The Bank of Nova Scotia filed a free writing prospectus on October 29, 2026 disclosing the summary terms of Dual Directional Buffered Performance Leveraged Upside Securities linked to the Russell 2000 Index, with a stated maturity on or about December 5, 2028.

Key Highlights

  • Issuer and program: The Bank of Nova Scotia is the issuer under its Senior Note Program, Series A, with all payments subject to BNS credit risk.
  • Principal at risk: Investors could lose up to 85.00% of their investment in the Buffered PLUS.
  • Buffer amount: A 15.00% buffer protects against the first 15.00% of index decline, converting that loss into a positive absolute return of up to $150.00 per note.
  • Upside leverage and cap: The upside leverage factor is 150.00%, with a maximum upside gain of 23.21% and a maximum payment at maturity of $1,232.10 per Buffered PLUS.
  • Pricing and issuance dates: The pricing date is November 13, 2026, and the original issue date is November 18, 2026, with valuation on November 30, 2028.
  • Estimated value at pricing: BNS expects the initial estimated value to be between $940.11 and $970.11 per Buffered PLUS, below the $1,000.00 issue price.
  • No listing or coupon: The securities will not be listed on any exchange or electronic communications network, and no interest payments will be made.

Structure and Payout Terms of the BNS Russell 2000 Buffered PLUS

According to the filing, The Bank of Nova Scotia is offering Dual Directional Buffered Performance Leveraged Upside Securities with a stated principal amount of $1,000.00 per note and a minimum investment of $1,000.00. The securities are linked to the Russell 2000 Index (Bloomberg Ticker: RTY), which tracks small-capitalization U.S. equities. The filing notes that the Buffered PLUS are senior unsecured debt obligations of BNS, and that the index reflects price return, not total return.

The filing describes three distinct payout scenarios at maturity. If the final index value is greater than the initial index value, investors receive $1,000.00 plus a leveraged upside payment calculated at 150.00% of the underlying return, subject to a cap of $1,232.10. If the index declines by no more than the 15.00% buffer amount, investors receive $1,000.00 plus the absolute value of the negative return as a positive payment, capped at $1,150.00. If the index falls by more than 15.00%, investors lose 1% for every 1% the index declines beyond the buffer, with a maximum possible loss of 85.00% of principal, leaving a minimum payment of $150.00 per note if the index falls 100%.

The commission disclosed in the filing is $25.00 per stated principal amount. The filing identifies CUSIP 06419TZ35 and ISIN US06419TZ359 for this issuance. BNS cautions that its initial estimated value is lower than the issue price because it does not reflect credit spreads or the borrowing rate BNS would pay on conventional fixed-rate debt. The filing also discloses that secondary market liquidity is limited and that BNS and its affiliate SCUSA are not obligated to make a market in the securities.

What Was Disclosed

The Bank of Nova Scotia filed a free writing prospectus under Registration Statement No. 333-298611 summarizing the terms of structured notes linked to the Russell 2000 Index, with a maximum loss of 85.00%, a 15.00% downside buffer, a 150.00% upside leverage factor, and a maturity date on or about December 5, 2028.