2029年10月12日

给您带来的证券项下的款项，您可能会损失全部投资。此外，市场对我们信用状况的负面看法可能会对证券的市场价值产生不利影响。

投资证券的美国联邦所得税后果尚不确定。

目前没有直接的法律权威规定证券的适当美国联邦所得税处理方式，且证券的税务处理的许多方面尚不确定。此外，非美国投资者应注意，就证券而言，具有扣缴责任的人员可能对支付给非美国投资者的任何票息进行扣缴，通常税率为30%。我们将不会就此类扣缴支付任何额外金额。您应仔细查阅本文中的“美国联邦所得税考虑”部分，结合随附的产品补充文件中的“美国联邦税考虑”部分，并咨询您的税务顾问，了解投资证券的美国联邦所得税后果。

与证券的预估价值及任何二级市场相关的风险

证券可能没有活跃的交易市场，二级市场的销售可能导致重大损失。

证券可能几乎没有或根本没有二级市场。这些证券不会在任何证券交易所上市。要么（a）代理机构和/或其关联公司，要么（b）RBCCM 和我们的其他关联公司可能会为这些证券做市；然而，它们没有义务这样做，而且如果它们选择这样做，可能会随时停止任何做市活动。由于其他交易商不太可能为这些证券提供二级市场，您可能能够交易证券的价格很可能取决于代理机构、RBCCM 或其各自关联公司（视情况而定）在当时愿意购买证券的价格。目前，我们预计代理机构（和/或其关联公司）和 RBCCM（和我们的其他关联公司）不会同时尝试为证券做市。代理机构和 RBCCM 对证券的估值可能不同，因此，您可能能够出售证券的价格（如果有的话）可能不同（可能更低），这取决于当时是代理机构还是 RBCCM 在购买证券。即使证券的二级市场发展起来，它可能也不会提供足够的流动性，使您能够轻松交易或出售证券。我们预计任何二级市场中的交易成本都会很高。因此，您在任何二级市场中证券的买卖价差可能相当大。如果您在到期前出售证券，您可能不得不以远低于您购买价格的折扣出售，因此您可能会遭受重大损失。这些证券并非设计为短期交易工具。因此，您应具备并愿意持有证券至到期。

证券的初始预估价值低于原始发行价格。

证券的初始预估价值低于证券的原始发行价格，且不代表我们、RBCCM 或我们任何其他关联公司在任何时间（如果存在的话）在任何二级市场中愿意购买证券的最低价格。如果您试图在到期前出售证券，其市场价值可能低于您购买它们的价格和初始预估价值。这是由于多种因素，包括但不限于底层股票价值的变化、我们为发行此类证券所支付的内部资金利率（低于我们通过发行传统固定利率债务借款的利率）以及原始发行价格中包含的代理折扣、我们或我们的对冲交易对手的预估利润以及与我们对冲证券相关的预估成本。这些因素，加上证券期限内的各种信用、市场和经济因素，预计会降低您在任何二级市场中能够出售证券的价格，并以复杂和不可预测的方式影响证券的价值。

假设市场状况或其他任何相关因素没有变化，您在到期前可能能够以低于原始购买价格的价格出售您的证券，因为任何此类出售价格预计不会包含代理折扣、我们或我们的对冲交易对手的估计利润或与证券相关的对冲成本。此外，您可能出售证券的价格可能会反映类似交易的常规买卖价差。除了买卖价差外，任何二级市场价格确定的证券价值预计将基于二级市场价格，而不是用于定价证券和确定初始估值的内部融资利率。因此，二级市场价格将低于使用内部融资利率时的市场价格。此外，如果代理正在为证券做市，任何二级市场价格将基于代理对证券的估值，这可能与我们根据我们在本定价补充文件封面中所述的初始估值范围确定的估值不同（可能更低）。

在原始发行日期后的一段有限时间内，代理或RBCCM可能会以高于根据前一段所述方式确定的价格购买证券。然而，在此期间内，假设没有其他相关因素的变化，如果您出售证券，您可能获得的价格预计会下降。

证券的初始估值仅为估算值，是根据证券条款确定时计算的。

证券的初始估值基于我们支付证券款项的义务价值，以及证券条款中嵌入的衍生品的中间市场价值。我们的估算基于多种假设，包括我们的内部融资利率（代表我们信用利差的折扣）、对底层股票股息的预期、利率和波动性，以及证券的预期期限。这些假设基于对未来的一些预测

PS-11

与自动赎回和记忆特征及或有下行风险挂钩的市场联结证券

本金风险证券，其表现与亚马逊公司（Amazon.com, Inc.）普通股、Alphabet Inc. A类普通股和微软公司（Microsoft Corporation）普通股中表现最差者挂钩，到期日为2029年10月12日

事件，这可能会被证明是错误的。其他实体，包括在确定证券的二级市场价格时的代理方，可能会以与我们不同的价格对证券或类似证券进行估值。

证券在定价日之后任何时间的价值将根据许多因素而变化，包括市场状况的变化，无法准确预测。因此，如果您在任何二级市场（如有）出售证券，实际收到的价值可能会与证券的初始估算价值有显著差异。

证券在到期日之前的价值将受到许多因素的影响，其中一些因素之间的关系非常复杂。

The value of the securities prior to stated maturity\nwill be affected by the then-current value of each Underlying Stock, interest rates at that time and a number of other factors, some of\nwhich are interrelated in complex ways. The effect of any one factor may be offset or magnified by the effect of another factor. The following\nfactors, which we refer to as the “derivative component factors,” and which are described in more detail in the accompanying\nproduct supplement, are expected to affect the value of the securities: performance of the Underlying Stocks; interest rates; volatility\nof the Underlying Stocks; correlation among the Underlying Stocks; time remaining to maturity; and dividend yields on the Underlying Stocks.\nWhen we refer to the “value” of your security, we mean the value you could receive for your security if you are able\nto sell it in the open market before the stated maturity date.

In addition to the derivative component factors,\nthe value of the securities will be affected by actual or anticipated changes in our creditworthiness. The value of the securities will\nalso be limited by the automatic call feature, because if the securities are automatically called, you will not receive the contingent\ncoupon payments that would have accrued, if any, had the securities been called on a later calculation day or had the securities been\nheld until the stated maturity date. You should understand that the impact of one of the factors specified above, such as a change in\ninterest rates, may offset some or all of any change in the value of the securities attributable to another factor, such as a change in\nthe values of the Underlying Stocks. Because numerous factors are expected to affect the value of the securities, changes in the values\nof the Underlying Stocks may not result in a comparable change in the value of the securities.

Risks Relating To Conflicts Of Interest\n

Our Economic Interests And Those Of Any Dealer\nParticipating In The Offering Are Potentially Adverse To Your Interests.

You should be aware of the following ways in which\nour economic interests and those of any dealer participating in the distribution of the securities, which we refer to as a “participating\ndealer,” are potentially adverse to your interests as an investor in the securities. In engaging in certain of the activities\ndescribed below and as discussed in more detail in the accompanying product supplement, our affiliates or any participating dealer or\nits affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have\nno obligation to consider your interests as an investor in the securities. Our affiliates or any participating dealer or its affiliates\nmay realize a profit from these activities even if investors do not receive a favorable investment return on the securities.

The calculation agent is our affiliate and may be required to make discretionary judgments that\naffect the return you receive on the securities. RBCCM, which is our affiliate, will be the calculation agent for the securities.\nAs calculation agent, RBCCM will determine any values of the Underlying Stocks and make any other determinations necessary to calculate\nany payments on the securities. In making these determinations, RBCCM may be required to make discretionary judgments that may adversely\naffect any payments on the securities. See the sections entitled “General Terms of the Securities—Certain Terms for Securities\nLinked to an Underlying Stock—Market Disruption Events” and “—Adjustment Events” in the accompanying product\nsupplement. In making these discretionary judgments, the fact that RBCCM is our affiliate may cause it to have economic interests that\nare adverse to your interests as an investor in the securities, and RBCCM’s determinations as calculation agent may adversely affect\nyour return on the securities.

The estimated value of the securities was calculated by us and is therefore not an independent third-party\nvaluation.

Research reports by our affiliates or any participating dealer or its affiliates may be inconsistent\nwith an investment in the securities and may adversely affect the values of the Underlying Stocks.

Business activities of our affiliates or any participating dealer or its affiliates with the Underlying\nStock issuers may adversely affect the values of the Underlying Stocks.

Hedging activities by our affiliates or any participating dealer or its affiliates may adversely\naffect the values of the Underlying Stocks.

Trading activities by our affiliates or any participating dealer or its affiliates may adversely\naffect the values of the Underlying Stocks.

A participating dealer or its affiliates may realize hedging profits projected by its proprietary\npricing models in addition to any selling concession and/or fee, creating a further incentive for the participating dealer to sell the\nsecurities to you.

PS-12

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of Microsoft Corporation due October 12, 2029

Risks Relating To The Underlying Stocks

Any Payments On The Securities And Whether\nThe Securities Are Automatically Called Will Depend Upon The Performance Of The Underlying Stocks And Therefore The Securities Are Subject\nTo The Following Risks, Each As Discussed In More Detail In The Accompanying Product Supplement.

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

Historical Values Of An Underlying Stock Should Not Be Taken As An Indication Of Its Future Performance\nDuring The Term Of The Securities.

The Securities May Become Linked To The Common Stock Of A Company Other Than The Original Underlying\nStock Issuers.

We Cannot Control Actions By The Underlying Stock Issuers.

We And Our Affiliates Have No Affiliation With Any Underlying Stock Issuer And Have Not Independently\nVerified Its Public Disclosure Of Information.\t

You Have Limited Anti-dilution Protection.

PS-13

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

\n \n \n

Hypothetical\n Returns

If the securities are automatically called:

If the securities are automatically called prior\nto stated maturity, you will receive the face amount of your securities plus a final contingent coupon payment and any previously\nunpaid contingent coupon payments on the call settlement date. In the event the securities are automatically called, your total return\non the securities will equal any contingent coupon payments received prior to the call settlement date and the contingent coupon payment(s)\nreceived on the call settlement date.

If the securities are not automatically called:

If the securities are not automatically called\nprior to stated maturity, the following table illustrates, for a range of hypothetical performance factors of the lowest performing Underlying\nStock on the final calculation day, the hypothetical maturity payment amount payable at stated maturity per security (excluding the final\ncontingent coupon payment, if any, and any previously unpaid contingent coupon payments, if payable). The performance factor of the lowest\nperforming Underlying Stock on the final calculation day is its ending value expressed as a percentage of its starting value (i.e., its\nending value divided by its starting value).

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Hypothetical performance factor of the lowest performing Underlying Stock on the final calculation day	Hypothetical maturity payment amount per security
175.00%	$1,000.00
160.00%	$1,000.00
150.00%	$1,000.00
140.00%	$1,000.00
130.00%	$1,000.00
120.00%	$1,000.00
110.00%	$1,000.00
100.00%	$1,000.00
90.00%	$1,000.00
80.00%	$1,000.00
70.00%	$1,000.00
60.00%	$1,000.00
50.00%	$1,000.00
49.00%	$490.00
40.00%	$400.00
30.00%	$300.00
20.00%	$200.00
10.00%	$100.00
0.00%	$0.00

The above figures do not take into account contingent\ncoupon payments, if any, received during the term of the securities. As evidenced above, in no event will you have a positive rate of\nreturn based solely on the maturity payment amount received at maturity (excluding any final contingent\ncoupon payment and any previously unpaid contingent coupon payments, if payable); any positive return will be based solely on the\ncontingent coupon payments, if any, received during the term of the securities.

The above figures are for purposes of illustration\nonly and may have been rounded for ease of analysis. If the securities are not automatically called prior to stated maturity, the actual\namount you will receive at stated maturity will depend on the actual ending value of the lowest performing Underlying Stock on the final\ncalculation day. The performance of the better performing Underlying Stocks is not relevant to your return on the securities.

PS-14

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

\n \n \n

Hypothetical\n Contingent Coupon Payments

Set forth below are examples that illustrate how\nto determine whether a contingent coupon payment (plus any previously unpaid contingent coupon payments) will be paid and whether\nthe securities will be automatically called, if applicable, on a contingent coupon payment date prior to the stated maturity date. The\nexamples do not reflect any specific contingent coupon payment date. The following examples show a series of three consecutive hypothetical\ncalculation days and assume that the securities are subject to automatic call on the applicable calculation day. The securities will not\nbe subject to automatic call until the sixth calculation day, which is approximately six months after the issue date. The following examples\nreflect the contingent coupon rate of 11.20% per annum and assume the hypothetical starting value, coupon threshold value and closing\nvalues for each Underlying Stock indicated in the examples. The terms used for purposes of these hypothetical examples do not represent\nany actual starting value or coupon threshold value. The hypothetical starting value of $100.00 for each Underlying Stock has been chosen\nfor illustrative purposes only and does not represent the actual starting value for any Underlying Stock. The actual starting value and\ncoupon threshold value for each Underlying Stock are set forth under “Terms of the Securities” above. For historical data\nregarding the actual closing prices of the Underlying Stocks, see the historical information provided below. These examples are for purposes\nof illustration only and the values used in the examples may have been rounded for ease of analysis.

Example 1 — Hypothetical Calculation\nDay #1. The closing value of the lowest performing Underlying Stock on hypothetical calculation day #1 is greater than or equal to its\ncoupon threshold value and less than its starting value. As a result, investors receive a contingent coupon payment on the applicable\ncontingent coupon payment date and the securities are not automatically called.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	AMZN Stock	GOOGL Stock	MSFT Stock
Hypothetical starting value:	$100.00	$100.00	$100.00
Hypothetical closing value on relevant calculation day:	$95.00	$80.00	$90.00
Hypothetical coupon threshold value:	$60.00	$60.00	$60.00
*Hypothetical performance factor (closing value on relevant calculation day divided by* starting value):**	95.00%	80.00%	90.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on hypothetical calculation day #1.

In this example, the GOOGL Stock has\nthe lowest hypothetical performance factor and is, therefore, the lowest performing Underlying Stock on hypothetical calculation day #1.

Step 2: Determine whether a\ncontingent coupon payment will be paid and whether the securities will be automatically called on the applicable contingent coupon payment\ndate.

Because the hypothetical closing value\nof the lowest performing Underlying Stock on hypothetical calculation day #1 is greater than or equal to its hypothetical coupon threshold\nvalue, but less than its hypothetical starting value, you would receive a contingent coupon payment on the applicable contingent coupon\npayment date and the securities would not be automatically called. The contingent coupon payment would be equal to $9.33 per security,\ndetermined as follows: (i) $1,000 multiplied by 11.20% per annum divided by (ii) 12, rounded to the nearest cent.

Example 2 — Hypothetical Calculation\nDay #2. The closing value of the lowest performing Underlying Stock on hypothetical calculation day #2 is less than its coupon threshold\nvalue. As a result, investors do not receive a contingent coupon payment on the applicable contingent coupon payment date and the securities\nare not automatically called.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	AMZN Stock	GOOGL Stock	MSFT Stock
Hypothetical starting value:	$100.00	$100.00	$100.00
Hypothetical closing value on relevant calculation day:	$50.00	$115.00	$105.00
Hypothetical coupon threshold value:	$60.00	$60.00	$60.00
*Hypothetical performance factor (closing value on relevant calculation day divided by* starting value):**	50.00%	115.00%	105.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on hypothetical calculation day #2.

In this example, the AMZN Stock has the\nlowest hypothetical performance factor and is, therefore, the lowest performing Underlying Stock on hypothetical calculation day #2.

Step 2: Determine whether a\ncontingent coupon payment will be paid and whether the securities will be automatically called on the applicable contingent coupon payment\ndate.

Because the hypothetical closing value\nof the lowest performing Underlying Stock on hypothetical calculation day #2 is less than its hypothetical coupon threshold value, you\nwould not receive a contingent coupon payment on the applicable contingent coupon payment date. In addition, the securities would not\nbe automatically called, even though the hypothetical closing value of each

PS-15

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

better performing Underlying Stock on\nhypothetical calculation day #2 is greater than its hypothetical starting value. As this example illustrates, whether you receive a contingent\ncoupon payment and whether the securities are automatically called on a contingent coupon payment date will depend solely on the closing\nvalue of the lowest performing Underlying Stock on the relevant calculation day. The performance of the better performing Underlying Stocks\nis not relevant to your return on the securities.

Example 3 — Hypothetical Calculation\nDay #3. The closing value of the lowest performing Underlying Stock on hypothetical calculation day #3 is greater than or equal to its\nstarting value. As a result, the securities are automatically called on the applicable contingent coupon payment date for the face amount\nplus a final contingent coupon payment and the previously unpaid contingent coupon payment.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	AMZN Stock	GOOGL Stock	MSFT Stock
Hypothetical starting value:	$100.00	$100.00	$100.00
Hypothetical closing value on relevant calculation day:	$105.00	$115.00	$115.00
Hypothetical coupon threshold value:	$60.00	$60.00	$60.00
*Hypothetical performance factor (closing value on relevant calculation day divided by* starting value):**	105.00%	115.00%	115.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on hypothetical calculation day #3.

In this example, the AMZN Stock has the\nlowest hypothetical performance factor and is, therefore, the lowest performing Underlying Stock on hypothetical calculation day #3.

Step 2: Determine whether a\ncontingent coupon payment will be paid and whether the securities will be automatically called on the applicable contingent coupon payment\ndate.

Because the hypothetical closing value\nof the lowest performing Underlying Stock on hypothetical calculation day #3 is greater than or equal to its hypothetical starting value,\nthe securities would be automatically called and you would receive the face amount plus a final contingent coupon payment and any\npreviously unpaid contingent coupon payments. Because no contingent coupon payment was received in connection with hypothetical calculation\nday #2, you would receive the previously unpaid contingent coupon payment on the applicable contingent coupon payment date, which is also\nreferred to as the call settlement date. On the call settlement date, you would receive $1,018.67 per security.

You will not receive any further payments after\nthe call settlement date.

PS-16

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

\n \n \n

Hypothetical\n Payment at Stated Maturity

Set forth below are examples of calculations of\nthe maturity payment amount payable at stated maturity, assuming that the securities have not been automatically called prior to stated\nmaturity and assuming the hypothetical starting value, coupon threshold value, downside threshold value and ending values for each Underlying\nStock indicated in the examples. The terms used for purposes of these hypothetical examples do not represent any actual starting value,\ncoupon threshold value or downside threshold value. The hypothetical starting value of $100.00 for each Underlying Stock has been chosen\nfor illustrative purposes only and does not represent the actual starting value for any Underlying Stock. The actual starting value, coupon\nthreshold value and downside threshold value for each Underlying Stock are set forth under “Terms of the Securities” above.\nFor historical data regarding the actual closing prices of the Underlying Stocks, see the historical information provided below. These\nexamples are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis.

Example 1. The ending value of the lowest performing\nUnderlying Stock on the final calculation day is greater than its starting value, the maturity payment amount is equal to the face amount\nof your securities at maturity and you receive a final contingent coupon payment plus any previously unpaid contingent coupon payments.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	AMZN Stock	GOOGL Stock	MSFT Stock
Hypothetical starting value:	$100.00	$100.00	$100.00
Hypothetical ending value:	$135.00	$125.00	$145.00
Hypothetical coupon threshold value:	$60.00	$60.00	$60.00
Hypothetical downside threshold value:	$50.00	$50.00	$50.00
*Hypothetical performance factor (ending value divided by* starting value):**	135.00%	125.00%	145.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on the final calculation day.

In this example, the GOOGL Stock has\nthe lowest hypothetical performance factor and is, therefore, the lowest performing Underlying Stock on the final calculation day.

Step 2: Determine the maturity\npayment amount based on the ending value of the lowest performing Underlying Stock on the final calculation day.

Because the hypothetical ending value\nof the lowest performing Underlying Stock on the final calculation day is greater than its hypothetical downside threshold value, the\nmaturity payment amount would equal the face amount. Although the hypothetical ending value of the lowest performing Underlying Stock\non the final calculation day is significantly greater than its hypothetical starting value in this scenario, the maturity payment amount\nwill not exceed the face amount.

In addition to any contingent coupon\npayments received during the term of the securities, on the stated maturity date you would receive $1,000 per security. In addition, because\nthe hypothetical ending value of the lowest performing Underlying Stock on the final calculation day is greater than its hypothetical\ncoupon threshold value, you would receive a final contingent coupon payment on the stated maturity date plus any previously unpaid\ncontingent coupon payments.

Example 2. The ending value of the lowest performing\nUnderlying Stock on the final calculation day is less than its starting value and its coupon threshold value but greater than its downside\nthreshold value, the maturity payment amount is equal to the face amount of your securities at maturity but you will not receive a final\ncontingent coupon payment or any previously unpaid contingent coupon payments.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	AMZN Stock	GOOGL Stock	MSFT Stock
Hypothetical starting value:	$100.00	$100.00	$100.00
Hypothetical ending value:	$55.00	$110.00	$115.00
Hypothetical coupon threshold value:	$60.00	$60.00	$60.00
Hypothetical downside threshold value:	$50.00	$50.00	$50.00
*Hypothetical performance factor (ending value divided by* starting value):**	55.00%	110.00%	115.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on the final calculation day.

In this example, the AMZN Stock has the\nlowest hypothetical performance factor and is, therefore, the lowest performing Underlying Stock on the final calculation day.

Step 2: Determine the maturity\npayment amount based on the ending value of the lowest performing Underlying Stock on the final calculation day.

Because the hypothetical ending value\nof the lowest performing Underlying Stock on the final calculation day is less than its hypothetical starting value, but not by more than\n50%, you would receive the face amount of your securities at maturity.

PS-17

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

In addition to any contingent coupon\npayments received during the term of the securities, on the stated maturity date you would receive $1,000 per security. However, because\nthe hypothetical ending value of the lowest performing Underlying Stock on the final calculation day is less than its hypothetical coupon\nthreshold value, you would not receive a final contingent coupon payment on the stated maturity date or any previously unpaid contingent\ncoupon payments.

Example 3. The ending value of the lowest performing\nUnderlying Stock on the final calculation day is less than its coupon threshold value and downside threshold value, the maturity payment\namount is less than the face amount of your securities at maturity and you do not receive a final contingent coupon payment or any previously\nunpaid contingent coupon payments.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	AMZN Stock	GOOGL Stock	MSFT Stock
Hypothetical starting value:	$100.00	$100.00	$100.00
Hypothetical ending value:	$45.00	$95.00	$120.00
Hypothetical coupon threshold value:	$60.00	$60.00	$60.00
Hypothetical downside threshold value:	$50.00	$50.00	$50.00
*Hypothetical performance factor (ending value divided by* starting value):**	45.00%	95.00%	120.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on the final calculation day.

In this example, the AMZN Stock has the\nlowest hypothetical performance factor and is, therefore, the lowest performing Underlying Stock on the final calculation day.

Step 2: Determine the maturity\npayment amount based on the ending value of the lowest performing Underlying Stock on the final calculation day.

Because the hypothetical ending value\nof the lowest performing Underlying Stock on the final calculation day is less than its hypothetical starting value by more than 50%,\nyou would lose a portion of the face amount of your securities and receive the maturity payment amount equal to $450.00 per security,\ncalculated as follows:

= $1,000 × performance\nfactor of the lowest performing Underlying Stock on the final calculation day

= $1,000 × 45.00%

= $450.00

In addition to any contingent coupon\npayments received during the term of the securities, on the stated maturity date you would receive $450.00 per security. Because the hypothetical\nending value of the lowest performing Underlying Stock on the final calculation day is less than its hypothetical coupon threshold value,\nyou would not receive a final contingent coupon payment on the stated maturity date or any previously unpaid contingent coupon payments.

These examples illustrate that you will not participate\nin any appreciation of any Underlying Stock, but will be fully exposed to a decrease in the lowest performing Underlying Stock on the\nfinal calculation day if its ending value is less than its downside threshold value, even if the ending value of any other Underlying\nStock has appreciated or has not declined below its downside threshold value.

PS-18

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

\n \n \n

Information\n about the Underlying Stocks

Each Underlying Stock is registered under the\nSecurities Exchange Act of 1934, as amended (the “Exchange Act”). Companies with securities registered under the Exchange\nAct are required to file financial and other information specified by the SEC periodically. Information provided to or filed with the\nSEC by the issuer of each Underlying Stock can be located on a website maintained by the SEC at https://www.sec.gov by reference to that\nissuer’s SEC file number provided below. Information from outside sources is not incorporated by reference in, and should not be\nconsidered part of, this pricing supplement. We have not independently verified the accuracy or completeness of the information contained\nin outside sources.

\n \n \n

The\n Common Stock of Amazon.com, Inc.

According to publicly available information, Amazon.com,\nInc. serves consumers through its online and physical stores; manufactures and sells electronic devices; develops and produces media content;\noffers subscription services; offers programs that enable sellers to sell their products in its stores and fulfill orders using its services;\noffers developers and enterprises a set of on-demand technology services, including compute, storage, database, analytics, artificial\nintelligence and machine learning, and other services; offers programs that allow authors, independent publishers, musicians, filmmakers,\nTwitch streamers, skill and app developers and others to publish and sell content; and provides advertising services to sellers, vendors,\npublishers, authors and others, through programs such as sponsored ads, display and video advertising.

The issuer of the AMZN Stock’s SEC file\nnumber is 001-43202. The AMZN Stock is listed on The Nasdaq Stock Market under the ticker symbol “AMZN.”

Historical Information

We obtained the closing prices of the AMZN Stock\nin the graph below from Bloomberg Finance L.P. (“Bloomberg”), without independent verification.

The following graph sets forth daily closing prices\nof the AMZN Stock for the period from January 1, 2021 to October 9, 2026. The closing price of the\nAMZN Stock on October 9, 2026 was $262.43. The red line represents the coupon threshold value and the green line represents the\ndownside threshold value of the AMZN Stock. The historical performance of the AMZN Stock\nshould not be taken as an indication of the future performance of the AMZN Stock during the term of the securities.

$\"\"$

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE\nRESULTS.

PS-19

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

\n \n \n

The\n Class A Common Stock of Alphabet Inc.

According to publicly available information, Alphabet\nInc. is a collection of businesses, the largest of which is Google, which (i) offers products and platforms through which it generates\nrevenues primarily by delivering both performance advertising and brand advertising and (ii) provides cloud services to businesses.

The issuer of the GOOGL Stock’s SEC file\nnumber is 001-37580. The GOOGL Stock is listed on The Nasdaq Stock Market under the ticker symbol “GOOGL.”

Historical Information

We obtained the closing prices of the GOOGL Stock\nin the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing prices\nof the GOOGL Stock for the period from January 1, 2021 to October 9, 2026. The closing price of\nthe GOOGL Stock on October 9, 2026 was $351.66. The red line represents the coupon threshold value and the green line represents\nthe downside threshold value of the GOOGL Stock. The historical performance of the GOOGL\nStock should not be taken as an indication of the future performance of the GOOGL Stock during the term of the securities.

$\"\"$

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE\nRESULTS.

PS-20

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

\n \n \n

The\n Common Stock of Microsoft Corporation

According to publicly available information, Microsoft\nCorporation is a technology company that develops and supports software, services, devices and solutions.

The issuer of the MSFT Stock’s SEC file\nnumber is 001-37845. The MSFT Stock is listed on The Nasdaq Stock Market under the ticker symbol “MSFT.”

Historical Information

We obtained the closing prices of the MSFT Stock\nin the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing prices\nof the MSFT Stock for the period from January 1, 2021 to October 9, 2026. The closing price of the MSFT Stock on October 9, 2026 was $535.07.\nThe red line represents the coupon threshold value and the green line represents the downside threshold value of the MSFT Stock.\nThe historical performance of the MSFT Stock should not be taken as an indication of the future performance of the MSFT Stock during the\nterm of the securities.

$\"\"$

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE\nRESULTS.

PS-21

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

\n \n \n

United\n States Federal Income Tax Considerations

You should review carefully the section in the\naccompanying product supplement entitled “United States Federal Tax Considerations.” The following discussion, when read in\ncombination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S.\nfederal income tax consequences of owning and disposing of the securities.

Generally, this discussion assumes that you purchased\nthe securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including\nconsequences that may arise due to any other investments relating to the Underlying Stocks. You should consult your tax adviser regarding\nthe effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a security.

In the opinion of our counsel, it is reasonable\nto treat the securities for U.S. federal income tax purposes as prepaid derivative contracts with contingent coupons, and any coupons\nas ordinary income, as described in the section entitled “United States Federal Tax Considerations—Tax Consequences to U.S.\nHolders—Securities Treated as Prepaid Derivative Contracts with Contingent Coupons” in the accompanying product supplement.\nThere is uncertainty regarding this treatment, and the Internal Revenue Service (the “IRS”) or a court might not agree with\nit. A different tax treatment could be adverse to you.

We do not plan to request a ruling from the IRS\nregarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the\ntax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition,\nthe U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of\n“prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject\nof future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative\ncontracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and\nadversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.

Non-U.S. holders. The U.S. federal income tax\ntreatment of the coupons is unclear. To the extent that we have withholding responsibility in respect of the securities, we would expect\ngenerally to treat the coupons as subject to U.S. withholding tax. Moreover, you should expect that, if the applicable withholding agent\ndetermines that withholding tax should apply, it will be at a rate of 30% (or lower treaty rate). In order to claim an exemption from,\nor a reduction in, the 30% withholding under an applicable treaty, you may need to comply with certification requirements to establish\nthat you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult\nyour tax adviser regarding the tax treatment of the coupons.

As discussed under “United States Federal\nTax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code” in the\naccompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (“Section\n871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to non-U.S. holders with respect to\ncertain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by\nan IRS notice, exempt financial instruments issued prior to January 1, 2029 that do not have a “delta” of one. Based on certain\ndeterminations made by us, our counsel is of the opinion that Section 871(m) should not apply to the securities with regard to non-U.S.\nholders. Our determination is not binding on the IRS, and the IRS may disagree with this determination.

We will not be required to pay any additional\namounts with respect to U.S. federal withholding taxes.

You should consult your tax adviser regarding\nthe U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as tax\nconsequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

PS-22

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

\n \n \n

Supplemental\n Benefit Plan Investor Considerations

The securities are contractual financial instruments.\nThe financial exposure provided by the securities is not a substitute or proxy for, and is not intended as a substitute or proxy for,\nindividualized investment management or advice for the benefit of any purchaser or holder of the securities. The securities have not been\ndesigned and will not be administered in a manner intended to reflect the individualized needs and objectives of any purchaser or holder\nof the securities.

Each purchaser or holder of any securities acknowledges\nand agrees that:

the purchaser or holder or its fiduciary has made and shall make all investment decisions for the purchaser\nor holder and the purchaser or holder has not relied and shall not rely in any way upon us or any of our affiliates to act as a fiduciary\nor adviser of the purchaser or holder with respect to (i) the design and terms of the securities, (ii) the purchaser or holder’s\ninvestment in the securities, (iii) the holding of the securities or (iv) the exercise of or failure to exercise any rights we or any\nof our affiliates, or the purchaser or holder, has under or with respect to the securities;

we and our affiliates have acted and will act solely for our own account in connection with (i) all transactions\nrelating to the securities and (ii) all hedging transactions in connection with our or our affiliates’ obligations under the securities;

any and all assets and positions relating to hedging transactions by us or any of our affiliates are assets\nand positions of those entities and are not assets and positions held for the benefit of the purchaser or holder;

our interests and the interests of our affiliates are adverse to the interests of the purchaser or holder;\nand

neither we nor any of our affiliates is a fiduciary or adviser of the purchaser or holder in connection\nwith any such assets, positions or transactions, and any information that we or any of our affiliates may provide is not intended to be\nimpartial investment advice.

See “Benefit Plan Investor Considerations”\nin the accompanying prospectus.

PS-23

Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside

\n \n \n

Validity\n of the Securities

In the opinion of Norton Rose Fulbright Canada\nLLP, as Canadian counsel to the Bank, the issue and sale of the securities has been duly authorized by all necessary corporate action\nof the Bank in conformity with the indenture, and when the securities have been duly executed, authenticated and issued in accordance\nwith the indenture and delivered against payment therefor, the securities will be validly issued and, to the extent validity of the securities\nis a matter governed by the laws of the Province of Ontario or Québec, or the federal laws of Canada applicable therein, will be\nvalid obligations of the Bank, subject to the following limitations: (i) the enforceability of the indenture may be limited by the Canada\nDeposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization,\nreceivership, moratorium, arrangement or winding-up laws or other similar laws of general application affecting the enforcement of creditors’\nrights generally; (ii) the enforceability of the indenture is subject to general equitable principles, including the principle that the\navailability of equitable remedies, such as specific performance and injunction, may only be granted at the discretion of a court of competent\njurisdiction; (iii) under applicable limitations statutes generally, including that the enforceability of the indenture will be subject\nto the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find\nany provision of the indenture to be unenforceable as an attempt to vary or exclude a limitation period under such applicable limitations\nstatutes; (iv) rights to indemnity and contribution under the securities or the indenture which may be limited by applicable law; and\n(v) courts in Canada are precluded from giving a judgment in any currency other than the lawful money of Canada and such judgment may\nbe based on a rate of exchange in existence on a day other than the day of payment, as prescribed by the Currency Act (Canada). This opinion\nis given as of the date hereof and is limited to the laws of the Provinces of Ontario and Québec and the federal laws of Canada\napplicable therein. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and\ndelivery of the indenture and the genuineness of signatures and to such counsel’s reliance on the Bank and other sources as to certain\nfactual matters, all as stated in the opinion letter of such counsel dated December 20, 2023, which has been filed as Exhibit 5.3 to the\nBank’s Form 6-K filed with the SEC dated December 20, 2023. References to the “indenture” in this paragraph mean the\nIndenture as defined in the opinion of Norton Rose Fulbright Canada LLP dated December 20, 2023, as further amended and supplemented by\nthe sixth supplemental indenture dated as of July 23, 2024.

In the opinion of Davis Polk & Wardwell LLP,\nas special United States products counsel to the Bank, when the securities offered by this pricing supplement have been issued by the\nBank pursuant to the indenture, the trustee has made, in accordance with the indenture, the appropriate notation to the master note evidencing\nsuch securities (the “master note”), and such securities have been delivered against payment as contemplated herein, such\nsecurities will be valid and binding obligations of the Bank, enforceable in accordance with their terms, subject to applicable bankruptcy,\ninsolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general\napplicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or\nregulatory actions or applications giving effect to governmental actions or foreign laws affecting creditors’ rights, provided\nthat such counsel expresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law or (ii) the\neffect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion\nis given as of the date hereof and is limited to the laws of the State of New York. Insofar as the foregoing opinion involves matters\ngoverned by the laws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received, and we understand\nthat you are relying upon, the opinion of Norton Rose Fulbright Canada LLP, Canadian counsel for the Bank, set forth above. In addition,\nthis opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and\nthe authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee,\nall as stated in the opinion of Davis Polk & Wardwell LLP dated May 16, 2024, which has been filed as an exhibit to the Bank’s\nForm 6-K filed with the SEC on May 16, 2024. References to the “indenture” in this paragraph mean the Indenture as defined\nin the opinion of Davis Polk & Wardwell LLP dated May 16, 2024, as further amended and supplemented by the sixth supplemental indenture\ndated as of July 23, 2024.

\n \n \n

Terms\n Incorporated in the Master Note

All terms of the securities included in this pricing\nsupplement and the relevant terms included in the section entitled “General Terms of The Securities” in the accompanying product\nsupplement, as modified by this pricing supplement, if applicable, are incorporated into the master note.

PS-24

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