The Bank of Nova Scotia filed a free writing prospectus on November 4, 2026, disclosing terms for principal-at-risk equity-linked securities tied to the lowest performing of ASML Holding N.V., Alphabet Inc. Class A, and Snowflake Inc., with a stated maturity date of November 9, 2029.

Key Highlights

  • Three underlying stocks: The securities are linked to the lowest performing of ASML Holding N.V. (ASML), Alphabet Inc. Class A (GOOGL), and Snowflake Inc. (SNOW).
  • Face amount: $1,000 per security, issued in denominations of $1,000 and any integral multiple of $1,000.
  • Auto-call feature: If the lowest performing stock closes at or above 80.00% of its starting price on November 12, 2027, the securities are automatically called and investors receive the face amount plus a call premium of at least 45.75% (at least $457.50 per $1,000).
  • Upside participation rate: 300.00% of the lowest performing stock's return if that stock's ending price exceeds its starting price at maturity.
  • Threshold price: 50.00% of each underlying stock's starting price; if the lowest performer falls below this level at maturity, investors bear full downside exposure and may lose more than 50.00%, and possibly all, of face amount.
  • Estimated value: If priced on the term sheet date, the Bank disclosed an estimated value between $898.64 (89.864%) and $928.64 (92.864%) per security.
  • Pricing and issue dates: Pricing date is November 6, 2026; issue date is November 12, 2026, both subject to change.

Structure and Payout Terms of the Bank of Nova Scotia's Worst-of Linked Securities

According to the filing, the securities are issued under The Bank of Nova Scotia's Senior Note Program, Series A, with CUSIP 06419UAZ8 and ISIN US06419UAZ84. The agents are Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC. The filing disclosed that Wells Fargo Securities, LLC will receive a discount of up to 2.575%, that dealers including Wells Fargo Advisors, LLC will receive a selling concession of up to 2.00%, and that Wells Fargo Advisors, LLC may receive a distribution expense fee of 0.075%. In addition, the filing noted that selected securities dealers may receive a fee of up to $3.00 per security for marketing and other services.

The filing described three possible maturity payment scenarios if the securities are not automatically called. First, if the lowest performing stock's ending price exceeds its starting price, the payout is $1,000 plus $1,000 multiplied by that stock's return multiplied by the 300.00% upside participation rate. Second, if the ending price is at or below the starting price but at or above the threshold price (50.00% of starting price), investors receive $1,000 plus $1,000 multiplied by the absolute value of that stock's return. Third, if the ending price falls below the threshold price, investors receive $1,000 plus $1,000 multiplied by the negative underlying stock return, exposing them to full downside loss of more than 50.00% and possibly all of their principal.

The filing noted that the Bank's estimated value of the securities is lower than the original offering price, and attributed this in part to the inclusion of dealer spread and projected profit from hedging in the offering price. The calculation agent is Scotia Capital Inc., an affiliate of the Bank. The filing stated that the securities are not bank deposits and are not insured or guaranteed by the FDIC or any other governmental agency.

What Was Disclosed

The Bank of Nova Scotia filed a free writing prospectus under Registration No. 333-298611 setting out the preliminary terms of auto-callable, principal-at-risk equity-linked securities linked to three underlying stocks and maturing November 9, 2029, with an estimated per-security value below the $1,000 face amount.